UNIVAR INC., 10-K filed on 2/28/2017
Annual Report
Document and Entity Information (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Feb. 10, 2017
Jun. 30, 2016
Document And Entity Information [Abstract]
 
 
 
Document Type
10-K 
 
 
Amendment Flag
false 
 
 
Document Period End Date
Dec. 31, 2016 
 
 
Document Fiscal Year Focus
2016 
 
 
Document Fiscal Period Focus
FY 
 
 
Trading Symbol
UNVR 
 
 
Entity Registrant Name
Univar Inc. 
 
 
Entity Central Index Key
0001494319 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Entity Common Stock, Shares Outstanding
 
139,846,144 
 
Entity Public Float
 
 
$ 770.5 
Consolidated Statements of Operations (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Statement [Abstract]
 
 
 
Net sales
$ 8,073.7 
$ 8,981.8 
$ 10,373.9 
Cost of goods sold (exclusive of depreciation)
6,346.6 
7,182.7 
8,443.2 
Gross profit
1,727.1 
1,799.1 
1,930.7 
Operating expenses:
 
 
 
Outbound freight and handling
286.6 
324.6 
365.5 
Warehousing, selling and administrative
877.8 
874.4 
923.5 
Other operating expenses, net
104.5 
106.1 
197.1 
Depreciation
152.3 
136.5 
133.5 
Amortization
85.6 
88.5 
96.0 
Impairment charges
133.9 
0 
0.3 
Total operating expenses
1,640.7 
1,530.1 
1,715.9 
Operating income
86.4 
269.0 
214.8 
Other (expense) income:
 
 
 
Interest income
3.9 
4.3 
8.2 
Interest expense
(163.8)
(211.3)
(258.8)
Loss on extinguishment of debt
0 
(12.1)
(1.2)
Other (expense) income, net
(6.1)
(23.2)
1.1 
Total other expense
(166.0)
(242.3)
(250.7)
(Loss) income before income taxes
(79.6)
26.7 
(35.9)
Income tax (benefit) expense
(11.2)
10.2 
(15.8)
Net (loss) income
$ (68.4)
$ 16.5 
$ (20.1)
(Loss) income per common share:
 
 
 
Basic (usd per share)
$ (0.50)
$ 0.14 
$ (0.20)
Diluted (usd per share)
$ (0.50)
$ 0.14 
$ (0.20)
Weighted average common shares outstanding:
 
 
 
Basic (in shares)
137.8 
119.6 
99.7 
Diluted (in shares)
137.8 
120.1 
99.7 
Consolidated Statements of Comprehensive Loss (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
Net (loss) income
$ (68.4)
$ 16.5 
$ (20.1)
Other comprehensive income (loss), net of tax:
 
 
 
Foreign currency translation
36.3 
(212.6)
(118.3)
Pension and other postretirement benefits adjustment
(1.8)
(7.3)
(7.3)
Derivative financial instruments
0 
3.7 
(0.9)
Total other comprehensive income (loss), net of tax
34.5 
(216.2)
(126.5)
Comprehensive loss
$ (33.9)
$ (199.7)
$ (146.6)
Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Current assets:
 
 
Cash and cash equivalents
$ 336.4 
$ 188.1 
Trade accounts receivable, net
950.3 
1,026.2 
Inventories
756.6 
803.4 
Prepaid expenses and other current assets
134.8 
178.6 
Total current assets
2,178.1 
2,196.3 
Property, plant and equipment, net
1,019.5 
1,082.5 
Goodwill
1,784.4 
1,745.1 
Intangible assets, net
339.2 
518.9 
Deferred tax assets
18.2 
3.5 
Other assets
50.5 
66.1 
Total assets
5,389.9 
5,612.4 
Current liabilities:
 
 
Short-term financing
25.3 
33.5 
Trade accounts payable
852.3 
836.0 
Current portion of long-term debt
109.0 
59.9 
Accrued compensation
65.6 
62.8 
Other accrued expenses
287.3 
301.3 
Total current liabilities
1,339.5 
1,293.5 
Long-term debt
2,845.0 
3,057.4 
Pension and other postretirement benefit liabilities
268.6 
251.8 
Deferred tax liabilities
17.2 
58.0 
Other long-term liabilities
109.7 
135.0 
Total liabilities
4,580.0 
4,795.7 
Stockholders’ equity:
 
 
Preferred stock, 200.0 million shares authorized at $0.01 par value with no shares issued or outstanding as of December 31, 2016 and 2015
0 
0 
Common stock, 2.0 billion shares authorized at $0.01 par value with 138.8 million and 138.0 million shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively
1.4 
1.4 
Additional paid-in capital
2,251.8 
2,224.7 
Accumulated deficit
(1,053.4)
(985.0)
Accumulated other comprehensive loss
(389.9)
(424.4)
Total stockholders’ equity
809.9 
816.7 
Total liabilities and stockholders’ equity
$ 5,389.9 
$ 5,612.4 
Consolidated Balance Sheets (Parenthetical) (USD $)
Dec. 31, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]
 
 
Preferred stock, shares authorized (in shares)
200,000,000 
200,000,000 
Preferred stock, par value (usd per share)
$ 0.01 
$ 0.01 
Preferred stock, share issued (in shares)
0 
0 
Preferred stock, shares outstanding (in shares)
0 
0 
Common stock, shares authorized (in shares)
2,000,000,000 
2,000,000,000 
Common stock, par value (usd per share)
$ 0.010000000 
$ 0.010000000 
Common stock, shares issued (in shares)
139,800,000 
138,000,000 
Common stock, shares outstanding (in shares)
138,800,000 
138,000,000 
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities:
 
 
 
Net (loss) income
$ (68.4)
$ 16.5 
$ (20.1)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
237.9 
225.0 
229.5 
Impairment charges
133.9 
0 
0.3 
Amortization of deferred financing fees and debt discount
7.9 
12.2 
16.5 
Amortization of pension credit from accumulated other comprehensive loss
(4.5)
(11.9)
(11.9)
Loss on extinguishment of debt
0 
12.1 
1.2 
Contingent consideration fair value adjustment
0 
0 
(1.0)
Deferred income taxes
(31.6)
(7.4)
(19.6)
Recognition of previously uncertain tax benefits
0 
0 
(18.4)
Stock-based compensation expense
10.4 
7.5 
12.1 
Other
(0.9)
(2.0)
3.3 
Changes in operating assets and liabilities:
 
 
 
Trade accounts receivable, net
70.2 
198.7 
(63.2)
Inventories
42.0 
82.3 
(90.9)
Prepaid expenses and other current assets
40.1 
(29.6)
(8.2)
Trade accounts payable
12.0 
(104.1)
12.7 
Pensions and other postretirement benefit liabilities
26.9 
(52.0)
72.8 
Other, net
(26.3)
8.7 
11.2 
Net cash provided by operating activities
449.6 
356.0 
126.3 
Investing activities:
 
 
 
Purchases of property, plant and equipment
(90.1)
(145.0)
(113.9)
Proceeds from sale of property, plant and equipment
9.4 
9.5 
8.9 
Purchases of businesses, net of cash acquired
(53.6)
(153.4)
(42.2)
Other
(1.7)
(5.5)
(1.0)
Net cash used by investing activities
(136.0)
(294.4)
(148.2)
Financing activities:
 
 
 
Proceeds from sale of common stock
0 
765.3 
3.0 
Proceeds from the issuance of long-term debt
0 
2,806.6 
177.5 
Payments on long-term debt and capital lease obligations
(178.2)
(3,547.8)
(79.2)
Short-term financing, net
(4.6)
(11.5)
(8.2)
Financing fees paid
0 
(28.7)
(5.4)
Shares repurchased
0 
(3.6)
(8.0)
Stock option exercises
16.9 
3.0 
6.2 
Other
(0.2)
(3.1)
(1.8)
Net cash (used) provided by financing activities
(166.1)
(19.8)
84.1 
Effect of exchange rate changes on cash and cash equivalents
0.8 
(59.7)
(36.6)
Net increase (decrease) in cash and cash equivalents
148.3 
(17.9)
25.6 
Cash and cash equivalents at beginning of period
188.1 
206.0 
180.4 
Cash and cash equivalents at end of period
336.4 
188.1 
206.0 
Cash paid during the period for:
 
 
 
Income taxes
14.9 
38.2 
23.7 
Interest, net of capitalized interest
148.9 
169.7 
238.5 
Non-cash activities:
 
 
 
Additions of property, plant and equipment included in trade accounts payable and other accrued expenses
11.5 
10.1 
9.3 
Additions of property, plant and equipment under a capital lease obligation
$ 29.6 
$ 67.7 
$ 2.6 
Consolidated Statements of Changes in Stockholders' Equity (USD $)
In Millions, except Share data
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance at Dec. 31, 2013
$ 381.3 
$ 0 
$ 1,444.0 
$ (981.0)
$ (81.7)
Beginning balance, shares (in shares) at Dec. 31, 2013
 
100,000,000 
 
 
 
Net (loss) income
(20.1)
 
 
(20.1)
 
Foreign currency translation adjustment, net of tax
(118.3)
 
 
 
(118.3)
Pension and other postretirement benefits adjustment, net of tax
(7.3)
 
 
 
(7.3)
Derivative financial instruments, net of tax
(0.9)
 
 
 
(0.9)
Share issuances
3.0 
 
3.0 
 
 
Share issuances (in shares)
 
200,000 
 
 
 
Share repurchases
(8.0)
 
(7.8)
(0.2)
 
Share repurchases (in shares)
 
(400,000)
 
 
 
Stock option exercises
6.2 
 
6.2 
 
 
Stock option exercises (in shares)
 
300,000 
 
 
 
Stock-based compensation
12.1 
 
12.1 
 
 
Stock-based compensation (in shares)
 
100,000 
 
 
 
Excess tax benefit from stock-based compensation
0.1 
 
0.1 
 
 
Ending balance at Dec. 31, 2014
248.1 
0 
1,457.6 
(1,001.3)
(208.2)
Ending balance, shares (in shares) at Dec. 31, 2014
 
100,200,000 
 
 
 
Net (loss) income
16.5 
 
 
16.5 
 
Foreign currency translation adjustment, net of tax
(212.6)
 
 
 
(212.6)
Pension and other postretirement benefits adjustment, net of tax
(7.3)
 
 
 
(7.3)
Derivative financial instruments, net of tax
3.7 
 
 
 
3.7 
Share issuances
761.5 
 
761.5 
 
 
Share issuances (in shares)
 
37,700,000 
 
 
 
Change in par value of common stock
0 
1.4 
(1.4)
 
 
Share repurchases
(3.6)
 
(3.4)
(0.2)
 
Share repurchases (in shares)
 
(200,000)
 
 
 
Stock option exercises
3.0 
 
3.0 
 
 
Stock option exercises (in shares)
 
200,000 
 
 
 
Stock-based compensation
7.5 
 
7.5 
 
 
Stock-based compensation (in shares)
 
100,000 
 
 
 
Excess tax benefit from stock-based compensation
(0.1)
 
(0.1)
 
 
Ending balance at Dec. 31, 2015
816.7 
1.4 
2,224.7 
(985.0)
(424.4)
Ending balance, shares (in shares) at Dec. 31, 2015
138,000,000 
138,000,000 
 
 
 
Net (loss) income
(68.4)
 
 
(68.4)
 
Foreign currency translation adjustment, net of tax
36.3 
 
 
 
36.3 
Pension and other postretirement benefits adjustment, net of tax
(1.8)
 
 
 
1.8 
Derivative financial instruments, net of tax
0 
 
 
 
 
Stock option exercises
16.9 
 
16.9 
 
 
Stock option exercises (in shares)
891,715 
800,000 
 
 
 
Stock-based compensation
10.4 
 
10.4 
 
 
Other
 
(0.2)
(0.2)
 
 
Ending balance at Dec. 31, 2016
$ 809.9 
$ 1.4 
$ 2,251.8 
$ (1,053.4)
$ (389.9)
Ending balance, shares (in shares) at Dec. 31, 2016
138,800,000 
138,800,000 
 
 
 
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
 
 
 
Foreign currency translation adjustments tax
$ 23.9 
$ 7.4 
$ 9.3 
Pension and post-employment benefits tax
1.5 
4.6 
4.6 
Derivative financial instruments tax
 
$ (2.1)
$ 0.5 
Par value of common stock (usd per share)
$ 0.010000000 
$ 0.010000000 
 
Nature of operations
Nature of operations
Nature of operations
Headquartered in Downers Grove, Illinois, Univar Inc. (“Company” or “Univar”) is a leading global chemical and ingredients distributor and provider of specialty services. The Company’s operations are structured into four operating segments that represent the geographic areas under which the Company manages its business:
•
Univar USA (“USA”)
•
Univar Canada (“Canada”)
•
Univar Europe, the Middle East and Africa (“EMEA”)
•
Rest of the World (“Rest of World”)
Rest of World includes certain developing businesses in Latin America (including Brazil and Mexico) and the Asia-Pacific region.
Initial public offering
On June 23, 2015, the Company closed its initial public offering (“IPO”) in which the Company issued and sold 20.0 million shares of common stock at a public offering price of $22.00 per share. In addition, the Company completed a concurrent private placement of $350.0 million for shares of common stock (17.6 million shares) to Dahlia Investments Pte. Ltd., an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited (“Temasek”). The Company received total net proceeds of approximately $760.0 million after deducting underwriting discounts and commissions and other offering expenses of approximately $30.0 million. These expenses were recorded against the proceeds received from the IPO.
Certain selling stockholders sold an additional 25.3 million shares of common stock in the IPO and concurrent private placement. The Company did not receive any proceeds from the sale of these shares.
In connection with the IPO and pursuant to Rule 424(b), the Company filed its final prospectus with the Securities and Exchange Commission on June 19, 2015.
Significant accounting policies
Significant accounting policies
Significant accounting policies
Basis of presentation
The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Unless otherwise indicated, all financial data presented in these consolidated financial statements are expressed in US dollars.
Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are consolidated if the Company has a controlling financial interest, which may exist based on ownership of a majority of the voting interest, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity. The Company did not have any material interests in variable interest entities (“VIEs”) during the years presented in these consolidated financial statements. All intercompany balances and transactions are eliminated in consolidation.
Use of estimates
The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates.
Recently issued and adopted accounting pronouncements
In August 2014, the FASB issued ASU 2014-15 “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The core principle of the guidance is that an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are available to be issued. When management identifies conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events that will alleviate the substantial doubt are adequately disclosed in the footnotes to the financial statements. This guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted and the Company has elected to adopt the ASU as of January 1, 2016. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.
In February 2015, the FASB issued ASU 2015-02 “Amendments to the Consolidation Analysis” (Topic 810). The core principle of the guidance is to provide amendments to the current consolidation guidance. The revised consolidation guidance, among other things, modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company has elected to adopt the ASU as of January 1, 2016 and the adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.
In April 2015, the FASB issued ASU 2015-04 “Compensation-Retirement Benefits (Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets)” (Topic 715). The core principle of the guidance is that it provides a practical expedient for companies to measure interim remeasurements for significant events that occur on other than a month-end date. The guidance permits entities to remeasure defined benefit plan assets and obligations using the month-end date that is closest to the date of the significant event. The decision to apply the practical expedient to interim remeasurements for significant events can be made for each significant event. This guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company has elected to adopt the ASU as of January 1, 2016 and the adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.
In April 2015, the FASB issued ASU 2015-05 “Intangibles-Goodwill and Other-Internal-use software (Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” (Subtopic 350-40). The ASU provides customers with guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company has elected to adopt the ASU as of January 1, 2016 and the ASU is applied prospectively to all arrangements entered that occur after the effective date. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.
In July 2015, the FASB issued ASU 2015-11 "Simplifying the Measurement of Inventory" (Topic 330). The core principle of the guidance is that an entity should measure inventory at the "lower of cost and net realizable value" and options that currently exist for "market value" will be eliminated. The ASU defines net realizable value as the "estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation." This guidance is effective for the fiscal years beginning after December 15, 2016, including interim periods within those financial years. Early adoption is permitted and the Company has elected to adopt the ASU as of June 30, 2016. The ASU is applied prospectively and the adoption of the ASU did not have a significant impact on the Company's consolidated financial statements.
Accounting pronouncements issued but not yet adopted
In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” This new revenue standard creates a single source of revenue guidance for all companies in all industries and is more principles-based than the current revenue guidance. The standard will be effective for public entities for interim and annual reporting periods beginning after December 15, 2017. The new guidance must be adopted using either a full retrospective approach, under which all years included in the financial statements will be presented under the revised guidance, or a modified retrospective approach, under which financial statements will be prepared under the revised guidance for the year of adoption, but not for prior years. Under the modified retrospective method, entities will recognize a cumulative catch-up adjustment to the opening balance of retained earnings at the effective date for contracts that still require performance by the entity, and disclose all line items in the year of adoption as if they were prepared under the old revenue guidance. The core principle of the guidance is that "an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services." In achieving this objective, an entity must perform five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations of the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. In addition, the standard requires additional new disclosures of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.
The Company anticipates using the modified retrospective approach in implementing the new revenue standard. The Company has established a project team who are currently scoping revenue streams and reviewing customer contracts to identify and evaluate the potential impacts of the provisions of ASC 606. Based on an early assessment, the Company expects to make changes to estimation processes related to arrangements that may involve, among other items, potential returns of unused products, as well as revenue deferral to the extent the sales price is not considered determinable. These changes may likely impact the timing of revenue recognition during the year for sales to customers in the agriculture end market, principally in Canada. At this time, the Company is continuing to work in accordance with its project plan to assess all potential impacts of the new guidance but expects to complete the implementation of the new standard by January 1, 2018.
In January 2016, the FASB issued ASU 2016-01 “Financial Instrument – Recognition and Measurement of Financial Assets and Financial Liabilities” (Subtopic 825-10). The core principle of the guidance is that an entity should classify equity securities with readily determinable fair values as “trading” or “available-for-sale” and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. For equity investments that do not have readily determinable fair values, remeasurement is required at fair value either upon the occurrence of an observable price change or upon identification of impairment. The ASU defines an equity investment as “investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method”. This guidance is applied as a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption and is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable.
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 is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable.
In March 2016, the FASB issued ASU 2016-09 “Compensation – Stock Compensation” (Topic 718) – “Improvement to Employee Share-Based Payment Accounting.” The core principal of the guidance is to simplify several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within such fiscal years. Early adoption is permitted. The guidance is to be applied using a modified retrospective method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU.
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 is currently evaluating the impact of the adoption of this ASU on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable.
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 are not currently addressed by current guidance; and therefore, reduces the current diversity in practice. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted. The guidance is to be applied using a retrospective transition method to each period presented. The Company does not expect any impact to its consolidated statement of operations or consolidated balance sheet since the ASU only addresses classification items within the statement of cash flows.
In October 2016, the FASB issued ASU 2016-16 "Income Taxes" (Topic 740) - "Intra-Entity Transfers of Assets Other Than Inventory." The ASU eliminates the exception that prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party for assets other than inventory. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted as of the beginning of an annual reporting period for which financial statements (interim or annual) have not yet been issued. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU.
In October 2016, the FASB issued ASU 2016-17 "Consolidation" (Topic 810) - "Interest Held through Related Parties That Are under Common Control." The core principle of the guidance is to provide amendments to the current consolidation guidance. The revised consolidation guidance modifies how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. This guidance is to be applied retrospectively to all relevant prior periods beginning with the fiscal year in which the amendments in ASU 2015-02 were applied. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU.
In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows” (Topic 230) - “Restricted Cash.” The ASU clarifies and provides specific guidance on restricted cash classification issues that are not currently addressed by current guidance; and therefore, reduces the current diversity in practice. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted. The guidance is to be applied using a retrospective transition method to each period presented. The Company does not expect any impact to its consolidated statement of operations or consolidated balance sheet since the ASU only addresses classification items within the statement of cash flows.
In January 2017, the FASB issued ASU 2017-01 "Business Combinations" (Topic 805) - "Clarifying the Definition of a Business." The core principle of the guidance is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted immediately, pending nonrecognition of the business transaction in previously issued or made available financial statements. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU.
In January 2017, the FASB issued ASU 2017-04 "Intangibles - Goodwill and Other" (Topic 350) - "Simplifying the Test for Goodwill Impairment." The core principle of the guidance is to simplify the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. The new standard allows an entity to calculate goodwill impairment as the excess of a reporting unit's carrying amount in comparison to the reporting unit's fair value. The standard will be effective for fiscal years beginning after December 15, 2019, including interim periods within such fiscal years. Early adoption is permitted, including adoption in an interim period, for goodwill impairment tests performed on dates after January 1, 2017. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU.
Cash and cash equivalents
Cash and cash equivalents include all highly-liquid investments with an original maturity at the time of purchase of three months or less that are readily convertible into known amounts of cash. Cash at banks earn interest at floating rates based on daily bank deposit rates.
Trade accounts receivable, net
Trade accounts receivable are stated at the invoiced amount, net of an allowance for doubtful accounts.
In the normal course of business, the Company provides credit to its customers, performs ongoing credit evaluations of these customers and maintains reserves for potential credit losses. In certain situations, the Company will require up-front cash payment, collateral and/or personal guarantees based on the credit worthiness of the customer.
The allowance for doubtful accounts was $13.4 million and $14.4 million at December 31, 2016 and 2015, respectively. The allowance for doubtful accounts is estimated based on prior experience, as well as an individual assessment of collectability based on factors that include current ability to pay, bankruptcy and payment history.
Inventories
Inventories consist primarily of products purchased for resale and are stated at the lower of cost or net realizable value. Inventory cost is determined by the weighted average cost method. Inventory cost includes purchase price from producers net of any rebates received, inbound freight and handling, and direct labor and other costs incurred to blend and repackage product and excludes depreciation expense. The Company recognized $6.6 million, $0.8 million and $0.8 million of lower of cost or net realizable value adjustments to certain of its inventories in the year ended December 31, 2016, 2015 and 2014, respectively. The expense related to these adjustments is included in cost of goods sold (exclusive of depreciation) in the consolidated statements of operations.
Producer incentives
The Company has arrangements with certain producers that provide discounts when certain measures are achieved, generally related to purchasing volume. Volume rebates are generally earned and realized when the related products are purchased during the year. The reduction in cost of goods sold (exclusive of depreciation) is recorded when the related products, on which the rebate was earned, are sold. Discretionary rebates are recorded when received. The unpaid portion of rebates from producers is recorded in prepaid expenses and other current assets in the consolidated balance sheets.
Property, plant and equipment, net
Property, plant and equipment are carried at historical cost, net of accumulated depreciation. Expenditures for improvements that add functionality and/or extend useful life are capitalized. The Company capitalizes interest costs on significant capital projects, as an increase to property, plant and equipment. Repair and maintenance costs are expensed as incurred. Depreciation is recorded on a straight-line basis over the estimated useful life of each asset from the time the asset is ready for its intended purpose, with consideration of any expected residual value.
The estimated useful lives of plant, property and equipment are as follows:
Buildings
10-50 years
Main components of tank farms
5-40 years
Containers
2-15 years
Machinery and equipment
5-20 years
Furniture, fixtures and others
5-20 years
Information technology
3-10 years

The Company evaluates the useful life and carrying value of property, plant and equipment for impairment if an event occurs or circumstances change that would indicate the carrying value may not be recoverable. If an asset is tested for possible impairment, the Company compares the carrying amount of the related asset group to future undiscounted net cash flows expected to be generated by that asset group. If the carrying amount of the asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent that the carrying amount exceeds its estimated fair value.
Leasehold improvements are capitalized and amortized over the lesser of the term of the applicable lease, including renewable periods if reasonably assured, or the useful life of the improvement.
Assets under capital leases where ownership transfers to the Company at the end of the lease term or the lease agreement contains a bargain purchase option are depreciated over the useful life of the asset. For remaining assets under capital leases, the assets are depreciated over the lesser of the term of the applicable lease, including renewable periods if reasonably assured, or the useful life of the asset with consideration of any expected residual value.
Refer to “Note 11: Property, plant and equipment, net” for further information.
Goodwill and intangible assets
Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in business combinations.
Goodwill is tested for impairment annually on October 1, or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Goodwill is tested for impairment at a reporting unit level using either a qualitative assessment, commonly referred to as a “step zero” test, or a quantitative assessment, commonly referred to as a “step one” test. For each of the reporting units, the Company has the option to perform either the step zero or the step one test.
We elected the step zero test to evaluate goodwill for impairment for each of the reporting units during 2016. The step zero goodwill impairment test utilizes qualitative factors to determine whether it is more likely than not that the fair value of the reporting units is less than its carrying value. Qualitative factors include: macroeconomic conditions; legal and regulatory environment; industry and market considerations; overall financial performance and cost factors to determine whether a reporting unit is at risk for goodwill impairment. In the event a reporting unit fails the step zero goodwill impairment test, it is necessary to perform the step one goodwill impairment test.
In prior years, the Company tested for goodwill impairment at a reporting level using a two-step test. The step one goodwill impairment test compares the estimated fair value of each reporting unit with the reporting unit’s carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the Company must perform step two of the impairment test (measurement). Step two of the impairment test, if necessary, would require the identification and estimation of the fair value of the reporting unit’s individual assets, including currently unrecognized intangible assets and liabilities in order to calculate the implied fair value of the reporting unit’s goodwill. Under step two, an impairment loss is recognized to the extent the carrying amount of the reporting unit’s goodwill exceeds the implied fair value.
Intangible assets consist of customer and producer relationships and contracts, intellectual property trademarks, trade names, non-compete agreements and exclusive distribution rights. Intangible assets have finite lives and are amortized over their respective useful lives of 2 to 20 years. Amortization of intangible assets is based on the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up which is based on the undiscounted cash flows, or when not reliably determined, on a straight-line basis. Intangible assets are tested for impairment if an event occurs or circumstances change that indicates the carrying value may not be recoverable. Refer to “Note 13: Impairment charges” for further information.
Customer relationship intangible assets represent the fair value allocated in purchase price accounting for the ongoing relationships with an existing customer base acquired in a business combination. The fair value of customer relationships is determined using the excess earnings methodology, an income based approach. The excess earnings methodology provides an estimate of the fair value of customer relationship assets by deducting economic costs, including operating expenses and contributory asset charges from revenue expected to be generated by the asset. These estimated cash flows are then discounted to the present value equivalent.
Refer to “Note 12: Goodwill and intangible assets” for further information.
Short-term financing
Short-term financing includes bank overdrafts and short-term lines of credit. Refer to “Note 15: Debt” for further information.
Long-term debt
Long-term debt consists of loans with original maturities greater than one year. Fees paid in connection with the execution of line-of-credit arrangements are included in other assets and fees paid in connection with the execution of a recognized debt liability as a direct deduction from the carrying amount of that debt liability. These fees are amortized using the effective interest method over the term of the related debt or expiration of the line-of-credit arrangement. Refer to “Note 15: Debt” for further information.
Income taxes
The Company is subject to income taxes in the US and numerous foreign jurisdictions. Significant judgment in the forecasting of taxable income using historical and projected future operating results is required in determining the Company’s provision for income taxes and the related assets and liabilities. The provision for income taxes includes income taxes paid, currently payable or receivable and those deferred.
In the event that the actual outcome of future tax consequences differs from the Company’s estimates and assumptions due to changes or future events such as tax legislation, geographic mix of the earnings, completion of tax audits or earnings repatriation plans, the resulting change to the provision for income taxes could have a material effect on the consolidated statement of operations and consolidated balance sheet.
Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Deferred tax assets are also recognized for the estimated future effects of tax loss carryforwards. The effect on deferred taxes of changes in tax rates is recognized in the period in which the revised tax rate is enacted.
The Company records valuation allowances to reduce deferred tax assets to the extent it believes it is more likely than not that a portion of such assets will not be realized. In making such determinations, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and the ability to carry back losses to prior years. Realization is dependent upon generating sufficient taxable income prior to expiration of tax attribute carryforwards. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized, or if not, a valuation allowance has been recorded. The Company continues to monitor the value of its deferred tax assets, as the amount of the deferred tax assets considered realizable, could be reduced in the near term if estimates of future taxable income during the carryforward periods are reduced, or current tax planning strategies are not implemented.
US GAAP prescribes a recognition threshold and measurement attribute for the accounting and financial statement disclosure of tax positions taken or expected to be taken in a tax return. The evaluation of a tax position is a two-step process. The first step requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination based on the technical merits of the position. The second step requires the Company to recognize in the financial statements each tax position that meets the more likely than not criteria, measured at the amount of benefit that has a greater than fifty percent likelihood of being realized.
The Company recognizes interest and penalties related to unrecognized tax benefits within interest expense and warehousing, selling and administrative, respectively, in the accompanying consolidated statements of operations. Accrued interest and penalties are included within either other accrued expenses or other long-term liabilities in the consolidated balance sheets.
Refer to “Note 7: Income taxes” for further information.
Pension and other postretirement benefit plans
The Company sponsors several defined benefit and defined contribution plans. The Company’s contributions to defined contribution plans are charged to income during the period of the employee’s service.
The benefit obligation and cost of defined benefit pension plans and other postretirement benefits are calculated based upon actuarial valuations, which involves making assumptions about discount rates, expected rates of return on assets, future salary increases, future health care costs, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty.
The projected benefit obligation is calculated separately for each plan based on the estimated future benefit employees have earned in return for their service based on the employee’s expected date of retirement. Those benefits are discounted to determine the present value of the benefit obligations using the projected unit-credit method. A liability is recognized on the balance sheet for each plan with a projected benefit obligation in excess of plan assets at fair value. An asset is recorded for each plan with plan assets at fair value in excess of the projected benefit obligation.
The Company recognizes the actuarial gains or losses that arise during the period within other operating expenses, net in the consolidated statement of operations. This “mark to market” adjustment is recognized at each December 31. This adjustment primarily includes gains and losses resulting from changes in discount rates and the difference between the expected rate of return on plan assets and actual plan asset returns. Curtailment and settlement gains and losses are recognized in other operating expenses, net in the statement of operations. Curtailment losses must be recognized in the statement of operations when it is probable that a curtailment will occur and its effects are reasonably estimable. However, a curtailment gain is recognized in the statement of operations when the related employees terminate or the plan suspension or amendment is adopted, whichever is applicable. Settlement gains and losses are recognized in the period in which the settlement occurs, regardless of how probable it is at an earlier date that the settlement will occur and despite the fact that the probable gain or loss may be reasonably estimable before the settlement actually takes place. All other components of net periodic benefit cost are classified as warehousing, selling and administrative expenses in the consolidated statements of operations. The Company recognizes prior service costs or credits that arise during the period in other comprehensive loss, and amortizes these items in subsequent periods as components of net periodic benefit cost.
The fair value of plan assets is used to calculate the expected return on assets component of the net periodic benefit cost.
Refer to “Note 8: Employee benefit plans” for further information.
Leases
All leases that are determined not to meet any of the capital lease criteria are classified as operating leases. Operating lease payments are recognized as an expense in the statement of operations on a straight-line basis over the lease term.
The Company leases certain vehicles and equipment that qualify for capital lease classification. Assets under capital leases are carried at historical cost, net of accumulated depreciation and are included in property, plant and equipment, net in the consolidated balance sheet. Depreciation expense related to the capital lease assets is included in depreciation expense in the consolidated statement of operations. Refer to “Note 11: Property, plant and equipment, net” for further information.
The present value of minimum lease payments under a capital lease is included in current portion of long-term debt and long-term debt in the consolidated balance sheet. The capital lease obligation is amortized utilizing the effective interest method and interest expense related to the capital lease obligation is included in interest expense in the consolidated statement of operations. Refer to “Note 19: Commitments and contingencies” for further information.
Contingencies
A loss contingency is recorded if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The Company evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of the ultimate loss. Changes in these factors and related estimates could materially affect the Company’s financial position and results of operations. Legal expenses are recorded as legal services are provided. Refer to “Note 19: Commitments and contingencies” for further information.
Environmental liabilities
Environmental contingencies are recognized for probable and reasonably estimable losses associated with environmental remediation. Incremental direct costs of the investigation, remediation effort and post-remediation monitoring are included in the estimated environmental contingencies. Expected cash outflows related to environmental remediation for the next 12 months and amounts for which the timing is uncertain are reported as current within other accrued expenses in the consolidated balance sheets. The long-term portion of environmental liabilities is reported within other long-term liabilities in the consolidated balance sheets on an undiscounted basis, except for sites for which the amount and timing of future cash payments are fixed or reliably determinable. Environmental remediation expenses are included within warehousing, selling and administrative expenses in the consolidated statements of operations, unless associated with disposed operations, in which case such expenses are included in other operating expenses, net.
Environmental costs are capitalized if the costs extend the life of the property, increase its capacity and/or mitigate or prevent contamination from future operations.
Refer to “Note 19: Commitments and contingencies” for further information.
Revenue recognition
The Company recognizes net sales when persuasive evidence of an arrangement exists, delivery of products has occurred or services are provided to customers, the sales price is fixed or determinable and collectability is reasonably assured. Net sales includes product sales, billings for freight and handling charges and fees earned for services provided, net of any discounts, returns, customer rebates and sales or other revenue-based tax. The Company recognizes product sales and billings for freight and handling charges when products are considered delivered to the customer under the terms of the sale. Fee revenues are recognized when services are completed.
The Company’s sales to customers in the agriculture end market, principally in Canada, often provide for a form of inventory protection through credit and re-bill as well as understandings pursuant to which certain price changes from chemical producers may be passed through to the customer. These arrangements require us to make estimates of potential returns of unused chemicals as well as revenue deferral to the extent the sales price is not considered determinable. The estimates used to determine the amount of revenue associated with product likely to be returned are based on past experience adjusted for any current market conditions.
Foreign currency translation
The functional currency of the Company’s subsidiaries is the local currency, unless the primary economic environment requires the use of another currency. Transactions denominated in foreign currencies are translated into the functional currency of each subsidiary at the rate of exchange on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency of each subsidiary at period-end exchange rates. These foreign currency transaction gains and losses are recognized in other (expense) income, net in the consolidated statements of operations.
Foreign currency gains and losses relating to intercompany borrowings that are considered a part of the Company’s investment in a foreign subsidiary are reflected as a component of currency translation within accumulated other comprehensive loss in stockholders’ equity. In the years ended December 31, 2016, 2015 and 2014, total foreign currency losses related to such intercompany borrowings were $34.8 million, $11.2 million and $7.1 million, respectively.
Assets and liabilities of foreign subsidiaries are translated into US dollars at period-end exchange rates. Income and expense accounts of foreign subsidiaries are translated at the average exchange rates for the period. The net exchange gains and losses arising on this translation are reflected as a component of currency translation within accumulated other comprehensive loss in stockholders’ equity.
Stock-based compensation plans
The Company measures the total amount of employee stock-based compensation expense for a grant based on the grant date fair value of each award and recognizes the stock-based compensation expense on a straight-line basis over the requisite service period for each separately vesting tranche of an award. Stock-based compensation is based on awards expected to vest and, therefore, has been reduced by estimated forfeitures. Stock-based compensation expense is classified within other operating expenses, net in the consolidated statements of operations. Refer to “Note 9: Stock-based compensation” for further information.
Share repurchases
The Company does not hold any treasury shares as all shares of common stock are retired upon repurchase. Furthermore, when share repurchases occur and the common stock is retired, the excess of repurchase price over par is allocated between additional paid-in capital and accumulated deficit such that the portion allocated to additional paid-in-capital being limited to the additional paid-in-capital created from that particular share issuance (i.e. the book value of those shares) plus any resulting leftover additional paid-in-capital from previous share repurchases in instances where the repurchase price was lower than the original issuance price.
Fair value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. US GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy:
 
Level 1
Quoted prices for identical instruments in active markets.
 
 
 
 
Level 2
Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuation in which all significant inputs and significant value drivers are observable in active markets.
 
