10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________ 

Form 10-Q

__________________________________________________________ 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                 

Commission File Number 001-37443

__________________________________________________________ 

Univar Solutions Inc.

(Exact name of registrant as specified in its charter)

__________________________________________________________ 

Delaware	26-1251958
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3075 Highland Parkway, Suite 200	Downers Grove,	Illinois	60515
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (331) 777-6000

__________________________________________________________ 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock ($0.01 par value)	UNVR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒     No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  Yes    ☐  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

At April 26, 2021, 169,587,108 shares of the registrant’s common stock, $0.01 par value, were outstanding.

Univar Solutions Inc.

Form 10-Q

For the quarterly period ended March 31, 2021

TABLE OF CONTENTS

Part I. FINANCIAL INFORMATION	Page
Item 1. Financial Statements (unaudited)
Condensed Consolidated Statements of Operations	1
Condensed Consolidated Statements of Comprehensive Income (Loss)	2
Condensed Consolidated Balance Sheets	3
Condensed Consolidated Statements of Cash Flows	4
Condensed Consolidated Statements of Changes in Stockholders’ Equity	5
Notes to Condensed Consolidated Statements	6
Note 1: Nature of operations	6
Note 2: Significant accounting policies	6
Note 3: Business combinations	7
Note 4: Dispositions and assets held for sale	7
Note 5: Revenue	8
Note 6: Other operating expenses, net	9
Note 7: Restructuring charges	9
Note 8: Other expense, net	10
Note 9: Employee benefit plans	11
Note 10: Income taxes	11
Note 11: Earnings per share	12
Note 12: Accumulated other comprehensive loss	12
Note 13: Debt	13
Note 14: Supplemental balance sheet information	14
Note 15: Fair value measurements	15
Note 16: Derivatives	16
Note 17: Commitments and contingencies	17
Note 18: Leasing	19
Note 19: Segments	20
Note 20: Subsequent events	21
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3. Quantitative and Qualitative Disclosures about Market Risk	34
Item 4. Controls and Procedures	34
Part II. OTHER INFORMATION
Item 1. Legal Proceedings	34
Item 1A. Risk Factors	34
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 3. Defaults upon Senior Securities	34
Item 4. Mine Safety Disclosures	34
Item 5. Other Information	34
Item 6. Exhibits	35
Signatures	36

PART I.

FINANCIAL INFORMATION

Item 1.    Financial Statements

Univar Solutions Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

		Three months ended March 31,
(in millions, except per share data)	Note	2021		2020
Net sales		$	2,155.4	$	2,211.2
Cost of goods sold (exclusive of depreciation)		1,613.0		1,678.6
Operating expenses:
Outbound freight and handling		91.4		91.5
Warehousing, selling and administrative		268.8		279.5
Other operating expenses, net (1)	6	44.2		30.4
Depreciation		43.8		41.7
Amortization		13.1		15.8
Total operating expenses		$	461.3	$	458.9
Operating income		$	81.1	$	73.7
Other (expense) income:
Interest income		0.4		1.0
Interest expense		(27.0)		(29.1)
Gain (loss) on sale of business	4	0.6		(8.6)
Loss on extinguishment of debt	13	(0.2)		(1.8)
Other income, net (1)	8	28.9		20.4
Total other income (expense)		$	2.7	$	(18.1)
Income before income taxes		83.8		55.6
Income tax expense (benefit)	10	17.6		(0.3)
Net income		$	66.2	$	55.9
Income per common share:
Basic income per common share	11	$	0.39	$	0.33
Diluted income per common share	11	$	0.39	$	0.33
Weighted average common shares outstanding:
Basic	11	169.3		168.8
Diluted	11	170.1		169.7

(1)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

Univar Solutions Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

		Three months ended March 31,
(in millions)	Note	2021		2020
Net income		$	66.2	$	55.9
Other comprehensive income (loss), net of tax:
Foreign currency translation	12	0.8		(94.1)
Pension and postretirement benefit adjustment	12	(2.4)		—
Derivative financial instruments	12	6.6		(16.1)
Total other comprehensive income (loss), net of tax		$	5.0	$	(110.2)
Comprehensive income (loss)		$	71.2	$	(54.3)

