AVANTOR, INC., 10-Q filed on 4/25/2025
Quarterly Report
v3.25.1
Document and entity information - shares
 3 Months Ended
Mar. 31, 2025
Apr. 21, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment flag false  
Document quarterly report true  
Document Period End Date Mar. 31, 2025  
Document transition report false  
Entity file number 001-38912  
Entity Registrant Name Avantor, Inc.  
Entity incorporation state or country code DE  
Entity tax identification number 82-2758923  
Entity Address, Address Line One Radnor Corporate Center, Building One, Suite 200  
Entity Address, Address Line Two 100 Matsonford Road  
Entity Address, City or Town Radnor  
Entity Address, State or Province PA  
Entity Address, Postal Zip Code 19087  
Entity central index key 0001722482  
Current fiscal year end date --12-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document fiscal year focus 2025  
Document fiscal period focus Q1  
Entity common stock, shares outstanding   681,429,663
Local Phone Number 386-1700  
City Area Code 610  
Title of 12(b) Security Common stock, $0.01 par value  
Trading Symbol AVTR  
Security Exchange Name NYSE  
v3.25.1
Unaudited condensed consolidated balance sheets - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 315.7 $ 261.9
Accounts receivable, net of allowances of $27.5 and $30.2 1,096.3 1,034.5
Inventory 750.1 731.5
Other current assets 120.3 118.7
Total current assets 2,282.4 2,146.6
Property, plant and equipment, net of accumulated depreciation and impairment charges of $663.4 and $629.5 736.3 708.1
Other intangible assets, net (see note 7) 3,331.1 3,360.2
Goodwill, net of accumulated impairment losses of $38.8 and $38.8 5,609.1 5,539.2
Other assets 367.5 360.4
Total assets 12,326.4 12,114.5
Liabilities and stockholders’ equity    
Current portion of debt 827.5 821.1
Accounts payable 680.1 662.8
Employee-related liabilities 140.6 168.2
Accrued interest 39.3 48.6
Other current liabilities 346.9 306.8
Total current liabilities 2,034.4 2,007.5
Debt, net of current portion 3,279.2 3,234.7
Deferred income tax liabilities 550.0 557.3
Other liabilities 364.6 358.3
Total liabilities 6,228.2 6,157.8
Commitments and contingencies (see note 8)
Common stock including paid-in capital, 681.5 and 680.8 shares issued and outstanding 3,948.4 3,937.7
Accumulated earnings 2,267.5 2,203.0
Accumulated other comprehensive loss (117.7) (184.0)
Total stockholders’ equity 6,098.2 5,956.7
Total liabilities and stockholders’ equity $ 12,326.4 $ 12,114.5
v3.25.1
Unaudited condensed consolidated balance sheets (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable, net of allowances of $27.5 and $30.2 $ 27.5 $ 30.2
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment 663.4 629.5
Goodwill, accumulated impairment losses $ 38.8 $ 38.8
Common stock, shares, issued (in shares) 681.5 680.8
Common stock, shares, outstanding (in shares) 681.5 680.8
v3.25.1
Unaudited condensed consolidated statements of operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Net sales $ 1,581.4 $ 1,679.8
Cost of sales 1,046.5 1,109.3
Gross profit 534.9 570.5
Selling, general and administrative expenses 387.5 424.2
Operating income 147.4 146.3
Interest expense, net (42.2) (64.3)
Loss on extinguishment of debt 0.0 (2.5)
Other (expense) income, net (19.5) 1.1
Income before income taxes 85.7 80.6
Income tax expense (21.2) (20.2)
Net income $ 64.5 $ 60.4
Earnings per share:    
Basic $ 0.09 $ 0.09
Diluted $ 0.09 $ 0.09
Weighted average shares outstanding:    
Basic 681.1 678.1
Diluted 682.4 681.4
v3.25.1
Unaudited condensed consolidated statements of comprehensive income or loss - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 64.5 $ 60.4
Other comprehensive income (loss):    
Foreign currency translation — unrealized gain (loss) 37.8 (22.0)
Derivative instruments:    
Unrealized gain 3.3 9.8
Reclassification of gain into earnings (3.4) (8.5)
Defined benefit plans:    
Unrealized gain (loss) 3.6 (0.2)
Reclassification of loss into earnings (17.3) 0.0
Other comprehensive income (loss) before income taxes 58.6 (20.9)
Income tax effect 7.7 (7.1)
Other comprehensive income (loss) 66.3 (28.0)
Comprehensive income $ 130.8 $ 32.4
v3.25.1
Unaudited condensed consolidated statements of stockholders' equity or deficit - shares
shares in Millions
Common stock including paid-in capital
shares
Beginning balance (in shares) at Dec. 31, 2023 676.6
Stock option exercises and other common stock transactions (in shares) 2.6
Ending balance (in shares) at Mar. 31, 2024 679.2
Beginning balance (in shares) at Dec. 31, 2024 680.8
Stock option exercises and other common stock transactions (in shares) 0.7
Ending balance (in shares) at Mar. 31, 2025 681.5
v3.25.1
Unaudited condensed consolidated statements of stockholders' equity - amounts - USD ($)
$ in Millions
Total
Common stock including paid-in capital
Accumulated earnings
AOCI
Beginning balance at Dec. 31, 2023 $ 5,252.6 $ 3,830.1 $ 1,491.5 $ (69.0)
Comprehensive income (loss) 32.4   60.4 (28.0)
Stock-based compensation expense 12.4 12.4    
Stock option exercises and other common stock transactions 38.9 38.9    
Ending balance at Mar. 31, 2024 5,336.3 3,881.4 1,551.9 (97.0)
Beginning balance at Dec. 31, 2024 5,956.7 3,937.7 2,203.0 (184.0)
Comprehensive income (loss) 130.8   64.5 66.3
Stock-based compensation expense 13.0 13.0    
Stock option exercises and other common stock transactions (2.3) (2.3)    
Ending balance at Mar. 31, 2025 $ 6,098.2 $ 3,948.4 $ 2,267.5 $ (117.7)
v3.25.1
Unaudited condensed consolidated statements of cash flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 64.5 $ 60.4
Reconciling adjustments:    
Depreciation and amortization 99.7 99.6
Stock-based compensation expense 12.4 12.7
Provision for accounts receivable and inventory 12.0 24.0
Deferred income tax benefit (12.4) (17.9)
Amortization of deferred financing costs 2.2 3.0
Loss on extinguishment of debt 0.0 2.5
Foreign currency remeasurement loss 1.9 5.3
Pension termination charges 18.1 0.0
Changes in assets and liabilities:    
Accounts receivable (43.2) 2.7
Inventory (17.6) (11.0)
Accounts payable 8.2 (43.6)
Accrued interest (9.3) (9.5)
Other assets and liabilities (29.1) 9.3
Other 1.9 4.1
Net cash provided by operating activities 109.3 141.6
Cash flows from investing activities:    
Capital expenditures (28.0) (34.7)
Other (0.9) 0.5
Net cash used in investing activities (28.9) (34.2)
Cash flows from financing activities:    
Debt borrowings 0.0 41.2
Debt repayments (31.3) (210.3)
Proceeds received from exercise of stock options 2.6 45.5
Shares repurchased to satisfy employee tax obligations for vested stock-based awards (4.9) (6.6)
Net cash used in financing activities (33.6) (130.2)
Effect of currency rate changes on cash and cash equivalents 7.0 (5.7)
Net change in cash, cash equivalents and restricted cash 53.8 (28.5)
Cash, cash equivalents and restricted cash, beginning of period 264.7 287.7
Cash, cash equivalents and restricted cash, end of period $ 318.5 $ 259.2
v3.25.1
Nature of operations and presentation of financial statements
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of operations and presentation of financial statements
1.    Nature of operations and presentation of financial statements
We are a global manufacturer and distributor that provides products and services to customers in the biopharmaceutical, healthcare, education & government and advanced technologies & applied materials industries.
Basis of presentation
The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to SEC regulations whereby certain information normally included in GAAP financial statements has been condensed or omitted. The financial information presented herein reflects all adjustments (consisting only of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are not necessarily indicative of the results to be expected for the full year.
We believe that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. Those audited consolidated financial statements include a summary of our significant accounting policies.
Principles of consolidation
All intercompany balances and transactions have been eliminated from the financial statements.
Use of estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ from those estimates.
v3.25.1
New accounting standards
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
New accounting standards
2.    New accounting standards
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which amends the existing income taxes guidance (ASC Topic 740) to require additional disclosures surrounding annual rate reconciliation, income taxes paid and other income tax related disclosures.
The amendments in this update are effective for annual periods beginning after December 15, 2024. The Company will first apply this standard to its annual disclosures for the year ending December 31, 2025, which we expect will result in additional disclosures in the Company’s income taxes note to its financial statements, primarily through additional disclosures surrounding the annual rate reconciliation and income taxes paid.