 
 
 
Level 3
Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
When available, the Company uses quoted market prices to determine fair value and classifies such items as Level 1. In cases where a market price is not available, the Company will make use of observable market-based inputs to calculate fair value, in which case the items are classified as Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market information. Items valued using internally generated valuation techniques are classified according to the lowest level input that is significant to the valuation, and may be classified as Level 3 even though there may be significant inputs that are readily observable. Refer to “Note 16: Fair value measurements” for further information.
Certain financial instruments, such as derivative financial instruments, are required to be measured at fair value on a recurring basis. Other financial instruments, such as the Company’s own debt, are not required to be measured at fair value on a recurring basis. The Company elected to not make an irrevocable election to measure financial instruments and certain other items at fair value.
Derivatives
The Company uses derivative financial instruments, such as foreign currency contracts, interest rate swaps and interest rate caps to manage its risks associated with foreign currency and interest rate fluctuations. Derivative financial instruments are recorded in either prepaids and other current assets, other assets, other accrued expenses or other long-term liabilities in the condensed consolidated balance sheets at fair value. The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of interest rate swaps is determined by estimating the net present value of amounts to be paid under the agreement offset by the net present value of the expected cash inflows based on market rates and associated yield curves. For derivative contracts with the same counterparty where the Company has a master netting arrangement with the counterparty, the fair value of the asset/liability is presented on a net basis within the consolidated balance sheets. Refer to “Note 16: Fair value measurements” for additional information relating to the gross and net balances of derivative contracts. Changes in the fair value of derivative financial instruments are recognized in the consolidated statements of operations unless specific hedge accounting criteria are met. Cash flows associated with derivative financial instruments are recognized in the operating section of the consolidated statements of cash flows.
For the purpose of hedge accounting, derivatives are classified as either fair value hedges, where the instrument hedges the exposure to changes in the fair value of a recognized asset or liability, or cash flow hedges, where the instrument hedges the exposure to variability in cash flows that are either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction. Gains and losses on derivatives that meet the conditions for fair value hedge accounting are recognized immediately in the consolidated statements of operations, along with the offsetting gain or loss on the related hedged item. For derivatives that meet the conditions for cash flow hedge accounting, the effective portion of the gain or loss on the derivative is recognized in accumulated other comprehensive loss on the consolidated balance sheet and the ineffective portion is recognized immediately in other (expense) income, net within the consolidated statement of operations. Amounts in accumulated other comprehensive loss are reclassified to the consolidated statement of operations in the same period in which the hedged transactions affect earnings.
For derivative instruments designated as hedges, the Company formally documents the hedging relationship to the hedged item and its risk management strategy. The Company assesses the effectiveness of its hedging instruments at inception and on an ongoing basis. Hedge accounting is discontinued when the hedging instrument is sold, expired, terminated or exercised, or no longer qualifies for hedge accounting.
Refer to “Note 17: Derivatives” for further information.
Earnings per share
Basic earnings per share is based on the weighted average number of common shares outstanding during each period, which excludes nonvested restricted stock units, nonvested restricted stock, and stock options. Diluted earnings per share is based on the weighted average number of common shares and dilutive common share equivalents outstanding during each period. The Company reflects common share equivalents relating to stock options, nonvested restricted stock, and nonvested restricted stock units in its computation of diluted weighted average shares outstanding unless the effect of inclusion is anti-dilutive. The effect of dilutive securities is calculated using the treasury stock method. Refer to “Note 3: Earnings per share” for further information.
Earnings per share
Earnings per share
Earnings per share
The following table presents the basic and diluted earnings per share computations:
 
Year ended December 31,
(in millions, except per share data)
2016
 
2015
 
2014
Basic:
 
 
 
 
 
Net (loss) income
$
(68.4
)
 
$
16.5

 
$
(20.1
)
Weighted average common shares outstanding
137.8

 
119.6

 
99.7

Basic (loss) income per common share
$
(0.50
)
 
$
0.14

 
$
(0.20
)
Diluted:
 
 
 
 
 
Net (loss) income
$
(68.4
)
 
$
16.5

 
$
(20.1
)
Weighted average common shares outstanding
137.8

 
119.6

 
99.7

Effect of dilutive securities:
 
 
 
 
 
Stock compensation plans(1)
—

 
0.5

 
—

Weighted average common shares outstanding – diluted
137.8

 
120.1

 
99.7

Diluted (loss) income per common share
$
(0.50
)
 
$
0.14

 
$
(0.20
)
 
 
 
 
 
 
(1)
Stock options to purchase approximately 3.3 million, 2.0 million, and 5.0 million shares of common stock and restricted stock of 0.0 million, 0.0 million, and 0.4 million were outstanding during the years ended December 31, 2016, 2015 and 2014, respectively, but were not included in the calculation of diluted income (loss) per share as the impact of these stock options and restricted stock would have been anti-dilutive.
Other operating expenses, net
Other operating expenses, net
Other operating expenses, net
Other operating expenses, net consisted of the following items:
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
Pension mark to market loss
$
68.6

 
$
21.1

 
$
117.8

Pension curtailment and settlement gains
(1.3
)
 
(4.0
)
 
—

Acquisition and integration related expenses
5.5

 
7.1

 
3.7

Stock-based compensation expense
10.4

 
7.5

 
12.1

Restructuring charges
8.0

 
33.8

 
46.2

Advisory fees to CVC and CD&R(1)
—

 
2.8

 
5.9

Contract termination fee to CVC and CD&R
—

 
26.2

 
—

Other
13.3

 
11.6

 
11.4

Total other operating expenses, net
$
104.5

 
$
106.1

 
$
197.1

 
 
 
 
 
 
(1)
Significant stockholders are CVC Capital Partners (“CVC”) and Clayton, Dubilier & Rice, LLC (“CD&R”).
Restructuring charges
Restructuring charges
Restructuring charges
Restructuring charges relate to the implementation of several regional strategic initiatives aimed at streamlining the Company’s cost structure and improving its operations. These actions primarily resulted in workforce reductions, lease termination costs and other facility rationalization costs. The following table presents cost information related to restructuring plans that have not been completed as of December 31, 2016 and does not contain any estimates for plans that may be developed and implemented in future periods.
(in millions)
USA
 
Canada
 
EMEA
 
ROW
 
Other
 
Total
Anticipated total costs
 
 
 
 
 
 
 
 
 
 
 
Employee termination costs
$
16.8

 
$
5.2

 
$
21.6

 
$
4.4

 
$
5.8

 
$
53.8

Facility exit costs
22.8

 
—

 
3.5

 
0.2

 
—

 
26.5

Other exit costs
1.7

 
—

 
6.8

 
—

 
0.8

 
9.3

Total
$
41.3

 
$
5.2

 
$
31.9

 
$
4.6

 
$
6.6

 
$
89.6

 
 
 
 
 
 
 
 
 
 
 
 
Incurred to date costs
 
 
 
 
 
 
 
 
 
 
 
Inception of plans through December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Employee termination costs
$
16.8

 
$
5.2

 
$
21.6

 
$
4.4

 
$
5.8

 
$
53.8

Facility exit costs
19.6

 
—

 
3.5

 
0.2

 
—

 
23.3

Other exit costs
1.7

 
—

 
6.8

 
—

 
0.8

 
9.3

Total
$
38.1

 
$
5.2

 
$
31.9

 
$
4.6

 
$
6.6

 
$
86.4

 
 
 
 
 
 
 
 
 
 
 
 
Inception of plans through December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Employee termination costs
$
16.4

 
$
4.1

 
$
25.6

 
$
2.0

 
$
5.3

 
$
53.4

Facility exit costs
14.0

 
—

 
3.1

 
0.2

 
—

 
17.3

Other exit costs
1.7

 
—

 
6.7

 
—

 
0.8

 
9.2

Total
$
32.1

 
$
4.1

 
$
35.4

 
$
2.2

 
$
6.1

 
$
79.9


The following tables summarize activity related to accrued liabilities associated with redundancy and restructuring:
(in millions)
January 1,
2016
 
Charge to
earnings
 
Cash paid
 
Non-cash
and other
 
December 31, 2016
Employee termination costs
$
31.0

 
$
0.4

 
$
(24.5
)
 
$
—

 
$
6.9

Facility exit costs
15.5

 
6.0

 
(8.3
)
 
—

 
13.2

Other exit costs
0.1

 
0.1

 
(0.2
)
 
—

 
—

Total
$
46.6

 
$
6.5

 
$
(33.0
)
 
$
—

 
$
20.1

 
(in millions)
January 1,
2015
 
Charge to
earnings
 
Cash paid
 
Non-cash
and other
 
December 31, 2015
Employee termination costs
$
27.8

 
$
28.3

 
$
(22.9
)
 
$
(2.2
)
 
$
31.0

Facility exit costs
20.4

 
2.4

 
(7.2
)
 
(0.1
)
 
15.5

Other exit costs
0.3

 
3.0

 
(3.2
)
 
—

 
0.1

Total
$
48.5

 
$
33.7

 
$
(33.3
)
 
$
(2.3
)
 
$
46.6


Restructuring liabilities of $10.1 million and $34.5 million were classified as current in other accrued expenses in the consolidated balance sheets as of December 31, 2016 and 2015, respectively. The long-term portion of restructuring liabilities of $10.0 million and $12.1 million were recorded in other long-term liabilities in the consolidated balance sheets as of December 31, 2016 and 2015, respectively and primarily consists of facility exit costs that are expected to be paid within the next five years.
While the Company believes the recorded restructuring liabilities are adequate, revisions to current estimates may be recorded in future periods based on new information as it becomes available.
Other (expense) income, net
Other (expense) income, net
Other (expense) income, net
Other (expense) income, net consisted of the following gains (losses):
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
Foreign currency transactions
$
(0.6
)
 
$
(0.8
)
 
$
(0.6
)
Foreign currency denominated loans revaluation
(13.7
)
 
8.9

 
8.3

Undesignated foreign currency derivative instruments(1)
(1.8
)
 
(4.8
)
 
(3.9
)
Undesignated interest rate swap contracts(1)
10.1

 
2.0

 
—

Ineffective portion of cash flow hedges(1)
—

 
(0.4
)
 
0.2

Loss due to discontinuance of cash flow hedges(1)
—

 
(7.5
)
 
—

Debt refinancing costs(2)
—

 
(16.5
)
 
—

Other
(0.1
)
 
(4.1
)
 
(2.9
)
Total other (expense) income, net
$
(6.1
)
 
$
(23.2
)
 
$
1.1

 
 
 
 
 
 
 
(1)
Refer to “Note 17: Derivatives” for more information.
(2)
Refer to “Note 15: Debt” for more information.
Income taxes
Income taxes
Income taxes
For financial reporting purposes, income (loss) before income taxes includes the following components:
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
Income (loss) before income taxes
 
 
 
 
 
United States
$
(131.3
)
 
$
(13.0
)
 
$
(6.4
)
Foreign
51.7

 
39.7

 
(29.5
)
Total income (loss) before income taxes
$
(79.6
)
 
$
26.7

 
$
(35.9
)

The expense (benefit) for income taxes is summarized as follows:
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
Current:
 
 
 
 
 
Federal
$
(0.1
)
 
$
0.6

 
$
(18.6
)
State
0.1

 
2.5

 
5.4

Foreign
20.4

 
14.5

 
17.0

Total current
20.4

 
17.6

 
3.8

Deferred:
 
 
 
 
 
Federal
(15.1
)
 
(12.3
)
 
(11.3
)
State
(3.0
)
 
1.7

 
(1.0
)
Foreign
(13.5
)
 
3.2

 
(7.3
)
Total deferred
(31.6
)
 
(7.4
)
 
(19.6
)
Total income tax expense (benefit)
$
(11.2
)
 
$
10.2

 
$
(15.8
)





The reconciliation between the US statutory tax rate and the Company’s effective tax rate is presented as follows:
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
US federal statutory income tax expense (benefit) applied to income (loss) before income taxes
$
(27.8
)
 
$
9.3

 
$
(12.6
)
State income taxes, net of federal benefit
(2.9
)
 
3.3

 
1.8

Foreign tax rate differential
(5.8
)
 
(6.5
)
 
(4.2
)
Non-taxable interest income
(10.8
)
 
(14.1
)
 
(13.8
)
Valuation allowance release on expired or utilized tax attributes
(24.7
)
 
(9.0
)
 
(0.2
)
Expiration of tax attributes
4.4

 
8.1

 
0.2

Foreign losses not benefited
8.0

 
7.5

 
21.7

Effect of flow-through entities
(9.0
)
 
4.2

 
3.6

Non-deductible stock-based compensation
1.7

 
3.5

 
0.3

Non-deductible expense
3.4

 
3.5

 
2.9

Recognition of previously uncertain tax benefits
(1.4
)
 
(2.5
)
 
(18.4
)
Adjustment to prior year tax due to changes in estimates
0.3

 
1.6

 
0.2

Change in statutory income tax rates
2.7

 
1.1

 
0.4

Deemed dividends from foreign subsidiaries
1.4

 
0.6

 
0.4

Non-deductible interest expense
2.6

 
0.5

 
1.1

Withholding and other taxes based on income
0.5

 
0.5

 
0.9

Foreign exchange rate remeasurement
(1.0
)
 
(0.4
)
 
0.7

Revaluation due to Section 987 tax law change
45.0

 
—

 
—

Other
2.2

 
(1.0
)
 
(0.8
)
Total income tax expense (benefit)
$
(11.2
)
 
$
10.2

 
$
(15.8
)






























The consolidated deferred tax assets and liabilities are detailed as follows:
 
December 31,
(in millions)
2016
 
2015
Deferred tax assets:
 
 
 
Net operating loss carryforwards
$
124.1

 
$
122.1

Environmental reserves
40.2

 
46.4

Interest
93.8

 
95.1

Tax credit and capital loss carryforwards
4.5

 
10.1

Pension
105.4

 
95.9

Flow-through entities
15.6

 
39.4

Stock options
11.4

 
11.7

Inventory
8.7

 
5.0

Other temporary differences
17.8

 
33.8

Gross deferred tax assets
421.5

 
459.5

Valuation allowance
(167.9
)
 
(193.0
)
Deferred tax assets, net of valuation allowance
253.6

 
266.5

Deferred tax liabilities:
 
 
 
Property, plant and equipment, net
(165.2
)
 
(179.0
)
Intangible assets
(85.3
)
 
(138.1
)
Other temporary differences
(2.1
)
 
(3.9
)
Deferred tax liabilities
(252.6
)
 
(321.0
)
Net deferred tax asset (liability)
$
1.0

 
$
(54.5
)

The changes in the valuation allowance were as follows:
 
December 31,
(in millions)
2016
 
2015
Beginning balance
$
193.0

 
$
204.1

Increase related to current foreign net operating losses
5.3

 
9.2

Decrease related to utilization of net operating loss carryforwards
(20.6
)
 
(2.5
)
Decrease related to expiration of tax attributes
(4.5
)
 
(7.6
)
Foreign currency
(4.6
)
 
(9.8
)
Decrease related to other items
(0.7
)
 
(0.4
)
Ending balance
$
167.9

 
$
193.0


As of December 31, 2016, the total remaining tax benefit of available federal, state and foreign net operating loss carryforwards recognized on the balance sheet amounted to $55.5 million (tax benefit of operating losses of $124.1 million reduced by a valuation allowance of $68.5 million). Total net operating losses at December 31, 2016 and 2015 amounted to $415.1 million and $428.3 million, respectively. If not utilized, $92.7 million of the available loss carryforwards will expire between 2017 and 2021; subsequent to 2021, $127.8 million will expire. The remaining losses of $194.6 million have an unlimited life.
The U.S. federal and certain state net operating loss carryforwards are subject to limitations under Section 382 of the Internal Revenue Code (“the Code”) and applicable state tax law. Under Section 382, the Company is required to track whether it experiences an ownership change within the meaning of Section 382 of the Code. Generally, an ownership change occurs if a loss corporation experiences a cumulative owner shift of more than 50% over a three year period. On August 18, 2016, Univar’s majority shareholder, Univar, N.V., sold a portion of its interest in Univar. This disposition by Univar, N.V., in combination with various ownership shifts occurring during the three year testing period (including Univar’s initial public offering on June 23, 2015) caused an ownership change within the meaning of Section 382. The ownership change subjects the Company's U.S. federal and certain state net operating loss carryforwards to an annual limitation. It has been determined that the annual Section 382 limitation is large enough that it should not limit the Company’s ability to offset future taxable income. Accordingly, the Company believes there is no impact on the consolidated financial statements.
As the result of intercompany dividend payments from Canada to the US in prior years, the Company had unused carryforward foreign tax credits as of December 31, 2015 of $3.9 million. These unused foreign tax credits were subject to a ten-year carryforward life. As of December 31, 2016, all carryforward foreign tax credits have expired.
Except as required under US tax law, the Company does not provide for US taxes on approximately $676.0 million of cumulative undistributed earnings of foreign subsidiaries that have not been previously taxed since the Company intends to invest such undistributed earnings indefinitely outside of the US. Determination of the unrecognized deferred tax liability that would be incurred if such amounts were not indefinitely reinvested is not practicable.
The changes in unrecognized tax benefits included in other long-term liabilities, excluding interest and penalties, are as follows:
 
Year ended
December 31,
(in millions)
2016
 
2015
Beginning balance
$
5.2

 
$
8.5

Increase for tax positions of prior years
0.4

 
—

Reductions due to the statute of limitations expiration
(1.3
)
 
(2.3
)
Foreign exchange
—

 
(1.0
)
Ending balance
$
4.3

 
$
5.2


The Company’s unrecognized tax benefit consists largely of foreign interest expense liabilities as of December 31, 2016. The Company believes that it is reasonably possible that approximately $1.5 million of its currently remaining unrecognized tax benefits may be recognized by the end of 2017 as a result of an audit or a lapse of the statute of limitations.
The Company has net $4.3 million and $5.2 million of unrecognized tax benefits at December 31, 2016 and 2015, respectively. As of December 31, 2016, the total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate for continuing and discontinued operations was $4.3 million. No remaining unrecognized tax benefits relate to tax positions for which ultimate deductibility is highly certain, but for which there is uncertainty as to the timing of such deductibility. Recognition of these tax benefits, if any, would not have an impact on the effective tax rate.
The total liability included in other long-term liabilities associated with the interest and penalties was $0.3 million and $0.0 million at December 31, 2016 and 2015, respectively. The Company recorded $0.3 million, $(0.6) million and $0.1 million in interest expense related to unrecognized tax benefits in the consolidated statements of operations for the years ended December 31, 2016, 2015 and 2014, respectively.
The Company files income tax returns in the US and various state and foreign jurisdictions. As of December 31, 2016, the Company’s tax years for 2013 through 2015 are subject to examination by the tax authorities. With limited exceptions or limitations on adjustment due to net operating loss carrybacks or utilization, as of December 31, 2016, the Company generally is no longer subject to US federal, state, local or foreign examinations by tax authorities for years before 2013.
In 2007, the outstanding shares of Univar N.V., the ultimate public company parent of the Univar group at that time, were acquired by investment funds advised by CVC. To facilitate the acquisition and leveraged financing of Univar N.V. by CVC, a restructuring of some of the companies in the Univar group, including its Canadian operating company, was completed (the “Restructuring”). In February 2013, the Canada Revenue Agency (“CRA”) issued a Notice of Assessment, asserting the General Anti-Avoidance Rule (“GAAR”) against the Company’s subsidiary Univar Holdco Canada ULC (“Univar Holdco”) for withholding tax of $29.4 million (Canadian), relating to this Restructuring. Univar Holdco appealed the assessment, and the matter was litigated in the Tax Court of Canada in June 2015. On June 22, 2016, the Tax Court of Canada issued its judgment in favor of the CRA. The Company strongly disagrees with the decision of the Tax Court of Canada and filed its appeal to the Canadian Federal Court of Appeal on June 30, 2016.  The Company filed its Memorandum of Fact and Law with the Canadian Court of Appeal on October 6, 2016 and the Respondent's Memorandum of Fact and Law was filed on November 21, 2016. A $44.7 million (Canadian) Letter of Credit, covering the initial assessment of $29.4 million (Canadian) and interest of $15.3 million (Canadian), has been issued with respect to this assessment. The Letter of Credit amount was amended in December 2016 to $52.1 million (Canadian) to include $7.4 million (Canadian) in accrued interest.
In September 2014, also relating to the Restructuring, the CRA issued the 2008 and 2009 Notice of Reassessments for federal corporate income tax liabilities of $11.9 million (Canadian) and $11.0 million (Canadian), respectively, and a departure tax liability of $9.0 million (Canadian). Likewise, in April 2015, the Company’s subsidiary received the 2008 and 2009 Alberta Notice of Reassessments of $6.0 million (Canadian) and $5.8 million (Canadian), respectively. These Reassessments reflect the additional tax liability and interest relating to those tax years should the CRA be successful in its assertion of the GAAR relating to the Restructuring described above.
In September 2016, the CRA notified the Company that it agreed to accept security on the above reassessed federal amounts in the form of a Letter of Credit and subsequently the Company requested that it refrain from further collection efforts related to this assessment until the outcome of the appeal of the GAAR matter is concluded. The CRA denied the Company's request, and the Company initiated a review of the matter at the Canada Federal Court in January 2017. The Company expects a decision on the matter in mid-2017.
At December 31, 2016, the total Canadian federal and provincial tax liability assessed related to these matters, inclusive of interest of $38.7 million (Canadian), is $111.8 million (Canadian).  The Company has not recorded any liabilities for these matters in its financial statements, as it believes it is more likely than not that the ruling will be reversed on appeal and the Company’s position will be sustained.
Employee benefit plans
Employee benefit plans
Employee benefit plans
Defined benefit pension plans
The Company sponsors defined benefit plans that provide pension benefits for employees upon retirement in certain jurisdictions including the US, Canada, United Kingdom and several other European countries.
On July 1, 2015, the defined benefit plan in Canada was amended, such that the remaining members accruing benefits under the defined benefit provisions ceased future accrual of credited service under the defined benefit provision. These members commenced participation under a defined contribution benefit plan for service as of July 1, 2015. Future salary increases will continue to be reflected in their legacy defined pension benefits for the foreseeable future.
The US, Canada and United Kingdom defined benefit pension plans are closed to new entrants. Benefits accrued by participants in the United Kingdom plan were frozen as of December 1, 2010. Benefits accrued by participants in the US plans were frozen as of December 31, 2009. These amendments to freeze benefits were made in conjunction with a benefit plan review which provides for enhanced benefits under defined contribution plans available to all employees in the United Kingdom and the US.






















The following summarizes the Company’s defined benefit pension plans’ projected benefit obligations, plan assets and funded status:
 
Domestic
 
Foreign
 
Total
 
Year ended
December 31,
 
Year ended
December 31,
 
Year ended
December 31,
(in millions)
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Change in projected benefit obligations:
 
 
 
 
 
 
 
 
 
 
 
Actuarial present value of benefit obligations at beginning of year
$
691.9

 
$
728.8

 
$
531.7

 
$
614.1

 
$
1,223.6

 
$
1,342.9

Service cost
—

 
—

 
2.5

 
5.4

 
2.5

 
5.4

Interest cost
32.0

 
30.8

 
18.3

 
20.1

 
50.3

 
50.9

Benefits paid
(32.1
)
 
(30.1
)
 
(23.9
)
 
(29.6
)
 
(56.0
)
 
(59.7
)
Plan amendments
—

 
—

 
(1.6
)
 
—

 
(1.6
)
 
—

Settlement
—

 
—

 
—

 
(19.0
)
 
—

 
(19.0
)
Curtailment
—

 
—

 
(1.3
)
 
(2.6
)
 
(1.3
)
 
(2.6
)
Actuarial loss (gain)
27.9

 
(37.6
)
 
86.1

 
(5.1
)
 
114.0

 
(42.7
)
Foreign exchange and other
—

 
—

 
(56.3
)
 
(51.6
)
 
(56.3
)
 
(51.6
)
Actuarial present value of benefit obligations at end of year
$
719.7

 
$
691.9

 
$
555.5

 
$
531.7

 
$
1,275.2

 
$
1,223.6

 
 
 
 
 
 
 
 
 
 
 
 
Change in the fair value of plan assets:
 
 
 
 
 
 
 
 
 
 
 
Plan assets at beginning of year
$
497.6

 
$
522.1

 
$
481.5

 
$
516.6

 
$
979.1

 
$
1,038.7

Actual return on plan assets
40.1

 
(13.9
)
 
66.3

 
12.6

 
106.4

 
(1.3
)
Contributions by employer
3.5

 
19.5

 
28.1

 
40.1

 
31.6

 
59.6

Benefits paid
(32.1
)
 
(30.1
)
 
(23.9
)
 
(29.6
)
 
(56.0
)
 
(59.7
)
Settlement
—

 
—

 
—

 
(17.6
)
 
—

 
(17.6
)
Foreign exchange and other
—

 
—

 
(57.7
)
 
(40.6
)
 
(57.7
)
 
(40.6
)
Plan assets at end of year
509.1

 
497.6

 
494.3

 
481.5

 
1,003.4

 
979.1

Funded status at end of year
$
(210.6
)
 
$
(194.3
)
 
$
(61.2
)
 
$
(50.2
)
 
$
(271.8
)
 
$
(244.5
)

Net amounts related to the Company’s defined benefit pension plans recognized in the consolidated balance sheets consist of:
 
Domestic
 
Foreign
 
Total
 
December 31,
 
December 31,
 
December 31,
(in millions)
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Overfunded net benefit obligation in other assets
$
—

 
$
—

 
$
—

 
$
9.5

 
$
—

 
$
9.5

Current portion of net benefit obligation in other accrued expenses
(3.6
)
 
(3.3
)
 
(1.9
)
 
(1.9
)
 
(5.5
)
 
(5.2
)
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities
(207.0
)
 
(191.0
)
 
(59.3
)
 
(57.8
)
 
(266.3
)
 
(248.8
)
Net liability recognized at end of year
$
(210.6
)
 
$
(194.3
)
 
$
(61.2
)
 
$
(50.2
)
 
$
(271.8
)
 
$
(244.5
)

The following table summarizes defined benefit pension plans with accumulated benefit obligations in excess of plan assets:
 
Domestic
 
Foreign
 
Total
 
December 31,
 
December 31,
 
December 31,
(in millions)
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Accumulated benefit obligation
$
719.7

 
$
691.9

 
$
412.5

 
$
71.4

 
$
1,132.2

 
$
763.3

Fair value of plan assets
509.1

 
497.6

 
379.5

 
36.3

 
888.6

 
533.9




The following table summarizes defined benefit pension plans with projected benefit obligations in excess of plan assets:
 
Domestic
 
Foreign
 
Total
 
December 31,
 
December 31,
 
December 31,
(in millions)
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Projected benefit obligation
$
719.7

 
$
691.9

 
$
555.5

 
$
207.7

 
$
1,275.2

 
$
899.6

Fair value of plan assets
509.1

 
497.6

 
494.3

 
148.0

 
1,003.4

 
645.6


The total accumulated benefit obligation for domestic defined benefit pension plans as of December 31, 2016 and 2015 was $719.7 million and $691.9 million, respectively, and for foreign defined benefit pension benefit plans as of December 31, 2016 and 2015 was $524.4 million and $505.2 million, respectively.
The following table summarizes the components of net periodic benefit cost (credit) recognized in the consolidated statements of operations related to defined benefit pension plans:
 
Domestic
 
Foreign
 
Total
 
Year ended December 31,
 
Year ended December 31,
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
$
—

 
$
—

 
$
—

 
$
2.5

 
$
5.4

 
$
7.0

 
$
2.5

 
$
5.4

 
$
7.0

Interest cost
32.0

 
30.8

 
31.6

 
18.3

 
20.1

 
23.2

 
50.3

 
50.9

 
54.8

Expected return on plan assets
(32.5
)
 
(35.8
)
 
(32.1
)
 
(28.7
)
 
(30.2
)
 
(28.1
)
 
(61.2
)
 
(66.0
)
 
(60.2
)
Settlement(1)


 
—

 
—

 


 
(1.4
)
 
—

 
—

 
(1.4
)
 
—

Curtailment(1)
—

 
—

 
—

 
(1.3
)
 
(2.6
)
 
—

 
(1.3
)
 
(2.6
)
 
—

Actuarial loss
20.3

 
12.1

 
84.3

 
48.5

 
12.5

 
35.2

 
68.8

 
24.6

 
119.5

Net periodic benefit cost
$
19.8

 
$
7.1

 
$
83.8

 
$
39.3

 
$
3.8

 
$
37.3

 
$
59.1

 
$
10.9

 
$
121.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
The settlement and curtailment gains are a result of the restructuring activities in the EMEA segment.
The following summarizes pre-tax amounts included in accumulated other comprehensive loss at December 31, 2016 related to pension plan amendments: 
(in millions)
Defined benefit pension plans
Net prior service credit
$
1.6


The following table summarizes the amounts in accumulated other comprehensive loss at December 31, 2016 that are expected to be amortized as components of net periodic benefit credit during the next fiscal year related to pension amendments:
(in millions)
Defined benefit pension plans
Prior service credit
$
0.2


Other postretirement benefit plan
Other postretirement benefits relate to a health care plan for retired employees in the US. In 2009, the Company approved a plan to phase out the benefits provided under this plan by 2020. As a result of this change, the benefit obligation was reduced by $76.8 million and a curtailment gain of $73.1 million was recognized in accumulated other comprehensive loss and was being amortized to the consolidated statements of operations over the average future service period, which is fully amortized as of December 31, 2016.






The following summarizes the Company’s other postretirement benefit plan’s accumulated postretirement benefit obligation, plan assets and funded status:
 
Other postretirement
benefits
 
Year ended December 31,
(in millions)
2016
 
2015
Change in accumulated postretirement benefit obligations:
 
 
 
Actuarial present value of benefit obligations at beginning of year
$
3.4

 
$
6.7

Service cost
—

 
0.1

Interest cost
0.1

 
0.2

Contributions by participants
0.3

 
0.5

Benefits paid
(0.8
)
 
(0.6
)
Actuarial gain
(0.2
)
 
(3.5
)
Actuarial present value of benefit obligations at end of year
$
2.8

 
$
3.4

Change in the fair value of plan assets:
 
 
 
Plan assets at beginning of year
$
—

 
$
—

Contributions by employer
0.5

 
0.1

Contributions by participants
0.3

 
0.5

Benefits paid
(0.8
)
 
(0.6
)
Plan assets at end of year
—

 
—

Funded status at end of year
$
(2.8
)
 
$
(3.4
)

Net amounts related to the Company’s other postretirement benefit plan recognized in the consolidated balance sheets consist of:
 
Other postretirement
benefits
 
December 31,
(in millions)
2016
 
2015
Current portion of net benefit obligation in other accrued expenses
$
(0.5
)
 
$
(0.4
)
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities
(2.3
)
 
(3.0
)
Net liability recognized at end of year
$
(2.8
)
 
$
(3.4
)

The following table summarizes the components of net periodic benefit credit recognized in the consolidated statements of operations related to other postretirement benefit plans: 
 
Other postretirement
benefits
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
Service cost
$
—

 
$
(0.1
)
 
$
(0.1
)
Interest cost
(0.1
)
 
(0.2
)
 
(0.4
)
Amortization of unrecognized prior service credits
4.5

 
11.9

 
11.9

Actuarial gain
0.2

 
3.5

 
1.7

Net periodic benefit credit
$
4.6

 
$
15.1

 
$
13.1


The following summarizes pre-tax amounts included in accumulated other comprehensive loss related to other postretirement benefit plans: 
 
Other postretirement
benefits
 
December 31,      
(in millions)
2016
 
2015
Net prior service credit
$
—

 
$
4.5


Actuarial assumptions
Defined benefit pension plans
The significant weighted average actuarial assumptions used in determining the benefit obligations and net periodic benefit cost (credit) for the Company’s defined benefit plans are as follows:
 
Domestic
 
Foreign
 
December 31,
 
December 31,
 
2016
 
2015
 
2016
 
2015
Actuarial assumptions used to determine benefit obligations at end of period:
 
 
 
 
 
 
 
Discount rate
4.39
%
 
4.74
%
 
2.84
%
 
4.25
%
Expected annual rate of compensation increase
N/A

 
N/A

 
2.87
%
 
2.86
%
 
 
Domestic
 
Foreign
 
Year ended December 31,
 
Year ended December 31,
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Actuarial assumptions used to determine net periodic benefit cost (credit) for the period:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.74
%
 
4.31
%
 
5.25
%
 
3.65
%
 
3.51
%
 
4.29
%
Expected rate of return on plan assets
7.50
%
 
7.50
%
 
7.50
%
 
6.18
%
 
6.07
%
 
6.06
%
Expected annual rate of compensation increase
N/A

 
N/A

 
N/A

 
2.86
%
 
2.80
%
 
2.82
%

Discount rates are used to measure benefit obligations and the interest cost component of net periodic benefit cost (credit). The Company selects its discount rates based on the consideration of equivalent yields on high-quality fixed income investments at each measurement date. Discount rates are based on a benefit cash flow-matching approach and represent the rates at which the Company’s benefit obligations could effectively be settled as of the measurement date.
For domestic defined benefit plans, the discount rates are based on a hypothetical bond portfolio approach. The hypothetical bond portfolio is constructed to comprise AA-rated corporate bonds whose cash flow from coupons and maturities match the expected future plan benefit payments.
The discount rate for the foreign defined benefit plans are based on a yield curve approach. For plans in countries with a sufficient corporate bond market, the expected future benefit payments are matched with a yield curve derived from AA-rated corporate bonds, subject to minimum amounts outstanding and meeting other selection criteria. For plans in countries without a sufficient corporate bond market, the yield curve is constructed based on prevailing government yields and an estimated credit spread to reflect a corporate risk premium.
The expected long-term rate of return on plan assets reflects management’s expectations on long-term average rates of return on funds invested to provide for benefits included in the benefit obligations. The long-term rate of return assumptions are based on the outlook for equity and fixed income returns, with consideration of historical returns, asset allocations, investment strategies and premiums for active management when appropriate. Assumptions reflect the expected rates of return at the beginning of the year.
The Company adopted new US mortality tables in the year ended December 31, 2014 for purposes of determining the Company’s mortality assumption used in the US defined benefit plans’ liability calculation. The new assumptions considered the Society of Actuary’s recent mortality experience study and reflect a version of the table and future improvements produced. The updated mortality assumption resulted in an increase of approximately $32.0 million or 4.5% to the benefit obligation as of December 31, 2014 after reflecting the discount rate change.
Other postretirement benefit plan
For the other postretirement benefit plan, the discount rate used to determine the benefit obligation at December 31, 2016 and 2015 was 4.37% and 4.54%, respectively. The discount rate used to determine net periodic benefit credit for the year ended December 31, 2016, 2015 and 2014 was 4.54%, 3.80% and 4.02%, respectively. Health care cost increases did not have a significant impact on the Company’s postretirement benefit obligations in the years presented as a result of the 2009 plan to phase out the health care benefits provided under the US plan.
Plan assets
Plan assets for defined benefit plans are invested in global equity and debt securities through professional investment managers with the objective to achieve targeted risk adjusted returns and to maintain liquidity sufficient to fund current benefit payments. Each funded defined benefit plan has an investment policy that is administered by plan trustees with the objective of meeting targeted asset allocations based on the circumstances of that particular plan. The investment strategy followed by the Company varies by country depending on the circumstances of the underlying plan. Less mature plan benefit obligations are funded by using more equity securities as they are expected to achieve long-term growth while exceeding inflation. More mature plan benefit obligations are funded using a higher allocation of fixed income securities as they are expected to produce current income with limited volatility. The Company has adopted a dynamic investment strategy whereby as the plan funded status improves, the investment strategy is migrated to more liability matching assets, and return seeking assets are reduced. Risk management practices include the use of multiple asset classes for diversification purposes. Specific guidelines for each asset class and investment manager are implemented and monitored.
The weighted average target asset allocation for defined benefit pension plans in the year ended December 31, 2016 is as follows:
 
Domestic
 
Foreign
Asset category:
 
 
 
Equity securities
50.0
%
 
35.9
%
Debt securities
45.0
%
 
52.9
%
Other
5.0
%
 
11.2
%
Total
100.0
%
 
100.0
%

Plan asset valuation methodologies are described below:
Fair value methodology
Description
Cash
This represents cash at banks. The amount of cash in the bank account represents the fair value.
 
 
Investment funds
Values are based on the net asset value of the units held at year end. The net asset values are based on the fair value of the underlying assets of the funds, minus their liabilities, and then divided by the number of units outstanding at the valuation date. The funds are traded on private markets that are not active; however, the unit price is based primarily on observable market data of the fund’s underlying assets.
 
 
Insurance contracts
The fair value is based on the present value of the accrued benefit.
Domestic defined benefit plan assets
The Company classified its domestic plan assets according to the fair value hierarchy described in “Note 2: Significant accounting policies.” The following summarizes the fair value of domestic plan assets by asset category and level within the fair value hierarchy.
 
December 31, 2016
(in millions)
Total
 
Level 1
 
Level 2
Cash
$
2.4

 
$
2.4

 
$
—

Investments funds(1)
506.7

 
—

 
506.7

Total
$
509.1

 
$
2.4

 
$
506.7

 
 
 
 
 
 
 
(1)
This category includes investments in 30.0% in US equities, 20.0% in non-US equities, 44.9% in US corporate bonds and 5.1% in other investments.

 
December 31, 2015
(in millions)
Total
 
Level 1
 
Level 2
Cash
$
2.3

 
$
2.3

 
$
—

Investments funds(1)
495.3

 
—

 
495.3

Total
$
497.6

 
$
2.3

 
$
495.3

 
 
 
 
 
 
(1)
This category includes investments in 30.3% in US equities, 19.6% in non-US equities, 45.1% in US corporate bonds and 5.0% in other investments.

Foreign defined benefit plan assets
The Company classified its foreign plan assets according to the fair value hierarchy described in “Note 2: Significant accounting policies.” The following summarizes the fair value of foreign plan assets by asset category and level within the fair value hierarchy:
 
December 31, 2016
(in millions)
Total
 
Level 1
 
Level 2
 
Level 3
Cash
$
4.6

 
$
4.6

 
$
—

 
$
—

Investments:
 
 
 
 
 
 
 
Investment funds(1)
474.1

 
—

 
474.1

 
—

Insurance contracts
15.6

 
—

 
—

 
15.6

Total investments
489.7

 
—

 
474.1

 
15.6

Total
$
494.3

 
$
4.6

 
$
474.1

 
$
15.6

 
 
 
 
 
 
 
 
 
(1)
This category includes investments in 8.4% in US equities, 30.2% in non-US equities, 2.8% in US corporate bonds, 24.0% in non-US corporate bonds, 0.3% in US government bonds, 25.9% in non-US government bonds and 8.4% in other investments.
The following table presents changes in the foreign plan assets valued using significant unobservable inputs (Level 3):
(in millions)
Insurance
contracts
Balance at January 1, 2016
$
13.8

Actual return to plan assets:
 
Related to assets still held at year end
2.2

Purchases, sales and settlements, net
0.1

Foreign exchange
(0.5
)
Balance at December 31, 2016
$
15.6


The following summarizes the fair value of foreign plan assets by asset category and level within the fair value hierarchy:
 
December 31, 2015
(in millions)
Total
 
Level 1
 
Level 2
 
Level 3
Cash
$
7.6

 
$
7.6

 
$
—

 
$
—

Investments:
 
 
 
 
 
 
 
Investment funds(1)
460.1

 
—

 
460.1

 
—

Insurance contracts
13.8

 
—

 
—

 
13.8

Total investments
473.9

 
—

 
460.1

 
13.8

Total
$
481.5

 
$
7.6

 
$
460.1

 
$
13.8

 
 
 
 
 
 
 
 
(1)
This category includes investments in 11.6% in US equities, 29.7% in non-US equities, 4.1% in US corporate bonds, 24.2% in non-US corporate bonds, 0.3% in US government bonds, 17.7% in non-US government bonds and 12.4% in other investments.










The following table presents changes in the foreign plan assets valued using significant unobservable inputs (Level 3):
(in millions)
Insurance
contracts
Balance at January 1, 2015
$
14.8

Actual return on plan assets:
 
Related to assets still held at year end
0.6

Purchases, sales and settlements, net
(0.1
)
Foreign exchange
(1.5
)
Balance at December 31, 2015
$
13.8


Contributions
The Company expects to contribute approximately $8.4 million and $22.7 million to its domestic and foreign defined benefit pension plan funds in 2017, respectively, including direct payments to plan participants in unfunded plans. The Company does not plan on making any discretionary contributions in 2017. In many countries, local pension protection laws have been put in place, which have introduced minimum funding requirements for qualified pension plans. As a result, the Company’s required funding of contributions to its pension plans may vary in the future.
Benefit payments
The following table shows benefit payments that are projected to be paid from plan assets in each of the next five years and in aggregate for five years thereafter:
 
Defined benefit pension plans
 
Other
postretirement
benefits
(in millions)
Domestic
 
Foreign
 
Total
 
2017
$
34.7

 
$
15.5

 
$
50.2

 
$
0.4

2018
36.1

 
16.1

 
52.2

 
0.5

2019
37.6

 
18.9

 
56.5

 
0.6

2020
38.8

 
17.6

 
56.4

 
0.1

2021
40.0

 
18.9

 
58.9

 
0.1

2022 through 2026
215.7

 
108.2

 
323.9

 
0.3


Defined contribution plans
The Company provides defined contribution plans to assist eligible employees in providing for retirement or other future needs. Under such plans, company contribution expense amounted to $33.4 million, $31.4 million and $30.8 million in the years ended December 31, 2016, 2015 and 2014, respectively.
Multi-employer plans
The Company has 18 union bargaining agreements in the US that stipulate contributions to one of three union pension trusts. These bargaining agreements are generally negotiated on three-year cycles and cover employees in driver and material handler positions at 16 represented locations.
The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects:
•
Assets contributed to the multi-employer plan by the Company may be used to provide benefits to employees of other participating employers.
•
If the Company stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.
•
If the Company chooses to stop participating in some of its multi-employer plans, it may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.
The Company’s participation in these plans for the annual period ended December 31, 2016 is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employee Identification Number (EIN) and the three-digit plan number. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2016 and 2015 is for the plan’s year end at December 31, 2015 and December 31, 2014, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the “red zone” are less than 65 percent funded, plans in the “yellow zone” are less than 80 percent funded and plans in the “green zone” are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration dates of the collective-bargaining agreement(s) to which the plans are subject. There are no minimum contributions required for future periods by the collective-bargaining agreements, statutory obligations or other contractual obligations.