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

Univar Solutions Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except per share data)	Note	March 31, 2021		December 31, 2020
Assets
Current assets:
Cash and cash equivalents		$	141.4	$	386.6
Trade accounts receivable, net of allowance for doubtful accounts of $19.2 and $17.2 at March 31, 2021 and December 31, 2020, respectively.	14	1,423.4		1,239.8
Inventories		728.4		674.0
Assets held for sale	4	48.4		—
Prepaid expenses and other current assets		165.5		151.5
Total current assets		$	2,507.1	$	2,451.9
Property, plant and equipment, net	14	1,037.8		1,065.7
Goodwill	14	2,274.6		2,270.4
Intangible assets, net	14	238.3		251.9
Deferred tax assets		29.8		29.6
Other assets		283.3		285.5
Total assets		$	6,370.9	$	6,355.0
Liabilities and stockholders’ equity
Current liabilities:
Short-term financing	13	$	4.5	$	2.1
Trade accounts payable		878.4		765.1
Current portion of long-term debt	13	117.7		163.5
Accrued compensation		71.1		102.2
Liabilities held for sale	4	22.2		—
Other accrued expenses	14	354.3		374.1
Total current liabilities		$	1,448.2	$	1,407.0
Long-term debt	13	2,393.0		2,477.1
Pension and other postretirement benefit liabilities		301.5		308.8
Deferred tax liabilities		42.9		39.3
Other long-term liabilities		316.3		330.5
Total liabilities		$	4,501.9	$	4,562.7
Stockholders’ equity:
Preferred stock, 200.0 million shares authorized at $0.01 par value with no shares issued or outstanding at March 31, 2021 and December 31, 2020		$	—	$	—
Common stock, 2.0 billion shares authorized at $0.01 par value with 169.6 million and 169.3 million shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively		1.7		1.7
Additional paid-in capital		2,988.8		2,983.3
Accumulated deficit		(739.4)		(805.6)
Accumulated other comprehensive loss	12	(382.1)		(387.1)
Total stockholders’ equity		$	1,869.0	$	1,792.3
Total liabilities and stockholders’ equity		$	6,370.9	$	6,355.0

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Univar Solutions Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

		Three months ended March 31,
(in millions)	Note	2021		2020
Operating activities:
Net income		$	66.2	$	55.9
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization		56.9		57.5
Amortization of deferred financing fees and debt discount		1.8		1.6
Amortization of pension credit from accumulated other comprehensive loss		(2.9)		—
(Gain) loss on sale of business	4	(0.6)		8.6
Gain on sale of property, plant and equipment		(1.1)		(5.3)
Loss on extinguishment of debt	13	0.2		1.8
Deferred income taxes		2.0		(3.5)
Stock-based compensation expense	6	5.9		5.7
Fair value adjustment for warrants(1)	15	(25.6)		(26.3)
Other		1.2		—
Changes in operating assets and liabilities:
Trade accounts receivable, net		(220.9)		(259.4)
Inventories		(70.8)		(50.5)
Prepaid expenses and other current assets		(34.3)		(58.3)
Trade accounts payable		138.1		165.3
Pensions and other postretirement benefit liabilities		(7.8)		(5.3)
Other, net (1)		(0.6)		34.0
Net cash used by operating activities		$	(92.3)	$	(78.2)
Investing activities:
Purchases of property, plant and equipment		$	(16.3)	$	(24.1)
Proceeds from sale of property, plant and equipment		5.3		7.6
Payments from sale of business	4	(0.4)		(8.2)
Other		(0.8)		(6.2)
Net cash used by investing activities		$	(12.2)	$	(30.9)
Financing activities:
Payments on long-term debt and finance lease obligations	13	(56.2)		(180.6)
Net (payments) proceeds under revolving credit facilities	13	(81.0)		345.9
Short-term financing, net	13	4.1		6.3
Taxes paid related to net share settlements of stock-based compensation awards		(2.1)		(1.3)
Stock option exercises		1.5		0.7
Net cash (used) provided by financing activities		$	(133.7)	$	171.0
Effect of exchange rate changes on cash and cash equivalents		$	(7.0)	$	(12.5)
Net (decrease) increase in cash and cash equivalents		(245.2)		49.4
Cash and cash equivalents at beginning of period		386.6		330.3
Cash and cash equivalents at end of period		$	141.4	$	379.7
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Income taxes		$	15.5	$	9.8
Interest, net of capitalized interest		18.6		18.0
Non-cash activities:
Additions of property, plant and equipment included in trade accounts payable and other accrued expenses		4.7		4.8
Additions of property, plant and equipment under a finance lease obligation		4.9		18.0
Additions of assets under an operating lease obligation		16.2		17.5