Disaggregation of Income Statement Expenses (DISE)
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), requiring additional disclosure of the nature of expenses included in the income statement. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses.
The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our financial statements.
Other
There were no other new accounting standards that we expect to have a material impact on our financial position or results of operations upon adoption.
v3.25.1
Earnings per share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share
3.    Earnings per share
The following table presents the reconciliation of basic and diluted earnings per share for the three months ended March 31, 2025:
(in millions, except per share data)
Three months ended March 31, 2025
Earnings (numerator)
Weighted average shares outstanding (denominator)
Earnings per share
Basic$64.5 681.1 $0.09 
Dilutive effect of stock-based awards— 1.3 
Diluted$64.5 682.4 $0.09 
The following table presents the reconciliation of basic and diluted earnings per share for the three months ended March 31, 2024:
(in millions, except per share data)
Three months ended March 31, 2024
Earnings (numerator)Weighted average shares outstanding (denominator)Earnings per share
Basic$60.4 678.1 $0.09 
Dilutive effect of stock-based awards— 3.3 
Diluted$60.4 $681.4 $0.09 
v3.25.1
Segment financial information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment financial information
4.    Segment financial information
Our reporting segment structure consists of two reportable business segments: Laboratory Solutions and Bioscience Production. Within our reportable segments, we sell materials & consumables, equipment & instrumentation and services & specialty procurement to customers in the biopharmaceutical, healthcare, education & government and advanced technologies & applied materials industries. Corporate costs are managed on a standalone basis, certain of which are allocated to our reportable segments.
Adjusted Operating Income is used by the CODM as the measure to evaluate segment profitability. The CODM uses this metric predominantly in the annual budget, forecasting and performance monitoring processes.
The following table presents information by reportable segment:
(in millions)
Three months ended March 31,
2025
2024
Net sales:
Laboratory Solutions$1,065.0 $1,157.1 
Bioscience Production516.4 522.7 
Total$1,581.4 $1,679.8 
Adjusted Operating Income:
Laboratory Solutions$139.0 $148.2 
Bioscience Production123.4 126.9 
Corporate(19.6)(16.7)
Total$242.8 $258.4 
(in millions)
Three months ended March 31, 2025Laboratory SolutionsBioscience ProductionCorporateTotal
Net sales$1,065.0 $516.4 $— $1,581.4 
Adjusted cost of sales1
760.1 286.3 — 1,046.4 
Adjusted operating expenses2
165.9 106.7 19.6 292.2 
Adjusted Operating Income$139.0 $123.4 $(19.6)$242.8 
(in millions)
Three months ended March 31, 2024Laboratory SolutionsBioscience ProductionCorporateTotal
Net sales$1,157.1 $522.7 $— $1,679.8 
Adjusted cost of sales1
819.7 288.7 — 1,108.4 
Adjusted operating expenses2
189.2 107.1 16.7 313.0 
Adjusted Operating Income$148.2 $126.9 $(16.7)$258.4 
━━━━━━━━━
1.Adjusted cost of sales excludes $0.1 million and $0.9 million of non-GAAP adjustments primarily related to restructuring and severance charges, as described in more detail within the non-GAAP reconciliation presented below, for the three months ended March 31, 2025 and March 31, 2024, respectively.
2.Adjusted operating expenses excludes $95.3 million and $111.2 million of non-GAAP adjustments primarily related to amortization, transformation expenses and restructuring and severance charges, as described in more detail within the non-GAAP reconciliation presented below, for the three months ended March 31, 2025 and March 31, 2024, respectively.
(in millions)
Depreciation and amortization
Three months ended March 31,
2025
2024
Laboratory Solutions$49.7 $52.5 
Bioscience Production50.0 47.1 
Total$99.7 $99.6 
Information about our segments’ assets and capital expenditures is not disclosed because this information is not provided to our CODM.
The amounts above exclude inter-segment activity because it is not material. All of the net sales presented for each segment are from external customers.
The following table presents the reconciliation of Adjusted Operating Income, our segment profitability measure, to Income before income taxes, the nearest measurement under GAAP:
(in millions)
Three months ended March 31,
2025
2024
Adjusted Operating Income$242.8 $258.4 
Amortization(73.9)(75.3)
Restructuring and severance charges1
(4.4)(23.2)
Transformation expenses2
(15.4)(13.3)
Other3
(1.7)(0.3)
Interest expense, net(42.2)(64.3)
Loss on extinguishment of debt— (2.5)
Other (expense) income, net4
(19.5)1.1 
Income before income taxes
$85.7 $80.6 
━━━━━━━━━
1.Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. These expenses represent costs incurred to achieve the Company’s publicly-announced cost transformation initiative.
2.Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.
3.Represents other stock-based compensation expense (benefit) and a purchase price adjustment related to the sale of our Clinical Services business in 2024.
4.Primarily relates to pension terminations charges in 2025. Refer to note 12.
The following table presents net sales by product category:
(in millions)
Three months ended March 31,
2025
2024
Proprietary$829.7 $883.5 
Third-party751.7 796.3 
Total$1,581.4 $1,679.8 
v3.25.1
Supplemental disclosures of cash flow information
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental disclosures of cash flow information
5.    Supplemental disclosures of cash flow information
The following table presents supplemental disclosures of cash balances:
(in millions)
March 31, 2025
December 31, 2024
Cash and cash equivalents$315.7 $261.9 
Restricted cash classified as other assets2.8 2.8 
Total$318.5 $264.7 
(in millions)
Three months ended March 31,
2025
2024
Cash flows from operating activities:
Cash paid for income taxes, net$16.7 $17.1 
Cash paid for interest, net, excluding financing leases48.9 69.2 
Cash paid for interest on finance leases0.4 1.3 
Cash paid under operating leases9.3 11.2 
Cash flows from financing activities:
Cash paid under finance leases$1.5 $1.4 
v3.25.1
Inventory
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Inventory
6.    Inventory
The following table presents the components of inventory:
(in millions)
March 31, 2025
December 31, 2024
Merchandise inventory$426.9 $416.0 
Finished goods104.4 101.2 
Raw materials151.3 149.3 
Work in process67.5 65.0 
Total$750.1 $731.5 
v3.25.1
Other intangible assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and other intangible assets
7.    Other intangible assets
The following table presents the components of other intangible assets:
(in millions)
March 31, 2025
December 31, 2024
Gross value
Accumulated amortization and impairment1
Carrying valueGross value
Accumulated amortization and impairment1
Carrying value
Customer relationships$4,769.1 $1,928.5 $2,840.6 $4,697.5 $1,840.4 $2,857.1 
Trade names356.7 249.5 107.2 351.6 240.4 111.2 
Other631.5 340.5 291.0 626.8 327.2 299.6 
Total finite-lived$5,757.3 $2,518.5 3,238.8 $5,675.9 $2,408.0 3,267.9 
Indefinite-lived92.3 92.3 
Total$3,331.1 $3,360.2 
━━━━━━━━━
1.As of March 31, 2025 and December 31, 2024, accumulated impairment losses on Customer relationships were $65.9 million and on Other were $40.5 million totaling $106.4 million.
v3.25.1
Commitments and contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies
8.    Commitments and contingencies
Our business involves commitments and contingencies related to compliance with environmental laws and regulations, the manufacture and sale of products and litigation. The ultimate resolution of contingencies is subject to significant uncertainty, and it is reasonably possible that contingencies could be decided unfavorably against us.
Environmental laws and regulations
Our environmental liabilities are subject to changing governmental policy and regulations, discovery of unknown conditions, judicial proceedings, method and extent of remediation, existence of other potentially responsible parties and future changes in technology. We believe that known and unknown environmental matters, if not resolved favorably, could have a material effect on our financial position, liquidity and profitability. Matters to be disclosed are as follows:
The New Jersey Department of Environmental Protection has ordered us to remediate groundwater conditions near our plant in Phillipsburg, New Jersey. At March 31, 2025, our accrued obligation under this order is $2.3 million, which is calculated based on expected cash payments discounted at rates ranging from 3.8% to 4.7% between 2025 and 2045. The undiscounted amount of that obligation is $3.6 million. We are indemnified against any losses incurred in this matter as stipulated through the agreement and guaranty referenced in our Annual Report.
In 2016, we assessed the environmental condition of our chemical manufacturing site in Gliwice, Poland. Our assessment revealed specific types of soil and groundwater contamination throughout the site. We are also monitoring the condition of a closed landfill on that site. These matters are not covered by our indemnification arrangement because they relate to an operation we subsequently acquired. At March 31, 2025, our balance sheet includes a liability of $1.1 million for remediation and monitoring costs. That liability is estimated primarily on discounted expected remediation payments and is not materially different from its undiscounted amount.
Manufacture and sale of products
Our business involves risk of product liability, patent infringement and other claims in the ordinary course of business arising from the products that we produce ourselves or obtain from our suppliers, as well as from the services we provide. Our exposure to such claims may increase to the extent that we expand our manufacturing operations or service offerings.