Pension fund
EIN/Pension
plan number
 
PPA zone status
 
FIP/RP
status
pending/
implemented
 
Contributions(1)
 
Surcharge
imposed
 
Expiration
dates of
collective
bargaining
agreement(s)
Year ended
December 31,
 
2016
 
2015
 
2016
 
2015
 
2014
 
Western Conference of Teamsters Pension Plan
91-6145047/001
 
Green
 
Green
 
No
 
$
1.7

 
$
1.4

 
$
1.4

 
No
 
April 30, 2017 to
July 31, 2019
Central States, Southeast and Southwest Areas Pension Plan
36-6044243/001
 
Red as of January 1, 2015
 
Red as of
January 1,
2014
 
Implemented
 
1.1

 
1.1

 
1.1

 
No
 
January 31, 2017
to
October 31, 2019
New England Teamsters and Trucking Industry Pension Fund
4/1/6372430
 
Red as of October 1, 2014
 
Red as of
October 1,
2014
 
Implemented
 
0.1

 
0.1

 
0.1

 
No
 
June 30, 2017
 
 
 
 
 
 
 
Total
contributions:
 
$
2.9

 
$
2.6

 
$
2.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
The plan contributions by the Company did not represent more than five percent of total contributions to the plans as indicated in the plans’ most recently available annual report.
Stock-based compensation
Stock-based compensation
Stock-based compensation
In June 2015, the Company replaced and succeeded the Univar Inc. 2011 Stock Incentive Plan (the “2011 Plan”) with the Univar Inc. 2015 Omnibus Equity Incentive Plan (the “2015 Plan”). The 2011 Plan will have no further awards granted and any available reserves under the 2011 Plan were terminated and not transferred to the 2015 Plan. There were no changes to the outstanding awards related to the 2011 Plan.
The 2015 Plan allows the Company to issue awards to employees, consultants, and directors of the Company and its subsidiaries. Awards may be made in the form of stock options, stock purchase rights, restricted stock, restricted stock units, performance shares, performance units, stock appreciation rights, dividend equivalents, deferred share units or other stock-based awards.
As of December 31, 2016, under the 2011 Plan there were 3.4 million shares authorized related to outstanding stock options and under the 2015 plan there were 3.8 million shares authorized.
For the years ended December 31, 2016, 2015 and 2014, respectively, the Company recognized total stock-based compensation expense within other operating expenses, net of $10.4 million, $7.5 million and $12.1 million, and a net tax expense (benefit) relating to stock-based compensation expense of $0.1 million, $(2.6) million and $(4.2) million.
Stock options
Stock options granted under the 2011 and 2015 Plans expire ten years after the grant date and generally become exercisable over a four-year period or less, based on continued employment, with annual vesting. The exercise price of a stock option is determined at the time of each grant and in no case will the exercise price be less than the fair value of the underlying common stock on the date of grant. Participants have no stockholder rights until the time of exercise. The Company will issue new shares upon exercise of stock options granted under the Plan.






The following reflects stock option activity under the 2011 and 2015 Plans:
 
Number of
stock
options
 
Weighted-
average
exercise price
 
Weighted-
average
remaining
contractual
term (in years)
 
Aggregate
intrinsic value
(in millions)
Outstanding at January 1, 2016
5,088,026

 
$
19.81

 
 
 
 
Granted
—

 
—

 
 
 
 
Exercised
(891,715
)
 
18.99

 
 
 
 
Forfeited
(561,578
)
 
19.65

 
 
 
 
Outstanding at December 31, 2016
3,634,733

 
20.03

 
 
 
 
Exercisable at December 31, 2016
2,902,260

 
19.92

 
4.1
 
$
24.5

Expected to vest after December 31, 2016(1)
659,226

 
20.47

 
7.7
 
5.2

 
 
 
 
 
 
 
 
 
(1)
The expected to vest stock options are the result of applying the pre-vesting forfeiture rate assumptions to nonvested stock options outstanding.
As of December 31, 2016, the Company has unrecognized stock-based compensation expense related to nonvested stock options of approximately $1.3 million, which will be recognized over a weighted-average period of 1.1 years.
Restricted stock
Non-vested restricted stock primarily relates to awards for members of the Company’s Board of Directors which vest over 12 months. The price of restricted stock is determined at the time of each grant and in no case will be less than the fair value of the underlying common stock on the date of grant. Nonvested shares of restricted stock may not be sold or transferred and are subject to forfeiture until vesting. Both vested and nonvested shares of restricted stock are included in the Company’s shares outstanding. Dividend equivalents are available for nonvested shares of restricted stock if dividends are declared by the Company during the vesting period.
The following table reflects restricted stock activity under the 2015 Plan:
 
Restricted
stock
 
Weighted
average
grant-date
fair value
Nonvested at January 1, 2016
237,219

 
$
21.83

Granted
78,145

 
18.15

Vested
(68,904
)
 
23.82

Forfeited
(160,263
)
 
21.02

Nonvested at December 31, 2016
86,197

 
18.43


As of December 31, 2016, the Company has unrecognized stock-based compensation expense related to nonvested restricted stock awards of approximately $0.7 million, which will be recognized over a weighted-average period of 0.4 years.
The weighted-average grant-date fair value of restricted stock was $27.00 and $18.54 in 2015 and 2014, respectively.
Restricted stock units (RSUs)
RSUs awarded to employees generally vest in three or four equal annual installments, subject to continued employment. Each RSU converts into one share of Univar common stock on the applicable vesting date. RSUs may not be sold, pledged or otherwise transferred until they vest and are subject to forfeiture. The grant date fair value is based on the market price of Univar stock on that date.
The Company also awarded RSUs to the Chief Executive Officer that include both a time-based vesting condition and a performance-based vesting condition. The RSUs that only consist of time-based vesting condition vest over 12 months with monthly vesting. The RSUs that consists of both performance and time-based vesting condition are based on two different tranches. The number of units that vest in the first tranche depends on the Company's closing stock price of $25 or higher for twenty consecutive trading days during a three year period and continued employment for a year after the grant date. As for the second tranche, the number of units that vest depends on the Company's closing stock price of $30 or higher for twenty consecutive trading days during a four year period and continued employment for a year after the grant date. Only vested shares of RSUs are included in the Company’s shares outstanding.
The following table reflects RSUs activity under the 2015 Plans:
 
Number of
Restricted Stock Unit
 
Weighted-
average
grant-date fair value
Nonvested at January 1, 2016
—

 
$
—

Granted
1,380,802

 
13.35

Vested
(72,915
)
 
18.66

Forfeited
(298,000
)
 
12.88

Nonvested at December 31, 2016
1,009,887

 
13.10


As of December 31, 2016, the Company has unrecognized stock-based compensation expense related to nonvested RSUs awards of approximately $5.0 million, which will be recognized over a weighted-average period of 1.1 years.
Employee stock purchase plan
During November 2016, our Board of Directors approved the Univar Employee Stock Purchase Plan, or ESPP, authorizing the issuances of up to 2.0 million shares of the Company's common stock effective January 1, 2017. The ESPP allows qualified participants to purchase the Company's common stock at 95% of its market price during the last day of two offering periods in each calendar year. The first offering period is January through June, and the second from July through December. Our stock purchase plan is designed to attract and retain employees while also aligning employees’ interests with the interests of our stockholders.
Stock-based compensation fair value assumptions
The fair value of the Company’s common stock was used to establish the exercise price of stock options granted, grant date fair value of restricted stock and RSUs awards and as an input in the valuation of stock option awards and performance-based RSUs at each grant date. Prior to the Company’s June 2015 IPO, as discussed in Note 1, the Company obtained contemporaneous quarterly valuations performed by an unrelated valuation specialist in support of each award. The fair value of the Company’s common stock was determined utilizing both income and market approaches, discounted for the lack of marketability. A discounted cash flow analysis was used to estimate fair value under the income approach. The market approach consisted of an analysis of multiples of comparable companies whose securities are traded publicly as well as other indicated market values of the Company by third parties. After the IPO, the fair value of the Company’s stock that is factored into the fair value of stock options and utilized for restricted stock and RSUs is based on the grant date closing price on the New York Stock Exchange.
The Monte Carlo simulation was used to calculate the fair value of performance-based RSUs. The length of each performance period was used as the expected term in the simulation for each respective tranche. The weighted average grant-date fair value of performance-based RSUs was $10.49 for the year ended December 31, 2016. The weighted-average assumptions under the Monte Carlo simulation model were as follows:
 
Year ended December 31, 2016
Risk-free interest rate(1)
1.0
%
Expected dividend yield(2)
—

Expected volatility(3)
45.0
%
 
 
(1)
The risk-free interest rate is based on the US Treasury yield for a period in years over which performance condition is satisfied.
(2)
The Company currently has no expectation of paying cash dividends on its common stock.
(3)
As the Company does not have sufficient historical volatility data, the expected volatility is based on the average historical data of a peer group of public companies over a period equal to the expected term of the performance-based RSUs.






The Black-Scholes-Merton option valuation model was used to calculate the fair value of stock options. The weighted average grant-date fair value of stock options was $6.78 and $7.21 for the years ended December 31, 2015 and 2014, respectively. The weighted average grant-date fair value is not provided for the year ended December 31, 2016, as there were no stock options granted during the period. The weighted-average assumptions used under the Black-Scholes-Merton option valuation model were as follows:
 
 
Year ended December 31,
 
2015
 
2014
Risk-free interest rate(1)
1.7
%
 
1.8
%
Expected dividend yield(2)
—

 
—

Expected volatility(3)
28.3
%
 
34.5
%
Expected term (years)(4)
6.2

 
6.0

 
 
 
 
(1)
The risk-free interest rate is based on the US Treasury yield for a term consistent with the expected term of the stock options at the time of grant.
(2)
The Company currently has no expectation of paying cash dividends on its common stock.
(3)
As the Company does not have sufficient historical volatility data, the expected volatility is based on the average historical data of a peer group of public companies over a period equal to the expected term of the stock options.
(4)
As the Company does not have sufficient historical exercise data under the 2011 and 2015 Plans, the expected term is based on the average of the vesting period of each tranche and the original contract term of 10 years.
Additional stock-based compensation information
The following table provides additional stock-based compensation information:
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
Total intrinsic value of stock options exercised
$
4.0

 
$
0.4

 
$
1.1

Fair value of restricted stock and RSUs vested
2.7

 
2.9

 
3.0

Accumulated other comprehensive loss
Accumulated other comprehensive loss
Accumulated other comprehensive loss
The following table presents the changes in accumulated other comprehensive loss by component, net of tax.
(in millions)
Losses on
cash flow
hedges
 
Defined
benefit
pension items
 
Currency
translation
items
 
Total
Balance as of December 31, 2014
$
(3.7
)
 
$
10.3

 
$
(214.8
)
 
$
(208.2
)
Other comprehensive loss before reclassifications
(3.0
)
 
—

 
(212.6
)
 
(215.6
)
Amounts reclassified from accumulated other comprehensive loss
6.7

 
(7.3
)
 
—

 
(0.6
)
Net current period other comprehensive income (loss)
3.7

 
(7.3
)
 
(212.6
)
 
(216.2
)
Balance as of December 31, 2015
$
—

 
$
3.0

 
$
(427.4
)
 
$
(424.4
)
Other comprehensive income before reclassifications
—

 
1.2

 
36.3

 
37.5

Amounts reclassified from accumulated other comprehensive loss
—

 
(3.0
)
 
—

 
(3.0
)
Net current period other comprehensive (loss) income
—

 
(1.8
)
 
36.3

 
34.5

Balance as of December 31, 2016
$
—

 
$
1.2

 
$
(391.1
)
 
$
(389.9
)








The following is a summary of the amounts reclassified from accumulated other comprehensive loss to net income (loss).
(in millions)
Year ended
December 31,
2016(1)
 
Year ended
December 31,
2015(1)
 
Location of impact on
statement of operations
Amortization of defined benefit pension items:
 
 
 
 
 
Prior service credits
$
(4.5
)
 
$
(11.9
)
 
Warehousing, selling and administrative
Tax expense
1.5

 
4.6

 
Income tax expense (benefit)
Net of tax
(3.0
)
 
(7.3
)
 
 
Cash flow hedges:
 
 
 
 
 
Interest rate swap contracts
—

 
3.1

 
Interest expense
Interest rate swap contracts – loss due to discontinuance of hedge accounting
—

 
7.5

 
Other (expense) income, net
Tax benefit
—

 
(3.9
)
 
Income tax expense (benefit)
Net of tax
—

 
6.7

 
 
Total reclassifications for the period
$
(3.0
)
 
$
(0.6
)
 
 
 
 
 
 
 
 
 
(1)
Amounts in parentheses indicate credits to net income in the consolidated statement of operations.
Refer to “Note 8: Employee benefit plans” for additional information regarding the amortization of defined benefit pension items, “Note 17: Derivatives” for cash flow hedging activity and “Note 2: Significant accounting policies” for foreign currency gains and losses relating to intercompany borrowings of a long-term nature that are reflected in currency translation items.
Property, plant and equipment, net
Property, plant and equipment, net
Property, plant and equipment, net
Property, plant and equipment, net consisted of the following:
 
December 31,
(in millions)
2016
 
2015
Land and buildings
$
781.1

 
$
778.0

Tank farms
272.5

 
239.9

Machinery, equipment and other
747.6

 
716.1

Less: Accumulated depreciation
(811.5
)
 
(723.5
)
Subtotal
989.7

 
1,010.5

Work in progress
29.8

 
72.0

Property, plant and equipment, net(1)
$
1,019.5

 
$
1,082.5

 
 
 
 
(1)
As of December 31, 2016, property, plant and equipment amounts are net of impairment losses of $16.5 million. Refer to "Note 13: Impairment charges" for further information.
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:
 
December 31,
(in millions)
2016
 
2015
Capital lease assets, at cost
$
76.5

 
$
63.5

Less: accumulated depreciation
(14.5
)
 
(7.5
)
Capital lease assets, net
$
62.0

 
$
56.0


Capitalized interest on capital projects was $0.2 million, $0.9 million and $0.5 million in the years ended December 31, 2016, 2015 and 2014, respectively.
Goodwill and intangible assets
Goodwill and intangible assets
Goodwill and intangible assets
Goodwill
The following is a summary of the activity in goodwill by segment.
(in millions)
USA
 
Canada
 
EMEA
 
Rest of
World
 
Total
Balance, January 1, 2015
$
1,254.0

 
$
488.7

 
$
—

 
$
24.9

 
$
1,767.6

Additions
52.1

 
10.9

 
2.2

 
—

 
65.2

Purchase price adjustments
—

 
—

 
—

 
(0.6
)
 
(0.6
)
Foreign exchange
—

 
(78.9
)
 
(0.1
)
 
(8.1
)
 
(87.1
)
Balance, December 31, 2015
1,306.1

 
420.7

 
2.1

 
16.2

 
1,745.1

Additions
17.7

 
5.2

 
—

 
—

 
22.9

Purchase price adjustments
1.4

 
—

 
(0.9
)
 
—

 
0.5

Foreign exchange
—

 
12.5

 
(0.1
)
 
3.5

 
15.9

Balance, December 31, 2016
$
1,325.2

 
$
438.4

 
$
1.1

 
$
19.7

 
$
1,784.4


Additions to goodwill in 2016 related to the acquisition of Bodine Services and Nexus Ag. Additions to goodwill in 2015 related to various acquisitions. The purchase price adjustments in 2016 relate to the Weavertown Environmental Group and Arrow Chemical acquisitions. Refer to “Note 18: Business Combinations” for further information. Accumulated impairment losses on goodwill were $296.6 million at January 1, 2015. Accumulated impairment losses on goodwill were $246.3 million and $261.4 million at December 31, 2016 and 2015, respectively.
As of October 1, 2016, the Company performed its annual impairment review and concluded the fair value exceeded the carrying value for all reporting units with goodwill balances. There were no events or circumstances from the date of the assessment through December 31, 2016 that would affect this conclusion.
Determining the fair value of a reporting unit requires judgment and involves the use of significant estimates and assumptions by management. The Company can provide no assurance that a material impairment charge will not occur in a future period. The Company’s estimates of future cash flows may differ from actual cash flows that are subsequently realized due to many factors, including future worldwide economic conditions and the expected benefits of the Company’s initiatives. Any of these potential factors, or other unexpected factors, may cause the Company to re-evaluate the carrying value of goodwill.
Intangible assets, net
The gross carrying amounts and accumulated amortization of the Company’s intangible assets were as follows:
 
December 31, 2016
 
December 31, 2015
(in millions)
Gross
 
Accumulated
amortization
 
Net
 
Gross
 
Accumulated
amortization
 
Net
Intangible assets (subject to amortization):
 
 
 
 
 
 
 
 
 
 
 
Customer relationships(1)
$
826.2

 
$
(514.3
)
 
$
311.9

 
$
930.1

 
$
(446.6
)
 
$
483.5

Other(2)
178.2

 
(150.9
)
 
27.3

 
170.5

 
(135.1
)
 
35.4

Total intangible assets
$
1,004.4

 
$
(665.2
)
 
$
339.2

 
$
1,100.6

 
$
(581.7
)
 
$
518.9

 
 
 
 
 
 
 
 
 
 
 
 
(1)
Net of impairment losses of $110.2 million recorded during the year ended December 31, 2016. Refer to "Note 13: Impairment charges" for further information.
(2)
Net of impairment losses of $3.5 million recorded during the year ended December 31, 2016. Refer to "Note 13: Impairment charges" for further information.
Other intangible assets consist of intellectual property trademarks, trade names, producer relationships and contracts, non-compete agreements and exclusive distribution rights.




The estimated annual amortization expense in each of the next five years is as follows:
(in millions)
 
2017
$
56.4

2018
49.3

2019
44.2

2020
40.2

2021
31.9

Impairment charges
Impairment charges
Impairment charges
During the year ended December 31, 2016, the Company revised its business operating plan for servicing upstream oil and gas customers in its USA operating segment. In light of the current prolonged drop in oil prices, and consequential decrease in demand for certain products including high-value specialized blended products used in hydraulic fracking operations, the Company has narrowed its product line and service offering by curtailing certain highly specialized products and services that were being produced and sold to oil and gas customers. As a result, the Company has ceased operations at three production facilities. The Company determined that these decisions have resulted in a triggering event with respect to long lived assets in an asset group, resulting in the assessment of recoverability of these long lived assets. The Company performed step one of the impairment test and determined the carrying amount of the asset group exceeded the sum of the expected undiscounted future cash flows. Thus, the Company proceeded to step two of the impairment test where it was required to determine the fair value of the asset group and recognize an impairment loss if the carrying value exceeded the fair value. As a result of the impairment test, the Company recorded a non-cash, long-lived asset impairment charge of $113.7 million related to intangible assets and $16.5 million related to property, plant and equipment within its consolidated statements of operations. The Company also recorded a non-cash, long-lived asset impairment charge of $0.3 million related to assets held-for-sale.
The fair value of the asset group was determined using an income approach, which was comprised of multiple significant unobservable inputs including: (1) the estimate of future cash flows; (2) the amount of capital expenditures required to maintain the existing cash flows; and (3) a terminal period growth rate equal to the expected rate of inflation. Accordingly, estimated fair value of the asset group is considered to be a Level 3 measurement in the fair value hierarchy.
In addition to the charges discussed above, the Company also impaired $3.4 million of inventory deemed to be unsaleable in connection with the facility closures.
Other accrued expenses
Other accrued expenses
Other accrued expenses
Other accrued expenses that were greater than five percent of total current liabilities consisted of customer prepayments and deposits, which were $84.6 million and $60.1 million as of December 31, 2016 and 2015, respectively.
Debt
Debt
Debt
Short-term financing
Short-term financing consisted of the following:
 
December 31,
(in millions)
2016
 
2015
Amounts drawn under credit facilities
$
12.1

 
$
13.4

Bank overdrafts
13.2

 
20.1

Total
$
25.3

 
$
33.5


The weighted average interest rate on short-term financing was 2.1% and 2.4% as of December 31, 2016 and 2015, respectively.
As of December 31, 2016 and 2015, the Company had $175.3 million and $172.4 million, respectively, in outstanding letters of credit and guarantees.


Long-term debt
Long-term debt consisted of the following:
 
December 31,
(in millions)
2016
 
2015
Senior Term Loan Facilities:
 
 
 
Term B Loan due 2022, variable interest rate of 4.25% at December 31, 2016 and December 31, 2015
$
2,024.4

 
$
2,044.9

Euro Tranche Term Loan due 2022, variable interest rate of 4.25% at December 31, 2016 and December 31, 2015
259.9

 
270.8

Asset Backed Loan (ABL) Facilities:
 
 
 
North American ABL Facility due 2020, variable interest rate of 4.25% and 2.13% at December 31, 2016 and December 31, 2015, respectively
152.0

 
278.0

North American ABL Term Loan due 2018, variable interest rate of 3.75% and 3.36% at December 31, 2016 and December 31, 2015, respectively
83.3

 
100.0

Senior Unsecured Notes:
 
 
 
Senior Unsecured Notes due 2023, fixed interest rate of 6.75% at December 31, 2016 and December 31, 2015
399.5

 
400.0

Capital lease obligations
63.4

 
57.3

Total long-term debt before discount
2,982.5

 
3,151.0

Less: unamortized debt issuance costs and discount on debt
(28.5
)
 
(33.7
)
Total long-term debt
2,954.0

 
3,117.3

Less: current maturities
(109.0
)
 
(59.9
)
Total long-term debt, excluding current maturities
$
2,845.0

 
$
3,057.4


As of December 31, 2016, future contractual maturities of long-term debt including capital lease obligations are as follows:
(in millions)
 
2017
$
109.0

2018
51.2

2019
33.0

2020
182.9

2021
30.5

Thereafter
2,575.9

Total
$
2,982.5


Long-term debt restructurings
On July 28, 2015, the Company entered into a new five year $1.4 billion North American Asset Backed Loan Facility (“new NA ABL Facility”) and terminated its existing $1.4 billion North American ABL Facility including the repayment of the existing North American ABL Term Loan. The new NA ABL Facility has a $1.0 billion revolving loan tranche available to certain US subsidiaries, a $300.0 million revolving loan tranche for certain Canadian subsidiaries and a $100.0 million ABL Term Loan (“new ABL Term Loan”). The Company may elect to allocate the total $1.3 billion in revolving tranches between the US and Canadian borrowers. Under the two revolving tranches, the borrowers may request loan advances and make loan repayments until the maturity date of July 28, 2020. The new ABL Term Loan and each revolving loan advance under the facility have a variable interest rate based on the current benchmark rate elected by the borrower plus a credit spread. The credit spread is determined by the elected benchmark rate and the average availability of the facility. The unused line fee for the revolver tranches under the new NA ABL Facility ranges from 0.25% to 0.375% per annum for the US and Canadian borrowers depending on the average daily outstanding amount. The new NA ABL Term Loan is payable in installments of $16.7 million per quarter commencing December 31, 2016 with a final amortization payment on March 31, 2018, with the loan commitment expiring on July 28, 2018.
On July 1, 2015, the Company entered into a new Senior Term B loan agreement with a US dollar denominated tranche of $2,050.0 million and a new euro denominated tranche of €250.0 million. In addition, on July 1, 2015, the Company issued $400.0 million in Senior Unsecured Notes (“Unsecured Notes”). The proceeds from the new Senior Term B loan agreement and Senior Unsecured Notes as well as additional borrowings under the Company’s North American ABL Facility were used to repay in full the existing $2,669.2 million US dollar denominated Term B Loan and €126.8 million ($141.2 million) euro denominated Term B Loan.
The new Senior Term B loan agreement has a $2,050.0 million US dollar loan tranche and a €250.0 million euro loan tranche. Both tranches have a variable interest rate based on LIBOR with a LIBOR floor of 1.00% and a credit spread of 3.25%. The US dollar tranche and euro tranche are payable in installments of $5.1 million and €0.6 million per quarter, respectively, commencing December 31, 2015 with the remaining balances due on the maturity date of July 1, 2022. The Company can prepay either loan tranche in whole or part without penalty after January 1, 2016.
The new $400.0 million issuance of Senior Unsecured Notes has a fixed interest rate of 6.75% payable semi-annually. Principal is due upon the maturity date of July 15, 2023. The Company can prepay the Senior Unsecured Notes in whole or part at a premium above par on or after July 15, 2018 and without a premium on or after July 15, 2020.
As a result of the July 2015 debt refinancing activity, the Company recognized debt refinancing costs of $16.5 million in other (expense) income, net in the consolidated statements of operations during the year ended December 31, 2015. Refer to “Note 6: Other (expense) income, net” for further information. In addition, the Company recognized a loss on extinguishment of debt of $4.8 million in the year ended December 31, 2015.
On June 23, 2015, as part of the use of proceeds from the IPO and concurrent private placement discussed in Note 1, the Company paid the remaining principal balance of $650.0 million related to the Senior Subordinated Notes. As a result, the Company recognized a loss on extinguishment of debt of $7.3 million related to the unamortized debt discount and debt issuance costs in the consolidated statements of operations in the year ended December 31 2015.
On March 24, 2014, certain of the Company’s European subsidiaries (the “Borrowers”) entered into a five year €200 million Euro ABL Credit facility. The Euro ABL is a revolving credit facility pursuant to which the Borrowers may request loan advances and make loan repayments until the maturity date of March 22, 2019. Loan advances may be made in multiple currencies. Each loan advance under this facility has a variable interest rate based on the current benchmark rate (IBOR) for that currency plus a credit spread. The credit spread is determined by a pricing grid that is based on average availability of the facility. The unused line fee ranges from 0.25% to 0.50% per annum depending on the average unused commitment as a percentage of the total commitment.
Simultaneously with the execution of the Euro ABL due 2019, certain of the Company’s European subsidiaries terminated a €68 million secured asset-based lending credit facility maturing December 31, 2016. As a result of this termination, the Company recognized a loss on extinguishment of $1.2 million in the consolidated statement of operations in the year ended December 31, 2014.
Borrowing availability and assets pledged as collateral
As of December 31, 2016, availability of the entire $1.3 billion in North American ABL Facility credit commitments is determined based on the periodic reporting of available qualifying collateral, as defined in the North American ABL Facility credit agreement. At December 31, 2016 and 2015, $411.4 million and $375.0 million were available under the North American ABL Facility, respectively. An unused line fee of 0.375% was in effect at December 31, 2016 and 2015.
As of December 31, 2016, availability of the entire €200 million Euro ABL due 2019 is determined based on the periodic reporting of available qualifying collateral, as defined in the Euro ABL credit agreement. The Euro ABL due 2019 is secured by the accounts receivable and inventory of the Borrowers and certain additional collateral. At December 31, 2016 and 2015, $109.9 million and $114.0 million were available under the Euro ABL, respectively. An unused line fee of 0.50% was in effect at December 31, 2016 and 2015.
The North American ABL Facility and North American ABL Term Loan are secured by substantially all of the assets of the US and Canadian operating subsidiaries of the Company. The Senior Term Loan Facilities are also secured by substantially all of the assets of the US operating and management subsidiaries. With respect to shared collateral, the North American ABL Facility, North American ABL Term Loan and the Senior Term Loan Facilities are secured by accounts receivable and inventories of the US operating subsidiaries of the Company. The obligations under the North American ABL Facility and North American ABL Term Loan are secured by a first priority lien on such accounts receivable and inventory, and the obligations under the Senior Term Loan Facilities are secured by a second priority lien on such accounts receivable and inventory. Under the North American ABL Facility, Canadian entities secure the obligations of the Canadian borrower. In addition, 65% of the shares of all first-tier foreign subsidiaries owned by the US subsidiaries have been pledged as security to the lenders in respect of all obligations. The Euro ABL is primarily secured by accounts receivable and inventories of the Company’s subsidiaries in Belgium, France, Germany, the Netherlands, Switzerland and United Kingdom.

Assets pledged under the North American ABL Facility, North American ABL Term Loan, Senior Term Loan Facilities and the Euro ABL are as follows:
 
December 31,
(in millions)
2016
 
2015
Cash
$
237.4

 
$
68.1

Trade accounts receivable, net
790.6

 
857.8

Inventories
655.5

 
691.9

Prepaids and other current assets
128.2

 
105.0

Property, plant and equipment, net
856.4

 
894.6

Total
$
2,668.1

 
$
2,617.4


Debt covenants
Under certain limited circumstances, the Company’s subsidiaries noted as borrowers and guarantors under the new NA ABL Facility and NA ABL Term Loan are subject to comply with a fixed charge coverage ratio maintenance covenant. Such covenant is calculated based on the consolidated financial results of the Company. As of December 31, 2016 and 2015, such covenant was not in effect but the Company would have been in compliance if it was then in effect. The Company and its subsidiaries are also subject to a significant number of non-financial covenants in each of the credit facilities and the Senior Unsecured Notes that restrict the operations of the Company and its subsidiaries, including, without limitation, requiring that the net proceeds from certain dispositions and capital market debt issuances must be used as mandatory prepayments and restrictions on the incurrence of financial indebtedness outside of these facilities (including restrictions on secured indebtedness), prepaying subordinated debt, making dividend payments, making certain investments, making certain asset dispositions, certain transactions with affiliates and certain mergers and acquisitions.
Derivatives
Derivatives
Derivatives
Interest rate swaps
At December 31, 2016 and 2015, the Company had interest rate swap contracts in place with a total notional amount of $1.0 billion and $2.0 billion, respectively, whereby a fixed rate of interest (weighted average of 1.64%) is paid and a variable rate of interest (greater of 1.25% or three-month LIBOR) is received on the notional amount.
The objective of the interest rate swap contracts was to offset the variability of cash flows in three-month LIBOR indexed debt interest payments, subject to a 1.50% floor, attributable to changes in the aforementioned benchmark interest rate related to the Term B Loan due 2017. The Company entered into the swap contracts in 2013, at that time the three-month LIBOR indexed debt interest payments were subject to a 1.50% LIBOR floor. The interest rate floor related to the Term B Loan due 2017 (1.50%) was not identical to the interest rate floor of the interest rate swap contracts (1.25%), which resulted in hedge ineffectiveness.
Upon initiation of the interest rate swap contracts, changes in the cash flows of each interest rate swap were expected to be highly effective in offsetting the changes in interest payments on a principal balance equal to the notional amount of the derivative, attributable to the hedged risk. The effective portion of the gains and losses related to the interest rate swap contracts were initially recorded in accumulated other comprehensive loss and then reclassified into earnings consistent with the underlying hedged item (interest payments). As of December 31, 2015, the interest rate swap contracts no longer qualified for hedge accounting because the forecasted transactions as originally contemplated was no longer probable of occurring due to the July 1, 2015 Senior Term Loan Facility refinancing transactions. The forecasted transactions represented debt with interest payments with a variable interest rate based on three-month LIBOR and a credit spread of 3.50%, with a LIBOR floor of 1.50% whereas the new debt has interest payments with a variable interest rate based on LIBOR and a credit spread of 3.25% with a LIBOR floor of 1.00%. Refer to “Note 15: Debt” for more information related to the refinancing transactions.
As a result of discontinuing hedge accounting, a net loss of $4.7 million, net of tax of $2.8 million, related to the interest rate swaps included in accumulated other comprehensive loss was recognized in other (expense) income, net and income tax expense (benefit) in the consolidated statements of operations for the year ended December 31, 2015. Future changes in fair value of the interest rate swap contracts are recognized directly in other (expense) income, net in the consolidated statement of operations. Refer to “Note 6: Other (expense) income, net” for additional information. The fair value of interest rate swaps is recorded in prepaids and other current assets, other assets, other accrued expenses or other long-term liabilities in the consolidated balance sheets. Refer to “Note 16: Fair value measurements” for further information.
On November 16, 2016, the Company executed interest rate swap contracts with a total notional amount of $2.0 billion effective June 2017 upon the expiration of both the existing interest rate swap contracts and interest rate caps, whereby a fixed rate of interest (weighted-average of 1.70%) is paid and a variable rate of interest (greater of 1.00% or three-month LIBOR) is received on the notional amount. The Company does not apply hedge accounting for the interest rate swap contracts, which will expire on June 30, 2020. Changes in fair value of the interest rate swap contracts are recognized directly in other (expense) income, net in the consolidated statement of operations. Refer to "Note 6: Other (expense) income, net" for additional information.
Interest rate caps
At December 31, 2016, the Company had interest rate caps with a notional amount of $800 million, to the extent the quarterly LIBOR exceeded 1.00%; the Company would receive payment based on the notional amount and the spread of three-month LIBOR above the strike price of 1.00%. The Company does not apply hedge accounting for the interest rate caps, which expire on June 30, 2017.
As of December 31, 2016, upfront premium paid for these interest rate caps of $0.1 million are recorded in prepaids and other current assets within the consolidated balance sheets. The interest rate cap premiums will be amortized through interest expense over the life of the contracts within the consolidated statements of operations.
Foreign currency derivatives
The Company uses forward currency contracts to hedge earnings from the effects of foreign exchange relating to certain of the Company’s intercompany and third-party receivables and payables denominated in a foreign currency. These derivative instruments are not formally designated as hedges by the Company and the terms of these instruments range from one to three months. Forward currency contracts are recorded at fair value in either prepaid expenses and other current assets or other accrued expenses in the consolidated balance sheets, reflecting their short-term nature. Refer to “Note 16: Fair value measurements” for additional information. The fair value adjustments and gains and losses are included in other (expense) income, net within the consolidated statements of operations. Refer to “Note 6: Other (expense) income, net” for more information. The total notional amount of undesignated forward currency contracts were $111.0 million and $107.5 million as of December 31, 2016 and 2015, respectively.
Fair value measurements
Fair value measurements
Fair value measurements
The Company classifies its financial instruments according to the fair value hierarchy described in “Note 2: Significant accounting policies.”
Items measured at fair value on a recurring basis
The following table presents the Company’s assets and liabilities measured on a recurring basis on a gross basis:
 
Level 2
 
Level 3
 
December 31,
 
December 31,
(in millions)
2016
 
2015
 
2016
 
2015
Financial current assets:
 
 
 
 
 
 
 
Forward currency contracts
$
0.5

 
$
0.2

 
$
—

 
$
—

Financial noncurrent assets:
 
 
 
 
 
 
 
Interest rate swap contracts
9.8

 
—

 
—

 
—

Financial current liabilities:
 
 
 
 
 
 
 
Forward currency contracts
0.3

 
0.2

 
—

 
—

Interest rate swap contracts
5.6

 
5.3

 
—

 
—

Contingent consideration
—

 
—

 
1.6

 
—

Financial noncurrent liabilities:
 
 
 
 
 
 
 
Interest rate swap contracts
—

 
0.5

 
—

 
—

Contingent consideration
—

 
—

 
5.9

 
8.7


The net amounts related to foreign currency contracts included in prepaid and other current assets were $0.5 million and $0.2 million as of December 31, 2016 and 2015, respectively. The net amounts related to foreign currency contracts included in other accrued expenses were $0.3 million and $0.2 million as of December 31, 2016 and 2015, respectively.
The following table is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which are contingent consideration liabilities (i.e. earn-outs) related to prior acquisitions. Refer to “Note 18: Business Combinations” for further information discussing the business acquisitions resulting in contingent consideration liabilities, the terms of the earn-outs, the unobservable inputs factored into the fair value determination and the estimated impact on the consolidated financial statements related to changes in the unobservable inputs.
(in millions)
2016
 
2015
Fair value as of January 1
$
8.7

 
$
—

Additions
—

 
8.8

Fair value adjustments
(0.7
)
 
—

Foreign currency
(0.1
)
 
(0.1
)
Payments
(0.4
)
 
—

Fair value as of December 31
$
7.5

 
$
8.7


The fair value adjustment in 2016 related to various 2015 acquisitions. The 2016 fair value reduction was primarily due to actual financial performance and payouts. The fair value adjustment is recorded within other operating expenses, net in the consolidated statement of operations.
Financial instruments not carried at fair value
The estimated fair value of financial instruments not carried at fair value in the consolidated balance sheets were as follows:
 
December 31, 2016
 
December 31, 2015
(in millions)
Carrying
amount
 
Fair
value
 
Carrying
amount
 
Fair
value
Financial liabilities:
 
 
 
 
 
 
 
Long-term debt including current portion (Level 2)
$
2,954.0

 
$
3,019.1

 
$
3,117.3

 
$
3,056.5

The fair values of the long-term debt, including the current portions, were based on current market quotes for similar borrowings and credit risk adjusted for liquidity, margins, and amortization, as necessary.
Fair value of other financial instruments
The carrying value of cash and cash equivalents, trade accounts receivable, trade accounts payable and short-term financing included in the consolidated balance sheets approximates fair value due to their short-term nature.
Business combinations
Business combinations
Business combinations
Year ended December 31, 2016
In the year ended December 31, 2016, the Company completed two acquisitions.
On March 2, 2016, the Company completed an acquisition of 100% of the equity interest in Bodine Services of Decatur, Inc.; Bodine Environmental Services, Inc.; and affiliated entities, operating as Bodine Services of the Midwest (“Bodine”), a regional provider of environmental and facilities maintenance services. This acquisition expands the Company’s footprint with additional service centers in key geographic markets since Bodine has expertise that is critical to helping customers effectively manage compliance with their operations by preventing waste and environmental concerns.
On March 22, 2016, the Company completed a definitive asset purchase agreement with Nexus Ag Business Inc. (“Nexus Ag”), a wholesale fertilizer distributor to the Western Canada agriculture market that offers a broad range of products, including micronutrients, specialty fertilizers, potash, phosphates, and liquid and soluble nutrients from leading North American producers.
The preliminary purchase price of these acquisitions was $53.3 million. The preliminary purchase price allocation includes goodwill of $22.9 million and intangibles $19.4 million. The operating results subsequent to the acquisition dates did not have a significant impact on the consolidated financial statement of the Company. The initial accounting for these acquisitions has only been preliminarily determined subject to final working capital adjustments and valuations of intangible assets and property, plant and equipment.
The purchase price allocation for the Key Chemical, Inc., Chemical Associates, Inc., Arrow Chemical, Inc., Polymer Technologies Ltd., Weavertown Environmental Group, and Future/Blue Star 2015 acquisitions are now final. Purchase price adjustments on prior acquisitions resulted in additional cash payments of $0.3 million during the year ended December 31, 2016. The fair value of contingent consideration liabilities relating to 2015 acquisitions is included within the Consolidated Balance Sheets. Refer to "Note 16: Fair value measurements" for further information discussing the changes in fair value of contingent consideration liabilities.
Year ended December 31, 2015
In the year ended December 31, 2015, the Company completed six acquisitions for a total purchase price of $171.1 million.
On April 10, 2015, the Company completed an acquisition of 100% of the equity interest in Key Chemical, Inc., (“Key”), one of the largest distributors of fluoride to municipalities in the US, which the Company expects to help expand the Company’s offerings into municipal and other industrial markets.
On July 16, 2015, the Company entered into a definitive asset purchase agreement with Chemical Associates, Inc. (“Chemical Associates”) to sell the Chemical Associates business to the Company. Chemical Associates specializes in blending, mixing, and packaging of formulated oleochemical products and serves customers throughout the US and can supply packaged and bulk quantities.
On October 2, 2015, the Company completed an acquisition of 100% of the equity interest in Future Transfer Co., Inc.; BlueStar Distribution Inc.; and BDI Distribution West Inc. (“Future/BlueStar”). Future/BlueStar specializes in logistics, warehousing, packaging, and formulation services to the agriculture industry in Canada.
On November 3, 2015, the Company completed an acquisition of 100% of the equity interest in Arrow Chemical, Inc. (“Arrow Chemical”), an importer and distributor of active pharmaceutical ingredients (API) and other specialty chemistries in the US market.
On December 1, 2015, the Company completed an acquisition of 100% of the equity interest in Weaver Town Oil Services, Inc., and Weavertown Transport Leasing, Inc., operating as the Weavertown Environmental Group (“WEG”), a premier provider of environmental and facilities maintenance services in the US. The Company plans to integrate the WEG business with its ChemCare waste management service.
On December 16, 2015, the Company completed an acquisition of 100% of the equity interest in Polymer Technologies Ltd. (“Polymer”), a UK-based distributor of specialty chemicals for use in the radiation cured coatings industry. Polymer develops and markets chemicals which are used to formulate environmentally friendly paints, inks and adhesives.
Summarized financial information
As of December 31, 2015, the purchase price allocation for the acquisitions is as follows:
(in millions)
WEG
 
Other
 
Total
Purchase price:
 
 
 
 
 
Cash consideration
$
66.5

 
$
95.0

 
$
161.5

Contingent consideration
3.0

 
5.8

 
8.8

Other liability consideration
—

 
0.8

 
0.8

 
69.5

 
101.6

 
171.1

Allocation:
 
 
 
 
 
Cash and cash equivalents
1.1

 
7.0

 
8.1

Trade accounts receivable, net
7.7

 
12.1

 
19.8

Inventories
0.5

 
6.3

 
6.8

Prepaid expenses and other current assets
0.4

 
1.4

 
1.8

Property, plant and equipment, net
13.3

 
14.1

 
27.4

Goodwill
23.4

 
41.8

 
65.2

Definite-lived intangible assets
25.1

 
31.1

 
56.2

Deferred tax assets, net
—

 
0.2

 
0.2

Trade accounts payable
(1.5
)
 
(7.6
)
 
(9.1
)
Other accrued expenses
(0.5
)
 
(1.7
)
 
(2.2
)
Deferred tax liabilities
—

 
(3.1
)
 
(3.1
)
 
$
69.5

 
$
101.6

 
$
171.1


The consolidated financial statements include the results of acquired companies from the acquisition date. Net sales and net income of acquired companies included in the consolidated statement of operations for the year ended December 31, 2015, were $38.3 million and $1.9 million, respectively.