(1)For the three months ended March 31, 2020, the amount included in fair value adjustment for warrants, which was previously included in other, net, is now presented separately to conform to the current year presentation.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Univar Solutions Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

(in millions)	Common stock (shares)	Common stock		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss		Total
Balance, January 1, 2021	169.3	$	1.7	$	2,983.3	$	(805.6)	$	(387.1)	$	1,792.3
Net income	—	—		—		66.2		—		66.2
Foreign currency translation adjustment	—	—		—		—		0.8		0.8
Pension and other postretirement benefits adjustment, net of tax $0.5	—	—		—		—		(2.4)		(2.4)
Derivative financial instruments, net of tax $(2.2)	—	—		—		—		6.6		6.6
Restricted stock units vested	0.3	—		—		—		—		—
Tax withholdings related to net share settlements of stock-based compensation awards	(0.1)	—		(2.1)		—		—		(2.1)
Stock option exercises	0.1	—		1.5		—		—		1.5
Stock-based compensation	—	—		5.9		—		—		5.9
Other	—	—		0.2		—		—		0.2
Balance, March 31, 2021	169.6	$	1.7	$	2,988.8	$	(739.4)	$	(382.1)	$	1,869.0

(in millions)	Common stock (shares)	Common stock		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss		Total
Balance, January 1, 2020	168.7	$	1.7	$	2,968.9	$	(858.5)	$	(379.3)	$	1,732.8
Net Income	—	—		—		55.9		—		55.9
Foreign currency translation adjustment, net of tax $(4.7)	—	—		—		—		(94.1)		(94.1)
Derivative financial instruments, net of tax $7.0	—	—		—		—		(16.1)		(16.1)
Restricted stock units vested	0.2	—		—		—		—		—
Tax withholdings related to net share settlements of stock-based compensation awards	(0.1)	—		(1.3)		—		—		(1.3)
Stock option exercises	0.1	—		0.7		—		—		0.7
Stock-based compensation	—	—		5.7		—		—		5.7
Balance, March 31, 2020	168.9	$	1.7	$	2,974.0	$	(802.6)	$	(489.5)	$	1,683.6

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

Univar Solutions Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Nature of operations

Headquartered in Downers Grove, Illinois, Univar Solutions Inc. (“Univar Solutions,” “Company,” “we,” “our” and “us”) is a leading global chemical and ingredient distributor and provider of value-added services to customers across a wide range of industries. The Company’s operations are structured into four reportable segments that represent the geographic areas under which the Company manages its business:

•Univar Solutions USA (“USA”)

•Univar Solutions Europe and the Middle East and Africa (“EMEA”)

•Univar Solutions Canada (“Canada”)

•Univar Solutions Latin America (“LATAM”)

LATAM includes certain developing businesses in Latin America and the Asia-Pacific region.

2. Significant accounting policies

Basis of presentation

The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as applicable to interim financial reporting. These condensed consolidated financial statements, in the Company’s opinion, include all adjustments consisting of normal recurring accruals necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, comprehensive income, cash flows and changes in stockholders’ equity. The results of operations for the periods presented are not necessarily indicative of the operating results that may be expected for the full year. The accompanying condensed consolidated financial statements of Univar Solutions includes the combined results of all directly and indirectly controlled companies, which have been adjusted to account for the elimination of intercompany balances and transactions.

The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates. These condensed consolidated financial statements and related footnotes are unaudited and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

During the first quarter of 2021, the Company recorded a prior-period adjustment, correcting an error relating to the remaining life of outstanding warrants which overstated the December 31, 2020 warrant liability by $14.0 million. Management of the Company concluded the effect of the adjustment is immaterial to the projected full-year 2021 financial statements and the affected prior periods. In addition, the Company recorded the change in the fair value of the warrants in other income, net during the current period to properly reflect the non-operating nature of the warrant liability. The Company reclassified the change in the fair value of the warrants in its condensed consolidated statement of operations for the three months ended March 31, 2020 from other operating expenses, net to other income, net to conform to the current period presentation. In addition, on our condensed consolidated statement of cash flows for the three months ended March 31, 2020, the change in the fair value is now presented separately as fair value adjustments for warrants, which was previously included in other, net, to conform to the current year presentation.