We maintain insurance policies to protect us against these risks, including product liability insurance. In many cases the suppliers of products we distribute have indemnified us against such claims. Our insurance coverage or indemnification agreements with suppliers may not be adequate in all pending or any future cases brought against us. Furthermore, our ability to recover under any insurance or indemnification arrangements is subject to the financial viability of our insurers, our suppliers and our suppliers’ insurers, as well as legal enforcement under the local laws governing the arrangements.
We have entered into indemnification agreements with customers of our self-manufactured products to protect them from liabilities and losses arising from our negligence, willful misconduct or sale of defective products. To date, we have not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions.
Litigation
At March 31, 2025, there was no outstanding litigation that we believe would result in material losses if decided against us, and we do not believe that there are any unasserted matters that are reasonably possible to result in a material loss.
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt
9.    Debt
The following table presents information about our debt:
(dollars in millions)
March 31, 2025
December 31, 2024
Interest termsRateAmount
Receivables facility
SOFR1 plus 0.80%
5.22%
$100.0 $125.0 
Senior secured credit facilities:
Euro term loans B-4
EURIBOR plus 2.50%
4.86%
83.5 81.6 
Euro term loans B-5
EURIBOR plus 2.00%
4.36%
337.8 324.5 
U.S. dollar term loans B-6
SOFR1 plus 2.00%
6.42%
84.7 86.6 
2.625% secured notesfixed rate
2.625%
702.0 672.6 
3.875% unsecured notesfixed rate
3.875%
800.0 800.0 
3.875% unsecured notesfixed rate
3.875%
432.0 413.9 
4.625% unsecured notesfixed rate
4.625%
1,550.0 1,550.0 
Finance lease liabilities28.4 15.0 
Other8.5 8.6 
Total debt, gross4,126.9 4,077.8 
Less: unamortized deferred financing costs(20.2)(22.0)
Total debt$4,106.7 $4,055.8 
Classification on balance sheets:
Current portion of debt$827.5 $821.1 
Debt, net of current portion3,279.2 3,234.7 
    
━━━━━━━━━
1.SOFR includes credit spread adjustment.
Interest expense, net includes interest income of $7.9 million and $17.9 million for the three months ended March 31, 2025 and March 31, 2024, respectively. The interest income primarily relates to income on our interest rate swaps and cross currency swaps discussed in note 14.
Credit facilities
The following table presents availability under our credit facilities:
(in millions)
March 31, 2025
Receivables facilityRevolving credit facilityTotal
Capacity$269.8 $975.0 $1,244.8 
Undrawn letters of credit outstanding(15.3)(3.1)(18.4)
Outstanding borrowings(100.0)— (100.0)
Unused availability$154.5 $971.9 $1,126.4 
Capacity under the receivables facility is calculated as the lower of eligible borrowing base or facility limit of $400.0 million. Eligible borrowing base is determined as total available accounts receivable less
ineligible accounts receivable and other adjustments. At March 31, 2025, total available accounts receivable under the receivables facility were $507.9 million.
Senior secured credit facilities
On April 2, 2024, we amended the credit agreement to reprice the U.S. Dollar term loan under our senior secured credit facilities. Pursuant to the agreement, the interest rate applicable to the U.S. Dollar term loan reduced from SOFR plus a spread of 2.25% per annum to SOFR plus a spread of 2.00% per annum. The principal amount of U.S. Dollar term loan outstanding immediately prior to the amendment and the outstanding principal amount of U.S. Dollar term loan immediately following the amendment each totaled $772.4 million. The final stated maturity of the U.S. Dollar term loan remains November 8, 2027. The costs to complete the amendment were not material.
During the quarter ended March 31, 2025, we have not made any prepayments on our term loans.
Debt covenants
Our debt agreements include representations and covenants that we consider usual and customary, and our receivables facility and senior secured credit facilities include a financial covenant that becomes applicable for periods in which we have drawn more than 35% of our revolving credit facility under the senior secured credit facilities. In this circumstance, we are not permitted to have combined borrowings on our senior secured credit facilities and secured notes in excess of a pro forma net leverage ratio, as defined in our credit agreements. As we had not drawn more than 35% of our revolving credit facility in this period, this covenant was not applicable at March 31, 2025.
v3.25.1
Accumulated other comprehensive income or loss
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Accumulated other comprehensive income or loss
10.    Accumulated other comprehensive income (loss)
The following table presents changes in the components of AOCI:
(in millions)
Foreign currency translationDerivative instrumentsDefined benefit plansTotal
Balance at December 31, 2024
$(177.4)$0.2 $(6.8)$(184.0)
Unrealized gain
37.8 3.3 3.6 44.7 
Reclassification of (gain) loss into earnings
— (3.4)17.3 13.9 
Change due to income taxes8.1 — (0.4)7.7 
Balance at March 31, 2025
$(131.5)$0.1 $13.7 $(117.7)
Balance at December 31, 2023
$(82.8)$12.6 $1.2 $(69.0)
Unrealized (loss) gain
(22.0)9.8 (0.2)(12.4)
Reclassification of gain into earnings
— (8.5)— (8.5)
Change due to income taxes(6.9)(0.3)0.1 (7.1)
Balance at March 31, 2024
$(111.7)$13.6 $1.1 $(97.0)
The reclassifications effects shown above were immaterial to the financial statements and were made to either cost of sales, SG&A expense, other income (expense) or interest expense depending upon the nature of the underlying transaction. The income tax effects in the three months ended March 31, 2025 on foreign currency translation were due to our cross-currency swap discussed in note 14.
v3.25.1
Stock-based compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation
11.    Stock-based compensation
The following table presents the components of stock-based compensation expense:
(in millions)
Classification
Three months ended March 31,
2025
2024
Stock optionsEquity$2.4 $3.1 
RSUsEquity10.3 8.8 
OtherBoth(0.3)0.8 
Total$12.4 $12.7 
Award classification:
Equity$13.0 $12.4 
Liability(0.6)0.3 
At March 31, 2025, unvested awards have remaining expense of $114.5 million to be recognized over a weighted average period of 1.8 years.
Stock options
The following table presents information about outstanding stock options:
(options and intrinsic value in millions)
Number of optionsWeighted average exercise price per optionAggregate intrinsic valueWeighted average remaining term
Balance at December 31, 2024
11.9 $21.94 
Granted0.9 17.49 
Exercised— — 
Forfeited(0.1)26.48 
Balance at March 31, 2025
12.7 $21.63 $4.8 5.0 years
Expected to vest2.5 21.95 — 8.9 years
Vested10.2 21.56 4.8 4.1 years
During the three months ended March 31, 2025, we granted stock options that have a contractual life of ten years and will vest annually over three years, subject to the recipient continuously providing service to us through each such date.
RSUs
The following table presents information about unvested RSUs:
(awards in millions)
Number of awardsWeighted average grant date fair value per award
Balance at December 31, 2024
4.6 $26.63 
Granted3.0 17.33 
Vested(0.7)22.79 
Forfeited(0.1)24.90 
Balance at March 31, 2025
6.8 $21.72 
During the three months ended March 31, 2025, we granted RSUs that will vest annually over three years, subject to the recipient continuously providing service to us throughout the vesting period. Certain of those awards contain performance and market conditions that impact the number of shares that will ultimately vest. We recorded expense on such awards of $3.3 million and $2.1 million for the three months ended March 31, 2025 and March 31, 2024, respectively.
v3.25.1
Other income or expense, net
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Other income or expense, net
12.    Other income or expense, net
The following table presents the components of other income or expense, net:
(in millions)
Three months ended March 31,
2025
2024
Net foreign currency (loss) gain from financing activities
$(3.2)$0.8 
(Expense) income related to defined benefit plans
(17.5)0.3 
Other1.2 — 
Other (expense) income, net
$(19.5)$1.1 
Other income or expense primarily relates to pension termination costs and the expected returns on defined benefit plan assets for the three months ended March 31, 2025.
As described in our Annual Report, we approved the termination of one of our two U.S. Pension Plans in 2024. The pension liability for this plan was partially settled in December 2024 through lump sum distribution payments made to plan participants.
The remaining pension liability for this plan was settled in the first quarter of 2025, primarily through the purchase of annuity contracts totaling $97.7 million. As a result of the settlement of the U.S. Pension Plan, we recorded $18.1 million of pension termination costs for the three months ended March 31, 2025, which were primarily recognized in other income or expense.
The remaining pension surplus from the plan, approximately $40.0 million, will be used by the Company as prescribed by applicable regulations to fund a Qualified Replacement Plan, which will fund future contributions to the Avantor U.S. 401(k) defined contribution plan.
v3.25.1
Income taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income taxes
13.    Income taxes
The following table presents the relationship between income tax expense and income before income taxes:
(in millions)
Three months ended March 31,
2025
2024
Income before income taxes
$85.7$80.6
Income tax expense
(21.2)(20.2)
Effective income tax rate24.7 %25.1 %
Income tax expense in the quarter is based upon the estimated income for the full year. The composition of the income in different countries and adjustments, if any, in the applicable quarterly periods influences our expense.