Transaction costs
Costs of approximately $2.0 million directly attributable to the acquisitions, consisting primarily of legal and consultancy fees, were expensed as incurred in other operating expenses, net in the consolidated statements of operations.
Goodwill and intangible assets
Substantially all of the goodwill recognized above was attributed to the expected synergies from combining the assets and activities of the acquisitions with those of the Company’s USA, Canada and EMEA segments. The goodwill arising on the Future/BlueStar and Polymer acquisitions is not tax-deductible and the goodwill arising on the Key, Chemical Associates, Arrow Chemical and WEG acquisitions is tax-deductible.
The intangible assets subject to amortization recognized consisted of the following:
(in millions)
Fair value
 
Weighted average amortization
period in years
WEG
 
 
 
Customer relationships
$
24.2

 
12.0
Other
0.9

 
3.0
Other acquisitions
 
 
 
Customer relationships
17.8

 
10.2
Other
13.3

 
8.9
Total
$
56.2

 
 

Contingent consideration liabilities
Pursuant to the terms of the purchase agreements related to the Future/BlueStar, Arrow Chemical, WEG and Polymer acquisitions, the Company is conditionally obligated to make earn-out payments based on the acquired companies’ performance in fiscal years subsequent to the acquisition year (earn-out period). The earn-out period for these acquisitions ranges from 2 to 3 years. As part of the allocation of the purchase price, the Company recognized $3.0 million and $5.8 million for WEG and the remaining acquisitions, respectively, in other long-term liabilities related to the fair value of the contingent considerations on the date of acquisition.
With the exception of Polymer, the earn-out payment formulas are based on measures of gross profit. Polymer’s earn-out formula is based on a measure of sales. The maximum amount that the Company is contractually obligated to pay under these earn-out arrangements is $5.0 million for WEG and $2.6 million for Arrow Chemical and Polymer. There is no maximum for the earn-out payable to Future/BlueStar, which was deemed to have a fair value of $3.3 million as of December 31, 2016
The contingent consideration arrangements were recognized at their fair value based on a real options approach, which took into account management’s best estimate of the acquired companies’ performance during the earn-out periods, as well as achievement risk.
Since the acquisitions, the changes in the fair value adjustment is recorded within other operating expenses, net in the consolidated statement of operations. As of December 31, 2016, the fair value of contingent consideration was $7.5 million. Refer to "Note 16: Fair value measurements" for further information.
Supplemental pro forma information (unaudited)
The following table presents summarized pro forma results of the Company and the acquired entities had the acquisition dates of all 2015 business combinations been January 1, 2014:
(in millions, except per share data)
2015
 
2014
Net sales
$
9,078.3

 
$
10,524.4

Net income (loss)
23.6

 
(7.7
)
Income (loss) per common share – diluted
$
0.20

 
$
(0.08
)

The supplemental pro forma information presents the combined operating results of the Company and the businesses acquired, adjusted to exclude acquisition-related costs, to include the additional depreciation and amortization expense associated with the effect of fair value adjustments recognized, and to include interest expense and amortization of debt issuance costs related to the Company’s borrowings used to fund the acquisitions.
Year ended December 31, 2014
Acquisition of D’Altomare Quimica Ltda.
On November 3, 2014, the Company completed an acquisition of 100% of the equity interest in D’Altomare, a Brazilian distributor of specialty chemicals and ingredients. This acquisition expands the Company’s geographic footprint and market presence in Brazil and across Latin America. The acquisition purchase price and operating results subsequent to the acquisition date did not have a significant impact on the consolidated financial statements of the Company.
Commitments and contingencies
Commitments and contingencies
Commitments and contingencies
Lease commitments
Rental and lease commitments primarily relate to land, buildings and fleet. Operating lease expense for the years ended December 31, 2016, 2015 and 2014 were $83.3 million, $93.7 million and $107.4 million, respectively.
As of December 31, 2016, minimum rental commitments under non-cancelable operating leases with lease terms in excess of one year are as follows:
 
(in millions)
Minimum rental
commitments
2017
$
56.9

2018
44.0

2019
40.0

2020
31.5

2021
24.1

Thereafter
49.6

Total
$
246.1


Litigation
In the ordinary course of business the Company is subject to pending or threatened claims, lawsuits, regulatory matters and administrative proceedings from time to time. Where appropriate the Company has recorded provisions in the consolidated financial statements for these matters. The liabilities for injuries to persons or property are in some instances covered by liability insurance, subject to various deductibles and self-insured retentions.
The Company is not aware of any claims, lawsuits, regulatory matters or administrative proceedings, pending or threatened, that are likely to have a material effect on its overall financial position, results of operations, or cash flows. However, the Company cannot predict the outcome of any claims or litigation or the potential for future claims or litigation.
The Company is subject to liabilities from claims alleging personal injury from exposure to asbestos. The claims result primarily from an indemnification obligation related to Univar USA Inc.’s 1986 purchase of McKesson Chemical Company from McKesson Corporation (“McKesson”). Univar USA’s obligation to indemnify McKesson for settlements and judgments arising from asbestos claims is the amount which is in excess of applicable insurance coverage, if any, which may be available under McKesson’s historical insurance coverage. Univar USA is also a defendant in a small number of asbestos claims. As of December 31, 2016, there were fewer than 290 asbestos-related claims for which the Company has liability for defense and indemnity pursuant to the indemnification obligation. Historically, the vast majority of the claims against both McKesson and Univar USA have been dismissed without payment. While the Company is unable to predict the outcome of these matters, it does not believe, based upon current available facts, that the ultimate resolution of any of these matters will have a material effect on its overall financial position, results of operations, or cash flows. However, the Company cannot predict the outcome of any present or future claims or litigation and adverse developments could negatively impact earnings or cash flows in a particular future period.
Environmental
The Company is subject to various federal, state and local environmental laws and regulations that require environmental assessment or remediation efforts (collectively “environmental remediation work”) at approximately 129 locations, some that are now or were previously Company-owned/occupied and some that were never Company-owned/occupied (“non-owned sites”).
The Company’s environmental remediation work at some sites is being conducted pursuant to governmental proceedings or investigations, while the Company, with appropriate state or federal agency oversight and approval, is conducting the environmental remediation work at other sites voluntarily. The Company is currently undergoing remediation efforts or is in the process of active review of the need for potential remediation efforts at approximately 103 current or formerly Company-owned/occupied sites. In addition, the Company may be liable for a share of the clean-up of approximately 26 non-owned sites. These non-owned sites are typically (a) locations of independent waste disposal or recycling operations with alleged or confirmed contaminated soil and/or groundwater to which the Company may have shipped waste products or drums for re-conditioning, or (b) contaminated non-owned sites near historical sites owned or operated by the Company or its predecessors from which contamination is alleged to have arisen.
In determining the appropriate level of environmental reserves, the Company considers several factors such as information obtained from investigatory studies; changes in the scope of remediation; the interpretation, application and enforcement of laws and regulations; changes in the costs of remediation programs; the development of alternative cleanup technologies and methods; and the relative level of the Company’s involvement at various sites for which the Company is allegedly associated. The level of annual expenditures for remedial, monitoring and investigatory activities will change in the future as major components of planned remediation activities are completed and the scope, timing and costs of existing activities are changed. Project lives, and therefore cash flows, range from 2 to 30 years, depending on the specific site and type of remediation project.
On December 9, 2014, the Company was issued a violation notice from the Pollution Control Services Department of Harris County, Texas (“PCS”). The notice relates to claims that the Company’s facility on Luthe Road in Houston, Texas operated with inadequate air emissions controls and improperly discharged certain waste without authorization. On March 6, 2015, PCS notified the Company that the matter was forwarded to the Harris County District Attorney’s Office with a request for an enforcement action. No such action was ever commenced, and, rather than litigate, the Company recently made a payment to PCS in settlement of this matter with no admission of a violation.
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:
(in millions)
2016
 
2015
Environmental liabilities at January 1
$
113.2

 
$
120.3

Revised obligation estimates
5.5

 
11.3

Environmental payments
(22.5
)
 
(17.8
)
Foreign exchange
(0.4
)
 
(0.6
)
Environmental liabilities at December 31
$
95.8

 
$
113.2


Environmental liabilities of $30.2 million and $35.5 million were classified as current in other accrued expenses in the consolidated balance sheets as of December 31, 2016 and 2015, respectively. The long-term portion of environmental liabilities is recorded in other long-term liabilities in the consolidated balance sheets. The total discount on environmental liabilities was $5.6 million and $2.3 million at December 31, 2016 and 2015, respectively. The discount rate used in the present value calculation was 2.5% and 2.3% as of December 31, 2016 and 2015, respectively, which represent risk-free rates.
The Company manages estimated cash flows by project. These estimates are subject to change if there are modifications to the scope of the remediation plan or if other factors, both external and internal, change the timing of the remediation activities. The Company periodically reviews the status of all existing or potential environmental liabilities and adjusts its accruals based on all available, relevant information. Based on current estimates, the expected payments for environmental remediation for the next five years and thereafter at December 31, 2016 are as follows, with projects for which timing is uncertain included in the 2017 estimated amount of $12.9 million:
(in millions)
 
2017
$
30.2

2018
15.2

2019
10.3

2020
7.9

2021
7.6

Thereafter
30.2

Total
$
101.4


Customs and International Trade Laws
In April 2012, the US Department of Justice (“DOJ”) issued a civil investigative demand to the Company in connection with an investigation into the Company’s compliance with applicable customs and international trade laws and regulations relating to the importation of saccharin from 2002 through 2012. The Company also became aware in 2010 of an investigation being conducted by US Customs and Border Patrol (“CBP”) into the Company’s importation of saccharin. Finally, the Company learned that a civil plaintiff had sued the Company and two other defendants in a Qui Tam proceeding, such filing having been made under seal in 2012, and this plaintiff had requested that the DOJ intervene in its lawsuit.
The US government, through the DOJ, declined to intervene in the Qui Tam proceeding in November 2013 and, as a result, the DOJ’s inquiry related to the Qui Tam lawsuit and its initial investigation demand are now finished. On February 26, 2014, the Qui Tam plaintiff also voluntarily dismissed its lawsuit against the Company. CBP, however, continued its investigation on the importation of saccharin by the Company’s subsidiary, Univar USA Inc. On July 21, 2014, CBP sent the Company a “Pre-Penalty Notice” indicating the imposition of a penalty against Univar USA Inc. in the amount of approximately $84.0 million. Univar USA Inc. responded to CBP that the proposed penalty was not justified. On October 1, 2014, the CBP issued a penalty notice to Univar USA Inc. for $84.0 million and has reaffirmed this penalty notice. On August 6, 2015, the DOJ filed a complaint on CBP’s behalf against Univar USA Inc. in the Court of International Trade seeking approximately $84.0 million in allegedly unpaid duties, penalties, interest, costs and attorneys’ fees. The Company continues to defend this matter vigorously. Univar USA Inc. has not recorded a liability related to this investigation as the Company believes a loss is not probable.
Related party transactions
Related party transactions
Related party transactions
During year ended December 31, 2016, CVC divested its entire investment in the Company in conjunction with secondary public offering.
CD&R and CVC charged the Company a total of $2.8 million and $5.9 million in the years ended December 31, 2015 and 2014, respectively, for advisory services provided to the Company pertaining strategic consulting. In addition, during the year ended December 31, 2015, there was a contract termination fee of $26.2 million related to terminating consulting agreements between the Company and CVC and CD&R as a result of the June 2015 IPO. Refer to Note 1 for additional information. These amounts were recorded in other operating expenses, net. Refer to “Note 4: Other operating expenses, net” for additional information.
The following table summarizes the Company’s sales and purchases with related parties within the ordinary course of business:
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
CVC(1):
 
 
 
 
 
Sales to affiliate companies
$
0.5

 
$
1.9

 
$
9.1

Purchases from affiliate companies
—

 
8.8

 
10.2

CD&R:
 
 
 
 
 
Sales to affiliate companies
7.7

 
29.7

 
20.9

Purchases from affiliate companies
16.5

 
19.9

 
21.6

Temasek:
 
 
 
 
 
Sales to affiliate companies
14.4

 
19.8

 
—

Purchases from affiliate companies
10.1

 
0.1

 
—

 
 
 
 
 
 
(1)
Sales and purchases related information for CVC is disclosed until August 31, 2016.
The following table summarizes the Company’s receivables due from and payables due to related parties:
 
December 31,
(in millions)
2016
 
2015
Due from affiliates
$
2.3

 
$
4.1

Due to affiliates
2.1

 
6.6

Segments
Segments
Segments
Management monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Management evaluates performance on the basis of Adjusted EBITDA. Adjusted EBITDA is defined as consolidated net income (loss), plus the sum of: interest expense, net of interest income; income tax expense (benefit); depreciation; amortization; other operating expenses, net; impairment charges; loss on extinguishment of debt; and other (expense) income, 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:
(in millions)
USA
 
Canada
 
EMEA
 
Rest of
World
 
Other/
Eliminations
 
Consolidated
Year ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
External customers
$
4,706.7

 
$
1,261.0

 
$
1,704.2

 
$
401.8

 
$
—

 
$
8,073.7

Inter-segment
104.4

 
8.3

 
4.5

 
—

 
(117.2
)
 
—

Total net sales
4,811.1

 
1,269.3

 
1,708.7

 
401.8

 
(117.2
)
 
8,073.7

Cost of goods sold (exclusive of depreciation)
3,769.7

 
1,047.4

 
1,324.6

 
322.1

 
(117.2
)
 
6,346.6

Gross profit
1,041.4

 
221.9

 
384.1

 
79.7

 
—

 
1,727.1

Outbound freight and handling
191.5

 
34.1

 
54.9

 
6.1

 
—

 
286.6

Warehousing, selling and administrative
517.5

 
83.8

 
210.5

 
46.8

 
19.2

 
877.8

Adjusted EBITDA
$
332.4

 
$
104.0

 
$
118.7

 
$
26.8

 
$
(19.2
)
 
$
562.7

Other operating expenses, net
 
 
 
 
 
 
 
 
 
 
104.5

Depreciation
 
 
 
 
 
 
 
 
 
 
152.3

Amortization
 
 
 
 
 
 
 
 
 
 
85.6

Impairment charges
 
 
 
 
 
 
 
 
 
 
133.9

Interest expense, net
 
 
 
 
 
 
 
 
 
 
159.9

Other expense, net
 
 
 
 
 
 
 
 
 
 
6.1

Income tax benefit
 
 
 
 
 
 
 
 
 
 
(11.2
)
Net loss
 
 
 
 
 
 
 
 
 
 
$
(68.4
)
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
3,676.8

 
$
1,856.2

 
$
857.4

 
$
211.3

 
$
(1,211.8
)
 
$
5,389.9

Property, plant and equipment, net
671.1

 
148.3

 
144.8

 
18.2

 
37.1

 
1,019.5

Capital expenditures
56.5

 
17.4

 
12.2

 
2.8

 
1.2

 
90.1


(in millions)
USA
 
Canada
 
EMEA
 
Rest of
World
 
Other/
Eliminations
 
Consolidated
Year ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
External customers
$
5,351.5

 
$
1,376.6

 
$
1,780.1

 
$
473.6

 
$
—

 
$
8,981.8

Inter-segment
112.7

 
8.6

 
4.0

 
0.1

 
(125.4
)
 
—

Total net sales
5,464.2

 
1,385.2

 
1,784.1

 
473.7

 
(125.4
)
 
8,981.8

Cost of goods sold (exclusive of depreciation)
4,365.9

 
1,161.0

 
1,398.6

 
382.6

 
(125.4
)
 
7,182.7

Gross profit
1,098.3

 
224.2

 
385.5

 
91.1

 
—

 
1,799.1

Outbound freight and handling
216.9

 
39.3

 
59.6

 
8.8

 
—

 
324.6

Warehousing, selling and administrative
492.6

 
87.8

 
226.0

 
54.1

 
13.9

 
874.4

Adjusted EBITDA
$
388.8

 
$
97.1

 
$
99.9

 
$
28.2

 
$
(13.9
)
 
$
600.1

Other operating expenses, net
 
 
 
 
 
 
 
 
 
 
106.1

Depreciation
 
 
 
 
 
 
 
 
 
 
136.5

Amortization
 
 
 
 
 
 
 
 
 
 
88.5

Interest expense, net
 
 
 
 
 
 
 
 
 
 
207.0

Loss on extinguishment of debt
 
 
 
 
 
 
 
 
 
 
12.1

Other expense, net
 
 
 
 
 
 
 
 
 
 
23.2

Income tax expense
 
 
 
 
 
 
 
 
 
 
10.2

Net income
 
 
 
 
 
 
 
 
 
 
$
16.5

 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
3,962.0

 
$
1,709.7

 
$
947.2

 
$
233.6

 
$
(1,240.1
)
 
$
5,612.4

Property, plant and equipment, net
714.9

 
133.3

 
167.7

 
20.3

 
46.3

 
1,082.5

Capital expenditures
106.8

 
16.1

 
17.2

 
3.4

 
1.5

 
145.0

(in millions)
USA
 
Canada
 
EMEA
 
Rest of
World
 
Other/
Eliminations
 
Consolidated
Year ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
External customers
$
6,081.4

 
$
1,512.1

 
$
2,230.1

 
$
550.3

 
$
—

 
$
10,373.9

Inter-segment
121.8

 
10.0

 
4.5

 
—

 
(136.3
)
 
—

Total net sales
6,203.2

 
1,522.1

 
2,234.6

 
550.3

 
(136.3
)
 
10,373.9

Cost of goods sold (exclusive of depreciation)
5,041.0

 
1,271.5

 
1,797.9

 
469.1

 
(136.3
)
 
8,443.2

Gross profit
1,162.2

 
250.6

 
436.7

 
81.2

 
—

 
1,930.7

Outbound freight and handling
233.3

 
46.4

 
75.5

 
10.3

 
—

 
365.5

Warehousing, selling and administrative
490.9

 
97.4

 
276.2

 
53.3

 
5.7

 
923.5

Adjusted EBITDA
$
438.0

 
$
106.8

 
$
85.0

 
$
17.6

 
$
(5.7
)
 
$
641.7

Other operating expenses, net
 
 
 
 
 
 
 
 
 
 
197.1

Depreciation
 
 
 
 
 
 
 
 
 
 
133.5

Amortization
 
 
 
 
 
 
 
 
 
 
96.0

Impairment charges
 
 
 
 
 
 
 
 
 
 
0.3

Interest expense, net
 
 
 
 
 
 
 
 
 
 
250.6

Loss on extinguishment of debt
 
 
 
 
 
 
 
 
 
 
1.2

Other income, net
 
 
 
 
 
 
 
 
 
 
(1.1
)
Income tax benefit
 
 
 
 
 
 
 
 
 
 
(15.8
)
Net loss
 
 
 
 
 
 
 
 
 
 
$
(20.1
)
 
 
 
 
 
 
 
 
 
 
 
 
Total assets (as adjusted*)
$
4,130.4

 
$
1,986.5

 
$
1,059.2

 
$
310.8

 
$
(1,419.2
)
 
$
6,067.7

Property, plant and equipment, net
621.6

 
135.8

 
189.4

 
25.1

 
60.4

 
1,032.3

Capital expenditures
73.1

 
9.3

 
24.9

 
5.1

 
1.5

 
113.9

 
 
 
 
 
 
 
 
 
 
 
 
*
Adjusted due to the adoption of ASU 2015-03 and ASU 2015-15.
Business line information
Over 95% of the Company’s net sales from external customers relate to its industrial chemical business. Other sales to external customers relate to pest control products and equipment related to the pest management industry and services for collecting and arranging for the transportation of hazardous and nonhazardous waste.
Risks and concentrations
No single customer accounted for more than 10% of net sales in any of the years presented.
The Company is exposed to credit loss and loss of liquidity availability if the financial institutions or counterparties issuing us debt securities fail to perform. We minimize exposure to these credit risks by dealing with a diversified group of investment grade financial institutions. We manage credit risk by monitoring the credit ratings and market indicators of credit risk of our lending counterparties. We do not anticipate any nonperformance by any of the counterparties.
The Company has portions of its labor force that are a part of collective bargaining agreements. A work stoppage or other limitation on operations could occur as a result of disputes under existing collective bargaining agreements with labor unions or government based work counsels or in connection with negotiation of new collective bargaining agreements. As of December 31, 2016 and 2015, approximately 25 percent of the Company’s labor force is covered by a collective bargaining agreement. As of December 31, 2016, approximately 3 percent of the Company’s labor force is covered by a collective bargaining agreement that will expire within one year.
Quarterly financial information (unaudited)
Quarterly financial information (unaudited)
Quarterly financial information (unaudited)
The following tables contain selected unaudited statement of operations information for each quarter of the year ended December 31, 2016 and 2015. The tables include all adjustments, consisting only of normal recurring adjustments, that is necessary for fair presentation of the consolidated financial position and operating results for the quarters presented. Our business is affected by seasonality, which historically has resulted in higher sales volume during our second and third quarter.
Unaudited quarterly results for the year ended December 31, 2016 are as follows:
(in millions, except per share data)
March 31
 
June 30
 
September 301
 
December 312
Net sales
$
1,999.0

 
$
2,262.5

 
$
1,999.7

 
$
1,812.5

Gross profit
430.3

 
445.4

 
438.1

 
413.3

Net income (loss)
14.0

 
39.8

 
(63.0
)
 
(59.2
)
Income (loss) per share:
 
 
 
 
 
 
 
Basic and diluted
$
0.10

 
$
0.29

 
$
(0.46
)
 
$
(0.43
)
Shares used in computation of income (loss) per share:
 
 
 
 
 
 
 
Basic
137.6

 
137.6

 
137.7

 
138.1

Diluted.
137.8

 
138.1

 
137.7

 
138.1

 
 
 
 
 
 
 
 
(1)
Included in the third quarter of 2016 was an impairment charge of $133.9 million. Refer to “Note 13: Impairment charges” for further information.
(2)
Included in the fourth quarter of 2016 was a loss of $68.6 million relating to the annual mark to market adjustment on the defined benefit pension and postretirement plans. Refer to “Note 8: Employee benefit plans” for further information.
Unaudited quarterly results for the year ended December 31, 2015 are as follows:
(in millions, except share and per share data)
March 31
 
June 301
 
September 302
 
December 313
Net sales
$
2,299.1

 
$
2,510.1

 
$
2,206.3

 
$
1,966.3

Gross profit
461.6

 
467.2

 
450.5

 
419.8

Net income (loss)
19.7

 
(12.4
)
 
12.1

 
(2.9
)
Income (loss) per share:
 
 
 
 
 
 
 
Basic and diluted
$
0.19

 
$
(0.12
)
 
$
0.09

 
$
(0.02
)
Shares used in computation of income (loss) per share:
 
 
 
 
 
 
 
Basic
99.9

 
102.8

 
137.6

 
137.6

Diluted
100.4

 
102.8

 
138.4

 
137.6

 
 
 
 
 
 
 
 
 
(1)
Included in the second quarter of 2015 was a contract termination fee of $26.2 million related to terminating consulting agreements between the Company and CVC and CD&R as a result of the IPO. In addition, there was a loss on extinguishment of debt of $7.3 million related to the write-off of unamortized debt issuance costs and debt discount related to the Company paying the remaining principal balance related to the Senior Subordinated Notes. Refer to “Note 15: Debt” for further information. Also, there was a loss due to discontinuance of cash flow hedges of $7.5 million related to the interest rate swap contracts. Refer to “Note 17: Derivatives” for further information.
(2)
Included in the third quarter of 2015 was a loss on extinguishment of $4.8 million and debt refinancing expenses of $16.5 million related to the July 2015 debt refinancing transactions. Refer to “Note 15: Debt” for further information.
(3)
Included in the fourth quarter of 2015 was a loss of $21.1 million relating to the annual mark to market adjustment on the defined benefit pension and postretirement plans. Refer to “Note 8: Employee benefit plans” for further information.
Subsequent events
Subsequent events
Subsequent events
On January 19, 2017, the Senior Term B loan agreement was amended to lower the interest rate by 0.50% from 3.25% to 2.75% and remove the 1.00% LIBOR floor. Annualized, interest savings is over $11.0 million. There is no change to total outstanding debt, maturities or covenants as a result of this amendment.  Total fees and expenses associated with the amendment are expected to be less than $5.0 million. 
On January 30, 2017, the compensation committee of the Company’s Board of Directors has approved a special equity award to be granted to Stephen D. Newlin, Chairman and Chief Executive Officer of the Company, consisting of 300,000 restricted stock units, to be granted on January 30, 2017, and 300,000 stock options, to be granted on February 2, 2017, in each case under the Univar Inc. 2015 Omnibus Equity Incentive Plan.
On January 31, 2017, certain of the Company’s stockholders, including investment funds affiliated with Clayton, Dubilier & Rice LLC and Dahlia Investments Pte. Ltd. and Temasek Holdings Limited entered into an underwriting agreement to sell 15,000,000 shares of the Company’s common stock. After the transaction, Clayton, Dubilier & Rice LLC and Dahlia Investments Pte. Ltd. and Temasek Holdings Limited, ownership in the Company was 15.4% and 10.1%, respectively.
Significant accounting policies (Policies)
Basis of presentation 
Basis of presentation
The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Unless otherwise indicated, all financial data presented in these consolidated financial statements are expressed in US dollars.
Basis of consolidation 
Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are consolidated if the Company has a controlling financial interest, which may exist based on ownership of a majority of the voting interest, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity. The Company did not have any material interests in variable interest entities (“VIEs”) during the years presented in these consolidated financial statements. All intercompany balances and transactions are eliminated in consolidation.
Use of estimates 
Use of estimates
The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates.
Recently issued and adopted accounting pronouncements and Accounting pronouncements issued but not yet adopted 
Recently issued and adopted accounting pronouncements
In August 2014, the FASB issued ASU 2014-15 “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The core principle of the guidance is that an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are available to be issued. When management identifies conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events that will alleviate the substantial doubt are adequately disclosed in the footnotes to the financial statements. This guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted and the Company has elected to adopt the ASU as of January 1, 2016. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.
In February 2015, the FASB issued ASU 2015-02 “Amendments to the Consolidation Analysis” (Topic 810). The core principle of the guidance is to provide amendments to the current consolidation guidance. The revised consolidation guidance, among other things, modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company has elected to adopt the ASU as of January 1, 2016 and the adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.
In April 2015, the FASB issued ASU 2015-04 “Compensation-Retirement Benefits (Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets)” (Topic 715). The core principle of the guidance is that it provides a practical expedient for companies to measure interim remeasurements for significant events that occur on other than a month-end date. The guidance permits entities to remeasure defined benefit plan assets and obligations using the month-end date that is closest to the date of the significant event. The decision to apply the practical expedient to interim remeasurements for significant events can be made for each significant event. This guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company has elected to adopt the ASU as of January 1, 2016 and the adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.
In April 2015, the FASB issued ASU 2015-05 “Intangibles-Goodwill and Other-Internal-use software (Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” (Subtopic 350-40). The ASU provides customers with guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company has elected to adopt the ASU as of January 1, 2016 and the ASU is applied prospectively to all arrangements entered that occur after the effective date. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.
In July 2015, the FASB issued ASU 2015-11 "Simplifying the Measurement of Inventory" (Topic 330). The core principle of the guidance is that an entity should measure inventory at the "lower of cost and net realizable value" and options that currently exist for "market value" will be eliminated. The ASU defines net realizable value as the "estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation." This guidance is effective for the fiscal years beginning after December 15, 2016, including interim periods within those financial years. Early adoption is permitted and the Company has elected to adopt the ASU as of June 30, 2016. The ASU is applied prospectively and the adoption of the ASU did not have a significant impact on the Company's consolidated financial statements.
Accounting pronouncements issued but not yet adopted
In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” This new revenue standard creates a single source of revenue guidance for all companies in all industries and is more principles-based than the current revenue guidance. The standard will be effective for public entities for interim and annual reporting periods beginning after December 15, 2017. The new guidance must be adopted using either a full retrospective approach, under which all years included in the financial statements will be presented under the revised guidance, or a modified retrospective approach, under which financial statements will be prepared under the revised guidance for the year of adoption, but not for prior years. Under the modified retrospective method, entities will recognize a cumulative catch-up adjustment to the opening balance of retained earnings at the effective date for contracts that still require performance by the entity, and disclose all line items in the year of adoption as if they were prepared under the old revenue guidance. The core principle of the guidance is that "an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services." In achieving this objective, an entity must perform five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations of the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. In addition, the standard requires additional new disclosures of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.
The Company anticipates using the modified retrospective approach in implementing the new revenue standard. The Company has established a project team who are currently scoping revenue streams and reviewing customer contracts to identify and evaluate the potential impacts of the provisions of ASC 606. Based on an early assessment, the Company expects to make changes to estimation processes related to arrangements that may involve, among other items, potential returns of unused products, as well as revenue deferral to the extent the sales price is not considered determinable. These changes may likely impact the timing of revenue recognition during the year for sales to customers in the agriculture end market, principally in Canada. At this time, the Company is continuing to work in accordance with its project plan to assess all potential impacts of the new guidance but expects to complete the implementation of the new standard by January 1, 2018.
In January 2016, the FASB issued ASU 2016-01 “Financial Instrument – Recognition and Measurement of Financial Assets and Financial Liabilities” (Subtopic 825-10). The core principle of the guidance is that an entity should classify equity securities with readily determinable fair values as “trading” or “available-for-sale” and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. For equity investments that do not have readily determinable fair values, remeasurement is required at fair value either upon the occurrence of an observable price change or upon identification of impairment. The ASU defines an equity investment as “investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method”. This guidance is applied as a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption and is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable.
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 is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable.
In March 2016, the FASB issued ASU 2016-09 “Compensation – Stock Compensation” (Topic 718) – “Improvement to Employee Share-Based Payment Accounting.” The core principal of the guidance is to simplify several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within such fiscal years. Early adoption is permitted. The guidance is to be applied using a modified retrospective method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU.
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 is currently evaluating the impact of the adoption of this ASU on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable.
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 are not currently addressed by current guidance; and therefore, reduces the current diversity in practice. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted. The guidance is to be applied using a retrospective transition method to each period presented. The Company does not expect any impact to its consolidated statement of operations or consolidated balance sheet since the ASU only addresses classification items within the statement of cash flows.
In October 2016, the FASB issued ASU 2016-16 "Income Taxes" (Topic 740) - "Intra-Entity Transfers of Assets Other Than Inventory." The ASU eliminates the exception that prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party for assets other than inventory. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted as of the beginning of an annual reporting period for which financial statements (interim or annual) have not yet been issued. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU.
In October 2016, the FASB issued ASU 2016-17 "Consolidation" (Topic 810) - "Interest Held through Related Parties That Are under Common Control." The core principle of the guidance is to provide amendments to the current consolidation guidance. The revised consolidation guidance modifies how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. This guidance is to be applied retrospectively to all relevant prior periods beginning with the fiscal year in which the amendments in ASU 2015-02 were applied. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU.
In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows” (Topic 230) - “Restricted Cash.” The ASU clarifies and provides specific guidance on restricted cash classification issues that are not currently addressed by current guidance; and therefore, reduces the current diversity in practice. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted. The guidance is to be applied using a retrospective transition method to each period presented. The Company does not expect any impact to its consolidated statement of operations or consolidated balance sheet since the ASU only addresses classification items within the statement of cash flows.
In January 2017, the FASB issued ASU 2017-01 "Business Combinations" (Topic 805) - "Clarifying the Definition of a Business." The core principle of the guidance is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted immediately, pending nonrecognition of the business transaction in previously issued or made available financial statements. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU.
In January 2017, the FASB issued ASU 2017-04 "Intangibles - Goodwill and Other" (Topic 350) - "Simplifying the Test for Goodwill Impairment." The core principle of the guidance is to simplify the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. The new standard allows an entity to calculate goodwill impairment as the excess of a reporting unit's carrying amount in comparison to the reporting unit's fair value. The standard will be effective for fiscal years beginning after December 15, 2019, including interim periods within such fiscal years. Early adoption is permitted, including adoption in an interim period, for goodwill impairment tests performed on dates after January 1, 2017. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU.
Cash and cash equivalents 
Cash and cash equivalents
Cash and cash equivalents include all highly-liquid investments with an original maturity at the time of purchase of three months or less that are readily convertible into known amounts of cash. Cash at banks earn interest at floating rates based on daily bank deposit rates.
Trade accounts receivable, net 
Trade accounts receivable, net
Trade accounts receivable are stated at the invoiced amount, net of an allowance for doubtful accounts.
In the normal course of business, the Company provides credit to its customers, performs ongoing credit evaluations of these customers and maintains reserves for potential credit losses. In certain situations, the Company will require up-front cash payment, collateral and/or personal guarantees based on the credit worthiness of the customer.
The allowance for doubtful accounts was $13.4 million and $14.4 million at December 31, 2016 and 2015, respectively. The allowance for doubtful accounts is estimated based on prior experience, as well as an individual assessment of collectability based on factors that include current ability to pay, bankruptcy and payment history.
Inventories 
Inventories
Inventories consist primarily of products purchased for resale and are stated at the lower of cost or net realizable value. Inventory cost is determined by the weighted average cost method. Inventory cost includes purchase price from producers net of any rebates received, inbound freight and handling, and direct labor and other costs incurred to blend and repackage product and excludes depreciation expense. The Company recognized $6.6 million, $0.8 million and $0.8 million of lower of cost or net realizable value adjustments to certain of its inventories in the year ended December 31, 2016, 2015 and 2014, respectively. The expense related to these adjustments is included in cost of goods sold (exclusive of depreciation) in the consolidated statements of operations.
Producer incentives 
Producer incentives
The Company has arrangements with certain producers that provide discounts when certain measures are achieved, generally related to purchasing volume. Volume rebates are generally earned and realized when the related products are purchased during the year. The reduction in cost of goods sold (exclusive of depreciation) is recorded when the related products, on which the rebate was earned, are sold. Discretionary rebates are recorded when received. The unpaid portion of rebates from producers is recorded in prepaid expenses and other current assets in the consolidated balance sheets.
Property, plant and equipment, net 
Property, plant and equipment, net
Property, plant and equipment are carried at historical cost, net of accumulated depreciation. Expenditures for improvements that add functionality and/or extend useful life are capitalized. The Company capitalizes interest costs on significant capital projects, as an increase to property, plant and equipment. Repair and maintenance costs are expensed as incurred. Depreciation is recorded on a straight-line basis over the estimated useful life of each asset from the time the asset is ready for its intended purpose, with consideration of any expected residual value.
The estimated useful lives of plant, property and equipment are as follows:
Buildings
10-50 years
Main components of tank farms
5-40 years
Containers
2-15 years
Machinery and equipment
5-20 years
Furniture, fixtures and others
5-20 years
Information technology
3-10 years