Recently adopted accounting pronouncements

In January 2021, the Company adopted ASU 2019-12 “Income Taxes” (Topic 740) – “Simplifying the Accounting for Income Taxes,” which clarifies and simplifies the accounting for income taxes by eliminating certain exceptions for intra-period tax allocation principles, updating the methodology for calculating income tax rates in an interim period and aligning the recognition of deferred taxes for outside basis differences in an investment, among other updates. The adoption did not have a material impact to the Company’s financial statements and disclosures.

Accounting pronouncements issued and not yet adopted

In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform” (Topic 848) – “Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform from currently referenced rates, such as LIBOR, to alternative rates. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform” (Topic 848) that clarifies the scope of ASU 2020-04. The ASU’s were effective beginning March 12, 2020 and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is currently determining the impacts of the guidance on our consolidated financial statements.

6

3. Business combinations

2020 Acquisition

On December 18, 2020, the Company completed the acquisition of the specialty silicone solutions business of Zhuhai Techi Chem Silicone Industry Corporation (“Techi Chem”), a leading distributor of specialty silicone solutions used primarily for the coatings, adhesives, sealants, and elastomers (CASE) market within the China marketplace. The goal of the Techi Chem acquisition is to enhance the Company’s ability to bring differential value to customers and suppliers within the CASE market.

The purchase price of this acquisition was $6.8 million, comprised of $4.6 million cash paid and a $2.2 million contingent consideration component. Refer to “Note 15: Fair value measurements” for further information on the contingent consideration liability. As of December 31, 2020, the Company recorded a preliminary purchase price allocation consisting of goodwill of $3.5 million, intangibles of $2.7 million, inventory of $1.0 million and other current assets and deferred tax liabilities of $(0.4) million. The goodwill is included in the LATAM segment and is primarily attributable to expected synergies. The Company does not expect the goodwill to be deductible for income tax purposes. The identified intangible assets were related to customer relationships which have a weighted-average amortization period of eight years. The operating results subsequent to the acquisition date did not have a significant impact on the consolidated financial statements of the Company.

As of March 31, 2021, the Company updated the purchase price allocation to reflect final deferred income tax adjustments, resulting in a $0.7 million decrease to goodwill. The accounting for this acquisition was complete as of March 31, 2021.

4. Dispositions and assets held for sale

Dispositions

On November 30, 2020, the Company completed the sale of its Canadian Agriculture services business for total net cash proceeds of $39.3 million after closing transaction-related expenses. In the fourth quarter of 2020, the Company recorded a $31.5 million pre-tax loss on sale of business in the condensed consolidated statements of operations. In the first quarter of 2021, the Company recognized a favorable adjustment of $0.7 million, decreasing the loss on sale recorded in the fourth quarter of 2020. The sale of this business did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the disposition did not represent a strategic shift that had, or will have, a major effect on the Company's operations and financial results.

The following summarizes the income before income taxes attributable to this business:

(in millions)	Three months ended March 31, 2020
Income before income taxes	$	2.0

On September 1, 2020, the Company completed the sale of its industrial spill and emergency response businesses to EnviroServe Inc. for total net cash proceeds of $6.2 million after transaction-related expenses. In the third quarter of 2020, the Company recorded a $9.3 million pre-tax loss on sale of business in the condensed consolidated statements of operations. In the fourth quarter of 2020 and the first quarter of 2021, we recorded estimated and final net working capital adjustments of $1.2 million and $0.1 million, respectively, increasing the loss on sale recorded in the third quarter of 2020. The sale of these businesses did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the dispositions did not represent a strategic shift that had, or will have, a major effect on the Company's operations and financial results.