The relationship between pre-tax income and income tax expense is affected by the impact of losses for which we cannot claim a tax benefit, non-deductible expenses and other items that increase tax expense without a relationship to income, such as withholding taxes and changes with respect to uncertain tax positions.
The change in the effective tax rate for the three months ended March 31, 2025, when compared to the three months ended March 31, 2024, is primarily due to a projected increase in 2025 to income qualifying as foreign-derived intangible income, and thus expected to be eligible for a tax benefit under U.S. federal tax law.
v3.25.1
Derivative and hedging activities
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative and hedging activities
14.    Derivative and hedging activities
Hedging instruments:
We engage in hedging activities to reduce our exposure to foreign currency exchange rates and interest rates. Our hedging activities are designed to manage specific risks according to our strategies, as summarized below, which may change from time to time. Our hedging activities consist of the following:
•Economic hedges — We are exposed to changes in foreign currency exchange rates on certain of our euro-denominated term loans and notes that move inversely from our portfolio of euro-denominated intercompany loans. The currency effects for these non-derivative instruments are recorded through earnings in the period of change and substantially offset one another;
•Other hedging activities — Certain of our subsidiaries hedge short-term foreign currency denominated business transactions, external debt and intercompany financing transactions using foreign currency forward contracts. These activities were not material to our consolidated financial statements.
Cash flow hedges of interest rate risk
Our objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that an immaterial amount will be reclassified as an increase to interest expense.
During the quarter ended September 30, 2024, the hedging relationship between our $750.0 million notional value interest rate swap and underlying hedged item became ineffective as the hedged forecast transaction was deemed no longer probable of occurring. Due to the ineffectiveness, hedge accounting was discontinued.
As of March 31, 2025, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
(dollars in millions)
Interest rate derivativeNumber of instrumentsNotional
Interest rate swaps1$100.0 
Effect of cash flow hedge accounting on AOCI
The table below presents the effect of cash flow hedge accounting on AOCI for the three months ended March 31, 2025 and March 31, 2024.
(in millions)
Hedging relationshipsAmount of gain or (loss) recognized in OCI on DerivativeLocation of gain or (loss) reclassified from AOCI into incomeAmount of gain or (loss) reclassified from AOCI into income
Three months ended March 31,
Three months ended March 31,
2025
2024
2025
2024
Interest rate products
$— $6.7 
Interest expense, net
$0.1 $5.3 
Total$— $6.7 $0.1 $5.3 
Effect of cash flow hedge accounting on the income statement
The table below presents the effect of our derivative financial instruments on the statement of operations for the three months ended March 31, 2025 and March 31, 2024.
Three months ended March 31,
2025
2024
(in millions)Interest expense, netInterest expense, net
Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded$(42.2)$(64.3)
Amount of gain reclassified from AOCI into income$0.1 $5.3 
Net investment hedges
We are exposed to fluctuations in foreign exchange rates on investments we hold in foreign entities, specifically our net investment in Avantor Holdings B.V., a EUR-functional-currency consolidated subsidiary, against the risk of changes in the EUR-USD exchange rate.
For derivatives designated as net investment hedges, the gain or loss on the derivative is reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings in the event the hedged net investment is either sold or substantially liquidated.
As of March 31, 2025, we had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations:
(value in millions)
Foreign currency derivative
Number of instruments
Notional sold
Notional purchased
Cross-currency swaps
1 €732.1 $750.0 
The cross-currency swap matures on April 30, 2025.
Effect of net investment hedges on AOCI and the income statement
The table below presents the effect of our net investment hedges on AOCI and the statement of operations for the three months ended March 31, 2025 and March 31, 2024.
Effect of Net Investment Hedges on AOCI and the Income Statement
(in millions)
Hedging relationships
Amount of gain or (loss) recognized in OCI on Derivative
Location of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
Three months ended March 31,
Three months ended March 31,
2025
2024
2025
2024
Cross currency swaps
$(30.4)$20.9 
Interest expense, net
$3.2 $3.2 
Total$(30.4)$20.9 $3.2 $3.2 
The Company did not reclassify any other deferred gains or losses related to cash flow hedges from accumulated other comprehensive income (loss) to earnings for the three months ended March 31, 2025 and March 31, 2024 other than those mentioned above.
The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2025 and December 31, 2024:
Derivative assets
Derivative liabilities
March 31, 2025
December 31, 2024
March 31, 2025
December 31, 2024
(in millions)
Balance sheet location
Fair value
Balance sheet location
Fair value
Balance sheet location
Fair value
Balance sheet location
Fair value
Derivatives designated as hedging instruments:
Interest rate products
Other current assets
$0.2 
Other current assets
$0.3 
Other current liabilities
$— 
Other current liabilities
$— 
Foreign exchange products
Other current assets
— 
Other current assets
— 
Other current liabilities
(40.7)
Other current liabilities
(7.0)
Total
$0.2 $0.3 $(40.7)$(7.0)
Non-derivative financial instruments which are designated as hedging instruments:
We designated all of our outstanding €400.0 million 3.875% senior unsecured notes, issued on July 17, 2020, and maturing on July 15, 2028, as a hedge of our net investment in certain of our European operations. For instruments that are designated and qualify as net investment hedges, the foreign currency transactional gains or losses are reported as a component of AOCI.
In October 2024, the Company de-designated these outstanding €400.0 million 3.875% senior unsecured notes as a hedge of our net investment in certain of our European operations. The de-designation had no impact on earnings as the accumulated gain on the net investment hedge is only reclassified into earnings upon a liquidation event or deconsolidation of a hedged foreign subsidiary.
The accumulated gain related to the foreign currency denominated debt previously designated as a net investment hedges classified in the foreign currency translation adjustment component of AOCI was $6.0 million as of March 31, 2025 and December 31, 2024.
The amount of gain related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of other comprehensive income or loss for the three months ended March 31, 2025 and March 31, 2024 are presented below:
(in millions)
Three months ended March 31,
2025
2024
Net investment hedges$— $(10.7)
v3.25.1
Financial instruments and fair value measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Financial instruments and fair value measurements
15.    Financial instruments and fair value measurements
Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and debt.
Assets and liabilities for which fair value is only disclosed
The carrying amount of cash and cash equivalents was the same as its fair value and is a Level 1 measurement. The carrying amounts for trade accounts receivable and accounts payable approximated fair value due to their short-term nature and are Level 2 measurements.
The following table presents the gross amounts, which exclude unamortized deferred financing costs, and the fair values of debt instruments:
(in millions)
March 31, 2025
December 31, 2024
Gross amountFair valueGross amountFair value
Receivables facility$100.0 $100.0 $125.0 $125.0 
Senior secured credit facilities:
Euro term loans B-483.5 83.5 81.6 82.1 
Euro term loans B-5337.8 338.2 324.5 326.1 
U.S. dollar term loans B-684.7 84.9 86.6 87.2 
2.625% secured notes702.0 698.5 672.6 668.4 
3.875% unsecured notes800.0 738.8 800.0 729.9 
3.875% unsecured notes432.0 428.0 413.9 413.6 
4.625 % unsecured notes1,550.0 1,496.1 1,550.0 1,480.6 
Finance lease liabilities28.4 28.4 15.0 15.0 
Other8.5 8.5 8.6 8.6 
Total$4,126.9 $4,004.9 $4,077.8 $3,936.5 
The fair values of debt instruments are based on standard pricing models that take into account the present value of future cash flows, and in some cases private trading data, which are Level 2 measurements.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income $ 64.5 $ 60.4
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Nature of operations and presentation of financial statements (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation
Basis of presentation
The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to SEC regulations whereby certain information normally included in GAAP financial statements has been condensed or omitted. The financial information presented herein reflects all adjustments (consisting only of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are not necessarily indicative of the results to be expected for the full year.
We believe that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. Those audited consolidated financial statements include a summary of our significant accounting policies.
Principles of consolidation
Principles of consolidation
All intercompany balances and transactions have been eliminated from the financial statements.
Use of estimates
Use of estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ from those estimates.
New accounting standards
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which amends the existing income taxes guidance (ASC Topic 740) to require additional disclosures surrounding annual rate reconciliation, income taxes paid and other income tax related disclosures.
The amendments in this update are effective for annual periods beginning after December 15, 2024. The Company will first apply this standard to its annual disclosures for the year ending December 31, 2025, which we expect will result in additional disclosures in the Company’s income taxes note to its financial statements, primarily through additional disclosures surrounding the annual rate reconciliation and income taxes paid.
Disaggregation of Income Statement Expenses (DISE)
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), requiring additional disclosure of the nature of expenses included in the income statement. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses.
The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our financial statements.