The Company evaluates the useful life and carrying value of property, plant and equipment for impairment if an event occurs or circumstances change that would indicate the carrying value may not be recoverable. If an asset is tested for possible impairment, the Company compares the carrying amount of the related asset group to future undiscounted net cash flows expected to be generated by that asset group. If the carrying amount of the asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent that the carrying amount exceeds its estimated fair value.
Leasehold improvements are capitalized and amortized over the lesser of the term of the applicable lease, including renewable periods if reasonably assured, or the useful life of the improvement.
Assets under capital leases where ownership transfers to the Company at the end of the lease term or the lease agreement contains a bargain purchase option are depreciated over the useful life of the asset. For remaining assets under capital leases, the assets are depreciated over the lesser of the term of the applicable lease, including renewable periods if reasonably assured, or the useful life of the asset with consideration of any expected residual value.
Refer to “Note 11: Property, plant and equipment, net” for further information.
Goodwill and intangible assets 
Goodwill and intangible assets
Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in business combinations.
Goodwill is tested for impairment annually on October 1, or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Goodwill is tested for impairment at a reporting unit level using either a qualitative assessment, commonly referred to as a “step zero” test, or a quantitative assessment, commonly referred to as a “step one” test. For each of the reporting units, the Company has the option to perform either the step zero or the step one test.
We elected the step zero test to evaluate goodwill for impairment for each of the reporting units during 2016. The step zero goodwill impairment test utilizes qualitative factors to determine whether it is more likely than not that the fair value of the reporting units is less than its carrying value. Qualitative factors include: macroeconomic conditions; legal and regulatory environment; industry and market considerations; overall financial performance and cost factors to determine whether a reporting unit is at risk for goodwill impairment. In the event a reporting unit fails the step zero goodwill impairment test, it is necessary to perform the step one goodwill impairment test.
In prior years, the Company tested for goodwill impairment at a reporting level using a two-step test. The step one goodwill impairment test compares the estimated fair value of each reporting unit with the reporting unit’s carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the Company must perform step two of the impairment test (measurement). Step two of the impairment test, if necessary, would require the identification and estimation of the fair value of the reporting unit’s individual assets, including currently unrecognized intangible assets and liabilities in order to calculate the implied fair value of the reporting unit’s goodwill. Under step two, an impairment loss is recognized to the extent the carrying amount of the reporting unit’s goodwill exceeds the implied fair value.
Intangible assets consist of customer and producer relationships and contracts, intellectual property trademarks, trade names, non-compete agreements and exclusive distribution rights. Intangible assets have finite lives and are amortized over their respective useful lives of 2 to 20 years. Amortization of intangible assets is based on the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up which is based on the undiscounted cash flows, or when not reliably determined, on a straight-line basis. Intangible assets are tested for impairment if an event occurs or circumstances change that indicates the carrying value may not be recoverable. Refer to “Note 13: Impairment charges” for further information.
Customer relationship intangible assets represent the fair value allocated in purchase price accounting for the ongoing relationships with an existing customer base acquired in a business combination. The fair value of customer relationships is determined using the excess earnings methodology, an income based approach. The excess earnings methodology provides an estimate of the fair value of customer relationship assets by deducting economic costs, including operating expenses and contributory asset charges from revenue expected to be generated by the asset. These estimated cash flows are then discounted to the present value equivalent.
Refer to “Note 12: Goodwill and intangible assets” for further information.
Short-term financing and Long-term debt 
Short-term financing
Short-term financing includes bank overdrafts and short-term lines of credit. Refer to “Note 15: Debt” for further information.
Long-term debt
Long-term debt consists of loans with original maturities greater than one year. Fees paid in connection with the execution of line-of-credit arrangements are included in other assets and fees paid in connection with the execution of a recognized debt liability as a direct deduction from the carrying amount of that debt liability. These fees are amortized using the effective interest method over the term of the related debt or expiration of the line-of-credit arrangement. Refer to “Note 15: Debt” for further information.
Income taxes 
Income taxes
The Company is subject to income taxes in the US and numerous foreign jurisdictions. Significant judgment in the forecasting of taxable income using historical and projected future operating results is required in determining the Company’s provision for income taxes and the related assets and liabilities. The provision for income taxes includes income taxes paid, currently payable or receivable and those deferred.
In the event that the actual outcome of future tax consequences differs from the Company’s estimates and assumptions due to changes or future events such as tax legislation, geographic mix of the earnings, completion of tax audits or earnings repatriation plans, the resulting change to the provision for income taxes could have a material effect on the consolidated statement of operations and consolidated balance sheet.
Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Deferred tax assets are also recognized for the estimated future effects of tax loss carryforwards. The effect on deferred taxes of changes in tax rates is recognized in the period in which the revised tax rate is enacted.
The Company records valuation allowances to reduce deferred tax assets to the extent it believes it is more likely than not that a portion of such assets will not be realized. In making such determinations, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and the ability to carry back losses to prior years. Realization is dependent upon generating sufficient taxable income prior to expiration of tax attribute carryforwards. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized, or if not, a valuation allowance has been recorded. The Company continues to monitor the value of its deferred tax assets, as the amount of the deferred tax assets considered realizable, could be reduced in the near term if estimates of future taxable income during the carryforward periods are reduced, or current tax planning strategies are not implemented.
US GAAP prescribes a recognition threshold and measurement attribute for the accounting and financial statement disclosure of tax positions taken or expected to be taken in a tax return. The evaluation of a tax position is a two-step process. The first step requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination based on the technical merits of the position. The second step requires the Company to recognize in the financial statements each tax position that meets the more likely than not criteria, measured at the amount of benefit that has a greater than fifty percent likelihood of being realized.
The Company recognizes interest and penalties related to unrecognized tax benefits within interest expense and warehousing, selling and administrative, respectively, in the accompanying consolidated statements of operations. Accrued interest and penalties are included within either other accrued expenses or other long-term liabilities in the consolidated balance sheets.
Refer to “Note 7: Income taxes” for further information.
Pension and other postretirement benefit plans 
Pension and other postretirement benefit plans
The Company sponsors several defined benefit and defined contribution plans. The Company’s contributions to defined contribution plans are charged to income during the period of the employee’s service.
The benefit obligation and cost of defined benefit pension plans and other postretirement benefits are calculated based upon actuarial valuations, which involves making assumptions about discount rates, expected rates of return on assets, future salary increases, future health care costs, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty.
The projected benefit obligation is calculated separately for each plan based on the estimated future benefit employees have earned in return for their service based on the employee’s expected date of retirement. Those benefits are discounted to determine the present value of the benefit obligations using the projected unit-credit method. A liability is recognized on the balance sheet for each plan with a projected benefit obligation in excess of plan assets at fair value. An asset is recorded for each plan with plan assets at fair value in excess of the projected benefit obligation.
The Company recognizes the actuarial gains or losses that arise during the period within other operating expenses, net in the consolidated statement of operations. This “mark to market” adjustment is recognized at each December 31. This adjustment primarily includes gains and losses resulting from changes in discount rates and the difference between the expected rate of return on plan assets and actual plan asset returns. Curtailment and settlement gains and losses are recognized in other operating expenses, net in the statement of operations. Curtailment losses must be recognized in the statement of operations when it is probable that a curtailment will occur and its effects are reasonably estimable. However, a curtailment gain is recognized in the statement of operations when the related employees terminate or the plan suspension or amendment is adopted, whichever is applicable. Settlement gains and losses are recognized in the period in which the settlement occurs, regardless of how probable it is at an earlier date that the settlement will occur and despite the fact that the probable gain or loss may be reasonably estimable before the settlement actually takes place. All other components of net periodic benefit cost are classified as warehousing, selling and administrative expenses in the consolidated statements of operations. The Company recognizes prior service costs or credits that arise during the period in other comprehensive loss, and amortizes these items in subsequent periods as components of net periodic benefit cost.
The fair value of plan assets is used to calculate the expected return on assets component of the net periodic benefit cost.
Refer to “Note 8: Employee benefit plans” for further information.
Leases 
Leases
All leases that are determined not to meet any of the capital lease criteria are classified as operating leases. Operating lease payments are recognized as an expense in the statement of operations on a straight-line basis over the lease term.
The Company leases certain vehicles and equipment that qualify for capital lease classification. Assets under capital leases are carried at historical cost, net of accumulated depreciation and are included in property, plant and equipment, net in the consolidated balance sheet. Depreciation expense related to the capital lease assets is included in depreciation expense in the consolidated statement of operations. Refer to “Note 11: Property, plant and equipment, net” for further information.
The present value of minimum lease payments under a capital lease is included in current portion of long-term debt and long-term debt in the consolidated balance sheet. The capital lease obligation is amortized utilizing the effective interest method and interest expense related to the capital lease obligation is included in interest expense in the consolidated statement of operations. Refer to “Note 19: Commitments and contingencies” for further information.
Contingencies 
Contingencies
A loss contingency is recorded if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The Company evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of the ultimate loss. Changes in these factors and related estimates could materially affect the Company’s financial position and results of operations. Legal expenses are recorded as legal services are provided. Refer to “Note 19: Commitments and contingencies” for further information.
Environmental liabilities 
Environmental liabilities
Environmental contingencies are recognized for probable and reasonably estimable losses associated with environmental remediation. Incremental direct costs of the investigation, remediation effort and post-remediation monitoring are included in the estimated environmental contingencies. Expected cash outflows related to environmental remediation for the next 12 months and amounts for which the timing is uncertain are reported as current within other accrued expenses in the consolidated balance sheets. The long-term portion of environmental liabilities is reported within other long-term liabilities in the consolidated balance sheets on an undiscounted basis, except for sites for which the amount and timing of future cash payments are fixed or reliably determinable. Environmental remediation expenses are included within warehousing, selling and administrative expenses in the consolidated statements of operations, unless associated with disposed operations, in which case such expenses are included in other operating expenses, net.
Environmental costs are capitalized if the costs extend the life of the property, increase its capacity and/or mitigate or prevent contamination from future operations.
Refer to “Note 19: Commitments and contingencies” for further information.
Revenue recognition 
Revenue recognition
The Company recognizes net sales when persuasive evidence of an arrangement exists, delivery of products has occurred or services are provided to customers, the sales price is fixed or determinable and collectability is reasonably assured. Net sales includes product sales, billings for freight and handling charges and fees earned for services provided, net of any discounts, returns, customer rebates and sales or other revenue-based tax. The Company recognizes product sales and billings for freight and handling charges when products are considered delivered to the customer under the terms of the sale. Fee revenues are recognized when services are completed.
The Company’s sales to customers in the agriculture end market, principally in Canada, often provide for a form of inventory protection through credit and re-bill as well as understandings pursuant to which certain price changes from chemical producers may be passed through to the customer. These arrangements require us to make estimates of potential returns of unused chemicals as well as revenue deferral to the extent the sales price is not considered determinable. The estimates used to determine the amount of revenue associated with product likely to be returned are based on past experience adjusted for any current market conditions.
Foreign currency translation 
Foreign currency translation
The functional currency of the Company’s subsidiaries is the local currency, unless the primary economic environment requires the use of another currency. Transactions denominated in foreign currencies are translated into the functional currency of each subsidiary at the rate of exchange on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency of each subsidiary at period-end exchange rates. These foreign currency transaction gains and losses are recognized in other (expense) income, net in the consolidated statements of operations.
Foreign currency gains and losses relating to intercompany borrowings that are considered a part of the Company’s investment in a foreign subsidiary are reflected as a component of currency translation within accumulated other comprehensive loss in stockholders’ equity. In the years ended December 31, 2016, 2015 and 2014, total foreign currency losses related to such intercompany borrowings were $34.8 million, $11.2 million and $7.1 million, respectively.
Assets and liabilities of foreign subsidiaries are translated into US dollars at period-end exchange rates. Income and expense accounts of foreign subsidiaries are translated at the average exchange rates for the period. The net exchange gains and losses arising on this translation are reflected as a component of currency translation within accumulated other comprehensive loss in stockholders’ equity.
Stock-based compensation plans 
Stock-based compensation plans
The Company measures the total amount of employee stock-based compensation expense for a grant based on the grant date fair value of each award and recognizes the stock-based compensation expense on a straight-line basis over the requisite service period for each separately vesting tranche of an award. Stock-based compensation is based on awards expected to vest and, therefore, has been reduced by estimated forfeitures. Stock-based compensation expense is classified within other operating expenses, net in the consolidated statements of operations. Refer to “Note 9: Stock-based compensation” for further information.
Share repurchases 
Share repurchases
The Company does not hold any treasury shares as all shares of common stock are retired upon repurchase. Furthermore, when share repurchases occur and the common stock is retired, the excess of repurchase price over par is allocated between additional paid-in capital and accumulated deficit such that the portion allocated to additional paid-in-capital being limited to the additional paid-in-capital created from that particular share issuance (i.e. the book value of those shares) plus any resulting leftover additional paid-in-capital from previous share repurchases in instances where the repurchase price was lower than the original issuance price.
Fair value 
Fair value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. US GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy:
 
Level 1
Quoted prices for identical instruments in active markets.
 
 
 
 
Level 2
Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuation in which all significant inputs and significant value drivers are observable in active markets.
 
 
 
 
Level 3
Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
When available, the Company uses quoted market prices to determine fair value and classifies such items as Level 1. In cases where a market price is not available, the Company will make use of observable market-based inputs to calculate fair value, in which case the items are classified as Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market information. Items valued using internally generated valuation techniques are classified according to the lowest level input that is significant to the valuation, and may be classified as Level 3 even though there may be significant inputs that are readily observable. Refer to “Note 16: Fair value measurements” for further information.
Certain financial instruments, such as derivative financial instruments, are required to be measured at fair value on a recurring basis. Other financial instruments, such as the Company’s own debt, are not required to be measured at fair value on a recurring basis. The Company elected to not make an irrevocable election to measure financial instruments and certain other items at fair value.
Derivatives 
Derivatives
The Company uses derivative financial instruments, such as foreign currency contracts, interest rate swaps and interest rate caps to manage its risks associated with foreign currency and interest rate fluctuations. Derivative financial instruments are recorded in either prepaids and other current assets, other assets, other accrued expenses or other long-term liabilities in the condensed consolidated balance sheets at fair value. The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of interest rate swaps is determined by estimating the net present value of amounts to be paid under the agreement offset by the net present value of the expected cash inflows based on market rates and associated yield curves. For derivative contracts with the same counterparty where the Company has a master netting arrangement with the counterparty, the fair value of the asset/liability is presented on a net basis within the consolidated balance sheets. Refer to “Note 16: Fair value measurements” for additional information relating to the gross and net balances of derivative contracts. Changes in the fair value of derivative financial instruments are recognized in the consolidated statements of operations unless specific hedge accounting criteria are met. Cash flows associated with derivative financial instruments are recognized in the operating section of the consolidated statements of cash flows.
For the purpose of hedge accounting, derivatives are classified as either fair value hedges, where the instrument hedges the exposure to changes in the fair value of a recognized asset or liability, or cash flow hedges, where the instrument hedges the exposure to variability in cash flows that are either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction. Gains and losses on derivatives that meet the conditions for fair value hedge accounting are recognized immediately in the consolidated statements of operations, along with the offsetting gain or loss on the related hedged item. For derivatives that meet the conditions for cash flow hedge accounting, the effective portion of the gain or loss on the derivative is recognized in accumulated other comprehensive loss on the consolidated balance sheet and the ineffective portion is recognized immediately in other (expense) income, net within the consolidated statement of operations. Amounts in accumulated other comprehensive loss are reclassified to the consolidated statement of operations in the same period in which the hedged transactions affect earnings.
For derivative instruments designated as hedges, the Company formally documents the hedging relationship to the hedged item and its risk management strategy. The Company assesses the effectiveness of its hedging instruments at inception and on an ongoing basis. Hedge accounting is discontinued when the hedging instrument is sold, expired, terminated or exercised, or no longer qualifies for hedge accounting.
Refer to “Note 17: Derivatives” for further information.
Earnings per share 
Earnings per share
Basic earnings per share is based on the weighted average number of common shares outstanding during each period, which excludes nonvested restricted stock units, nonvested restricted stock, and stock options. Diluted earnings per share is based on the weighted average number of common shares and dilutive common share equivalents outstanding during each period. The Company reflects common share equivalents relating to stock options, nonvested restricted stock, and nonvested restricted stock units in its computation of diluted weighted average shares outstanding unless the effect of inclusion is anti-dilutive. The effect of dilutive securities is calculated using the treasury stock method. Refer to “Note 3: Earnings per share” for further information.
Significant accounting policies (Tables)
Summary of Estimated Useful Lives of Plant, Property and Equipment
The estimated useful lives of plant, property and equipment are as follows:
Buildings
10-50 years
Main components of tank farms
5-40 years
Containers
2-15 years
Machinery and equipment
5-20 years
Furniture, fixtures and others
5-20 years
Information technology
3-10 years
Earnings per share (Tables)
Summary of Computations of Basic and Diluted Earnings Per Share
The following table presents the basic and diluted earnings per share computations:
 
Year ended December 31,
(in millions, except per share data)
2016
 
2015
 
2014
Basic:
 
 
 
 
 
Net (loss) income
$
(68.4
)
 
$
16.5

 
$
(20.1
)
Weighted average common shares outstanding
137.8

 
119.6

 
99.7

Basic (loss) income per common share
$
(0.50
)
 
$
0.14

 
$
(0.20
)
Diluted:
 
 
 
 
 
Net (loss) income
$
(68.4
)
 
$
16.5

 
$
(20.1
)
Weighted average common shares outstanding
137.8

 
119.6

 
99.7

Effect of dilutive securities:
 
 
 
 
 
Stock compensation plans(1)
—

 
0.5

 
—

Weighted average common shares outstanding – diluted
137.8

 
120.1

 
99.7

Diluted (loss) income per common share
$
(0.50
)
 
$
0.14

 
$
(0.20
)
 
 
 
 
 
 
(1)
Stock options to purchase approximately 3.3 million, 2.0 million, and 5.0 million shares of common stock and restricted stock of 0.0 million, 0.0 million, and 0.4 million were outstanding during the years ended December 31, 2016, 2015 and 2014, respectively, but were not included in the calculation of diluted income (loss) per share as the impact of these stock options and restricted stock would have been anti-dilutive.
Other operating expenses, net (Tables)
Schedule of Other Operating Expenses
Other operating expenses, net consisted of the following items:
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
Pension mark to market loss
$
68.6

 
$
21.1

 
$
117.8

Pension curtailment and settlement gains
(1.3
)
 
(4.0
)
 
—

Acquisition and integration related expenses
5.5

 
7.1

 
3.7

Stock-based compensation expense
10.4

 
7.5

 
12.1

Restructuring charges
8.0

 
33.8

 
46.2

Advisory fees to CVC and CD&R(1)
—

 
2.8

 
5.9

Contract termination fee to CVC and CD&R
—

 
26.2

 
—

Other
13.3

 
11.6

 
11.4

Total other operating expenses, net
$
104.5

 
$
106.1

 
$
197.1

 
 
 
 
 
 
(1)
Significant stockholders are CVC Capital Partners (“CVC”) and Clayton, Dubilier & Rice, LLC (“CD&R”).
Restructuring charges (Tables)
Summary of Activity Related to Accrued Liabilities Associated with Redundancy and Restructuring 
The following table presents cost information related to restructuring plans that have not been completed as of December 31, 2016 and does not contain any estimates for plans that may be developed and implemented in future periods.
(in millions)
USA
 
Canada
 
EMEA
 
ROW
 
Other
 
Total
Anticipated total costs
 
 
 
 
 
 
 
 
 
 
 
Employee termination costs
$
16.8

 
$
5.2

 
$
21.6

 
$
4.4

 
$
5.8

 
$
53.8

Facility exit costs
22.8

 
—

 
3.5

 
0.2

 
—

 
26.5

Other exit costs
1.7

 
—

 
6.8

 
—

 
0.8

 
9.3

Total
$
41.3

 
$
5.2

 
$
31.9

 
$
4.6

 
$
6.6

 
$
89.6

 
 
 
 
 
 
 
 
 
 
 
 
Incurred to date costs
 
 
 
 
 
 
 
 
 
 
 
Inception of plans through December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Employee termination costs
$
16.8

 
$
5.2

 
$
21.6

 
$
4.4

 
$
5.8

 
$
53.8

Facility exit costs
19.6

 
—

 
3.5

 
0.2

 
—

 
23.3

Other exit costs
1.7

 
—

 
6.8

 
—

 
0.8

 
9.3

Total
$
38.1

 
$
5.2

 
$
31.9

 
$
4.6

 
$
6.6

 
$
86.4

 
 
 
 
 
 
 
 
 
 
 
 
Inception of plans through December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Employee termination costs
$
16.4

 
$
4.1

 
$
25.6

 
$
2.0

 
$
5.3

 
$
53.4

Facility exit costs
14.0

 
—

 
3.1

 
0.2

 
—

 
17.3

Other exit costs
1.7

 
—

 
6.7

 
—

 
0.8

 
9.2

Total
$
32.1

 
$
4.1

 
$
35.4

 
$
2.2

 
$
6.1

 
$
79.9

Schedule of Accrued Liabilities 
The following tables summarize activity related to accrued liabilities associated with redundancy and restructuring:
(in millions)
January 1,
2016
 
Charge to
earnings
 
Cash paid
 
Non-cash
and other
 
December 31, 2016
Employee termination costs
$
31.0

 
$
0.4

 
$
(24.5
)
 
$
—

 
$
6.9

Facility exit costs
15.5

 
6.0

 
(8.3
)
 
—

 
13.2

Other exit costs
0.1

 
0.1

 
(0.2
)
 
—

 
—

Total
$
46.6

 
$
6.5

 
$
(33.0
)
 
$
—

 
$
20.1

 
(in millions)
January 1,
2015
 
Charge to
earnings
 
Cash paid
 
Non-cash
and other
 
December 31, 2015
Employee termination costs
$
27.8

 
$
28.3

 
$
(22.9
)
 
$
(2.2
)
 
$
31.0

Facility exit costs
20.4

 
2.4

 
(7.2
)
 
(0.1
)
 
15.5

Other exit costs
0.3

 
3.0

 
(3.2
)
 
—

 
0.1

Total
$
48.5

 
$
33.7

 
$
(33.3
)
 
$
(2.3
)
 
$
46.6

Other (expense) income, net (Tables)
Schedule of Other (Expense) Income, Net
Other (expense) income, net consisted of the following gains (losses):
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
Foreign currency transactions
$
(0.6
)
 
$
(0.8
)
 
$
(0.6
)
Foreign currency denominated loans revaluation
(13.7
)
 
8.9

 
8.3

Undesignated foreign currency derivative instruments(1)
(1.8
)
 
(4.8
)
 
(3.9
)
Undesignated interest rate swap contracts(1)
10.1

 
2.0

 
—

Ineffective portion of cash flow hedges(1)
—

 
(0.4
)
 
0.2

Loss due to discontinuance of cash flow hedges(1)
—

 
(7.5
)
 
—

Debt refinancing costs(2)
—

 
(16.5
)
 
—

Other
(0.1
)
 
(4.1
)
 
(2.9
)
Total other (expense) income, net
$
(6.1
)
 
$
(23.2
)
 
$
1.1

 
 
 
 
 
 
 
(1)
Refer to “Note 17: Derivatives” for more information.
(2)
Refer to “Note 15: Debt” for more information.
Income taxes (Tables)
Summary of Income (Loss) Before Income Taxes 
For financial reporting purposes, income (loss) before income taxes includes the following components:
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
Income (loss) before income taxes
 
 
 
 
 
United States
$
(131.3
)
 
$
(13.0
)
 
$
(6.4
)
Foreign
51.7

 
39.7

 
(29.5
)
Total income (loss) before income taxes
$
(79.6
)
 
$
26.7

 
$
(35.9
)
Summary of Expense (Benefit) for Income Taxes 
The expense (benefit) for income taxes is summarized as follows:
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
Current:
 
 
 
 
 
Federal
$
(0.1
)
 
$
0.6

 
$
(18.6
)
State
0.1

 
2.5

 
5.4

Foreign
20.4

 
14.5

 
17.0

Total current
20.4

 
17.6

 
3.8

Deferred:
 
 
 
 
 
Federal
(15.1
)
 
(12.3
)
 
(11.3
)
State
(3.0
)
 
1.7

 
(1.0
)
Foreign
(13.5
)
 
3.2

 
(7.3
)
Total deferred
(31.6
)
 
(7.4
)
 
(19.6
)
Total income tax expense (benefit)
$
(11.2
)
 
$
10.2

 
$
(15.8
)
Reconciliation Between Statutory Tax Rate and Effective Tax Rate 
The reconciliation between the US statutory tax rate and the Company’s effective tax rate is presented as follows:
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
US federal statutory income tax expense (benefit) applied to income (loss) before income taxes
$
(27.8
)
 
$
9.3

 
$
(12.6
)
State income taxes, net of federal benefit
(2.9
)
 
3.3

 
1.8

Foreign tax rate differential
(5.8
)
 
(6.5
)
 
(4.2
)
Non-taxable interest income
(10.8
)
 
(14.1
)
 
(13.8
)
Valuation allowance release on expired or utilized tax attributes
(24.7
)
 
(9.0
)
 
(0.2
)
Expiration of tax attributes
4.4

 
8.1

 
0.2

Foreign losses not benefited
8.0

 
7.5

 
21.7

Effect of flow-through entities
(9.0
)
 
4.2

 
3.6

Non-deductible stock-based compensation
1.7

 
3.5

 
0.3

Non-deductible expense
3.4

 
3.5

 
2.9

Recognition of previously uncertain tax benefits
(1.4
)
 
(2.5
)
 
(18.4
)
Adjustment to prior year tax due to changes in estimates
0.3

 
1.6

 
0.2

Change in statutory income tax rates
2.7

 
1.1

 
0.4

Deemed dividends from foreign subsidiaries
1.4

 
0.6

 
0.4

Non-deductible interest expense
2.6

 
0.5

 
1.1

Withholding and other taxes based on income
0.5

 
0.5

 
0.9

Foreign exchange rate remeasurement
(1.0
)
 
(0.4
)
 
0.7

Revaluation due to Section 987 tax law change
45.0

 
—

 
—

Other
2.2

 
(1.0
)
 
(0.8
)
Total income tax expense (benefit)
$
(11.2
)
 
$
10.2

 
$
(15.8
)
Consolidated Deferred Tax Assets and Liabilities 
The consolidated deferred tax assets and liabilities are detailed as follows:
 
December 31,
(in millions)
2016
 
2015
Deferred tax assets:
 
 
 
Net operating loss carryforwards
$
124.1

 
$
122.1

Environmental reserves
40.2

 
46.4

Interest
93.8

 
95.1

Tax credit and capital loss carryforwards
4.5

 
10.1

Pension
105.4

 
95.9

Flow-through entities
15.6

 
39.4

Stock options
11.4

 
11.7

Inventory
8.7

 
5.0

Other temporary differences
17.8

 
33.8

Gross deferred tax assets
421.5

 
459.5

Valuation allowance
(167.9
)
 
(193.0
)
Deferred tax assets, net of valuation allowance
253.6

 
266.5

Deferred tax liabilities:
 
 
 
Property, plant and equipment, net
(165.2
)
 
(179.0
)
Intangible assets
(85.3
)
 
(138.1
)
Other temporary differences
(2.1
)
 
(3.9
)
Deferred tax liabilities
(252.6
)
 
(321.0
)
Net deferred tax asset (liability)
$
1.0

 
$
(54.5
)
Schedule of Changes in Valuation Allowance 
The changes in the valuation allowance were as follows:
 
December 31,
(in millions)
2016
 
2015
Beginning balance
$
193.0

 
$
204.1

Increase related to current foreign net operating losses
5.3

 
9.2

Decrease related to utilization of net operating loss carryforwards
(20.6
)
 
(2.5
)
Decrease related to expiration of tax attributes
(4.5
)
 
(7.6
)
Foreign currency
(4.6
)
 
(9.8
)
Decrease related to other items
(0.7
)
 
(0.4
)
Ending balance
$
167.9

 
$
193.0

Schedule of Changes in Unrecognized Tax Benefits Included in Other Long-Term Liabilities, Excluding Interest and Penalties 
The changes in unrecognized tax benefits included in other long-term liabilities, excluding interest and penalties, are as follows:
 
Year ended
December 31,
(in millions)
2016
 
2015
Beginning balance
$
5.2

 
$
8.5

Increase for tax positions of prior years
0.4

 
—

Reductions due to the statute of limitations expiration
(1.3
)
 
(2.3
)
Foreign exchange
—

 
(1.0
)
Ending balance
$
4.3

 
$
5.2

Employee benefit plans (Tables)
Summary of Changes in Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status 
The following summarizes the Company’s other postretirement benefit plan’s accumulated postretirement benefit obligation, plan assets and funded status:
 
Other postretirement
benefits
 
Year ended December 31,
(in millions)
2016
 
2015
Change in accumulated postretirement benefit obligations:
 
 
 
Actuarial present value of benefit obligations at beginning of year
$
3.4

 
$
6.7

Service cost
—

 
0.1

Interest cost
0.1

 
0.2

Contributions by participants
0.3

 
0.5

Benefits paid
(0.8
)
 
(0.6
)
Actuarial gain
(0.2
)
 
(3.5
)
Actuarial present value of benefit obligations at end of year
$
2.8

 
$
3.4

Change in the fair value of plan assets:
 
 
 
Plan assets at beginning of year
$
—

 
$
—

Contributions by employer
0.5

 
0.1

Contributions by participants
0.3

 
0.5

Benefits paid
(0.8
)
 
(0.6
)
Plan assets at end of year
—

 
—

Funded status at end of year
$
(2.8
)
 
$
(3.4
)
The following summarizes the Company’s defined benefit pension plans’ projected benefit obligations, plan assets and funded status:
 
Domestic
 
Foreign
 
Total
 
Year ended
December 31,
 
Year ended
December 31,
 
Year ended
December 31,
(in millions)
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Change in projected benefit obligations:
 
 
 
 
 
 
 
 
 
 
 
Actuarial present value of benefit obligations at beginning of year
$
691.9

 
$
728.8

 
$
531.7

 
$
614.1

 
$
1,223.6

 
$
1,342.9

Service cost
—

 
—

 
2.5

 
5.4

 
2.5

 
5.4

Interest cost
32.0

 
30.8

 
18.3

 
20.1

 
50.3

 
50.9

Benefits paid
(32.1
)
 
(30.1
)
 
(23.9
)
 
(29.6
)
 
(56.0
)
 
(59.7
)
Plan amendments
—

 
—

 
(1.6
)
 
—

 
(1.6
)
 
—

Settlement
—

 
—

 
—

 
(19.0
)
 
—

 
(19.0
)
Curtailment
—

 
—

 
(1.3
)
 
(2.6
)
 
(1.3
)
 
(2.6
)
Actuarial loss (gain)
27.9

 
(37.6
)
 
86.1

 
(5.1
)
 
114.0

 
(42.7
)
Foreign exchange and other
—

 
—

 
(56.3
)
 
(51.6
)
 
(56.3
)
 
(51.6
)
Actuarial present value of benefit obligations at end of year
$
719.7

 
$
691.9

 
$
555.5

 
$
531.7

 
$
1,275.2

 
$
1,223.6

 
 
 
 
 
 
 
 
 
 
 
 
Change in the fair value of plan assets:
 
 
 
 
 
 
 
 
 
 
 
Plan assets at beginning of year
$
497.6

 
$
522.1

 
$
481.5

 
$
516.6

 
$
979.1

 
$
1,038.7

Actual return on plan assets
40.1

 
(13.9
)
 
66.3

 
12.6

 
106.4

 
(1.3
)
Contributions by employer
3.5

 
19.5

 
28.1

 
40.1

 
31.6

 
59.6

Benefits paid
(32.1
)
 
(30.1
)
 
(23.9
)
 
(29.6
)
 
(56.0
)
 
(59.7
)
Settlement
—

 
—

 
—

 
(17.6
)
 
—

 
(17.6
)
Foreign exchange and other
—

 
—

 
(57.7
)
 
(40.6
)
 
(57.7
)
 
(40.6
)
Plan assets at end of year
509.1

 
497.6

 
494.3

 
481.5

 
1,003.4

 
979.1

Funded status at end of year
$
(210.6
)
 
$
(194.3
)
 
$
(61.2
)
 
$
(50.2
)
 
$
(271.8
)
 
$
(244.5
)
Schedule of Defined Benefit Plans Amount Recognized in Balance Sheet 
Net amounts related to the Company’s defined benefit pension plans recognized in the consolidated balance sheets consist of:
 
Domestic
 
Foreign
 
Total
 
December 31,
 
December 31,
 
December 31,
(in millions)
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Overfunded net benefit obligation in other assets
$
—

 
$
—

 
$
—

 
$
9.5

 
$
—

 
$
9.5

Current portion of net benefit obligation in other accrued expenses
(3.6
)
 
(3.3
)
 
(1.9
)
 
(1.9
)
 
(5.5
)
 
(5.2
)
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities
(207.0
)
 
(191.0
)
 
(59.3
)
 
(57.8
)
 
(266.3
)
 
(248.8
)
Net liability recognized at end of year
$
(210.6
)
 
$
(194.3
)
 
$
(61.2
)
 
$
(50.2
)
 
$
(271.8
)
 
$
(244.5
)
Net amounts related to the Company’s other postretirement benefit plan recognized in the consolidated balance sheets consist of:
 
Other postretirement
benefits
 
December 31,
(in millions)
2016
 
2015
Current portion of net benefit obligation in other accrued expenses
$
(0.5
)
 
$
(0.4
)
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities
(2.3
)
 
(3.0
)
Net liability recognized at end of year
$
(2.8
)
 
$
(3.4
)
Summary of Defined Benefit Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets 
The following table summarizes defined benefit pension plans with accumulated benefit obligations in excess of plan assets:
 
Domestic
 
Foreign
 
Total
 
December 31,
 
December 31,
 
December 31,
(in millions)
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Accumulated benefit obligation
$
719.7

 
$
691.9

 
$
412.5

 
$
71.4

 
$
1,132.2

 
$
763.3

Fair value of plan assets
509.1

 
497.6

 
379.5

 
36.3

 
888.6

 
533.9

Summary of Defined Benefit Pension Plans with Projected Benefit Obligation in Excess of Plan Assets 
The following table summarizes defined benefit pension plans with projected benefit obligations in excess of plan assets:
 
Domestic
 
Foreign
 
Total
 
December 31,
 
December 31,
 
December 31,
(in millions)
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Projected benefit obligation
$
719.7

 
$
691.9

 
$
555.5

 
$
207.7

 
$
1,275.2

 
$
899.6

Fair value of plan assets
509.1

 
497.6

 
494.3

 
148.0

 
1,003.4

 
645.6

Components of Net Periodic Benefit Cost Credit Recognized Related to Benefit Pension Plans 
The following table summarizes the components of net periodic benefit cost (credit) recognized in the consolidated statements of operations related to defined benefit pension plans:
 
Domestic
 
Foreign
 
Total
 
Year ended December 31,
 
Year ended December 31,
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
$
—

 
$
—

 
$
—

 
$
2.5

 
$
5.4

 
$
7.0

 
$
2.5

 
$
5.4

 
$
7.0

Interest cost
32.0

 
30.8

 
31.6

 
18.3

 
20.1

 
23.2

 
50.3

 
50.9

 
54.8

Expected return on plan assets
(32.5
)
 
(35.8
)
 
(32.1
)
 
(28.7
)
 
(30.2
)
 
(28.1
)
 
(61.2
)
 
(66.0
)
 
(60.2
)
Settlement(1)


 
—

 
—

 


 
(1.4
)
 
—

 
—

 
(1.4
)
 
—

Curtailment(1)
—

 
—

 
—

 
(1.3
)
 
(2.6
)
 
—

 
(1.3
)
 
(2.6
)
 
—

Actuarial loss
20.3

 
12.1

 
84.3

 
48.5

 
12.5

 
35.2

 
68.8

 
24.6

 
119.5

Net periodic benefit cost
$
19.8

 
$
7.1

 
$
83.8

 
$
39.3

 
$
3.8

 
$
37.3

 
$
59.1

 
$
10.9

 
$
121.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
The settlement and curtailment gains are a result of the restructuring activities in the EMEA segment.
The following table summarizes the components of net periodic benefit credit recognized in the consolidated statements of operations related to other postretirement benefit plans: 
 
Other postretirement
benefits
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
Service cost
$
—

 
$
(0.1
)
 
$
(0.1
)
Interest cost
(0.1
)
 
(0.2
)
 
(0.4
)
Amortization of unrecognized prior service credits
4.5

 
11.9

 
11.9

Actuarial gain
0.2

 
3.5

 
1.7

Net periodic benefit credit
$
4.6

 
$
15.1

 
$
13.1

Summary of Pre-tax Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans 
The following summarizes pre-tax amounts included in accumulated other comprehensive loss related to other postretirement benefit plans: 
 
Other postretirement
benefits
 
December 31,      
(in millions)
2016
 
2015
Net prior service credit
$
—

 
$
4.5

The following summarizes pre-tax amounts included in accumulated other comprehensive loss at December 31, 2016 related to pension plan amendments: 
(in millions)
Defined benefit pension plans
Net prior service credit
$
1.6

Summary of Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans 
The following table summarizes the amounts in accumulated other comprehensive loss at December 31, 2016 that are expected to be amortized as components of net periodic benefit credit during the next fiscal year related to pension amendments:
(in millions)
Defined benefit pension plans
Prior service credit
$
0.2

Schedule of Weighted Average Actuarial Assumptions Used in Defined Benefit Plans 
The significant weighted average actuarial assumptions used in determining the benefit obligations and net periodic benefit cost (credit) for the Company’s defined benefit plans are as follows:
 
Domestic
 
Foreign
 
December 31,
 
December 31,
 
2016
 
2015
 
2016
 
2015
Actuarial assumptions used to determine benefit obligations at end of period:
 
 
 
 
 
 
 
Discount rate
4.39
%
 
4.74
%
 
2.84
%
 
4.25
%
Expected annual rate of compensation increase
N/A

 
N/A

 
2.87
%
 
2.86
%
 
 
Domestic
 
Foreign
 
Year ended December 31,
 
Year ended December 31,
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Actuarial assumptions used to determine net periodic benefit cost (credit) for the period:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.74
%
 
4.31
%
 
5.25
%
 
3.65
%
 
3.51
%
 
4.29
%
Expected rate of return on plan assets
7.50
%
 
7.50
%
 
7.50
%
 
6.18
%
 
6.07
%
 
6.06
%
Expected annual rate of compensation increase
N/A

 
N/A

 
N/A

 
2.86
%
 
2.80
%
 
2.82
%
Summary of Allocation of Plan Assets 
The following summarizes the fair value of foreign plan assets by asset category and level within the fair value hierarchy:
 
December 31, 2015
(in millions)
Total
 
Level 1
 
Level 2
 
Level 3
Cash
$
7.6

 
$
7.6

 
$
—

 
$
—

Investments:
 
 
 
 
 
 
 
Investment funds(1)
460.1

 
—

 
460.1

 
—

Insurance contracts
13.8

 
—

 
—

 
13.8

Total investments
473.9

 
—

 
460.1

 
13.8

Total
$
481.5

 
$
7.6

 
$
460.1

 
$
13.8

 
 
 
 
 
 
 
 
(1)
This category includes investments in 11.6% in US equities, 29.7% in non-US equities, 4.1% in US corporate bonds, 24.2% in non-US corporate bonds, 0.3% in US government bonds, 17.7% in non-US government bonds and 12.4% in other investments.
The weighted average target asset allocation for defined benefit pension plans in the year ended December 31, 2016 is as follows:
 
Domestic
 
Foreign
Asset category:
 
 
 
Equity securities
50.0
%
 
35.9
%
Debt securities
45.0
%
 
52.9
%
Other
5.0
%
 
11.2
%
Total
100.0
%
 
100.0
%
The Company classified its foreign plan assets according to the fair value hierarchy described in “Note 2: Significant accounting policies.” The following summarizes the fair value of foreign plan assets by asset category and level within the fair value hierarchy:
 
December 31, 2016
(in millions)
Total
 
Level 1
 
Level 2
 
Level 3
Cash
$
4.6

 
$
4.6

 
$
—

 
$
—

Investments:
 
 
 
 
 
 
 
Investment funds(1)
474.1

 
—

 
474.1

 
—

Insurance contracts
15.6

 
—

 
—

 
15.6

Total investments
489.7

 
—

 
474.1

 
15.6

Total
$
494.3

 
$
4.6

 
$
474.1

 
$
15.6

 
 
 
 
 
 
 
 
 
(1)
This category includes investments in 8.4% in US equities, 30.2% in non-US equities, 2.8% in US corporate bonds, 24.0% in non-US corporate bonds, 0.3% in US government bonds, 25.9% in non-US government bonds and 8.4% in other investments.
The Company classified its domestic plan assets according to the fair value hierarchy described in “Note 2: Significant accounting policies.” The following summarizes the fair value of domestic plan assets by asset category and level within the fair value hierarchy.
 
December 31, 2016
(in millions)
Total
 
Level 1
 
Level 2
Cash
$
2.4

 
$
2.4

 
$
—

Investments funds(1)
506.7

 
—

 
506.7

Total
$
509.1

 
$
2.4

 
$
506.7

 
 
 
 
 
 
 
(1)
This category includes investments in 30.0% in US equities, 20.0% in non-US equities, 44.9% in US corporate bonds and 5.1% in other investments.