Other
There were no other new accounting standards that we expect to have a material impact on our financial position or results of operations upon adoption.
v3.25.1
Earnings per share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Reconciliation of basic and diluted earnings per share
The following table presents the reconciliation of basic and diluted earnings per share for the three months ended March 31, 2025:
(in millions, except per share data)
Three months ended March 31, 2025
Earnings (numerator)
Weighted average shares outstanding (denominator)
Earnings per share
Basic$64.5 681.1 $0.09 
Dilutive effect of stock-based awards— 1.3 
Diluted$64.5 682.4 $0.09 
The following table presents the reconciliation of basic and diluted earnings per share for the three months ended March 31, 2024:
(in millions, except per share data)
Three months ended March 31, 2024
Earnings (numerator)Weighted average shares outstanding (denominator)Earnings per share
Basic$60.4 678.1 $0.09 
Dilutive effect of stock-based awards— 3.3 
Diluted$60.4 $681.4 $0.09 
v3.25.1
Segment financial information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of segment financial information
The following table presents information by reportable segment:
(in millions)
Three months ended March 31,
2025
2024
Net sales:
Laboratory Solutions$1,065.0 $1,157.1 
Bioscience Production516.4 522.7 
Total$1,581.4 $1,679.8 
Adjusted Operating Income:
Laboratory Solutions$139.0 $148.2 
Bioscience Production123.4 126.9 
Corporate(19.6)(16.7)
Total$242.8 $258.4 
(in millions)
Three months ended March 31, 2025Laboratory SolutionsBioscience ProductionCorporateTotal
Net sales$1,065.0 $516.4 $— $1,581.4 
Adjusted cost of sales1
760.1 286.3 — 1,046.4 
Adjusted operating expenses2
165.9 106.7 19.6 292.2 
Adjusted Operating Income$139.0 $123.4 $(19.6)$242.8 
(in millions)
Three months ended March 31, 2024Laboratory SolutionsBioscience ProductionCorporateTotal
Net sales$1,157.1 $522.7 $— $1,679.8 
Adjusted cost of sales1
819.7 288.7 — 1,108.4 
Adjusted operating expenses2
189.2 107.1 16.7 313.0 
Adjusted Operating Income$148.2 $126.9 $(16.7)$258.4 
━━━━━━━━━
1.Adjusted cost of sales excludes $0.1 million and $0.9 million of non-GAAP adjustments primarily related to restructuring and severance charges, as described in more detail within the non-GAAP reconciliation presented below, for the three months ended March 31, 2025 and March 31, 2024, respectively.
2.Adjusted operating expenses excludes $95.3 million and $111.2 million of non-GAAP adjustments primarily related to amortization, transformation expenses and restructuring and severance charges, as described in more detail within the non-GAAP reconciliation presented below, for the three months ended March 31, 2025 and March 31, 2024, respectively.
(in millions)
Depreciation and amortization
Three months ended March 31,
2025
2024
Laboratory Solutions$49.7 $52.5 
Bioscience Production50.0 47.1 
Total$99.7 $99.6 
Reconciliation of segment profitability to consolidated earnings
The following table presents the reconciliation of Adjusted Operating Income, our segment profitability measure, to Income before income taxes, the nearest measurement under GAAP:
(in millions)
Three months ended March 31,
2025
2024
Adjusted Operating Income$242.8 $258.4 
Amortization(73.9)(75.3)
Restructuring and severance charges1
(4.4)(23.2)
Transformation expenses2
(15.4)(13.3)
Other3
(1.7)(0.3)
Interest expense, net(42.2)(64.3)
Loss on extinguishment of debt— (2.5)
Other (expense) income, net4
(19.5)1.1 
Income before income taxes
$85.7 $80.6 
━━━━━━━━━
1.Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. These expenses represent costs incurred to achieve the Company’s publicly-announced cost transformation initiative.
2.Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.
3.Represents other stock-based compensation expense (benefit) and a purchase price adjustment related to the sale of our Clinical Services business in 2024.
4.Primarily relates to pension terminations charges in 2025. Refer to note 12.
Schedule of net sales by product line
The following table presents net sales by product category:
(in millions)
Three months ended March 31,
2025
2024
Proprietary$829.7 $883.5 
Third-party751.7 796.3 
Total$1,581.4 $1,679.8 
v3.25.1
Supplemental disclosures of cash flow information (Tables)
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of supplemental disclosures of cash flow information
The following table presents supplemental disclosures of cash balances:
(in millions)
March 31, 2025
December 31, 2024
Cash and cash equivalents$315.7 $261.9 
Restricted cash classified as other assets2.8 2.8 
Total$318.5 $264.7 
(in millions)
Three months ended March 31,
2025
2024
Cash flows from operating activities:
Cash paid for income taxes, net$16.7 $17.1 
Cash paid for interest, net, excluding financing leases48.9 69.2 
Cash paid for interest on finance leases0.4 1.3 
Cash paid under operating leases9.3 11.2 
Cash flows from financing activities:
Cash paid under finance leases$1.5 $1.4 
v3.25.1
Inventory (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of inventory components
The following table presents the components of inventory:
(in millions)
March 31, 2025
December 31, 2024
Merchandise inventory$426.9 $416.0 
Finished goods104.4 101.2 
Raw materials151.3 149.3 
Work in process67.5 65.0 
Total$750.1 $731.5 
v3.25.1
Other intangible assets (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of components of other intangible assets
The following table presents the components of other intangible assets:
(in millions)
March 31, 2025
December 31, 2024
Gross value
Accumulated amortization and impairment1
Carrying valueGross value
Accumulated amortization and impairment1
Carrying value
Customer relationships$4,769.1 $1,928.5 $2,840.6 $4,697.5 $1,840.4 $2,857.1 
Trade names356.7 249.5 107.2 351.6 240.4 111.2 
Other631.5 340.5 291.0 626.8 327.2 299.6 
Total finite-lived$5,757.3 $2,518.5 3,238.8 $5,675.9 $2,408.0 3,267.9 
Indefinite-lived92.3 92.3 
Total$3,331.1 $3,360.2 
━━━━━━━━━
1.As of March 31, 2025 and December 31, 2024, accumulated impairment losses on Customer relationships were $65.9 million and on Other were $40.5 million totaling $106.4 million.
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of information about debt
The following table presents information about our debt:
(dollars in millions)
March 31, 2025
December 31, 2024
Interest termsRateAmount
Receivables facility
SOFR1 plus 0.80%
5.22%
$100.0 $125.0 
Senior secured credit facilities:
Euro term loans B-4
EURIBOR plus 2.50%
4.86%
83.5 81.6 
Euro term loans B-5
EURIBOR plus 2.00%
4.36%
337.8 324.5 
U.S. dollar term loans B-6
SOFR1 plus 2.00%
6.42%
84.7 86.6 
2.625% secured notesfixed rate
2.625%
702.0 672.6 
3.875% unsecured notesfixed rate
3.875%
800.0 800.0 
3.875% unsecured notesfixed rate
3.875%
432.0 413.9 
4.625% unsecured notesfixed rate
4.625%
1,550.0 1,550.0 
Finance lease liabilities28.4 15.0 
Other8.5 8.6 
Total debt, gross4,126.9 4,077.8 
Less: unamortized deferred financing costs(20.2)(22.0)
Total debt$4,106.7 $4,055.8 
Classification on balance sheets:
Current portion of debt$827.5 $821.1 
Debt, net of current portion3,279.2 3,234.7 
    
━━━━━━━━━
1.SOFR includes credit spread adjustment.
Schedule of availability under credit facilities
The following table presents availability under our credit facilities:
(in millions)
March 31, 2025
Receivables facilityRevolving credit facilityTotal
Capacity$269.8 $975.0 $1,244.8 
Undrawn letters of credit outstanding(15.3)(3.1)(18.4)
Outstanding borrowings(100.0)— (100.0)
Unused availability$154.5 $971.9 $1,126.4 
v3.25.1
Accumulated other comprehensive income or loss (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of changes in components of AOCI
The following table presents changes in the components of AOCI:
(in millions)
Foreign currency translationDerivative instrumentsDefined benefit plansTotal
Balance at December 31, 2024
$(177.4)$0.2 $(6.8)$(184.0)
Unrealized gain
37.8 3.3 3.6 44.7 
Reclassification of (gain) loss into earnings
— (3.4)17.3 13.9 
Change due to income taxes8.1 — (0.4)7.7 
Balance at March 31, 2025
$(131.5)$0.1 $13.7 $(117.7)
Balance at December 31, 2023
$(82.8)$12.6 $1.2 $(69.0)
Unrealized (loss) gain
(22.0)9.8 (0.2)(12.4)
Reclassification of gain into earnings
— (8.5)— (8.5)
Change due to income taxes(6.9)(0.3)0.1 (7.1)
Balance at March 31, 2024
$(111.7)$13.6 $1.1 $(97.0)
The reclassifications effects shown above were immaterial to the financial statements and were made to either cost of sales, SG&A expense, other income (expense) or interest expense depending upon the nature of the underlying transaction. The income tax effects in the three months ended March 31, 2025 on foreign currency translation were due to our cross-currency swap discussed in note 14.