 
December 31, 2015
(in millions)
Total
 
Level 1
 
Level 2
Cash
$
2.3

 
$
2.3

 
$
—

Investments funds(1)
495.3

 
—

 
495.3

Total
$
497.6

 
$
2.3

 
$
495.3

 
 
 
 
 
 
(1)
This category includes investments in 30.3% in US equities, 19.6% in non-US equities, 45.1% in US corporate bonds and 5.0% in other investments.
Summary of Changes in Foreign Plans Assets Valued Using Significant Unobservable Inputs 
The following table presents changes in the foreign plan assets valued using significant unobservable inputs (Level 3):
(in millions)
Insurance
contracts
Balance at January 1, 2015
$
14.8

Actual return on plan assets:
 
Related to assets still held at year end
0.6

Purchases, sales and settlements, net
(0.1
)
Foreign exchange
(1.5
)
Balance at December 31, 2015
$
13.8

The following table presents changes in the foreign plan assets valued using significant unobservable inputs (Level 3):
(in millions)
Insurance
contracts
Balance at January 1, 2016
$
13.8

Actual return to plan assets:
 
Related to assets still held at year end
2.2

Purchases, sales and settlements, net
0.1

Foreign exchange
(0.5
)
Balance at December 31, 2016
$
15.6

Schedule of Benefit Payments 
The following table shows benefit payments that are projected to be paid from plan assets in each of the next five years and in aggregate for five years thereafter:
 
Defined benefit pension plans
 
Other
postretirement
benefits
(in millions)
Domestic
 
Foreign
 
Total
 
2017
$
34.7

 
$
15.5

 
$
50.2

 
$
0.4

2018
36.1

 
16.1

 
52.2

 
0.5

2019
37.6

 
18.9

 
56.5

 
0.6

2020
38.8

 
17.6

 
56.4

 
0.1

2021
40.0

 
18.9

 
58.9

 
0.1

2022 through 2026
215.7

 
108.2

 
323.9

 
0.3

Schedule of Company's Participation in Multi Employer Plans 
Pension fund
EIN/Pension
plan number
 
PPA zone status
 
FIP/RP
status
pending/
implemented
 
Contributions(1)
 
Surcharge
imposed
 
Expiration
dates of
collective
bargaining
agreement(s)
Year ended
December 31,
 
2016
 
2015
 
2016
 
2015
 
2014
 
Western Conference of Teamsters Pension Plan
91-6145047/001
 
Green
 
Green
 
No
 
$
1.7

 
$
1.4

 
$
1.4

 
No
 
April 30, 2017 to
July 31, 2019
Central States, Southeast and Southwest Areas Pension Plan
36-6044243/001
 
Red as of January 1, 2015
 
Red as of
January 1,
2014
 
Implemented
 
1.1

 
1.1

 
1.1

 
No
 
January 31, 2017
to
October 31, 2019
New England Teamsters and Trucking Industry Pension Fund
4/1/6372430
 
Red as of October 1, 2014
 
Red as of
October 1,
2014
 
Implemented
 
0.1

 
0.1

 
0.1

 
No
 
June 30, 2017
 
 
 
 
 
 
 
Total
contributions:
 
$
2.9

 
$
2.6

 
$
2.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
The plan contributions by the Company did not represent more than five percent of total contributions to the plans as indicated in the plans’ most recently available annual report.
Stock-based compensation (Tables)
Schedule of Share-based Compensation Stock Options Activity 
The following reflects stock option activity under the 2011 and 2015 Plans:
 
Number of
stock
options
 
Weighted-
average
exercise price
 
Weighted-
average
remaining
contractual
term (in years)
 
Aggregate
intrinsic value
(in millions)
Outstanding at January 1, 2016
5,088,026

 
$
19.81

 
 
 
 
Granted
—

 
—

 
 
 
 
Exercised
(891,715
)
 
18.99

 
 
 
 
Forfeited
(561,578
)
 
19.65

 
 
 
 
Outstanding at December 31, 2016
3,634,733

 
20.03

 
 
 
 
Exercisable at December 31, 2016
2,902,260

 
19.92

 
4.1
 
$
24.5

Expected to vest after December 31, 2016(1)
659,226

 
20.47

 
7.7
 
5.2

 
 
 
 
 
 
 
 
 
(1)
The expected to vest stock options are the result of applying the pre-vesting forfeiture rate assumptions to nonvested stock options outstanding.
Summary of Restricted Stock Activity 
The following table reflects RSUs activity under the 2015 Plans:
 
Number of
Restricted Stock Unit
 
Weighted-
average
grant-date fair value
Nonvested at January 1, 2016
—

 
$
—

Granted
1,380,802

 
13.35

Vested
(72,915
)
 
18.66

Forfeited
(298,000
)
 
12.88

Nonvested at December 31, 2016
1,009,887

 
13.10

The following table reflects restricted stock activity under the 2015 Plan:
 
Restricted
stock
 
Weighted
average
grant-date
fair value
Nonvested at January 1, 2016
237,219

 
$
21.83

Granted
78,145

 
18.15

Vested
(68,904
)
 
23.82

Forfeited
(160,263
)
 
21.02

Nonvested at December 31, 2016
86,197

 
18.43

Summary of Weighted Average Assumptions Used Under Black Scholes Merton Option Valuation Model 
The weighted-average assumptions under the Monte Carlo simulation model were as follows:
 
Year ended December 31, 2016
Risk-free interest rate(1)
1.0
%
Expected dividend yield(2)
—

Expected volatility(3)
45.0
%
 
 
(1)
The risk-free interest rate is based on the US Treasury yield for a period in years over which performance condition is satisfied.
(2)
The Company currently has no expectation of paying cash dividends on its common stock.
(3)
As the Company does not have sufficient historical volatility data, the expected volatility is based on the average historical data of a peer group of public companies over a period equal to the expected term of the performance-based RSUs.
The weighted-average assumptions used under the Black-Scholes-Merton option valuation model were as follows:
 
 
Year ended December 31,
 
2015
 
2014
Risk-free interest rate(1)
1.7
%
 
1.8
%
Expected dividend yield(2)
—

 
—

Expected volatility(3)
28.3
%
 
34.5
%
Expected term (years)(4)
6.2

 
6.0

 
 
 
 
(1)
The risk-free interest rate is based on the US Treasury yield for a term consistent with the expected term of the stock options at the time of grant.
(2)
The Company currently has no expectation of paying cash dividends on its common stock.
(3)
As the Company does not have sufficient historical volatility data, the expected volatility is based on the average historical data of a peer group of public companies over a period equal to the expected term of the stock options.
(4)
As the Company does not have sufficient historical exercise data under the 2011 and 2015 Plans, the expected term is based on the average of the vesting period of each tranche and the original contract term of 10 years.
Summary of Additional Stock Based Compensation Information 
The following table provides additional stock-based compensation information:
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
Total intrinsic value of stock options exercised
$
4.0

 
$
0.4

 
$
1.1

Fair value of restricted stock and RSUs vested
2.7

 
2.9

 
3.0

Accumulated other comprehensive loss (Tables)
Schedule of Changes in Accumulated Other Comprehensive Loss by Component Net of Tax 
The following table presents the changes in accumulated other comprehensive loss by component, net of tax.
(in millions)
Losses on
cash flow
hedges
 
Defined
benefit
pension items
 
Currency
translation
items
 
Total
Balance as of December 31, 2014
$
(3.7
)
 
$
10.3

 
$
(214.8
)
 
$
(208.2
)
Other comprehensive loss before reclassifications
(3.0
)
 
—

 
(212.6
)
 
(215.6
)
Amounts reclassified from accumulated other comprehensive loss
6.7

 
(7.3
)
 
—

 
(0.6
)
Net current period other comprehensive income (loss)
3.7

 
(7.3
)
 
(212.6
)
 
(216.2
)
Balance as of December 31, 2015
$
—

 
$
3.0

 
$
(427.4
)
 
$
(424.4
)
Other comprehensive income before reclassifications
—

 
1.2

 
36.3

 
37.5

Amounts reclassified from accumulated other comprehensive loss
—

 
(3.0
)
 
—

 
(3.0
)
Net current period other comprehensive (loss) income
—

 
(1.8
)
 
36.3

 
34.5

Balance as of December 31, 2016
$
—

 
$
1.2

 
$
(391.1
)
 
$
(389.9
)
Summary of Amounts Reclassified From Accumulated Other Comprehensive Loss to Net Income (Loss) 
The following is a summary of the amounts reclassified from accumulated other comprehensive loss to net income (loss).
(in millions)
Year ended
December 31,
2016(1)
 
Year ended
December 31,
2015(1)
 
Location of impact on
statement of operations
Amortization of defined benefit pension items:
 
 
 
 
 
Prior service credits
$
(4.5
)
 
$
(11.9
)
 
Warehousing, selling and administrative
Tax expense
1.5

 
4.6

 
Income tax expense (benefit)
Net of tax
(3.0
)
 
(7.3
)
 
 
Cash flow hedges:
 
 
 
 
 
Interest rate swap contracts
—

 
3.1

 
Interest expense
Interest rate swap contracts – loss due to discontinuance of hedge accounting
—

 
7.5

 
Other (expense) income, net
Tax benefit
—

 
(3.9
)
 
Income tax expense (benefit)
Net of tax
—

 
6.7

 
 
Total reclassifications for the period
$
(3.0
)
 
$
(0.6
)
 
 
 
 
 
 
 
 
 
(1)
Amounts in parentheses indicate credits to net income in the consolidated statement of operations.
Property, plant and equipment, net (Tables)
Summary of Property, Plant and Equipment, Net 
Property, plant and equipment, net consisted of the following:
 
December 31,
(in millions)
2016
 
2015
Land and buildings
$
781.1

 
$
778.0

Tank farms
272.5

 
239.9

Machinery, equipment and other
747.6

 
716.1

Less: Accumulated depreciation
(811.5
)
 
(723.5
)
Subtotal
989.7

 
1,010.5

Work in progress
29.8

 
72.0

Property, plant and equipment, net(1)
$
1,019.5

 
$
1,082.5

 
 
 
 
(1)
As of December 31, 2016, property, plant and equipment amounts are net of impairment losses of $16.5 million. Refer to "Note 13: Impairment charges" for further information.
Summary of Cost and Accumulated Depreciation Related to Capital Lease Assets 
Included within property, plant and equipment, net are assets related to capital leases where the Company is the lessee. The below table summarizes the cost and accumulated depreciation related to these assets:
 
December 31,
(in millions)
2016
 
2015
Capital lease assets, at cost
$
76.5

 
$
63.5

Less: accumulated depreciation
(14.5
)
 
(7.5
)
Capital lease assets, net
$
62.0

 
$
56.0

Goodwill and intangible assets (Tables)
Summary of Activity in Goodwill by Segment 
The following is a summary of the activity in goodwill by segment.
(in millions)
USA
 
Canada
 
EMEA
 
Rest of
World
 
Total
Balance, January 1, 2015
$
1,254.0

 
$
488.7

 
$
—

 
$
24.9

 
$
1,767.6

Additions
52.1

 
10.9

 
2.2

 
—

 
65.2

Purchase price adjustments
—

 
—

 
—

 
(0.6
)
 
(0.6
)
Foreign exchange
—

 
(78.9
)
 
(0.1
)
 
(8.1
)
 
(87.1
)
Balance, December 31, 2015
1,306.1

 
420.7

 
2.1

 
16.2

 
1,745.1

Additions
17.7

 
5.2

 
—

 
—

 
22.9

Purchase price adjustments
1.4

 
—

 
(0.9
)
 
—

 
0.5

Foreign exchange
—

 
12.5

 
(0.1
)
 
3.5

 
15.9

Balance, December 31, 2016
$
1,325.2

 
$
438.4

 
$
1.1

 
$
19.7

 
$
1,784.4

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:
 
December 31, 2016
 
December 31, 2015
(in millions)
Gross
 
Accumulated
amortization
 
Net
 
Gross
 
Accumulated
amortization
 
Net
Intangible assets (subject to amortization):
 
 
 
 
 
 
 
 
 
 
 
Customer relationships(1)
$
826.2

 
$
(514.3
)
 
$
311.9

 
$
930.1

 
$
(446.6
)
 
$
483.5

Other(2)
178.2

 
(150.9
)
 
27.3

 
170.5

 
(135.1
)
 
35.4

Total intangible assets
$
1,004.4

 
$
(665.2
)
 
$
339.2

 
$
1,100.6

 
$
(581.7
)
 
$
518.9

 
 
 
 
 
 
 
 
 
 
 
 
(1)
Net of impairment losses of $110.2 million recorded during the year ended December 31, 2016. Refer to "Note 13: Impairment charges" for further information.
(2)
Net of impairment losses of $3.5 million recorded during the year ended December 31, 2016. Refer to "Note 13: Impairment charges" for further information.
Summary of Estimated Annual Amortization Expense 
The estimated annual amortization expense in each of the next five years is as follows:
(in millions)
 
2017
$
56.4

2018
49.3

2019
44.2

2020
40.2

2021
31.9

Debt (Tables)
Summary of Short Term Financing 
Short-term financing consisted of the following:
 
December 31,
(in millions)
2016
 
2015
Amounts drawn under credit facilities
$
12.1

 
$
13.4

Bank overdrafts
13.2

 
20.1

Total
$
25.3

 
$
33.5

Schedule of Long Term Debt 
Long-term debt consisted of the following:
 
December 31,
(in millions)
2016
 
2015
Senior Term Loan Facilities:
 
 
 
Term B Loan due 2022, variable interest rate of 4.25% at December 31, 2016 and December 31, 2015
$
2,024.4

 
$
2,044.9

Euro Tranche Term Loan due 2022, variable interest rate of 4.25% at December 31, 2016 and December 31, 2015
259.9

 
270.8

Asset Backed Loan (ABL) Facilities:
 
 
 
North American ABL Facility due 2020, variable interest rate of 4.25% and 2.13% at December 31, 2016 and December 31, 2015, respectively
152.0

 
278.0

North American ABL Term Loan due 2018, variable interest rate of 3.75% and 3.36% at December 31, 2016 and December 31, 2015, respectively
83.3

 
100.0

Senior Unsecured Notes:
 
 
 
Senior Unsecured Notes due 2023, fixed interest rate of 6.75% at December 31, 2016 and December 31, 2015
399.5

 
400.0

Capital lease obligations
63.4

 
57.3

Total long-term debt before discount
2,982.5

 
3,151.0

Less: unamortized debt issuance costs and discount on debt
(28.5
)
 
(33.7
)
Total long-term debt
2,954.0

 
3,117.3

Less: current maturities
(109.0
)
 
(59.9
)
Total long-term debt, excluding current maturities
$
2,845.0

 
$
3,057.4

Future Contractual Maturities of Long-term Debt Including Capital Lease Obligations 
As of December 31, 2016, future contractual maturities of long-term debt including capital lease obligations are as follows:
(in millions)
 
2017
$
109.0

2018
51.2

2019
33.0

2020
182.9

2021
30.5

Thereafter
2,575.9

Total
$
2,982.5

Summary of Assets Pledged Under North American ABL Facility, North American ABL Term Loan, Senior Term Loan Facilities and Euro ABL 
Assets pledged under the North American ABL Facility, North American ABL Term Loan, Senior Term Loan Facilities and the Euro ABL are as follows:
 
December 31,
(in millions)
2016
 
2015
Cash
$
237.4

 
$
68.1

Trade accounts receivable, net
790.6

 
857.8

Inventories
655.5

 
691.9

Prepaids and other current assets
128.2

 
105.0

Property, plant and equipment, net
856.4

 
894.6

Total
$
2,668.1

 
$
2,617.4

Fair value measurements (Tables)
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis 
The following table presents the Company’s assets and liabilities measured on a recurring basis on a gross basis:
 
Level 2
 
Level 3
 
December 31,
 
December 31,
(in millions)
2016
 
2015
 
2016
 
2015
Financial current assets:
 
 
 
 
 
 
 
Forward currency contracts
$
0.5

 
$
0.2

 
$
—

 
$
—

Financial noncurrent assets:
 
 
 
 
 
 
 
Interest rate swap contracts
9.8

 
—

 
—

 
—

Financial current liabilities:
 
 
 
 
 
 
 
Forward currency contracts
0.3

 
0.2

 
—

 
—

Interest rate swap contracts
5.6

 
5.3

 
—

 
—

Contingent consideration
—

 
—

 
1.6

 
—

Financial noncurrent liabilities:
 
 
 
 
 
 
 
Interest rate swap contracts
—

 
0.5

 
—

 
—

Contingent consideration
—

 
—

 
5.9

 
8.7

Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3) 
The following table is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which are contingent consideration liabilities (i.e. earn-outs) related to prior acquisitions. Refer to “Note 18: Business Combinations” for further information discussing the business acquisitions resulting in contingent consideration liabilities, the terms of the earn-outs, the unobservable inputs factored into the fair value determination and the estimated impact on the consolidated financial statements related to changes in the unobservable inputs.
(in millions)
2016
 
2015
Fair value as of January 1
$
8.7

 
$
—

Additions
—

 
8.8

Fair value adjustments
(0.7
)
 
—

Foreign currency
(0.1
)
 
(0.1
)
Payments
(0.4
)
 
—

Fair value as of December 31
$
7.5

 
$
8.7

Estimated Fair Value of Financial Instruments Not Carried at Fair Value 
The estimated fair value of financial instruments not carried at fair value in the consolidated balance sheets were as follows:
 
December 31, 2016
 
December 31, 2015
(in millions)
Carrying
amount
 
Fair
value
 
Carrying
amount
 
Fair
value
Financial liabilities:
 
 
 
 
 
 
 
Long-term debt including current portion (Level 2)
$
2,954.0

 
$
3,019.1

 
$
3,117.3

 
$
3,056.5

Business combinations (Tables)
Summary of Purchase Price Allocation for Acquisition 
As of December 31, 2015, the purchase price allocation for the acquisitions is as follows:
(in millions)
WEG
 
Other
 
Total
Purchase price:
 
 
 
 
 
Cash consideration
$
66.5

 
$
95.0

 
$
161.5

Contingent consideration
3.0

 
5.8

 
8.8

Other liability consideration
—

 
0.8

 
0.8

 
69.5

 
101.6

 
171.1

Allocation:
 
 
 
 
 
Cash and cash equivalents
1.1

 
7.0

 
8.1

Trade accounts receivable, net
7.7

 
12.1

 
19.8

Inventories
0.5

 
6.3

 
6.8

Prepaid expenses and other current assets
0.4

 
1.4

 
1.8

Property, plant and equipment, net
13.3

 
14.1

 
27.4

Goodwill
23.4

 
41.8

 
65.2

Definite-lived intangible assets
25.1

 
31.1

 
56.2

Deferred tax assets, net
—

 
0.2

 
0.2

Trade accounts payable
(1.5
)
 
(7.6
)
 
(9.1
)
Other accrued expenses
(0.5
)
 
(1.7
)
 
(2.2
)
Deferred tax liabilities
—

 
(3.1
)
 
(3.1
)
 
$
69.5

 
$
101.6

 
$
171.1

Summary of Acquired Intangible Assets Subject to Amortization 
The intangible assets subject to amortization recognized consisted of the following:
(in millions)
Fair value
 
Weighted average amortization
period in years
WEG
 
 
 
Customer relationships
$
24.2

 
12.0
Other
0.9

 
3.0
Other acquisitions
 
 
 
Customer relationships
17.8

 
10.2
Other
13.3

 
8.9
Total
$
56.2

 
 
Summary of Proforma Results 
The following table presents summarized pro forma results of the Company and the acquired entities had the acquisition dates of all 2015 business combinations been January 1, 2014:
(in millions, except per share data)
2015
 
2014
Net sales
$
9,078.3

 
$
10,524.4

Net income (loss)
23.6

 
(7.7
)
Income (loss) per common share – diluted
$
0.20

 
$
(0.08
)
Commitments and contingencies (Tables)
Summary of Minimum Rental Commitments under Non-cancelable Operating Leases and Capital Lease Obligations 
As of December 31, 2016, minimum rental commitments under non-cancelable operating leases with lease terms in excess of one year are as follows:
 
(in millions)
Minimum rental
commitments
2017
$
56.9

2018
44.0

2019
40.0

2020
31.5

2021
24.1

Thereafter
49.6

Total
$
246.1

Changes in Total Environmental Liabilities 
Changes in total environmental liabilities are as follows:
(in millions)
2016
 
2015
Environmental liabilities at January 1
$
113.2

 
$
120.3

Revised obligation estimates
5.5

 
11.3

Environmental payments
(22.5
)
 
(17.8
)
Foreign exchange
(0.4
)
 
(0.6
)
Environmental liabilities at December 31
$
95.8

 
$
113.2

Schedule of Expected Payments for Environmental Remediation 
Based on current estimates, the expected payments for environmental remediation for the next five years and thereafter at December 31, 2016 are as follows, with projects for which timing is uncertain included in the 2017 estimated amount of $12.9 million:
(in millions)
 
2017
$
30.2

2018
15.2

2019
10.3

2020
7.9

2021
7.6

Thereafter
30.2

Total
$
101.4

Related party transactions (Tables)
Summary of Sales and Purchases with Related Parties 
The following table summarizes the Company’s sales and purchases with related parties within the ordinary course of business:
 
Year ended December 31,
(in millions)
2016
 
2015
 
2014
CVC(1):
 
 
 
 
 
Sales to affiliate companies
$
0.5

 
$
1.9

 
$
9.1

Purchases from affiliate companies
—

 
8.8

 
10.2

CD&R:
 
 
 
 
 
Sales to affiliate companies
7.7

 
29.7

 
20.9

Purchases from affiliate companies
16.5

 
19.9

 
21.6

Temasek:
 
 
 
 
 
Sales to affiliate companies
14.4

 
19.8

 
—

Purchases from affiliate companies
10.1

 
0.1

 
—

 
 
 
 
 
 
(1)
Sales and purchases related information for CVC is disclosed until August 31, 2016.
Summary of Receivables Due from and Payables Due to Related Parties 
The following table summarizes the Company’s receivables due from and payables due to related parties:
 
December 31,
(in millions)
2016
 
2015
Due from affiliates
$
2.3

 
$
4.1

Due to affiliates
2.1

 
6.6

Segments (Tables)
Company's Segment Information
Financial information for the Company’s segments is as follows:
(in millions)
USA
 
Canada
 
EMEA
 
Rest of
World
 
Other/
Eliminations
 
Consolidated
Year ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
External customers
$
4,706.7

 
$
1,261.0

 
$
1,704.2

 
$
401.8

 
$
—

 
$
8,073.7

Inter-segment
104.4

 
8.3

 
4.5

 
—

 
(117.2
)
 
—

Total net sales
4,811.1

 
1,269.3

 
1,708.7

 
401.8

 
(117.2
)
 
8,073.7

Cost of goods sold (exclusive of depreciation)
3,769.7

 
1,047.4

 
1,324.6

 
322.1

 
(117.2
)
 
6,346.6

Gross profit
1,041.4

 
221.9

 
384.1

 
79.7

 
—

 
1,727.1

Outbound freight and handling
191.5

 
34.1

 
54.9

 
6.1

 
—

 
286.6

Warehousing, selling and administrative
517.5

 
83.8

 
210.5

 
46.8

 
19.2

 
877.8

Adjusted EBITDA
$
332.4

 
$
104.0

 
$
118.7

 
$
26.8

 
$
(19.2
)
 
$
562.7

Other operating expenses, net
 
 
 
 
 
 
 
 
 
 
104.5

Depreciation
 
 
 
 
 
 
 
 
 
 
152.3

Amortization
 
 
 
 
 
 
 
 
 
 
85.6

Impairment charges
 
 
 
 
 
 
 
 
 
 
133.9

Interest expense, net
 
 
 
 
 
 
 
 
 
 
159.9

Other expense, net
 
 
 
 
 
 
 
 
 
 
6.1

Income tax benefit
 
 
 
 
 
 
 
 
 
 
(11.2
)
Net loss
 
 
 
 
 
 
 
 
 
 
$
(68.4
)
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
3,676.8

 
$
1,856.2

 
$
857.4

 
$
211.3

 
$
(1,211.8
)
 
$
5,389.9

Property, plant and equipment, net
671.1

 
148.3

 
144.8

 
18.2

 
37.1

 
1,019.5

Capital expenditures
56.5

 
17.4

 
12.2

 
2.8

 
1.2

 
90.1


(in millions)
USA
 
Canada
 
EMEA
 
Rest of
World
 
Other/
Eliminations
 
Consolidated
Year ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
External customers
$
5,351.5

 
$
1,376.6

 
$
1,780.1

 
$
473.6

 
$
—

 
$
8,981.8

Inter-segment
112.7

 
8.6

 
4.0

 
0.1

 
(125.4
)
 
—

Total net sales
5,464.2

 
1,385.2

 
1,784.1

 
473.7

 
(125.4
)
 
8,981.8

Cost of goods sold (exclusive of depreciation)
4,365.9

 
1,161.0

 
1,398.6

 
382.6

 
(125.4
)
 
7,182.7

Gross profit
1,098.3

 
224.2

 
385.5

 
91.1

 
—

 
1,799.1

Outbound freight and handling
216.9

 
39.3

 
59.6

 
8.8

 
—

 
324.6

Warehousing, selling and administrative
492.6

 
87.8

 
226.0

 
54.1

 
13.9

 
874.4

Adjusted EBITDA
$
388.8

 
$
97.1

 
$
99.9

 
$
28.2

 
$
(13.9
)
 
$
600.1

Other operating expenses, net
 
 
 
 
 
 
 
 
 
 
106.1

Depreciation
 
 
 
 
 
 
 
 
 
 
136.5

Amortization
 
 
 
 
 
 
 
 
 
 
88.5

Interest expense, net
 
 
 
 
 
 
 
 
 
 
207.0

Loss on extinguishment of debt
 
 
 
 
 
 
 
 
 
 
12.1

Other expense, net
 
 
 
 
 
 
 
 
 
 
23.2

Income tax expense
 
 
 
 
 
 
 
 
 
 
10.2

Net income
 
 
 
 
 
 
 
 
 
 
$
16.5

 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
3,962.0

 
$
1,709.7

 
$
947.2

 
$
233.6

 
$
(1,240.1
)
 
$
5,612.4

Property, plant and equipment, net
714.9

 
133.3

 
167.7

 
20.3

 
46.3

 
1,082.5

Capital expenditures
106.8

 
16.1

 
17.2

 
3.4

 
1.5

 
145.0

(in millions)
USA
 
Canada
 
EMEA
 
Rest of
World
 
Other/
Eliminations
 
Consolidated
Year ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
External customers
$
6,081.4

 
$
1,512.1

 
$
2,230.1

 
$
550.3

 
$
—

 
$
10,373.9

Inter-segment
121.8

 
10.0

 
4.5

 
—

 
(136.3
)
 
—

Total net sales
6,203.2

 
1,522.1

 
2,234.6

 
550.3

 
(136.3
)
 
10,373.9

Cost of goods sold (exclusive of depreciation)
5,041.0

 
1,271.5

 
1,797.9

 
469.1

 
(136.3
)
 
8,443.2

Gross profit
1,162.2

 
250.6

 
436.7

 
81.2

 
—

 
1,930.7

Outbound freight and handling
233.3

 
46.4

 
75.5

 
10.3

 
—

 
365.5

Warehousing, selling and administrative
490.9

 
97.4

 
276.2

 
53.3

 
5.7

 
923.5

Adjusted EBITDA
$
438.0

 
$
106.8

 
$
85.0

 
$
17.6

 
$
(5.7
)
 
$
641.7

Other operating expenses, net
 
 
 
 
 
 
 
 
 
 
197.1

Depreciation
 
 
 
 
 
 
 
 
 
 
133.5

Amortization
 
 
 
 
 
 
 
 
 
 
96.0

Impairment charges
 
 
 
 
 
 
 
 
 
 
0.3

Interest expense, net
 
 
 
 
 
 
 
 
 
 
250.6

Loss on extinguishment of debt
 
 
 
 
 
 
 
 
 
 
1.2

Other income, net
 
 
 
 
 
 
 
 
 
 
(1.1
)
Income tax benefit
 
 
 
 
 
 
 
 
 
 
(15.8
)
Net loss
 
 
 
 
 
 
 
 
 
 
$
(20.1
)
 
 
 
 
 
 
 
 
 
 
 
 
Total assets (as adjusted*)
$
4,130.4

 
$
1,986.5

 
$
1,059.2

 
$
310.8

 
$
(1,419.2
)
 
$
6,067.7

Property, plant and equipment, net
621.6

 
135.8

 
189.4

 
25.1

 
60.4

 
1,032.3

Capital expenditures
73.1

 
9.3

 
24.9

 
5.1

 
1.5

 
113.9

 
 
 
 
 
 
 
 
 
 
 
 
*
Adjusted due to the adoption of ASU 2015-03 and ASU 2015-15.
Quarterly financial information (unaudited) (Tables)
Schedule of Unaudited Quarterly Results
Unaudited quarterly results for the year ended December 31, 2016 are as follows:
(in millions, except per share data)
March 31
 
June 30
 
September 301
 
December 312
Net sales
$
1,999.0

 
$
2,262.5

 
$
1,999.7

 
$
1,812.5

Gross profit
430.3

 
445.4

 
438.1

 
413.3

Net income (loss)
14.0

 
39.8

 
(63.0
)
 
(59.2
)
Income (loss) per share:
 
 
 
 
 
 
 
Basic and diluted
$
0.10

 
$
0.29

 
$
(0.46
)
 
$
(0.43
)
Shares used in computation of income (loss) per share:
 
 
 
 
 
 
 
Basic
137.6

 
137.6

 
137.7

 
138.1

Diluted.
137.8

 
138.1

 
137.7

 
138.1

 
 
 
 
 
 
 
 
(1)
Included in the third quarter of 2016 was an impairment charge of $133.9 million. Refer to “Note 13: Impairment charges” for further information.
(2)
Included in the fourth quarter of 2016 was a loss of $68.6 million relating to the annual mark to market adjustment on the defined benefit pension and postretirement plans. Refer to “Note 8: Employee benefit plans” for further information.
Unaudited quarterly results for the year ended December 31, 2015 are as follows:
(in millions, except share and per share data)
March 31
 
June 301
 
September 302
 
December 313
Net sales
$
2,299.1

 
$
2,510.1

 
$
2,206.3

 
$
1,966.3

Gross profit
461.6

 
467.2

 
450.5

 
419.8

Net income (loss)
19.7

 
(12.4
)
 
12.1

 
(2.9
)
Income (loss) per share:
 
 
 
 
 
 
 
Basic and diluted
$
0.19

 
$
(0.12
)
 
$
0.09

 
$
(0.02
)
Shares used in computation of income (loss) per share:
 
 
 
 
 
 
 
Basic
99.9

 
102.8

 
137.6

 
137.6

Diluted
100.4

 
102.8

 
138.4

 
137.6

 
 
 
 
 
 
 
 
 
(1)
Included in the second quarter of 2015 was a contract termination fee of $26.2 million related to terminating consulting agreements between the Company and CVC and CD&R as a result of the IPO. In addition, there was a loss on extinguishment of debt of $7.3 million related to the write-off of unamortized debt issuance costs and debt discount related to the Company paying the remaining principal balance related to the Senior Subordinated Notes. Refer to “Note 15: Debt” for further information. Also, there was a loss due to discontinuance of cash flow hedges of $7.5 million related to the interest rate swap contracts. Refer to “Note 17: Derivatives” for further information.
(2)
Included in the third quarter of 2015 was a loss on extinguishment of $4.8 million and debt refinancing expenses of $16.5 million related to the July 2015 debt refinancing transactions. Refer to “Note 15: Debt” for further information.
(3)
Included in the fourth quarter of 2015 was a loss of $21.1 million relating to the annual mark to market adjustment on the defined benefit pension and postretirement plans. Refer to “Note 8: Employee benefit plans” for further information.
Nature of operations (Detail) (USD $)
0 Months Ended 12 Months Ended
Jun. 23, 2015
Dec. 31, 2016
segment
Dec. 31, 2015
Subsidiary, Sale of Stock [Line Items]
 
 
 
Common stock, shares issued (in shares)
 
139,800,000 
138,000,000 
Common stock issued, value
 
$ 1,400,000 
$ 1,400,000 
Net proceeds received from IPO
760,000,000 
 
 
Payment for initial public offering expenses
30,000,000 
 
 
Number of operating segments
 
4 
 
IPO [Member]
 
 
 
Subsidiary, Sale of Stock [Line Items]
 
 
 
Common stock, shares issued (in shares)
20,000,000.0 
 
 
Public offering price per share (usd per share)
$ 22.00 
 
 
Private Placement [Member]
 
 
 
Subsidiary, Sale of Stock [Line Items]
 
 
 
Common stock, shares issued (in shares)
17,600,000.0 
 
 
Common stock issued, value
350,000,000 
 
 
Secondary Offering [Member]
 
 
 
Subsidiary, Sale of Stock [Line Items]
 
 
 
Net proceeds received from IPO
$ 0 
 
 
Common stock, shares issued (in shares)
25,300,000.0 
 
 
Significant accounting policies - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
 
 
 
Foreign currency losses related to intercompany borrowings
$ 34.8 
$ 11.2 
$ 7.1 
Allowance for doubtful accounts
13.4 
14.4 
 
Lower of cost or market adjustments
$ 6.6 
$ 0.8 
$ 0.8 
Minimum [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Finite lived intangible assets, useful lives
2 years 
 
 
Maximum [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Finite lived intangible assets, useful lives
20 years 
 
 
Significant accounting policies - Summary of Estimated Useful Lives of Plant, Property and Equipment (Detail)
12 Months Ended
Dec. 31, 2016
Minimum [Member] |
Buildings [Member]
 
Property, Plant and Equipment [Line Items]
 
Estimated useful lives of assets
P10Y 
Minimum [Member] |
Main Components of Tank Farms [Member]
 
Property, Plant and Equipment [Line Items]
 
Estimated useful lives of assets
P5Y 
Minimum [Member] |
Containers [Member]
 
Property, Plant and Equipment [Line Items]
 
Estimated useful lives of assets
P2Y 
Minimum [Member] |
Machinery and Equipment [Member]
 
Property, Plant and Equipment [Line Items]
 
Estimated useful lives of assets
P5Y 
Minimum [Member] |
Furniture, Fixtures and Others [Member]
 
Property, Plant and Equipment [Line Items]
 
Estimated useful lives of assets
P5Y 
Minimum [Member] |
Information Technology [Member]
 
Property, Plant and Equipment [Line Items]
 
Estimated useful lives of assets
P3Y 
Maximum [Member] |
Buildings [Member]
 
Property, Plant and Equipment [Line Items]
 
Estimated useful lives of assets
P50Y 
Maximum [Member] |
Main Components of Tank Farms [Member]
 
Property, Plant and Equipment [Line Items]
 
Estimated useful lives of assets
P40Y 
Maximum [Member] |
Containers [Member]
 
Property, Plant and Equipment [Line Items]
 
Estimated useful lives of assets
P15Y 
Maximum [Member] |
Machinery and Equipment [Member]
 
Property, Plant and Equipment [Line Items]
 
Estimated useful lives of assets
P20Y 
Maximum [Member] |
Furniture, Fixtures and Others [Member]
 
Property, Plant and Equipment [Line Items]
 
Estimated useful lives of assets
P20Y 
Maximum [Member] |
Information Technology [Member]
 
Property, Plant and Equipment [Line Items]
 
Estimated useful lives of assets
P10Y 
Earnings per share (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Basic:
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income
$ (59.2)
$ (63.0)
$ 39.8 
$ 14.0 
$ (2.9)
$ 12.1 
$ (12.4)
$ 19.7 
$ (68.4)
$ 16.5 
$ (20.1)
Weighted average common shares outstanding (in shares)
138.1 
137.7 
137.6 
137.6 
137.6 
137.6 
102.8 
99.9 
137.8 
119.6 
99.7 
Basic (loss) income per common share (usd per share)
 
 
 
 
 
 
 
 
$ (0.50)
$ 0.14 
$ (0.20)
Diluted:
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income
$ (59.2)
$ (63.0)
$ 39.8 
$ 14.0 
$ (2.9)
$ 12.1 
$ (12.4)
$ 19.7 
$ (68.4)
$ 16.5 
$ (20.1)
Weighted average common shares outstanding (in shares)
138.1 
137.7 
137.6 
137.6 
137.6 
137.6 
102.8 
99.9 
137.8 
119.6 
99.7 
Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
Effect of dilutive securities: Stock compensation plans
 
 
 
 
 
 
 
 
0 
0.5 
0 
Weighted average common shares outstanding - diluted (in shares)
138.1 
137.7 
 
137.8 
137.6 
138.4 
102.8 
100.4 
137.8 
120.1 
99.7 
Diluted (loss) income per common share (usd per share)
 
 
 
 
 
 
 
 
$ (0.50)
$ 0.14 
$ (0.20)
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
 
 
 
 
 
 
 
 
3.3 
2.0 
5.0 
Employee Stock Option [Member] |
Restricted 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
 
 
 
 
 
 
 
 
0 
0 
0.4 
Other operating expenses, net (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Jun. 30, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Other Income and Expenses [Abstract]
 
 
 
 
 
 
Pension mark to market loss
$ 68.6 
$ 21.1 
 
$ 68.6 
$ 21.1 
$ 117.8 
Pension curtailment and settlement gains
 
 
 
(1.3)
(4.0)
0 
Acquisition and integration related expenses
 
 
 
5.5 
7.1 
3.7 
Stock-based compensation expense
 
 
 
10.4 
7.5 
12.1 
Restructuring charges
 
 
 
8.0 
33.8 
46.2 
Advisory fees to CVC and CD&R
 
 
 
0 
2.8 
5.9 
Contract termination fee to CVC and CD&R
 
 
26.2 
0 
26.2 
0 
Other
 
 
 
13.3 
11.6 
11.4 
Total other operating expenses, net
 
 
 
$ 104.5 
$ 106.1 
$ 197.1 
Restructuring charges - Schedule of Cost Information Related to Restructuring Plans That Have Not Been Completed (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
$ 89.6 
 
Incurred to date costs
86.4 
79.9 
Employee Termination Costs [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
53.8 
 
Incurred to date costs
53.8 
53.4 
Facility Exit Costs [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
26.5 
 
Incurred to date costs
23.3 
17.3 
Other Exit Costs [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
9.3 
 
Incurred to date costs
9.3 
9.2 
Operating Segments [Member] |
USA [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
41.3 
 
Incurred to date costs
38.1 
32.1 
Operating Segments [Member] |
Canada [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
5.2 
 
Incurred to date costs
5.2 
4.1 
Operating Segments [Member] |
EMEA [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
31.9 
 
Incurred to date costs
31.9 
35.4 
Operating Segments [Member] |
Rest Of World [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
4.6 
 
Incurred to date costs
4.6 
2.2 
Operating Segments [Member] |
Employee Termination Costs [Member] |
USA [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
16.8 
 
Incurred to date costs
16.8 
16.4 
Operating Segments [Member] |
Employee Termination Costs [Member] |
Canada [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
5.2 
 
Incurred to date costs
5.2 
4.1 
Operating Segments [Member] |
Employee Termination Costs [Member] |
EMEA [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
21.6 
 
Incurred to date costs
21.6 
25.6 
Operating Segments [Member] |
Employee Termination Costs [Member] |
Rest Of World [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
4.4 
 
Incurred to date costs
4.4 
2.0 
Operating Segments [Member] |
Facility Exit Costs [Member] |
USA [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
22.8 
 
Incurred to date costs
19.6 
14.0 
Operating Segments [Member] |
Facility Exit Costs [Member] |
Canada [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
0 
 
Incurred to date costs
0 
0 
Operating Segments [Member] |
Facility Exit Costs [Member] |
EMEA [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
3.5 
 
Incurred to date costs
3.5 
3.1 
Operating Segments [Member] |
Facility Exit Costs [Member] |
Rest Of World [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
0.2 
 
Incurred to date costs
0.2 
0.2 
Operating Segments [Member] |
Other Exit Costs [Member] |
USA [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
1.7 
 
Incurred to date costs
1.7 
1.7 
Operating Segments [Member] |
Other Exit Costs [Member] |
Canada [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
0 
 
Incurred to date costs
0 
0 
Operating Segments [Member] |
Other Exit Costs [Member] |
EMEA [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
6.8 
 
Incurred to date costs
6.8 
6.7 
Operating Segments [Member] |
Other Exit Costs [Member] |
Rest Of World [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
0 
 
Incurred to date costs
0 
0 
Other [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
6.6 
 
Incurred to date costs
6.6 
6.1 
Other [Member] |
Employee Termination Costs [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
5.8 
 
Incurred to date costs
5.8 
5.3 
Other [Member] |
Facility Exit Costs [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Anticipated total costs
0 
 
Incurred to date costs
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, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Restructuring Reserve [Roll Forward]
 
 
Beginning balance
$ 46.6 
$ 48.5 
Charge to earnings
6.5 
33.7 
Cash paid
(33.0)
(33.3)
Non-cash and other
0 
(2.3)
Ending balance
20.1 
46.6 
Employee Termination Costs [Member]
 
 
Restructuring Reserve [Roll Forward]
 
 
Beginning balance
31.0 
27.8 
Charge to earnings
0.4 
28.3 
Cash paid
(24.5)
(22.9)
Non-cash and other
0 
(2.2)
Ending balance
6.9 
31.0 
Facility Exit Costs [Member]
 
 
Restructuring Reserve [Roll Forward]
 
 
Beginning balance
15.5 
20.4 
Charge to earnings
6.0 
2.4 
Cash paid
(8.3)
(7.2)
Non-cash and other
0 
(0.1)
Ending balance
13.2 
15.5 
Other Exit Costs [Member]
 