v3.25.1
Stock-based compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of components of stock-based compensation expense
The following table presents the components of stock-based compensation expense:
(in millions)
Classification
Three months ended March 31,
2025
2024
Stock optionsEquity$2.4 $3.1 
RSUsEquity10.3 8.8 
OtherBoth(0.3)0.8 
Total$12.4 $12.7 
Award classification:
Equity$13.0 $12.4 
Liability(0.6)0.3 
Schedule of information about outstanding stock options
The following table presents information about outstanding stock options:
(options and intrinsic value in millions)
Number of optionsWeighted average exercise price per optionAggregate intrinsic valueWeighted average remaining term
Balance at December 31, 2024
11.9 $21.94 
Granted0.9 17.49 
Exercised— — 
Forfeited(0.1)26.48 
Balance at March 31, 2025
12.7 $21.63 $4.8 5.0 years
Expected to vest2.5 21.95 — 8.9 years
Vested10.2 21.56 4.8 4.1 years
Schedule of information about unvested RSUs
The following table presents information about unvested RSUs:
(awards in millions)
Number of awardsWeighted average grant date fair value per award
Balance at December 31, 2024
4.6 $26.63 
Granted3.0 17.33 
Vested(0.7)22.79 
Forfeited(0.1)24.90 
Balance at March 31, 2025
6.8 $21.72 
v3.25.1
Other income or expense, net (Tables)
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of components of other income or expense, net
The following table presents the components of other income or expense, net:
(in millions)
Three months ended March 31,
2025
2024
Net foreign currency (loss) gain from financing activities
$(3.2)$0.8 
(Expense) income related to defined benefit plans
(17.5)0.3 
Other1.2 — 
Other (expense) income, net
$(19.5)$1.1 
v3.25.1
Income taxes (Tables)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of relationship between income tax expense or benefit and income or loss before income taxes
The following table presents the relationship between income tax expense and income before income taxes:
(in millions)
Three months ended March 31,
2025
2024
Income before income taxes
$85.7$80.6
Income tax expense
(21.2)(20.2)
Effective income tax rate24.7 %25.1 %
v3.25.1
Derivative and hedging activities (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
As of March 31, 2025, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
(dollars in millions)
Interest rate derivativeNumber of instrumentsNotional
Interest rate swaps1$100.0 
As of March 31, 2025, we had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations:
(value in millions)
Foreign currency derivative
Number of instruments
Notional sold
Notional purchased
Cross-currency swaps
1 €732.1 $750.0 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The table below presents the effect of cash flow hedge accounting on AOCI for the three months ended March 31, 2025 and March 31, 2024.
(in millions)
Hedging relationshipsAmount of gain or (loss) recognized in OCI on DerivativeLocation of gain or (loss) reclassified from AOCI into incomeAmount of gain or (loss) reclassified from AOCI into income
Three months ended March 31,
Three months ended March 31,
2025
2024
2025
2024
Interest rate products
$— $6.7 
Interest expense, net
$0.1 $5.3 
Total$— $6.7 $0.1 $5.3 
Derivative Instruments, Gain (Loss)
The table below presents the effect of our derivative financial instruments on the statement of operations for the three months ended March 31, 2025 and March 31, 2024.
Three months ended March 31,
2025
2024
(in millions)Interest expense, netInterest expense, net
Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded$(42.2)$(64.3)
Amount of gain reclassified from AOCI into income$0.1 $5.3 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The table below presents the effect of our net investment hedges on AOCI and the statement of operations for the three months ended March 31, 2025 and March 31, 2024.
Effect of Net Investment Hedges on AOCI and the Income Statement
(in millions)
Hedging relationships
Amount of gain or (loss) recognized in OCI on Derivative
Location of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
Three months ended March 31,
Three months ended March 31,
2025
2024
2025
2024
Cross currency swaps
$(30.4)$20.9 
Interest expense, net
$3.2 $3.2 
Total$(30.4)$20.9 $3.2 $3.2 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2025 and December 31, 2024:
Derivative assets
Derivative liabilities
March 31, 2025
December 31, 2024
March 31, 2025
December 31, 2024
(in millions)
Balance sheet location
Fair value
Balance sheet location
Fair value
Balance sheet location
Fair value
Balance sheet location
Fair value
Derivatives designated as hedging instruments:
Interest rate products
Other current assets
$0.2 
Other current assets
$0.3 
Other current liabilities
$— 
Other current liabilities
$— 
Foreign exchange products
Other current assets
— 
Other current assets
— 
Other current liabilities
(40.7)
Other current liabilities
(7.0)
Total
$0.2 $0.3 $(40.7)$(7.0)
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location
The amount of gain related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of other comprehensive income or loss for the three months ended March 31, 2025 and March 31, 2024 are presented below:
(in millions)
Three months ended March 31,
2025
2024
Net investment hedges$— $(10.7)
v3.25.1
Financial instruments and fair value measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of gross amounts and fair values of debt instruments
The following table presents the gross amounts, which exclude unamortized deferred financing costs, and the fair values of debt instruments:
(in millions)
March 31, 2025
December 31, 2024
Gross amountFair valueGross amountFair value
Receivables facility$100.0 $100.0 $125.0 $125.0 
Senior secured credit facilities:
Euro term loans B-483.5 83.5 81.6 82.1 
Euro term loans B-5337.8 338.2 324.5 326.1 
U.S. dollar term loans B-684.7 84.9 86.6 87.2 
2.625% secured notes702.0 698.5 672.6 668.4 
3.875% unsecured notes800.0 738.8 800.0 729.9 
3.875% unsecured notes432.0 428.0 413.9 413.6 
4.625 % unsecured notes1,550.0 1,496.1 1,550.0 1,480.6 
Finance lease liabilities28.4 28.4 15.0 15.0 
Other8.5 8.5 8.6 8.6 
Total$4,126.9 $4,004.9 $4,077.8 $3,936.5 
v3.25.1
Earnings per share - reconciliation (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings (numerator)    
Basic $ 64.5 $ 60.4
Dilutive effect of stock-based awards 0.0 0.0
Diluted $ 64.5 $ 60.4
Weighted average shares outstanding (denominator)    
Basic 681.1 678.1
Dilutive effect of stock-based awards 1.3 3.3
Diluted 682.4 681.4
Earnings per share:    
Basic $ 0.09 $ 0.09
Diluted $ 0.09 $ 0.09
v3.25.1
Segment financial information - reported segments (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
segment
Mar. 31, 2024
USD ($)
Segment financial information    
Number of reportable segments | segment 2  
Information by reportable segment    
Net sales $ 1,581.4 $ 1,679.8
Adjusted Operating Income 242.8 258.4
Corporate    
Information by reportable segment    
Net sales 0.0 0.0
Adjusted Operating Income (19.6) (16.7)
Laboratory Solutions    
Information by reportable segment    
Net sales 1,065.0 1,157.1
Laboratory Solutions | Operating Segments    
Information by reportable segment    
Net sales 1,065.0 1,157.1
Adjusted Operating Income 139.0 148.2
Bioscience Production    
Information by reportable segment    
Net sales 516.4 522.7
Bioscience Production | Operating Segments    
Information by reportable segment    
Net sales 516.4 522.7
Adjusted Operating Income $ 123.4 $ 126.9
v3.25.1
Segment financial information - adjusted operating income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment financial information    
Net sales $ 1,581.4 $ 1,679.8
Adjusted cost of goods and services sold 1,046.4 1,108.4
Adjusted operating expenses 292.2 313.0
Adjusted Operating Income 242.8 258.4
Adjusted cost of sales, non-GAAP adjustments 0.1 0.9
Adjusted operating expenses, non-GAAP adjustments 95.3 111.2
Laboratory Solutions    
Segment financial information    
Net sales 1,065.0 1,157.1
Bioscience Production    
Segment financial information    
Net sales 516.4 522.7
Operating Segments | Laboratory Solutions    
Segment financial information    
Net sales 1,065.0 1,157.1
Adjusted cost of goods and services sold 760.1 819.7
Adjusted operating expenses 165.9 189.2
Adjusted Operating Income 139.0 148.2
Operating Segments | Bioscience Production    
Segment financial information    
Net sales 516.4 522.7
Adjusted cost of goods and services sold 286.3 288.7
Adjusted operating expenses 106.7 107.1
Adjusted Operating Income 123.4 126.9
Corporate    
Segment financial information    
Net sales 0.0 0.0
Adjusted cost of goods and services sold 0.0 0.0
Adjusted operating expenses 19.6 16.7
Adjusted Operating Income $ (19.6) $ (16.7)
v3.25.1
Segment financial information - depreciation and amortization (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment financial information    
Depreciation and amortization $ 99.7 $ 99.6
Laboratory Solutions    
Segment financial information    
Depreciation and amortization 49.7 52.5
Bioscience Production    
Segment financial information    
Depreciation and amortization $ 50.0 $ 47.1
v3.25.1
Segment financial information - reconciliation of reconciliation of net income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reconciliation of Adjusted EBITDA from net income or loss    
Adjusted Operating Income $ 242.8 $ 258.4
Amortization (73.9) (75.3)
Other (1.7) (0.3)
Interest expense, net (42.2) (64.3)
Loss on extinguishment of debt 0.0 2.5
Other (expense) income, net (19.5) 1.1
Income before income taxes 85.7 80.6
Business Exit Costs And Employee Severance    
Reconciliation of Adjusted EBITDA from net income or loss    
Restructuring charges (4.4) (23.2)
External Advisors    
Reconciliation of Adjusted EBITDA from net income or loss    
Restructuring charges $ (15.4) $ (13.3)
v3.25.1
Segment financial information - product lines (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation by product line    
Net sales $ 1,581.4 $ 1,679.8
Proprietary    
Disaggregation by product line    
Net sales 829.7 883.5
Third-party    
Disaggregation by product line    
Net sales $ 751.7 $ 796.3
v3.25.1
Supplemental disclosures of cash flow information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Components and classification of cash, restricted cash and equivalents        
Cash and cash equivalents $ 315.7   $ 261.9  
Restricted cash classified as other assets 2.8   2.8  
Total 318.5 $ 259.2 $ 264.7 $ 287.7
Cash flows from operating activities:        
Cash paid for income taxes, net 16.7 17.1    
Cash paid for interest, net, excluding financing leases 48.9 69.2    
Cash paid for interest on finance leases 0.4 1.3    
Cash paid under operating leases 9.3 11.2    
Cash flows from financing activities:        
Cash paid under finance leases $ 1.5 $ 1.4    
v3.25.1
Inventory (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Components of inventory    
Merchandise inventory $ 426.9 $ 416.0
Finished goods 104.4 101.2
Raw materials 151.3 149.3
Work in process 67.5 65.0
Total $ 750.1 $ 731.5
v3.25.1
Other intangible assets - Schedule of Other intangibles (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Finite-lived    
Gross value $ 5,757.3 $ 5,675.9
Accumulated amortization and impairment 2,518.5 2,408.0
Carrying value 3,238.8 3,267.9
Indefinite-lived 92.3 92.3
Total 3,331.1 3,360.2
Accumulated asset impairment charge 106.4 106.4
Customer relationships    
Finite-lived    
Gross value 4,769.1 4,697.5
Accumulated amortization and impairment 1,928.5 1,840.4
Carrying value 2,840.6 2,857.1
Accumulated asset impairment charge 65.9 65.9
Trade names    
Finite-lived    
Gross value 356.7 351.6
Accumulated amortization and impairment 249.5 240.4
Carrying value 107.2 111.2
Other    
Finite-lived    
Gross value 631.5 626.8
Accumulated amortization and impairment 340.5 327.2
Carrying value 291.0 299.6
Accumulated asset impairment charge $ 40.5 $ 40.5
v3.25.1
Commitments and contingencies (Details) - Environmental remediation
$ in Millions
Mar. 31, 2025
USD ($)
Phillipsburg, New Jersey  
Commitments and contingencies  
Accrued environmental loss $ 2.3
Accrued environmental loss, gross $ 3.6
Phillipsburg, New Jersey | Minimum  
Commitments and contingencies  
Accrued environmental loss, discount rate 3.80%
Phillipsburg, New Jersey | Maximum  
Commitments and contingencies  
Accrued environmental loss, discount rate 4.70%
Gliwice, Poland  
Commitments and contingencies  
Accrued environmental loss $ 1.1
v3.25.1
Debt (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 02, 2024
Apr. 01, 2024
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]        
Total debt, gross     $ 4,126.9 $ 4,077.8
Less: unamortized deferred financing costs     (20.2) (22.0)
Total debt     4,106.7 4,055.8
Current portion of debt     827.5 821.1
Debt, net of current portion     3,279.2 3,234.7
Capacity     1,244.8  
Undrawn letters of credit outstanding     (18.4)  
Outstanding borrowings     (100.0)  
Unused availability     $ 1,126.4  
Receivables facility        
Debt Instrument [Line Items]        
Interest terms     0.80%  
Rate     5.22%  
Total debt, gross     $ 100.0 125.0
Capacity     269.8  
Undrawn letters of credit outstanding     (15.3)  
Outstanding borrowings     (100.0)  
Unused availability     $ 154.5  
Senior secured credit facilities: | Euro term loans B-4        
Debt Instrument [Line Items]        
Interest terms     2.50%  
Rate     4.86%  
Total debt, gross     $ 83.5 81.6
Senior secured credit facilities: | Euro term loans B-5        
Debt Instrument [Line Items]        
Interest terms     2.00%  
Rate     4.36%  
Total debt, gross     $ 337.8 324.5
Senior secured credit facilities: | U.S. dollar term loans B-6        
Debt Instrument [Line Items]        
Interest terms 2.00% 2.25% 2.00%  
Rate     6.42%  
Total debt, gross $ 772.4 $ 772.4 $ 84.7 86.6
Senior secured credit facilities: | Revolving credit facility        
Debt Instrument [Line Items]        
Capacity     975.0  
Undrawn letters of credit outstanding     (3.1)  
Outstanding borrowings     0.0  
Unused availability     $ 971.9  
Notes | 2.625% secured notes        
Debt Instrument [Line Items]        
Rate     2.625%  
Total debt, gross     $ 702.0 672.6
Notes | 3.875% unsecured notes        
Debt Instrument [Line Items]        
Rate     3.875%  
Total debt, gross     $ 800.0 800.0
Notes | 3.875% unsecured notes        
Debt Instrument [Line Items]        
Rate     3.875%  
Total debt, gross     $ 432.0 413.9
Notes | 4.625 % unsecured notes        
Debt Instrument [Line Items]        
Rate     4.625%  
Total debt, gross     $ 1,550.0 1,550.0
Finance lease liabilities        
Debt Instrument [Line Items]        
Total debt, gross     28.4 15.0
Other Debt        
Debt Instrument [Line Items]        
Total debt, gross     $ 8.5 $ 8.6
v3.25.1
Debt - other information (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 02, 2024
Apr. 01, 2024
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Oct. 25, 2022
Information about debt            
Interest income     $ 7.9 $ 17.9    
Facility limit           $ 400.0
Gross amount     $ 4,126.9   $ 4,077.8  
Debt covenants draw trigger percentage     35.00%      
Receivables facility            
Information about debt            
Interest terms     0.80%      
Gross amount     $ 100.0   125.0  
Receivables facility | Asset Not Pledged as Collateral            
Information about debt            
Amount pledged as collateral     $ 507.9      
Senior secured credit facilities: | U.S. dollar term loans B-6            
Information about debt            
Interest terms 2.00% 2.25% 2.00%      
Gross amount $ 772.4 $ 772.4 $ 84.7   $ 86.6  
v3.25.1
Accumulated other comprehensive income or loss (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Changes in AOCI, net of tax    
Beginning balance $ 5,956.7 $ 5,252.6
Income tax effect 7.7 (7.1)
Ending balance 6,098.2 5,336.3
AOCI    
Changes in AOCI, net of tax    
Beginning balance (184.0) (69.0)
Unrealized gain (loss) 44.7 (12.4)
Reclassification of (gain) loss into earnings 13.9 (8.5)
Income tax effect 7.7 (7.1)
Ending balance (117.7) (97.0)
Foreign currency translation    
Changes in AOCI, net of tax    
Beginning balance (177.4) (82.8)
Unrealized gain (loss) 37.8 (22.0)
Reclassification of (gain) loss into earnings 0.0 0.0
Income tax effect 8.1 (6.9)
Ending balance (131.5) (111.7)
Derivative instruments    
Changes in AOCI, net of tax    
Beginning balance 0.2 12.6
Unrealized gain (loss) 3.3 9.8
Reclassification of (gain) loss into earnings (3.4) (8.5)
Income tax effect 0.0 (0.3)
Ending balance 0.1 13.6
Defined benefit plans    
Changes in AOCI, net of tax    
Beginning balance (6.8) 1.2
Unrealized gain (loss) 3.6 (0.2)
Reclassification of (gain) loss into earnings 17.3 0.0
Income tax effect (0.4) 0.1
Ending balance $ 13.7 $ 1.1
v3.25.1
Stock-based compensation - expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other information about options outstanding    
Expense $ 12.4 $ 12.7
Equity Award    
Other information about options outstanding    
Expense 13.0 12.4
Stock options    
Other information about options outstanding    
Expense 2.4 3.1
RSUs    
Other information about options outstanding    
Expense 10.3 8.8
Other    
Other information about options outstanding    
Expense (0.3) 0.8
Liability Award    
Other information about options outstanding    
Expense $ (0.6) $ 0.3
v3.25.1
Stock-based compensation - other information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other information about options outstanding    
Remaining expense to be recognized $ 114.5  
Weighted average period over which remaining expense will be recognized (in years) 1 year 9 months 18 days  
Restricted stock expense $ 3.3 $ 2.1
Stock options    
Other information about options outstanding    
Contractual life (in years) 10 years  
Award vesting period (in years) 3 years  
v3.25.1
Stock-based compensation - stock option rollforward information (Details) - Common stock
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
shares
Number of options outstanding  
Beginning balance (in shares) | shares 11.9