 
Restructuring Reserve [Roll Forward]
 
 
Beginning balance
0.1 
0.3 
Charge to earnings
0.1 
3.0 
Cash paid
(0.2)
(3.2)
Non-cash and other
0 
0 
Ending balance
$ 0 
$ 0.1 
Restructuring charges - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Restructuring and Related Activities [Abstract]
 
 
Restructuring liabilities, current
$ 10.1 
$ 34.5 
Restructuring liabilities, non-current
$ 10.0 
$ 12.1 
Facility exit costs payment period
5 years 
 
Other (expense) income, net (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2015
Jun. 30, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Other Income and Expenses [Abstract]
 
 
 
 
 
Foreign currency transactions
 
 
$ (0.6)
$ (0.8)
$ (0.6)
Foreign currency denominated loans revaluation
 
 
(13.7)
8.9 
8.3 
Undesignated foreign currency derivative instruments
 
 
(1.8)
(4.8)
(3.9)
Undesignated interest rate swap contracts
 
 
10.1 
2.0 
0 
Ineffective portion of cash flow hedges
 
 
0 
(0.4)
0.2 
Loss due to discontinuance of cash flow hedges
 
(7.5)
0 
(7.5)
0 
Debt refinancing costs
(16.5)
 
0 
(16.5)
0 
Other
 
 
(0.1)
(4.1)
(2.9)
Total other (expense) income, net
 
 
$ (6.1)
$ (23.2)
$ 1.1 
Income taxes - Summary of Income (Loss) Before Income Taxes (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
 
United States
$ (131.3)
$ (13.0)
$ (6.4)
Foreign
51.7 
39.7 
(29.5)
(Loss) income before income taxes
$ (79.6)
$ 26.7 
$ (35.9)
Income taxes - Summary of Expense (Benefit) for Income Taxes (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Current:
 
 
 
Federal
$ (0.1)
$ 0.6 
$ (18.6)
State
0.1 
2.5 
5.4 
Foreign
20.4 
14.5 
17.0 
Total current
20.4 
17.6 
3.8 
Deferred:
 
 
 
Federal
(15.1)
(12.3)
(11.3)
State
(3.0)
1.7 
(1.0)
Foreign
(13.5)
3.2 
(7.3)
Total deferred
(31.6)
(7.4)
(19.6)
Total income tax expense (benefit)
$ (11.2)
$ 10.2 
$ (15.8)
Income taxes - Reconciliation Between Statutory Tax Rate and Effective Tax Rate (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
 
US federal statutory income tax expense (benefit) applied to income (loss) before income taxes
$ (27.8)
$ 9.3 
$ (12.6)
State income taxes, net of federal benefit
(2.9)
3.3 
1.8 
Foreign tax rate differential
(5.8)
(6.5)
(4.2)
Non-taxable interest income
(10.8)
(14.1)
(13.8)
Valuation allowance release on expired or utilized tax attributes
(24.7)
(9.0)
(0.2)
Expiration of tax attributes
4.4 
8.1 
0.2 
Foreign losses not benefited
8.0 
7.5 
21.7 
Effect of flow-through entities
(9.0)
4.2 
3.6 
Non-deductible stock-based compensation
1.7 
3.5 
0.3 
Non-deductible expense
3.4 
3.5 
2.9 
Recognition of previously uncertain tax benefits
(1.4)
(2.5)
(18.4)
Adjustment to prior year tax due to changes in estimates
0.3 
1.6 
0.2 
Change in statutory income tax rates
2.7 
1.1 
0.4 
Deemed dividends from foreign subsidiaries
1.4 
0.6 
0.4 
Non-deductible interest expense
2.6 
0.5 
1.1 
Withholding and other taxes based on income
0.5 
0.5 
0.9 
Foreign exchange rate remeasurement
(1.0)
(0.4)
0.7 
Revaluation due to Section 987 tax law change
45.0 
0 
0 
Other
2.2 
(1.0)
(0.8)
Total income tax expense (benefit)
$ (11.2)
$ 10.2 
$ (15.8)
Income taxes - Consolidated Deferred Tax Assets and Liabilities (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Deferred tax assets:
 
 
 
Net operating loss carryforwards
$ 124.1 
$ 122.1 
 
Environmental reserves
40.2 
46.4 
 
Interest
93.8 
95.1 
 
Tax credit and capital loss carryforwards
4.5 
10.1 
 
Pension
105.4 
95.9 
 
Flow-through entities
15.6 
39.4 
 
Stock options
11.4 
11.7 
 
Inventory
8.7 
5.0 
 
Other temporary differences
17.8 
33.8 
 
Gross deferred tax assets
421.5 
459.5 
 
Valuation allowance
(167.9)
(193.0)
(204.1)
Deferred tax assets, net of valuation allowance
253.6 
266.5 
 
Deferred tax liabilities:
 
 
 
Property, plant and equipment, net
(165.2)
(179.0)
 
Intangible assets
(85.3)
(138.1)
 
Other temporary differences
(2.1)
(3.9)
 
Deferred tax liabilities
(252.6)
(321.0)
 
Net deferred tax asset
1.0 
 
 
Net deferred tax asset liability
 
$ (54.5)
 
Income taxes - Schedule of Changes in Valuation Allowance (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Deferred Tax Asset Valuation Allowance [Roll Forward]
 
 
Beginning balance
$ 193.0 
$ 204.1 
Increase related to current foreign net operating losses
5.3 
9.2 
Decrease related to utilization of net operating loss carryforwards
(20.6)
(2.5)
Decrease related to expiration of tax attributes
(4.5)
(7.6)
Foreign currency
(4.6)
(9.8)
Decrease related to other items
(0.7)
(0.4)
Ending balance
$ 167.9 
$ 193.0 
Income taxes - Additional Information (Detail)
12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Aug. 31, 2014
Canada Revenue Agency [Member]
CAD ($)
Dec. 31, 2016
Canada Revenue Agency [Member]
CAD ($)
Sep. 30, 2014
Canada Revenue Agency [Member]
CAD ($)
Apr. 30, 2015
Canada Revenue Agency [Member]
2008 Notice of Reassessments [Member]
CAD ($)
Sep. 30, 2014
Canada Revenue Agency [Member]
2008 Notice of Reassessments [Member]
CAD ($)
Apr. 30, 2015
Canada Revenue Agency [Member]
2009 Notice of Reassessments [Member]
CAD ($)
Sep. 30, 2014
Canada Revenue Agency [Member]
2009 Notice of Reassessments [Member]
CAD ($)
Dec. 31, 2016
Canada Revenue Agency [Member]
Foreign Tax Authority [Member]
CAD ($)
Dec. 31, 2016
Tax Year 2007 [Member]
Canada Revenue Agency [Member]
CAD ($)
Dec. 31, 2016
Tax Year Between 2016 - 2021 [Member]
USD ($)
Dec. 31, 2016
Tax Year Subsequent To 2021 [Member]
USD ($)
Dec. 31, 2016
Tax Year Unlimited Life [Member]
USD ($)
Operating Loss Carryforwards [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net operating loss carryforwards, valuation allowance
$ 55,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net operating loss carryforwards
124,100,000 
122,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Valuation allowance
68,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating loss carryforward
415,100,000 
428,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating loss carryforward subject to expiration
 
 
 
 
 
 
 
 
 
 
 
 
92,700,000 
127,800,000 
 
Operating loss carryforward not subject to expiration
 
 
 
 
 
 
 
 
 
 
 
 
 
 
194,600,000 
Benefit relating to future utilization of unused foreign tax credits
 
3,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cumulative undistributed earnings of foreign subsidiaries
676,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining unrecognized tax benefits that may be recognized in 2016
1,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized tax benefits net
4,300,000 
5,200,000 
8,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining unrecognized tax benefits that would not impact tax rate
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized tax benefits, income tax penalties and interest expense
300,000 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense related to unrecognized tax benefits
300,000 
(600,000)
100,000 
 
 
 
 
 
 
 
 
 
 
 
 
Federal corporate income tax liabilities
 
 
 
29,400,000 
29,400,000 
 
6,000,000 
11,900,000 
5,800,000 
11,000,000 
 
 
 
 
 
Letter of credit amount
175,300,000 
172,400,000 
 
 
 
 
 
 
 
 
 
44,700,000 
 
 
 
Interest
 
 
 
 
15,300,000 
 
 
 
 
 
 
 
 
 
 
Departure tax liability
 
 
 
 
 
9,000,000 
 
 
 
 
 
 
 
 
 
Interest on tax liability assessed and related provincial tax liability
 
 
 
 
 
 
 
 
 
 
38,700,000 
 
 
 
 
Tax liability assessed and related provincial tax liability
 
 
 
 
 
 
 
 
 
 
$ 111,800,000 
 
 
 
 
Income taxes - Schedule of Changes in Unrecognized Tax Benefits Included in Other Long-Term Liabilities, Excluding Interest and Penalties (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
 
 
Beginning balance
$ 5.2 
$ 8.5 
Increase for tax positions of prior years
0.4 
0 
Reductions due to the statute of limitations expiration
(1.3)
(2.3)
Foreign exchange
0 
(1.0)
Ending balance
$ 4.3 
$ 5.2 
Employee benefit plans - Summary of Changes in Defined Benefit Pension Plan Projected Benefit Obligations (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2009
Domestic [Member]
 
 
 
 
Change in projected benefit obligations:
 
 
 
 
Actuarial present value of benefit obligations at beginning of year
$ 691.9 
$ 728.8 
 
 
Service cost
0 
0 
0 
 
Interest cost
32.0 
30.8 
31.6 
 
Benefits paid
(32.1)
(30.1)
 
 
Plan amendments
0 
0 
 
 
Settlement
0 
0 
 
 
Curtailment
0 
0 
 
 
Actuarial loss (gain)
27.9 
(37.6)
 
 
Foreign exchange and other
0 
0 
 
 
Actuarial present value of benefit obligations at end of year
719.7 
691.9 
728.8 
 
Change in the fair value of plan assets:
 
 
 
 
Plan assets at beginning of year
497.6 
522.1 
 
 
Actual return on plan assets
40.1 
(13.9)
 
 
Contributions by employer
3.5 
19.5 
 
 
Benefits paid
(32.1)
(30.1)
 
 
Settlement
0 
0 
 
 
Foreign exchange and other
0 
0 
 
 
Plan assets at end of year
509.1 
497.6 
522.1 
 
Funded status at end of year
(210.6)
(194.3)
 
 
Foreign [Member]
 
 
 
 
Change in projected benefit obligations:
 
 
 
 
Actuarial present value of benefit obligations at beginning of year
531.7 
614.1 
 
 
Service cost
2.5 
5.4 
7.0 
 
Interest cost
18.3 
20.1 
23.2 
 
Benefits paid
(23.9)
(29.6)
 
 
Plan amendments
(1.6)
0 
 
 
Settlement
0 
(19.0)
 
 
Curtailment
(1.3)
(2.6)
 
 
Actuarial loss (gain)
86.1 
(5.1)
 
 
Foreign exchange and other
(56.3)
(51.6)
 
 
Actuarial present value of benefit obligations at end of year
555.5 
531.7 
614.1 
 
Change in the fair value of plan assets:
 
 
 
 
Plan assets at beginning of year
481.5 
516.6 
 
 
Actual return on plan assets
66.3 
12.6 
 
 
Contributions by employer
28.1 
40.1 
 
 
Benefits paid
(23.9)
(29.6)
 
 
Settlement
0 
(17.6)
 
 
Foreign exchange and other
(57.7)
(40.6)
 
 
Plan assets at end of year
494.3 
481.5 
516.6 
 
Funded status at end of year
(61.2)
(50.2)
 
 
Pension Plan [Member]
 
 
 
 
Change in projected benefit obligations:
 
 
 
 
Actuarial present value of benefit obligations at beginning of year
1,223.6 
1,342.9 
 
 
Service cost
2.5 
5.4 
7.0 
 
Interest cost
50.3 
50.9 
54.8 
 
Benefits paid
(56.0)
(59.7)
 
 
Plan amendments
(1.6)
0 
 
 
Settlement
0 
(19.0)
 
 
Curtailment
(1.3)
(2.6)
 
 
Actuarial loss (gain)
114.0 
(42.7)
 
 
Foreign exchange and other
(56.3)
(51.6)
 
 
Actuarial present value of benefit obligations at end of year
1,275.2 
1,223.6 
1,342.9 
 
Change in the fair value of plan assets:
 
 
 
 
Plan assets at beginning of year
979.1 
1,038.7 
 
 
Actual return on plan assets
106.4 
(1.3)
 
 
Contributions by employer
31.6 
59.6 
 
 
Benefits paid
(56.0)
(59.7)
 
 
Settlement
0 
(17.6)
 
 
Foreign exchange and other
(57.7)
(40.6)
 
 
Plan assets at end of year
1,003.4 
979.1 
1,038.7 
 
Funded status at end of year
(271.8)
(244.5)
 
 
Other Postretirement Benefits [Member]
 
 
 
 
Change in projected benefit obligations:
 
 
 
 
Actuarial present value of benefit obligations at beginning of year
3.4 
6.7 
 
 
Service cost
0 
0.1 
0.1 
 
Interest cost
0.1 
0.2 
0.4 
 
Contributions by participants
0.3 
0.5 
 
 
Benefits paid
(0.8)
(0.6)
 
 
Plan amendments
 
 
 
(76.8)
Actuarial loss (gain)
(0.2)
(3.5)
(1.7)
 
Actuarial present value of benefit obligations at end of year
2.8 
3.4 
6.7 
 
Change in the fair value of plan assets:
 
 
 
 
Plan assets at beginning of year
0 
0 
 
 
Contributions by employer
0.5 
0.1 
 
 
Benefits paid
(0.8)
(0.6)
 
 
Plan assets at end of year
0 
0 
0 
 
Funded status at end of year
$ (2.8)
$ (3.4)
 
 
Employee benefit plans - Schedule of Defined Benefit Plans Amount Recognized in Balance Sheet (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
 
 
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities
$ (268.6)
$ (251.8)
Domestic [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Overfunded net benefit obligation in other assets
0 
0 
Current portion of net benefit obligation in other accrued expenses
(3.6)
(3.3)
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities
(207.0)
(191.0)
Net liability recognized at end of year
(210.6)
(194.3)
Foreign [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Overfunded net benefit obligation in other assets
0 
9.5 
Current portion of net benefit obligation in other accrued expenses
(1.9)
(1.9)
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities
(59.3)
(57.8)
Net liability recognized at end of year
(61.2)
(50.2)
Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Overfunded net benefit obligation in other assets
0 
9.5 
Current portion of net benefit obligation in other accrued expenses
(5.5)
(5.2)
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities
(266.3)
(248.8)
Net liability recognized at end of year
(271.8)
(244.5)
Other Postretirement Benefits [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Current portion of net benefit obligation in other accrued expenses
(0.5)
(0.4)
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities
(2.3)
(3.0)
Net liability recognized at end of year
$ (2.8)
$ (3.4)
Employee benefit plans - Summary of Defined Benefit Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Domestic [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Accumulated benefit obligation
$ 719.7 
$ 691.9 
Fair value of plan assets
509.1 
497.6 
Foreign [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Accumulated benefit obligation
412.5 
71.4 
Fair value of plan assets
379.5 
36.3 
Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Accumulated benefit obligation
1,132.2 
763.3 
Fair value of plan assets
$ 888.6 
$ 533.9 
Employee benefit plans - Summary of Defined Benefit Pension Plans with Projected Benefit Obligation in Excess of Plan Assets (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Domestic [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Projected benefit obligation
$ 719.7 
$ 691.9 
Fair value of plan assets
509.1 
497.6 
Foreign [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Projected benefit obligation
555.5 
207.7 
Fair value of plan assets
494.3 
148.0 
Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Projected benefit obligation
1,275.2 
899.6 
Fair value of plan assets
$ 1,003.4 
$ 645.6 
Employee benefit plans - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2009
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Increase (decrease) of benefit obligation, amount
 
 
$ 32.0 
 
Increase of benefit obligation, percentage
 
 
4.50% 
 
Defined benefit plan contribution expense
33.4 
31.4 
30.8 
 
Geographic Distribution Domestic [Member] |
Multiemployer Plans Pension [Member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Number of union collective bargaining agreements
18 
 
 
 
Number of union pension trusts
3 
 
 
 
Bargaining agreements negotiation cycle
3 years 
 
 
 
Union represented locations
16 
 
 
 
Domestic [Member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Accumulated benefit obligation
719.7 
691.9 
 
 
Plan amendments
0 
0 
 
 
Benefit obligation, discount rate
4.39% 
4.74% 
 
 
Net periodic benefit, discount rate
4.74% 
4.31% 
5.25% 
 
Defined benefit plan expected contribution by employer in next 12 months
8.4 
 
 
 
Foreign [Member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Accumulated benefit obligation
524.4 
505.2 
 
 
Plan amendments
1.6 
0 
 
 
Benefit obligation, discount rate
2.84% 
4.25% 
 
 
Net periodic benefit, discount rate
3.65% 
3.51% 
4.29% 
 
Defined benefit plan expected contribution by employer in next 12 months
22.7 
 
 
 
Other Postretirement Benefits [Member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Plan amendments
 
 
 
76.8 
Curtailment gain
 
 
 
$ 73.1 
Benefit obligation, discount rate
4.37% 
4.54% 
 
 
Net periodic benefit, discount rate
4.54% 
3.80% 
4.02% 
 
Employee benefit plans - Components of Net Periodic Benefit Cost Credit Recognized Related to Benefit Pension Plans (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Domestic [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
$ 0 
$ 0 
$ 0 
Interest cost
32.0 
30.8 
31.6 
Expected return on plan assets
(32.5)
(35.8)
(32.1)
Settlement
   
0 
0 
Curtailment
0 
0 
0 
Actuarial (gain) loss
(20.3)
(12.1)
(84.3)
Net periodic benefit cost
19.8 
7.1 
83.8 
Foreign [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
2.5 
5.4 
7.0 
Interest cost
18.3 
20.1 
23.2 
Expected return on plan assets
(28.7)
(30.2)
(28.1)
Settlement
   
(1.4)
0 
Curtailment
(1.3)
(2.6)
0 
Actuarial (gain) loss
(48.5)
(12.5)
(35.2)
Net periodic benefit cost
39.3 
3.8 
37.3 
Pension Plan [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
2.5 
5.4 
7.0 
Interest cost
50.3 
50.9 
54.8 
Expected return on plan assets
(61.2)
(66.0)
(60.2)
Settlement
0 
(1.4)
0 
Curtailment
(1.3)
(2.6)
0 
Actuarial (gain) loss
(68.8)
(24.6)
(119.5)
Net periodic benefit cost
$ 59.1 
$ 10.9 
$ 121.1 
Employee benefit plans - Summary of Pre-tax Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Net prior service credit
$ 1.6 
 
Other Postretirement Benefits [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Net prior service credit
$ 0 
$ 4.5 
Employee benefit plans - Summary of Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans (Detail) (Pension Plan [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Pension Plan [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Prior service credit
$ 0.2 
Employee benefit plans - Components of Net Periodic Benefit Cost Credit Recognized Related to Other Postretirement Benefit Plans (Detail) (Other Postretirement Benefits [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Other Postretirement Benefits [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
$ 0 
$ (0.1)
$ (0.1)
Interest cost
(0.1)
(0.2)
(0.4)
Amortization of unrecognized prior service credits
4.5 
11.9 
11.9 
Actuarial gain
0.2 
3.5 
1.7 
Net periodic benefit (credit) cost
$ 4.6 
$ 15.1 
$ 13.1 
Employee benefit plans - Schedule of Weighted Average Actuarial Assumptions Used in Defined Benefit Plans (Detail)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Domestic [Member]
 
 
 
Actuarial assumptions used to determine benefit obligations at end of period:
 
 
 
Discount rate
4.39% 
4.74% 
 
Actuarial assumptions used to determine net periodic benefit cost (credit) for the period:
 
 
 
Discount rate
4.74% 
4.31% 
5.25% 
Expected rate of return on plan assets
7.50% 
7.50% 
7.50% 
Foreign [Member]
 
 
 
Actuarial assumptions used to determine benefit obligations at end of period:
 
 
 
Discount rate
2.84% 
4.25% 
 
Expected annual rate of compensation increase
2.87% 
2.86% 
 
Actuarial assumptions used to determine net periodic benefit cost (credit) for the period:
 
 
 
Discount rate
3.65% 
3.51% 
4.29% 
Expected rate of return on plan assets
6.18% 
6.07% 
6.06% 
Expected annual rate of compensation increase
2.86% 
2.80% 
2.82% 
Employee benefit plans - Summary of Weighted Average Target Asset Allocation for Defined Benefit Pension Plan (Detail)
12 Months Ended
Dec. 31, 2016
Domestic [Member]
 
Asset category:
 
Defined benefit pension plans, target asset allocation percentage
100.00% 
Domestic [Member] |
Equity Securities [Member]
 
Asset category:
 
Defined benefit pension plans, target asset allocation percentage
50.00% 
Domestic [Member] |
Debt Securities [Member]
 
Asset category:
 
Defined benefit pension plans, target asset allocation percentage
45.00% 
Domestic [Member] |
Other Investments [Member]
 
Asset category:
 
Defined benefit pension plans, target asset allocation percentage
5.00% 
Foreign [Member]
 
Asset category:
 
Defined benefit pension plans, target asset allocation percentage
100.00% 
Foreign [Member] |
Equity Securities [Member]
 
Asset category:
 
Defined benefit pension plans, target asset allocation percentage
35.90% 
Foreign [Member] |
Debt Securities [Member]
 
Asset category:
 
Defined benefit pension plans, target asset allocation percentage
52.90% 
Foreign [Member] |
Other Investments [Member]
 
Asset category:
 
Defined benefit pension plans, target asset allocation percentage
11.20% 
Employee benefit plans - Summary of Fair Value of Plans Assets (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Domestic [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
$ 509.1 
$ 497.6 
$ 522.1 
Domestic [Member] |
US Equities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Investment funds percentage
30.00% 
30.30% 
 
Domestic [Member] |
Non-US Equities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Investment funds percentage
20.00% 
19.60% 
 
Domestic [Member] |
US Corporate Bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Investment funds percentage
44.90% 
45.10% 
 
Domestic [Member] |
Other Investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Investment funds percentage
5.10% 
5.00% 
 
Domestic [Member] |
Cash [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
2.4 
2.3 
 
Domestic [Member] |
Investment Funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
506.7 
495.3 
 
Domestic [Member] |
Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
2.4 
2.3 
 
Domestic [Member] |
Level 1 [Member] |
Cash [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
2.4 
2.3 
 
Domestic [Member] |
Level 1 [Member] |
Investment Funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Domestic [Member] |
Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
506.7 
495.3 
 
Domestic [Member] |
Level 2 [Member] |
Cash [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Domestic [Member] |
Level 2 [Member] |
Investment Funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
506.7 
495.3 
 
Foreign [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
494.3 
481.5 
516.6 
Foreign [Member] |
US Equities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Investment funds percentage
8.40% 
11.60% 
 
Foreign [Member] |
Non-US Equities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Investment funds percentage
30.20% 
29.70% 
 
Foreign [Member] |
US Corporate Bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Investment funds percentage
2.80% 
4.10% 
 
Foreign [Member] |
Other Investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Investment funds percentage
8.40% 
12.40% 
 
Foreign [Member] |
Non-US Corporate Bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Investment funds percentage
24.00% 
24.20% 
 
Foreign [Member] |
US Government Bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Investment funds percentage
0.30% 
0.30% 
 
Foreign [Member] |
Non-US Government Bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Investment funds percentage
25.90% 
17.70% 
 
Foreign [Member] |
Cash [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
4.6 
7.6 
 
Foreign [Member] |
Investment Funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
474.1 
460.1 
 
Foreign [Member] |
Insurance Contracts [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
15.6 
13.8 
 
Foreign [Member] |
Defined Benefit Plan Investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
489.7 
473.9 
 
Foreign [Member] |
Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
4.6 
7.6 
 
Foreign [Member] |
Level 1 [Member] |
Cash [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
4.6 
7.6 
 
Foreign [Member] |
Level 1 [Member] |
Investment Funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Foreign [Member] |
Level 1 [Member] |
Insurance Contracts [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Foreign [Member] |
Level 1 [Member] |
Defined Benefit Plan Investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Foreign [Member] |
Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
474.1 
460.1 
 
Foreign [Member] |
Level 2 [Member] |
Cash [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Foreign [Member] |
Level 2 [Member] |
Investment Funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
474.1 
460.1 
 
Foreign [Member] |
Level 2 [Member] |
Insurance Contracts [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Foreign [Member] |
Level 2 [Member] |
Defined Benefit Plan Investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
474.1 
460.1 
 
Foreign [Member] |
Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
15.6 
13.8 
14.8 
Foreign [Member] |
Level 3 [Member] |
Cash [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Foreign [Member] |
Level 3 [Member] |
Investment Funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Foreign [Member] |
Level 3 [Member] |
Insurance Contracts [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
15.6 
13.8 
 
Foreign [Member] |
Level 3 [Member] |
Defined Benefit Plan Investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets
$ 15.6 
$ 13.8 
 
Employee benefit plans - Summary of Changes in Foreign Plans Assets Valued Using Significant Unobservable Inputs (Detail) (Foreign [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Change in the fair value of plan assets:
 
 
Plan assets at beginning of year
$ 481.5 
$ 516.6 
Actual return on plan assets:
 
 
Foreign exchange
(57.7)
(40.6)
Plan assets at end of year
494.3 
481.5 
Level 3 [Member]
 
 
Change in the fair value of plan assets:
 
 
Plan assets at beginning of year
13.8 
14.8 
Actual return on plan assets:
 
 
Related to assets still held at year end
2.2 
0.6 
Purchases, sales and settlements, net
0.1 
(0.1)
Foreign exchange
(0.5)
(1.5)
Plan assets at end of year
$ 15.6 
$ 13.8 
Employee benefit plans - Schedule of Benefit Payments (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Domestic [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
2017
$ 34.7 
2018
36.1 
2019
37.6 
2020
38.8 
2021
40.0 
2022 through 2026
215.7 
Foreign [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
2017
15.5 
2018
16.1 
2019
18.9 
2020
17.6 
2021
18.9 
2022 through 2026
108.2 
Pension Plan [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
2017
50.2 
2018
52.2 
2019
56.5 
2020
56.4 
2021
58.9 
2022 through 2026
323.9 
Other Postretirement Benefits [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
2017
0.4 
2018
0.5 
2019
0.6 
2020
0.1 
2021
0.1 
2022 through 2026
$ 0.3 
Employee benefit plans- Schedule of Company's Participation in Multi Employer Plans (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Multiemployer Plans [Line Items]
 
 
 
Total contributions
$ 2.9 
$ 2.6 
$ 2.6 
Western Conference of Teamsters Pension Plan [Member]
 
 
 
Multiemployer Plans [Line Items]
 
 
 
Total contributions
1.7 
1.4 
1.4 
Central States, Southeast and Southwest Areas Pension Plan [Member]
 
 
 
Multiemployer Plans [Line Items]
 
 
 
Total contributions
1.1 
1.1 
1.1 
New England Teamsters and Trucking Industry Pension Fund [Member]
 
 
 
Multiemployer Plans [Line Items]
 
 
 
Total contributions
$ 0.1 
$ 0.1 
$ 0.1 
Stock-based Compensation - Additional Information (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Nov. 30, 2016
Univar Employee Stock Purchase Plan [Member]
Dec. 31, 2016
2011 Plan [Member]
Dec. 31, 2016
2015 Plan [Member]
Dec. 31, 2016
Employee Stock Option [Member]
Dec. 31, 2015
Employee Stock Option [Member]
Dec. 31, 2014
Employee Stock Option [Member]
Dec. 31, 2016
Employee Stock Option [Member]
Maximum [Member]
Dec. 31, 2016
Restricted Stock [Member]
Dec. 31, 2015
Restricted Stock [Member]
Dec. 31, 2014
Restricted Stock [Member]
Dec. 31, 2016
Restricted Stock [Member]
Director [Member]
Dec. 31, 2016
Restricted Stock Units (RSUs) [Member]
Dec. 31, 2015
Restricted Stock Units (RSUs) [Member]
Dec. 31, 2016
Restricted Stock Units (RSUs) [Member]
Chief Executive Officer [Member]
tranche
Dec. 31, 2016
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Award, Tranche One [Member]
Chief Executive Officer [Member]
Dec. 31, 2016
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Award, Tranche Two [Member]
Chief Executive Officer [Member]
Dec. 31, 2016
Restricted Stock Units (RSUs) [Member]
Maximum [Member]
Dec. 31, 2016
Restricted Stock Units (RSUs) [Member]
Minimum [Member]
Dec. 31, 2016
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares authorized (in shares)
 
 
 
2,000,000 
3,400,000 
3,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation expense
$ 10.4 
$ 7.5 
$ 12.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax expense (benefit) relating to stock-based compensation expense
0.1 
(2.6)
(4.2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Award expiration period
 
 
 
 
 
 
10 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Award vesting period
 
 
 
 
 
 
 
 
 
4 years 
 
 
 
12 months 
 
 
12 years 
 
 
4 years 
3 years 
 
Number of tranches
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 
 
 
 
 
 
Consecutive trading days
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20 days 
20 days 
 
 
 
Required service period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 years 
4 years 
 
 
 
Closing stock price required for vesting (usd per share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 25 
$ 30 
 
 
 
Unrecognized stock-based compensation expense, options
 
 
 
 
 
 
1.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized stock-based compensation expense, period
 
 
 
 
 
 
1 year 1 month 6 days 
 
 
 
4 months 24 days 
 
 
 
1 year 1 month 6 days 
 
 
 
 
 
 
 
Unrecognized stock-based compensation expense, other than options
 
 
 
 
 
 
 
 
 
 
$ 0.7 
 
 
 
$ 5.0 
 
 
 
 
 
 
 
Weighted-average grant-date fair value (usd per share)
 
 
 
 
 
 
 
 
 
 
$ 18.15 
$ 27.00 
$ 18.54 
 
$ 13.35 
 
 
 
 
 
 
 
Number of shares granted (in shares)
 
 
 
 
 
 
 
 
 
 
78,145 
 
 
 
1,380,802 
 
 
 
 
 
 
 
Weighted average grant-date fair value (usd per share)
 
 
 
 
 
 
 
 
 
 
$ 18.43 
$ 21.83 
 
 
$ 13.10 
$ 0.00 
 
 
 
 
 
$ 10.49 
Weighted-average grant-date fair value (usd per share)
 
 
 
 
 
 
 
$ 6.78 
$ 7.21 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average purchase price of shares purchased (usd per share)
 
 
 
$ 0.95 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based Compensation - Schedule of Share-based Compensation Stock Options Activity (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Number of stock options
 
Number of stock options outstanding, beginning balance (in shares)
5,088,026 
Number of stock options, granted (in shares)
0 
Number of stock options, exercised (in shares)
(891,715)
Number of stock options, forfeited (in shares)
(561,578)
Number of stock options outstanding, ending balance (in shares)
3,634,733 
Number of stock options, exercisable (in shares)
2,902,260 
Number of stock options, expected to vest (in shares)
659,226 
Weighted- average exercise price
 
Weighted average exercise price outstanding, beginning balance (usd per share)
$ 19.81 
Weighted average exercise price, granted (usd per share)
$ 0.00 
Weighted average exercise price, exercised (usd per share)
$ 18.99 
Weighted average exercise price, forfeited (usd per share)
$ 19.65 
Weighted average exercise price outstanding, ending balance (usd per share)
$ 20.03 
Weighted average exercise price, exercisable (usd per share)
$ 19.92 
Weighted average exercise price, expected to vest (usd per share)
$ 20.47 
Weighted-average remaining contractual term, exercisable (in years)
4 years 1 month 6 days 
Weighted-average remaining contractual term, expected to vest (in years)
7 years 8 months 12 days 
Aggregate intrinsic value,exercisable
$ 24.5 
Aggregate intrinsic value,expected to vest
$ 5.2 
Stock-based Compensation - Summary of Stock Activity (Detail) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Restricted Stock [Member]
 
 
 
Restricted stock
 
 
 
Restricted stock, nonvested, beginning balance (in shares)
237,219 
 
 
Restricted stock, granted (in shares)
78,145 
 
 
Restricted stock, vested (in shares)
(68,904)
 
 
Restricted stock, forfeited (in shares)
(160,263)
 
 
Restricted stock, nonvested, ending balance (in shares)
86,197 
237,219 
 
Weighted average grant-date fair value
 
 
 
Weighted average grant-date fair value, nonvested, beginning balance (usd per share)
$ 21.83 
 
 
Weighted average grant-date fair value, granted (usd per share)
$ 18.15 
$ 27.00 
$ 18.54 
Weighted average grant-date fair value, vested (usd per share)
$ 23.82 
 
 
Weighted average grant-date fair value, forfeited (usd per share)
$ 21.02 
 
 
Weighted average grant-date fair value, nonvested, ending balance (usd per share)
$ 18.43 
$ 21.83 
 
Restricted Stock Units (RSUs) [Member]
 
 
 
Restricted stock
 
 
 
Restricted stock, nonvested, beginning balance (in shares)
0 
 
 
Restricted stock, granted (in shares)
1,380,802 
 
 
Restricted stock, vested (in shares)
(72,915)
 
 
Restricted stock, forfeited (in shares)
(298,000)
 
 
Restricted stock, nonvested, ending balance (in shares)
1,009,887 
 
 
Weighted average grant-date fair value
 
 
 
Weighted average grant-date fair value, nonvested, beginning balance (usd per share)
$ 0.00 
 
 
Weighted average grant-date fair value, granted (usd per share)
$ 13.35 
 
 
Weighted average grant-date fair value, vested (usd per share)
$ 18.66 
 
 
Weighted average grant-date fair value, forfeited (usd per share)
$ 12.88 
 
 
Weighted average grant-date fair value, nonvested, ending balance (usd per share)
$ 13.10 
 
 
Stock-based Compensation - Summary of Weighted Average Assumptions Used Under Black Scholes Merton Option Valuation Model (Detail)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Restricted Stock Units (RSUs) [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Expected dividend yield
0.00% 
 
 
Risk-free interest rate
1.00% 
 
 
Expected volatility
45.00% 
 
 
Employee Stock Option [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Expected dividend yield
 
0.00% 
0.00% 
Risk-free interest rate
 
1.70% 
1.80% 
Expected volatility
 
28.30% 
34.50% 
Expected term (years)
 
6 years 2 months 12 days 
6 years 
Award expiration period
10 years 
 
 
Stock-based Compensation - Summary of Additional Stock Based Compensation Information (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
 
 
 
Total intrinsic value of stock options exercised
$ 4.0 
$ 0.4 
$ 1.1 
Fair value of restricted stock vested
$ 2.7 
$ 2.9 
$ 3.0 
Accumulated other comprehensive loss - Schedule of Changes in Accumulated Other Comprehensive Loss by Component Net of Tax (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2013
Dec. 31, 2016
AOCI Attributable to Parent [Member]
Dec. 31, 2015
AOCI Attributable to Parent [Member]
Dec. 31, 2014
AOCI Attributable to Parent [Member]
Dec. 31, 2013
AOCI Attributable to Parent [Member]
Dec. 31, 2016
Losses on Cash Flow Hedges [Member]
Dec. 31, 2015
Losses on Cash Flow Hedges [Member]
Dec. 31, 2016
Defined Benefit Pension Items [Member]
Dec. 31, 2015
Defined Benefit Pension Items [Member]
Dec. 31, 2016
Currency Translation Items [Member]
Dec. 31, 2015
Currency Translation Items [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$ 816.7 
$ 248.1 
$ 381.3 
$ (389.9)
$ (424.4)
$ (208.2)
$ (81.7)
$ 0 
$ (3.7)
$ 3.0 
$ 10.3 
$ (427.4)
$ (214.8)
Other comprehensive income (loss) before reclassifications
37.5 
(215.6)
 
 
 
 
 
0 
(3.0)
1.2 
0 
36.3 
(212.6)
Amounts reclassified from accumulated other comprehensive loss
(3.0)
(0.6)
 
 
 
 
 
0 
6.7 
(3.0)
(7.3)
0 
0 
Net current period other comprehensive income (loss)
34.5 
(216.2)
 
 
 
 
 
0 
3.7 
(1.8)
(7.3)
36.3 
(212.6)
Ending balance
$ 809.9 
$ 816.7 
$ 381.3 
$ (389.9)
$ (424.4)
$ (208.2)
$ (81.7)
$ 0 
$ 0 
$ 1.2 
$ 3.0 
$ (391.1)
$ (427.4)
Accumulated other comprehensive loss - Summary of Amounts Reclassified From Accumulated Other Comprehensive Loss to Net Income (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Warehousing, selling and administrative
 
 
 
 
 
 
 
 
$ (877.8)
$ (874.4)
$ (923.5)
Interest expense
 
 
 
 
 
 
 
 
(163.8)
(211.3)
(258.8)
Other (expense) income, net
 
 
 
 
 
 
 
 
(6.1)
(23.2)
1.1 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
11.2 
(10.2)
15.8 
Net (loss) income
(59.2)
(63.0)
39.8 
14.0 
(2.9)
12.1 
(12.4)
19.7 
(68.4)
16.5 
(20.1)
Total reclassifications for the period
 
 
 
 
 
 
 
 
(3.0)
(0.6)
 
Cash Flow Hedges [Member]
 
 
 
 
 
 
 
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total reclassifications for the period
 
 
 
 
 
 
 
 
0 
6.7 
 
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] |
Prior Service Credits [Member]
 
 
 
 
 
 
 
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Warehousing, selling and administrative
 
 
 
 
 
 
 
 
(4.5)
(11.9)
 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
1.5 
4.6 
 
Net (loss) income
 
 
 
 
 
 
 
 
(3.0)
(7.3)
 
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] |
Cash Flow Hedges [Member] |
Interest Rate Swap Contracts [Member]
 
 
 
 
 
 
 
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
0 
3.1 
 
Other (expense) income, net
 
 
 
 
 
 
 
 
0 
7.5 
 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
0 
(3.9)
 
Net (loss) income
 
 
 
 
 
 
 
 
$ 0 
$ 6.7 
 
Property, plant and equipment, net - Summary of Property, Plant and Equipment, Net (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment [Line Items]
 
 
 
Less: Accumulated depreciation
$ (811.5)
$ (723.5)
 
Subtotal
989.7 
1,010.5 
 
Work in progress
29.8 
72.0 
 
Property, plant and equipment, net
1,019.5 
1,082.5 
1,032.3 
Impairment charge
16.5 
 
 
Land and Buildings [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
781.1 
778.0 
 
Tank Farms [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
272.5 
239.9 
 
Machinery and Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
$ 747.6 
$ 716.1 
 
Property, plant and equipment, net - Summary of Cost and Accumulated Depreciation Related to Capital Lease Assets (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Property, Plant and Equipment [Abstract]
 
 
Capital lease assets, at cost
$ 76.5 
$ 63.5 
Less: accumulated depreciation
(14.5)
(7.5)
Capital lease assets, net
$ 62.0 
$ 56.0 
Property, plant and equipment, net - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment [Abstract]
 
 
 
Capitalized interest on capital projects
$ 0.2 
$ 0.9 
$ 0.5 
Goodwill and intangible assets - Summary of the Activity in Goodwill by Segment (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Goodwill [Roll Forward]
 
 
Beginning Balance
$ 1,745.1 
$ 1,767.6 
Additions
22.9 
65.2 
Purchase price adjustments
0.5 
(0.6)
Foreign exchange
15.9 
(87.1)
Ending Balance
1,784.4 
1,745.1 
USA [Member]
 
 
Goodwill [Roll Forward]
 
 
Beginning Balance
1,306.1 
1,254.0 
Additions
17.7 
52.1 
Purchase price adjustments
1.4 
0 
Foreign exchange
0 
0 
Ending Balance
1,325.2 
1,306.1 
Canada [Member]
 
 
Goodwill [Roll Forward]
 
 
Beginning Balance
420.7 
488.7 
Additions
5.2 
10.9 
Purchase price adjustments
0 
0 
Foreign exchange
12.5 
(78.9)
Ending Balance
438.4 
420.7 
EMEA [Member]
 
 
Goodwill [Roll Forward]
 
 
Beginning Balance
2.1 
0 
Additions
0 
2.2 
Purchase price adjustments
(0.9)
0 
Foreign exchange
(0.1)
(0.1)
Ending Balance
1.1 
2.1 
Rest Of World [Member]
 
 
Goodwill [Roll Forward]
 
 
Beginning Balance
16.2 
24.9 
Additions
0 
0 
Purchase price adjustments
0 
(0.6)
Foreign exchange
3.5 
(8.1)
Ending Balance
$ 19.7 
$ 16.2 
Goodwill and intangible assets - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Jan. 1, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
 
 
 
Accumulated impairment losses
$ 246.3 
$ 261.4 
$ 296.6 
Goodwill and intangible assets - Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
 
 
Gross
$ 1,004.4 
$ 1,100.6 
Accumulated amortization
(665.2)
(581.7)
Net
339.2 
518.9 
Customer Relationships [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Gross
826.2 
930.1 
Accumulated amortization
(514.3)
(446.6)
Net
311.9 
483.5 
Impairment losses
110.2 
 
Other [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Gross
178.2 
170.5 
Accumulated amortization
(150.9)
(135.1)
Net
27.3 
35.4 
Impairment losses
$ 3.5 
 
Goodwill and intangible assets - Summary of Estimated Annual Amortization Expense (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
 
2017
$ 56.4 
2018
49.3 
2019
44.2 
2020
40.2 
2021
$ 31.9 
Impairment charges (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
facility
Dec. 31, 2015
Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Facilities closed
3 
 
 
Impairment charges
$ 133.9 
$ 0 
$ 0.3 
Discontinued Operations, Held-for-sale [Member]
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Impairment charges
0.3 
 
 
Discontinued Operations, Held-for-sale [Member] |
Finite-Lived Intangible Assets [Member]
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Impairment charges
113.7 
 
 
Discontinued Operations, Held-for-sale [Member] |
Property, Plant and Equipment [Member]
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Impairment charges
16.5 
 
 
Discontinued Operations, Held-for-sale [Member] |
Inventories [Member]
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Impairment charges
$ 3.4 
 
 
Other accrued expenses (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Payables and Accruals [Abstract]
 
 
Customer prepayments and deposits
$ 84.6 
$ 60.1 
Debt - Summary of Short Term Financing (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Debt Disclosure [Abstract]
 
 
Amounts drawn under credit facilities
$ 12.1 
$ 13.4 
Bank overdrafts
13.2 
20.1 
Total
25.3 
33.5 
Weighted average interest rate
2.10% 
2.40% 
Letter of credit amount
$ 175.3 
$ 172.4 
Debt - Additional Information (Detail)
0 Months Ended 3 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 12 Months Ended
Jul. 28, 2015
tranche
Jun. 23, 2015
USD ($)
Sep. 30, 2015
USD ($)
Jun. 30, 2015
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Jul. 1, 2015
Senior Term B Loan US Dollar Denominated Tranche [Member]
USD ($)
Jul. 1, 2015
Senior Term B Loan US Dollar Denominated Tranche [Member]
USD ($)
Jul. 1, 2015
Senior Term B Loan US Dollar Denominated Tranche [Member]
LIBOR Floor Rate [Member]
Jul. 1, 2015
Senior Term B Loan Euro Dollar Denominated Tranche [Member]
EUR (€)
Jul. 1, 2015
Senior Term B Loan Euro Dollar Denominated Tranche [Member]
USD ($)
Jul. 1, 2015
Senior Term B Loan Euro Dollar Denominated Tranche [Member]
EUR (€)
Jul. 1, 2015
Unsecured Notes [Member]
USD ($)
Jul. 1, 2015
Term B Loan Due Twenty Seventeen Variable Interest Rate Of Five Point Zero Zero Percent [Member]
USD ($)
Jul. 1, 2015
Euro Tranche Term Loan Due Twenty Seventeen Variable Interest Rate Of Five Point Two Five Percent [Member]
USD ($)
Jul. 1, 2015
Euro Tranche Term Loan Due Twenty Seventeen Variable Interest Rate Of Five Point Two Five Percent [Member]
EUR (€)
Dec. 31, 2015
July 2015 Debt Refinancing Activity [Member]
USD ($)
Jul. 28, 2015
New North American ABL Facility [Member]
Dec. 31, 2016
New North American ABL Facility [Member]
USD ($)
Dec. 31, 2015
New North American ABL Facility [Member]
USD ($)
Jul. 28, 2015
New North American ABL Facility [Member]
USD ($)
Jul. 28, 2015
New North American ABL Facility [Member]
Minimum [Member]
Jul. 28, 2015
New North American ABL Facility [Member]
Maximum [Member]
Jul. 28, 2015
New North American ABL Facility [Member]
New North American ABL Term Loan [Member]
USD ($)
Jul. 28, 2015
North American ABL Facility [Member]
USD ($)
Jul. 28, 2015
North American ABL Facility [Member]
USD ($)
Dec. 31, 2015
Subordinated Debt [Member]
USD ($)
Mar. 24, 2014
European ABL Facility Due Twenty Nineteen Variable Interest Rate Of Two Point Zero One Percent [Member]
Mar. 24, 2014
European ABL Facility Due Twenty Nineteen Variable Interest Rate Of Two Point Zero One Percent [Member]
EUR (€)
Mar. 24, 2014
European ABL Facility Due Twenty Nineteen Variable Interest Rate Of Two Point Zero One Percent [Member]
Minimum [Member]
Mar. 24, 2014
European ABL Facility Due Twenty Nineteen Variable Interest Rate Of Two Point Zero One Percent [Member]
Maximum [Member]
Dec. 31, 2014
ABL Facility Maturing December Thirty One Twenty Sixteen [Member]
USD ($)
Mar. 24, 2014
ABL Facility Maturing December Thirty One Twenty Sixteen [Member]
EUR (€)
Dec. 31, 2016
Euro ABL Due Two Thousand Nineteen [Member]
USD ($)
Dec. 31, 2016
Euro ABL Due Two Thousand Nineteen [Member]
EUR (€)
Dec. 31, 2015
Euro ABL Due Two Thousand Nineteen [Member]
USD ($)
Jul. 28, 2015
Revolving Loan Tranche [Member ]
New North American ABL Facility [Member]
US Subsidiaries [Member]
USD ($)
Jul. 28, 2015
Revolving Loan Tranche [Member ]
New North American ABL Facility [Member]
Canadian Subsidiaries [Member]
USD ($)
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument term
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5 years 
 
 
 
 
 
 
 
 
 
5 years 
 
 
 
 
 
 
 
 
 
 
Line of credit facility, maximum borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 1,300,000,000 
 
$ 1,300,000,000 
 
 
$ 100,000,000 
 
$ 1,400,000,000 
 
 
€ 200,000,000 
 
 
 
 
 
€ 200,000,000 
 
$ 1,000,000,000 
$ 300,000,000 
Line of credit facility, amount of termination
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,400,000,000.0 
 
 
 
 
 
 
68,000,000 
 
 
 
 
 
Number of tranches
2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of credit facility, unused line fee
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.375% 
0.375% 
 
0.25% 
0.375% 
 
 
 
 
 
 
0.25% 
0.50% 
 
 
0.50% 
0.50% 
0.50% 
 
 
Periodic payment installments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, face amount
 
 
 
 
 
 
 
 
2,050,000,000.0 
 
 
2,050,000,000.0 
250,000,000.0 
400,000,000.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payment of remaining principal balance
 
650,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
2,669,200,000 
141,200,000 
126,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR floor rate
 
 
 
 
 
 
 
 
 
1.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, credit spread on variable interest rate
 
 
 
 
 
 
 
 
 
3.25% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, amount payable in installments
 
 
 
 
 
 
 
5,100,000 
 
 
600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, fixed interest rate
 
 
 
 
 
 
 
 
 
 
 
 
 
6.75% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt refinancing costs
 
 
16,500,000 
 
0 
16,500,000 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on extinguishment of debt
 
 
4,800,000 
7,300,000 
0 
12,100,000 
1,200,000 
 
 
 
 
 
 
 
 
 
 
4,800,000 
 
 
 
 
 
 
 
 
 
7,300,000 
 
 
 
 
1,200,000 
 
 
 
 
 
 
Line of credit facility, current borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 411,400,000 
$ 375,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 109,900,000 
 
$ 114,000,000 
 
 
Percentage of assets pledged
 
 
 
 
65.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt - Schedule of Long Term Debt (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Debt Instrument [Line Items]
 
 
Capital lease obligations
$ 63.4 
$ 57.3 
Total long-term debt before discount
2,982.5 
3,151.0 
Less: unamortized debt issuance costs and discount on debt
(28.5)
(33.7)
Total long-term debt
2,954.0 
3,117.3 
Less: current maturities
(109.0)
(59.9)
Total long-term debt, excluding current maturities
2,845.0 
3,057.4 
Term B Loan Due 2022 [Member]
 
 
Debt Instrument [Line Items]
 
 
Remaining notes payable
2,024.4 
2,044.9 
Variable interest rate
4.25% 
4.25% 
Euro Tranche Term Loan Due 2022 [Member]
 
 
Debt Instrument [Line Items]
 
 
Remaining notes payable
259.9 
270.8 
Variable interest rate
4.25% 
4.25% 
North American ABL Facility Due 2020 [Member]
 
 
Debt Instrument [Line Items]
 
 
Remaining notes payable
152.0 
278.0 
Variable interest rate
4.25% 
2.13% 
North American ABL Term Loan Due 2018 [Member]
 
 
Debt Instrument [Line Items]
 
 
Remaining notes payable
83.3 
100.0 
Variable interest rate
3.75% 
3.36% 
Senior Unsecured Notes Due 2023 [Member]
 
 
Debt Instrument [Line Items]
 
 
Remaining notes payable
$ 399.5 
$ 400.0 
Interest rate of notes payable
6.75% 
6.75% 
Debt - Future Contractual Maturities of Long-term Debt Excluding Capital Lease Obligations (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Debt Disclosure [Abstract]
 
 
2017
$ 109.0 
 
2018
51.2 
 
2019
33.0 
 
2020
182.9 
 
2021
30.5 
 
Thereafter
2,575.9 
 
Total long-term debt before discount
$ 2,982.5 
$ 3,151.0 
Debt - Summary of Assets Pledged Under North American ABL Facility, North American ABL Term Loan, Senior Term Loan Facilities and Euro ABL (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Debt Instrument [Line Items]
 
 
Amount of assets pledged
$ 2,668.1 
$ 2,617.4 
Cash [Member]
 
 
Debt Instrument [Line Items]
 
 
Amount of assets pledged
237.4 
68.1 
Trade Accounts Receivable, Net [Member]
 
 
Debt Instrument [Line Items]
 
 
Amount of assets pledged
790.6 
857.8 
Inventories [Member]
 
 
Debt Instrument [Line Items]
 
 
Amount of assets pledged
655.5 
691.9 
Prepaids and Other Current Assets [Member]
 
 
Debt Instrument [Line Items]
 
 
Amount of assets pledged
128.2 
105.0 
Property, Plant and Equipment [Member]
 
 
Debt Instrument [Line Items]
 
 
Amount of assets pledged
$ 856.4 
$ 894.6 
Derivatives (Detail) (USD $)
12 Months Ended 0 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2016
Undesignated Forward Currency Contracts [Member]
Dec. 31, 2015
Undesignated Forward Currency Contracts [Member]
Dec. 31, 2016
Undesignated Forward Currency Contracts [Member]
Minimum [Member]
Dec. 31, 2016
Undesignated Forward Currency Contracts [Member]
Maximum [Member]
Dec. 31, 2015
Cash Flow Hedging [Member]
Jul. 1, 2015
Senior Term Loan Facility [Member]
LIBOR Floor Rate [Member]
Dec. 31, 2016
Senior Term Loan Facility [Member]
LIBOR Floor Rate [Member]
Dec. 31, 2016
Interest Rate Swap Contracts [Member]
Cash Flow Hedging [Member]
Designated as Hedging Instrument [Member]
Nov. 16, 2016
Interest Rate Swap Contracts [Member]
Cash Flow Hedging [Member]
Designated as Hedging Instrument [Member]
Dec. 31, 2015
Interest Rate Swap Contracts [Member]
Cash Flow Hedging [Member]
Designated as Hedging Instrument [Member]
Dec. 31, 2016
Interest Rate Swap Contracts [Member]
Term B Loan Due Twenty Twenty Two [Member]
Cash Flow Hedging [Member]
Designated as Hedging Instrument [Member]
Dec. 31, 2016
Interest Rate Caps [Member]
Undesignated Forward Currency Contracts [Member]
Dec. 31, 2016
Interest Rate Caps [Member]
Undesignated Forward Currency Contracts [Member]
Prepaids and Other Current Assets [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional amount
 
$ 111,000,000 
$ 107,500,000 
 
 
 
 
 
$ 1,000,000,000.0 
$ 2,000,000,000.0 
$ 2,000,000,000.0 
 
$ 800,000,000 
 
Fixed interest rate (weighted average)
 
 
 
 
 
 
 
 
1.64% 
1.70% 
 
 
 
 
Floor interest rate
 
 
 
 
 
 
 
 
1.25% 
1.00% 
 
 
 
 
LIBOR floor rate
 
 
 
 
 
 
1.00% 
 
 
 
 
1.50% 
1.00% 
 
Cap interest rate
 
 
 
 
 
 
 
 
 
 
 
1.25% 
 
 
Debt instrument, credit spread on variable interest rate
 
 
 
 
 
 
3.25% 
3.50% 
 
 
 
 
 
 
Net loss due to discontinuing hedge accounting
4,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax on discounting hedge accounting
 
 
 
 
 
2,800,000 
 
 
 
 
 
 
 
 
Interest rate cap amount
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 100,000 
Derivative instruments term
 
 
 
1 month 
3 months 
 
 
 
 
 
 
 
 
 
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, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Current Assets [Member] |
Level 2 [Member] |
Forward Currency Contracts [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial assets
$ 0.5 
$ 0.2 
Current Assets [Member] |
Level 3 [Member] |
Forward Currency Contracts [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial assets
0 
0 
Noncurrent Assets [Member] |
Level 2 [Member] |
Interest Rate Swap Contracts [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial assets
9.8 
0 
Noncurrent Assets [Member] |
Level 3 [Member] |
Interest Rate Swap Contracts [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial assets
0 
0 
Current Liabilities [Member] |
Level 2 [Member] |
Forward Currency Contracts [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial liabilities
0.3 
0.2 
Current Liabilities [Member] |
Level 2 [Member] |
Interest Rate Swap Contracts [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial liabilities
5.6 
5.3 
Current Liabilities [Member] |
Level 2 [Member] |
Contingent Consideration [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial liabilities
0 
0 
Current Liabilities [Member] |
Level 3 [Member] |
Forward Currency Contracts [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial liabilities
0 
0 
Current Liabilities [Member] |
Level 3 [Member] |
Interest Rate Swap Contracts [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial liabilities
0 
0 
Current Liabilities [Member] |
Level 3 [Member] |
Contingent Consideration [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial liabilities
1.6 
0 
Noncurrent Liabilities [Member] |
Level 2 [Member] |
Interest Rate Swap Contracts [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial liabilities
0 
0.5 
Noncurrent Liabilities [Member] |
Level 2 [Member] |
Contingent Consideration [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial liabilities
0 
0 
Noncurrent Liabilities [Member] |
Level 3 [Member] |
Interest Rate Swap Contracts [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial liabilities
0 
0 
Noncurrent Liabilities [Member] |
Level 3 [Member] |
Contingent Consideration [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Financial liabilities
$ 5.9 
$ 8.7 
Fair value measurements - Additional Information (Detail) (Forward Currency Contracts [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Prepaids and Other Current Assets [Member]
 
 
Foreign Currency Fair Value Hedge Derivative [Line Items]
 
 
Forward currency contract asset fair value
$ 0.5 
$ 0.2 
Other Accrued Expenses [Member]
 
 
Foreign Currency Fair Value Hedge Derivative [Line Items]
 
 
Forward currency contract liability fair value
$ 0.3 
$ 0.2 
Fair value measurements - Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3) (Detail) (Contingent Consideration [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Contingent Consideration [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
 
 
Fair value beginning balance
$ 8.7 
$ 0 
Additions
0 
8.8 
Fair value adjustments
(0.7)
0 
Foreign currency
(0.1)
(0.1)
Payments
(0.4)
0 
Fair value ending balance
$ 7.5 
$ 8.7 
Fair value measurements - Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Long-term debt including current portion, carrying amount
$ 2,954.0 
$ 3,117.3 
Level 2 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Long-term debt including current portion, carrying amount
2,954.0 
3,117.3 
Long-term debt including current portion, fair value
$ 3,019.1 
$ 3,056.5 
Business combinations - Additional Information (Detail) (USD $)
12 Months Ended 0 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2016
Business
Dec. 31, 2015
Business
Dec. 31, 2016
Other Long-Term Liabilities [Member]
Minimum [Member]
Dec. 31, 2016
Other Long-Term Liabilities [Member]
Maximum [Member]
Mar. 2, 2016
Bodine Services [Member]
Mar. 22, 2016
Nexus Ag Business Inc. [Member]
Mar. 22, 2016
Nexus Ag Business Inc. [Member]
Apr. 10, 2015
Key Chemical, Inc. [Member]
Oct. 2, 2015
Future Transfer Co, Inc [Member]
Oct. 2, 2015
BlueStar Distribution Inc [Member]
Oct. 2, 2015
BDI Distribution West Inc [Member]
Nov. 3, 2015
Arrow Chemical, Inc [Member]
Dec. 1, 2015
Weaver Town Oil Services Inc [Member]
Dec. 1, 2015
Weavertown Transport Leasing Inc [Member]
Dec. 16, 2015
Polymer Technologies Ltd [Member]
Dec. 31, 2015
WEG [Member]
Dec. 31, 2016
WEG [Member]
Dec. 31, 2016
WEG [Member]
Maximum [Member]
Dec. 31, 2015
Other Acquisitions [Member]
Dec. 31, 2016
Other Acquisitions [Member]
Dec. 31, 2016
Arrow Chemical and Polymer [Member]
Maximum [Member]
Dec. 31, 2016
Future Blue Star [Member]
Dec. 31, 2016
Future Blue Star [Member]
Maximum [Member]
Nov. 3, 2014
D'Altomare Quimica Ltda. [Member]
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of business acquired
2 
6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of equity interest acquired
 
 
 
 
100.00% 
 
 
100.00% 
100.00% 
100.00% 
100.00% 
100.00% 
100.00% 
100.00% 
100.00% 
 
 
 
 
 
 
 
 
100.00% 
Total purchase price
 
$ 171,100,000 
 
 
 
$ 53,300,000 
 
 
 
 
 
 
 
 
 
$ 69,500,000 
 
 
$ 101,600,000 
 
 
 
 
 
Increase in goodwill
22,900,000 
65,200,000 
 
 
 
22,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Definite-lived intangible assets
 
 
 
 
 
 
19,400,000 
 
 
 
 
 
 
 
 
25,100,000 
 
 
31,100,000 
 
 
 
 
 
Payments for previous acquisitions
300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales of acquired companies
 
38,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income of acquired companies
 
1,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Costs directly attributable to the acquisitions
 
2,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earn out period
 
 
2 years 
3 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of contingent consideration
7,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,000,000 
3,000,000 
 
5,800,000 
5,800,000 
 
3,300,000 
 
 
Earnout obligation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 5,000,000 
 
 
$ 2,600,000 
 
$ 0 
 
Business combinations - Summary of Purchase Price Allocation for Acquisition (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2014
Purchase price:
 
 
 
Contingent consideration
 
$ 7.5 
 
Total purchase price
171.1 
 
 
Allocation:
 
 
 
Goodwill
1,745.1 
1,784.4 
1,767.6 
WEG [Member]
 
 
 
Purchase price:
 
 
 
Cash consideration
66.5 
 
 
Contingent consideration
3.0 
3.0 
 
Other liability consideration
0 
 
 
Total purchase price
69.5 
 
 
Allocation:
 
 
 
Cash and cash equivalents
1.1 
 
 
Trade accounts receivable, net
7.7 
 
 
Inventories
0.5 
 
 
Prepaid expenses and other current assets
0.4 
 
 
Property, plant and equipment, net
13.3 
 
 
Goodwill
23.4 
 
 
Definite-lived intangible assets
25.1 
 
 
Deferred tax assets, net
0 
 
 
Trade accounts payable
(1.5)
 
 
Other accrued expenses
(0.5)
 
 
Deferred tax liabilities
0 
 
 
Total allocation
69.5 
 
 
Other Acquisitions [Member]
 
 
 
Purchase price:
 
 
 
Cash consideration
95.0 
 
 
Contingent consideration
5.8 
5.8 
 
Other liability consideration
0.8 
 
 
Total purchase price
101.6 
 
 
Allocation:
 
 
 
Cash and cash equivalents
7.0 
 
 
Trade accounts receivable, net
12.1 
 
 
Inventories
6.3 
 
 
Prepaid expenses and other current assets
1.4 
 
 
Property, plant and equipment, net
14.1 
 
 
Goodwill
41.8 
 
 
Definite-lived intangible assets
31.1 
 
 
Deferred tax assets, net
0.2 
 
 
Trade accounts payable
(7.6)
 
 
Other accrued expenses
(1.7)
 
 
Deferred tax liabilities
(3.1)
 
 
Total allocation
101.6 
 
 
2015 Acquisitions [Member]
 
 
 
Purchase price:
 
 
 
Cash consideration
161.5 
 
 
Contingent consideration
8.8 
 
 
Other liability consideration
0.8 
 
 
Total purchase price
171.1 
 
 
Allocation:
 
 
 
Cash and cash equivalents
8.1 
 
 
Trade accounts receivable, net
19.8 
 
 
Inventories
6.8 
 
 
Prepaid expenses and other current assets
1.8 
 
 
Property, plant and equipment, net
27.4 
 
 
Goodwill
65.2 
 
 
Definite-lived intangible assets
56.2 
 
 
Deferred tax assets, net
0.2 
 
 
Trade accounts payable
(9.1)
 
 
Other accrued expenses
(2.2)
 
 
Deferred tax liabilities
(3.1)
 
 
Total allocation
$ 171.1 
 
 
Business combinations - Summary of Acquired Intangible Assets Subject to Amortization (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
 
Fair value
$ 56.2 
WEG [Member] |
Customer Relationships [Member]
 
Acquired Finite-Lived Intangible Assets [Line Items]
 
Fair value
24.2 
Weighted average amortization period in years
12 years 
WEG [Member] |
Other [Member]
 
Acquired Finite-Lived Intangible Assets [Line Items]
 
Fair value
0.9 
Weighted average amortization period in years
3 years 
Other Acquisitions [Member] |
Customer Relationships [Member]
 
Acquired Finite-Lived Intangible Assets [Line Items]
 
Fair value
17.8 
Weighted average amortization period in years
10 years 2 months 12 days 
Other Acquisitions [Member] |
Other [Member]
 
Acquired Finite-Lived Intangible Assets [Line Items]
 
Fair value
$ 13.3 
Weighted average amortization period in years
8 years 10 months 24 days 
Business combinations - Summary of Pro forrma Results (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Business Combinations [Abstract]
 
 
Net sales
$ 9,078.3 
$ 10,524.4 
Net income (loss)
$ 23.6 
$ (7.7)
Income (loss) per common share - diluted (usd per share)
$ 0.20 
$ (0.08)
Commitments and contingencies - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended 0 Months Ended
Dec. 31, 2016
site
location
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
Projects With Uncertain Timing [Member]
Oct. 1, 2014
CBP [Member]
Jul. 21, 2014
CBP [Member]
Aug. 6, 2015
DOJ [Member]
Dec. 31, 2016
Maximum [Member]
claim
Commitments and Contingencies Disclosure [Abstract]
 
 
 
 
 
 
 
 
Rental and operating lease expense
$ 83.3 
$ 93.7 
$ 107.4 
 
 
 
 
 
Other Commitments [Line Items]
 
 
 
 
 
 
 
 
Number of asbestos-related claims
 
 
 
 
 
 
 
290 
Number of locations impacted by environmental laws and regulations
129 
 
 
 
 
 
 
 
Number of company owned/occupied sites requiring environmental remediation work
103 
 
 
 
 
 
 
 
Number of non owned sites liable for a share of clean-up
26 
 
 
 
 
 
 
 
Estimated life of project, minimum
2 years 
 
 
 
 
 
 
 
Estimated life of project, maximum
30 years 
 
 
 
 
 
 
 
Accrued environmental loss contingencies, current
30.2 
35.5 
 
 
 
 
 
 
Discount on environmental liabilities
5.6 
2.3 
 
 
 
 
 
 
Discount rate used in the present value calculation
2.50% 
2.30% 
 
 
 
 
 
 
Expected payments for environmental remediation in next year
30.2 
 
 
12.9 
 
 
 
 
Penalty sought
 
 
 
 
$ 84.0 
$ 84.0 
$ 84.0 
 
Commitments and contingencies - Summary of Minimum Rental Commitments under Non-cancelable Operating Leases and Capital Lease Obligations (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Minimum rental commitments
 
2017
$ 56.9 
2018
44.0 
2019
40.0 
2020
31.5 
2021
24.1 
Thereafter
49.6 
Total
$ 246.1 
Commitments and contingencies - Changes in Total Environmental Liabilities (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Accrual for Environmental Loss Contingencies [Roll Forward]
 
 
Environmental liabilities at beginning of period
$ 113.2 
$ 120.3 
Revised obligation estimates
5.5 
11.3 
Environmental payments
(22.5)
(17.8)
Foreign exchange
(0.4)
(0.6)
Environmental liabilities at end of period
$ 95.8 
$ 113.2 
Commitments and contingencies - Schedule of Expected Payments for Environmental Remediation (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
 
2017
$ 30.2 
2018
15.2 
2019
10.3 
2020
7.9 
2021
7.6 
Thereafter
30.2 
Total
$ 101.4 
Related party transactions - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Related Party Transactions [Abstract]
 
 
 
 
Advisory fees to CD&R and CVC
 
$ 0 
$ 2.8 
$ 5.9 
Contract termination fees to CVC and CD&R
$ 26.2 
$ 0 
$ 26.2 
$ 0 
Related party transactions - Summary of Sales and Purchases with Related Parties (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CVC [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Sales to affiliate companies
$ 0.5 
$ 1.9 
$ 9.1 
Purchases from affiliate companies
0 
8.8 
10.2 
CD&R [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Sales to affiliate companies
7.7 
29.7 
20.9 
Purchases from affiliate companies
16.5 
19.9 
21.6 
Temasek [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Sales to affiliate companies
14.4 
19.8 
0 
Purchases from affiliate companies
$ 10.1 
$ 0.1 
$ 0 
Related party transactions - Summary of Receivables Due from and Payables Due to Related Parties (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Related Party Transactions [Abstract]
 
 
Due from affiliates
$ 2.3 
$ 4.1 
Due to affiliates
$ 2.1 
$ 6.6 
Segments - Company's Segment Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
$ 1,812.5 
$ 1,999.7 
$ 2,262.5 
$ 1,999.0 
$ 1,966.3 
$ 2,206.3 
$ 2,510.1 
$ 2,299.1 
$ 8,073.7 
$ 8,981.8 
$ 10,373.9 
Cost of goods sold (exclusive of depreciation)
 
 
 
 
 
 
 
 
6,346.6 
7,182.7 
8,443.2 
Gross profit
413.3 
438.1 
445.4 
430.3 
419.8 
450.5 
467.2 
461.6 
1,727.1 
1,799.1 
1,930.7 
Outbound freight and handling
 
 
 
 
 
 
 
 
286.6 
324.6 
365.5 
Warehousing, selling and administrative
 
 
 
 
 
 
 
 
877.8 
874.4 
923.5 
Adjusted EBITDA
 
 
 
 
 
 
 
 
562.7 
600.1 
641.7 
Other operating expenses, net
 
 
 
 
 
 
 
 
104.5 
106.1 
197.1 
Depreciation
 
 
 
 
 
 
 
 
152.3 
136.5 
133.5 
Amortization
 
 
 
 
 
 
 
 
85.6 
88.5 
96.0 
Impairment charges
 
133.9 
 
 
 
 
 
 
133.9 
0 
0.3 
Loss on extinguishment of debt
 
 
 
 
 
4.8 
7.3 
 
0 
12.1 
1.2 
Interest expense, net
 
 
 
 
 
 
 
 
159.9 
207.0 
250.6 
Other expense, net
 
 
 
 
 
 
 
 
6.1 
23.2 
(1.1)
Income tax (benefit) expense
 
 
 
 
 
 
 
 
(11.2)
10.2 
(15.8)
Net (loss) income
(59.2)
(63.0)
39.8 
14.0 
(2.9)
12.1 
(12.4)
19.7 
(68.4)
16.5 
(20.1)
Total assets
5,389.9 
 
 
 
5,612.4 
 
 
 
5,389.9 
5,612.4 
6,067.7 
Property, plant and equipment, net
1,019.5 
 
 
 
1,082.5 
 
 
 
1,019.5 
1,082.5 
1,032.3 
Capital expenditures
 
 
 
 
 
 
 
 
90.1 
145.0 
113.9 
Other/Eliminations [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
(117.2)
(125.4)
(136.3)
Cost of goods sold (exclusive of depreciation)
 
 
 
 
 
 
 
 
(117.2)
(125.4)
(136.3)
Gross profit
 
 
 
 
 
 
 
 
0 
0 
0 
Outbound freight and handling
 
 
 
 
 
 
 
 
0 
0 
0 
Warehousing, selling and administrative
 
 
 
 
 
 
 
 
19.2 
13.9 
5.7 
Adjusted EBITDA
 
 
 
 
 
 
 
 
(19.2)
(13.9)
(5.7)
Total assets
(1,211.8)
 
 
 
(1,240.1)
 
 
 
(1,211.8)
(1,240.1)
(1,419.2)
Property, plant and equipment, net
37.1 
 
 
 
46.3 
 
 
 
37.1 
46.3 
60.4 
Capital expenditures
 
 
 
 
 
 
 
 
1.2 
1.5 
1.5 
Inter-segment [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
(117.2)
(125.4)
(136.3)
USA [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
4,706.7 
5,351.5 
6,081.4 
USA [Member] |
Inter-segment [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
104.4 
112.7 
121.8 
USA [Member] |
Operating Segments [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
4,811.1 
5,464.2 
6,203.2 
Cost of goods sold (exclusive of depreciation)
 
 
 
 
 
 
 
 
3,769.7 
4,365.9 
5,041.0 
Gross profit
 
 
 
 
 
 
 
 
1,041.4 
1,098.3 
1,162.2 
Outbound freight and handling
 
 
 
 
 
 
 
 
191.5 
216.9 
233.3 
Warehousing, selling and administrative
 
 
 
 
 
 
 
 
517.5 
492.6 
490.9 
Adjusted EBITDA
 
 
 
 
 
 
 
 
332.4 
388.8 
438.0 
Total assets
3,676.8 
 
 
 
3,962.0 
 
 
 
3,676.8 
3,962.0 
4,130.4 
Property, plant and equipment, net
671.1 
 
 
 
714.9 
 
 
 
671.1 
714.9 
621.6 
Capital expenditures
 
 
 
 
 
 
 
 
56.5 
106.8 
73.1 
Canada [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
1,261.0 
1,376.6 
1,512.1 
Canada [Member] |
Inter-segment [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
8.3 
8.6 
10.0 
Canada [Member] |
Operating Segments [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
1,269.3 
1,385.2 
1,522.1 
Cost of goods sold (exclusive of depreciation)
 
 
 
 
 
 
 
 
1,047.4 
1,161.0 
1,271.5 
Gross profit
 
 
 
 
 
 
 
 
221.9 
224.2 
250.6 
Outbound freight and handling
 
 
 
 
 
 
 
 
34.1 
39.3 
46.4 
Warehousing, selling and administrative
 
 
 
 
 
 
 
 
83.8 
87.8 
97.4 
Adjusted EBITDA
 
 
 
 
 
 
 
 
104.0 
97.1 
106.8 
Total assets
1,856.2 
 
 
 
1,709.7 
 
 
 
1,856.2 
1,709.7 
1,986.5 
Property, plant and equipment, net
148.3 
 
 
 
133.3 
 
 
 
148.3 
133.3 
135.8 
Capital expenditures
 
 
 
 
 
 
 
 
17.4 
16.1 
9.3 
EMEA [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
1,704.2 
1,780.1 
2,230.1 
EMEA [Member] |
Inter-segment [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
4.5 
4.0 
4.5 
EMEA [Member] |
Operating Segments [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
1,708.7 
1,784.1 
2,234.6 
Cost of goods sold (exclusive of depreciation)
 
 
 
 
 
 
 
 
1,324.6 
1,398.6 
1,797.9 
Gross profit
 
 
 
 
 
 
 
 
384.1 
385.5 
436.7 
Outbound freight and handling
 
 
 
 
 
 
 
 
54.9 
59.6 
75.5 
Warehousing, selling and administrative
 
 
 
 
 
 
 
 
210.5 
226.0 
276.2 
Adjusted EBITDA
 
 
 
 
 
 
 
 
118.7 
99.9 
85.0 
Total assets
857.4 
 
 
 
947.2 
 
 
 
857.4 
947.2 
1,059.2 
Property, plant and equipment, net
144.8 
 
 
 
167.7 
 
 
 
144.8 
167.7 
189.4 
Capital expenditures
 
 
 
 
 
 
 
 
12.2 
17.2 
24.9 
Rest Of World [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
401.8 
473.6 
550.3 
Rest Of World [Member] |
Inter-segment [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
0 
0.1 
0 
Rest Of World [Member] |
Operating Segments [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
401.8 
473.7 
550.3 
Cost of goods sold (exclusive of depreciation)
 
 
 
 
 
 
 
 
322.1 
382.6 
469.1 
Gross profit
 
 
 
 
 
 
 
 
79.7 
91.1 
81.2 
Outbound freight and handling
 
 
 
 
 
 
 
 
6.1 
8.8 
10.3 
Warehousing, selling and administrative
 
 
 
 
 
 
 
 
46.8 
54.1 
53.3 
Adjusted EBITDA
 
 
 
 
 
 
 
 
26.8 
28.2 
17.6 
Total assets
211.3 
 
 
 
233.6 
 
 
 
211.3 
233.6 
310.8 
Property, plant and equipment, net
18.2 
 
 
 
20.3 
 
 
 
18.2 
20.3 
25.1 
Capital expenditures
 
 
 
 
 
 
 
 
$ 2.8 
$ 3.4 
$ 5.1 
Segments - Additional Information (Detail)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Workforce Subject to Collective Bargaining Arrangements [Member] |
Labor Force Concentration Risk [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Concentration risk percentage
25.00% 
25.00% 
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] |
Labor Force Concentration Risk [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Concentration risk percentage
3.00% 
 
Minimum [Member] |
Sales Revenue, Net [Member] |
Industrial Chemical Business [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Concentration risk percentage
95.00% 
 
Quarterly financial information (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 1,812.5 
$ 1,999.7 
$ 2,262.5 
$ 1,999.0 
$ 1,966.3 
$ 2,206.3 
$ 2,510.1 
$ 2,299.1 
$ 8,073.7 
$ 8,981.8 
$ 10,373.9 
Gross profit
413.3 
438.1 
445.4 
430.3 
419.8 
450.5 
467.2 
461.6 
1,727.1 
1,799.1 
1,930.7 
Net (loss) income
(59.2)
(63.0)
39.8 
14.0 
(2.9)
12.1 
(12.4)
19.7 
(68.4)
16.5 
(20.1)
Income (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
Basic and diluted (usd per share)
$ (0.43)
$ (0.46)
$ 0.29 
$ 0.10 
$ (0.02)
$ 0.09 
$ (0.12)
$ 0.19 
 
 
 
Shares used in computation of income (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
Basic (in shares)
138.1 
137.7 
137.6 
137.6 
137.6 
137.6 
102.8 
99.9 
137.8 
119.6 
99.7 
Diluted (in shares)
138.1 
137.7 
 
137.8 
137.6 
138.4 
102.8 
100.4 
137.8 
120.1 
99.7 
Impairment charges
 
133.9 
 
 
 
 
 
 
133.9 
0 
0.3 
Pension mark to market gain (loss)
(68.6)
 
 
 
(21.1)
 
 
 
(68.6)
(21.1)
(117.8)
Contract termination fees to CVC and CD&R
 
 
 
 
 
 
26.2 
 
0 
26.2 
0 
Loss on extinguishment of debt
 
 
 
 
 
4.8 
7.3 
 
0 
12.1 
1.2 
Loss due to discontinuance of cash flow hedges
 
 
 
 
 
 
7.5 
 
0 
7.5 
0 
Debt refinancing costs
 
 
 
 
 
$ 16.5 
 
 
$ 0 
$ 16.5 
$ 0 
Subsequent events (Details) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended
Dec. 31, 2016
Jul. 1, 2015
Senior Term B Loan US Dollar Denominated Tranche [Member]
LIBOR Floor Rate [Member]
Dec. 31, 2016
Restricted Stock [Member]
Jan. 19, 2017
Subsequent Event [Member]
Senior Term B Loan US Dollar Denominated Tranche [Member]
Jan. 19, 2017
Subsequent Event [Member]
Senior Term B Loan US Dollar Denominated Tranche [Member]
Jan. 19, 2017
Subsequent Event [Member]
Senior Term B Loan US Dollar Denominated Tranche [Member]
LIBOR Floor Rate [Member]
Jan. 31, 2017
Subsequent Event [Member]
Clayton Dubilier & Rice, LLC [Member]
Jan. 31, 2017
Subsequent Event [Member]
Dahlia Investments Pte. Ltd. and Temasek Holdings Limited [Member]
Feb. 2, 2017
Subsequent Event [Member]
2015 Plan [Member]
Chief Executive Officer [Member]
Feb. 2, 2017
Subsequent Event [Member]
Restricted Stock [Member]
2015 Plan [Member]
Chief Executive Officer [Member]
Jan. 31, 2017
Subsequent Event [Member]
Underwriting Agreement [Member]
Subsequent Event [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Decrease in interest rate
 
 
 
 
 
0.50% 
 
 
 
 
 
Debt instrument, credit spread on variable interest rate
 
3.25% 
 
 
 
2.75% 
 
 
 
 
 
LIBOR floor rate
 
1.00% 
 
 
 
 
 
 
 
 
 
Savings amount (more than)
 
 
 
$ 11.0 
 
 
 
 
 
 
 
Fee amount (less than)
 
 
 
 
$ 5.0 
 
 
 
 
 
 
Number of shares granted (in shares)
 
 
78,145 
 
 
 
 
 
 
300,000 
 
Number of stock options, granted (in shares)
0 
 
 
 
 
 
 
 
300,000 
 
 
Common stock, shares issued (in shares)
 
 
 
 
 
 
 
 
 
 
15,000,000 
Ownership percentage
 
 
 
 
 
 
15.40% 
10.10%