Granted (in shares) | shares 0.9
Exercised (in shares) | shares 0.0
Forfeited (in shares) | shares (0.1)
Ending balance (in shares) | shares 12.7
Weighted average exercise price per outstanding option  
Beginning balance (in dollars per share) | $ / shares $ 21.94
Granted (in dollars per share) | $ / shares 17.49
Exercised (in dollars per share) | $ / shares 0
Forfeited (in dollars per share) | $ / shares 26.48
Ending balance (in dollars per share) | $ / shares $ 21.63
Other information about options outstanding  
Aggregate intrinsic value | $ $ 4.8
Weighted average remaining term 5 years
Information about options expected to vest and exercisable  
Options expected to vest, number (in shares) | shares 2.5
Options expected to vest, weighted average exercise price per option (in dollars per share) | $ / shares $ 21.95
Options expected to vest, aggregate intrinsic value | $ $ 0.0
Options expected to vest, weighted average remaining term 8 years 10 months 24 days
Options exercisable, number (in shares) | shares 10.2
Options exercisable, weighted average exercise price per option (in dollars per share) | $ / shares $ 21.56
Options exercisable, aggregate intrinsic value | $ $ 4.8
Options exercisable, weighted average remaining term 4 years 1 month 6 days
v3.25.1
Stock-based compensation - non-option award rollforward (Details) - RSUs
shares in Millions
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Number of awards  
Beginning balance (in shares) | shares 4.6
Granted (in shares) | shares 3.0
Vested (in shares) | shares (0.7)
Forfeited (in shares) | shares (0.1)
Ending balance (in shares) | shares 6.8
Weighted average grant date fair value per award  
Beginning balance (in dollars per share) | $ / shares $ 26.63
Granted (in dollars per share) | $ / shares 17.33
Vested (in dollars per share) | $ / shares 22.79
Forfeited (in dollars per share) | $ / shares 24.90
Ending balance (in dollars per share) | $ / shares $ 21.72
v3.25.1
Other income or expense, net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]    
Net foreign currency (loss) gain from financing activities $ (3.2) $ 0.8
(Expense) income related to defined benefit plans (17.5) 0.3
Other 1.2 0.0
Other (expense) income, net $ (19.5) $ 1.1
v3.25.1
Other income or expense, net - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2025
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]      
Pension termination charges   $ 18.1 $ 0.0
United States | Pension plans      
Defined Benefit Plan Disclosure [Line Items]      
Pension termination, purchase of annuity contracts $ 97.7    
Pension termination charges   18.1  
Pension surplus   $ 40.0  
v3.25.1
Income taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income before income taxes $ 85.7 $ 80.6
Income tax expense $ (21.2) $ (20.2)
Effective income tax rate 24.70% 25.10%
v3.25.1
Derivative and hedging activities - Narrative (Details)
€ in Millions
Mar. 31, 2025
USD ($)
Oct. 31, 2024
EUR (€)
Sep. 30, 2024
USD ($)
Cross-currency swaps | Net Investment Hedging      
Derivatives, Fair Value [Line Items]      
Derivative, notional amount $ 750,000,000.0    
Foreign exchange products | Designated as Hedging Instrument | 3.875% unsecured notes      
Derivatives, Fair Value [Line Items]      
Derivative liability | €   € 400.0  
Interest rate   3.875%  
Foreign currency denominated debt | Designated as Hedging Instrument | 3.875% unsecured notes      
Derivatives, Fair Value [Line Items]      
Accumulated loss related to the foreign currency denominated debt designated as net investment hedges $ 6,000,000.0    
Interest rate swaps      
Derivatives, Fair Value [Line Items]      
Derivative, notional amount     $ 750,000,000.0
v3.25.1
Derivative and hedging activities - Outstanding Interest Rate Derivatives (Details)
€ in Millions
Mar. 31, 2025
USD ($)
instrument
Mar. 31, 2025
EUR (€)
instrument
Sep. 30, 2024
USD ($)
Interest rate swaps      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Notional purchased     $ 750,000,000.0
Net Investment Hedging | Cross-currency swaps      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Number of instruments | instrument 1,000,000 1,000,000  
Notional sold | €   € 732.1  
Notional purchased $ 750,000,000.0    
Cash Flow Hedging | Interest rate swaps      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Number of instruments | instrument 1 1  
Notional purchased $ 100,000,000.0    
v3.25.1
Derivative and hedging activities - Effect on AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gain or (loss) recognized in OCI on Derivative $ 3.3 $ 9.8
Amount of gain or (loss) reclassified from AOCI into income 3.4 8.5
Cash Flow Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gain or (loss) recognized in OCI on Derivative 0.0 6.7
Amount of gain or (loss) reclassified from AOCI into income 0.1 5.3
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing) (42.2) (64.3)
Cash Flow Hedging | Interest rate swaps    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gain or (loss) recognized in OCI on Derivative 0.0 6.7
Cash Flow Hedging | Interest rate swaps | Interest expense, net    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gain or (loss) reclassified from AOCI into income 0.1 5.3
Net Investment Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gain or (loss) recognized in OCI on Derivative (30.4) 20.9
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing) 3.2 3.2
Net Investment Hedging | Cross-currency swaps    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gain or (loss) recognized in OCI on Derivative (30.4) 20.9
Net Investment Hedging | Cross-currency swaps | Interest expense, net    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing) $ 3.2 $ 3.2
v3.25.1
Derivative and hedging activities - Effect on Income Statement (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of gain reclassified from AOCI into income $ 3.4 $ 8.5
Cash Flow Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded (42.2) (64.3)
Amount of gain reclassified from AOCI into income $ 0.1 $ 5.3
v3.25.1
Derivative and hedging activities - Derivative Instruments Classification on Balance Sheet (Details) - Designated as Hedging Instrument - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivative Asset $ 0.2 $ 0.3
Derivative Liability $ (40.7) $ (7.0)
Interest rate swaps    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other current assets Other current assets
Derivative Asset $ 0.2 $ 0.3
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Derivative Liability $ 0.0 $ 0.0
Foreign exchange products    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other current assets Other current assets
Derivative Asset $ 0.0 $ 0.0
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Derivative Liability $ (40.7) $ (7.0)
v3.25.1
Derivative and hedging activities - Gain (Loss) on Net Investment Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
3.875% unsecured notes | Foreign currency denominated debt | Net Investment Hedging | Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Net investment hedges $ 0.0 $ (10.7)
v3.25.1
Financial instruments and fair value measurements - Schedule of gross amounts and fair values of debt instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Apr. 02, 2024
Apr. 01, 2024
Estimated Fair Value Of Financial Instruments [Line Items]        
Gross amount $ 4,126.9 $ 4,077.8    
Fair value 4,004.9 3,936.5    
Receivables facility        
Estimated Fair Value Of Financial Instruments [Line Items]        
Gross amount 100.0 125.0    
Fair value 100.0 125.0    
Senior secured credit facilities: | Euro term loans B-4        
Estimated Fair Value Of Financial Instruments [Line Items]        
Gross amount 83.5 81.6    
Fair value 83.5 82.1    
Senior secured credit facilities: | Euro term loans B-5        
Estimated Fair Value Of Financial Instruments [Line Items]        
Gross amount 337.8 324.5    
Fair value 338.2 326.1    
Senior secured credit facilities: | U.S. dollar term loans B-6        
Estimated Fair Value Of Financial Instruments [Line Items]        
Gross amount 84.7 86.6 $ 772.4 $ 772.4
Fair value 84.9 87.2    
Notes | 2.625% secured notes        
Estimated Fair Value Of Financial Instruments [Line Items]        
Gross amount 702.0 672.6    
Fair value 698.5 668.4    
Notes | 3.875% unsecured notes        
Estimated Fair Value Of Financial Instruments [Line Items]        
Gross amount 800.0 800.0    
Fair value 738.8 729.9    
Notes | 3.875% unsecured notes        
Estimated Fair Value Of Financial Instruments [Line Items]        
Gross amount 432.0 413.9    
Fair value 428.0 413.6    
Notes | 4.625 % unsecured notes        
Estimated Fair Value Of Financial Instruments [Line Items]        
Gross amount 1,550.0 1,550.0    
Fair value 1,496.1 1,480.6    
Finance lease liabilities        
Estimated Fair Value Of Financial Instruments [Line Items]        
Gross amount 28.4 15.0    
Fair value 28.4 15.0    
Other Debt        
Estimated Fair Value Of Financial Instruments [Line Items]        
Gross amount 8.5 8.6    
Fair value $ 8.5 $ 8.6