The following summarizes the loss before income taxes attributable to these businesses:

(in millions)	Three months ended March 31, 2020
Loss before income taxes	$	(6.6)

On December 31, 2019, the Company completed the sale of the Environmental Sciences business to affiliates of AEA Investors LP for total cash proceeds of $174.0 million (net of cash disposed of $0.7 million and $5.9 million of transaction expenses) plus a $5.0 million ($2.4 million present value) subordinated note receivable and recorded a pre-tax gain on sale of $41.4 million. In the first quarter of 2020, we recorded a net working capital adjustment of $8.2 million, reducing the proceeds and the gain on sale recorded in the fourth quarter of 2019. The sale of the business did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the disposition did not represent a strategic shift that had, or will have, a major effect on the Company's operations and financial results.

7

Assets held for sale

On January 22, 2021, the Company entered into an agreement to sell its Distrupol business. The sale of the Distrupol business closed on April 1, 2021. Refer to “Note 20: Subsequent events” for further information.

The following summarizes the carrying value of assets and liabilities associated with this business as presented within assets and liabilities held for sale in the condensed consolidated balance sheet as of March 31, 2021:

(in millions)	March 31, 2021
Assets
Cash and cash equivalents	$	7.5
Trade accounts receivable	24.7
Inventories	9.2
Prepaid expenses and other current assets	4.2
Property, plant and equipment, net	0.6
Other assets	2.2
Total assets held for sale	$	48.4
Liabilities
Trade accounts payable	$	14.4
Current portion of long-term debt	0.1
Accrued compensation	0.6
Other accrued expenses	5.1
Long-term debt	0.2
Other long-term liabilities	1.8
Total liabilities held for sale	$	22.2

5. Revenue

The Company disaggregates revenues from contracts with customers by both geographic reportable segments and revenue contract types. Geographic reportable segmentation is pertinent to understanding Univar Solutions’ revenues, as it aligns to how the Company reviews the financial performance of its operations. Revenue contract types are differentiated by the type of good or service Univar Solutions offers customers, since the contractual terms necessary for revenue recognition are unique to each of the identified revenue contract types.

The following tables disaggregate external customer net sales by major stream:

	USA		EMEA		Canada		LATAM		Consolidated
(in millions)	Three months ended March 31, 2021
Chemical Distribution	$	1,222.2	$	505.7	$	218.7	$	132.0	$	2,078.6
Services	70.8		0.2		4.0		1.8		76.8
Total external customer net sales	$	1,293.0	$	505.9	$	222.7	$	133.8	$	2,155.4
	USA		EMEA		Canada		LATAM		Consolidated
(in millions)	Three months ended March 31, 2020
Chemical Distribution	$	1,270.5	$	459.9	$	208.3	$	105.3	$	2,044.0
Crop Sciences	—		—		64.4		—		64.4
Services	87.0		0.4		13.1		2.3		102.8
Total external customer net sales	$	1,357.5	$	460.3	$	285.8	$	107.6	$	2,211.2

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Deferred revenue

Deferred revenues are recognized as a contract liability when customers provide Univar Solutions with consideration prior to the Company satisfying a performance obligation and are recognized in revenue when the performance obligations are met. Deferred revenues relate to revenues that are expected to be recognized within one year and are recorded within the other accrued expenses line items of the condensed consolidated balance sheets. Deferred revenues as of March 31, 2021 and December 31, 2020 were $5.8 million.

Revenue recognized through the three months ended March 31, 2021 and 2020 from amounts included in contract liabilities at the beginning of the period were $4.3 million and $63.9 million, respectively. The year-over-year decrease in revenue recognized from contract liabilities is primarily due to the prior year wind down of the Canadian Agriculture wholesale distribution business which was operationally completed by December 31, 2020.

6. Other operating expenses, net

Other operating expenses, net consisted of the following:

	Three months ended March 31,
(in millions)	2021		2020
Acquisition and integration related expenses	$	16.4	$	17.5
Stock-based compensation expense	5.9		5.7
Restructuring charges	0.2		2.5
Other employee severance costs	2.9		5.5
Other facility closure costs	—		1.9
Multi-employer pension plan exit liability (1)	18.4		—
Gain on sale of property, plant and equipment	(1.1)		(5.3)
Other	1.5		2.6
Total other operating expenses, net (2)	$	44.2	$	30.4

(1)Refer to “Note 9: Employee benefit plans” for more information.

(2)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

7. Restructuring charges

Restructuring charges relate to the implementation of several regional strategic initiatives aimed at streamlining the Company’s cost structure and improving its operations. These actions primarily resulted in workforce reductions and other facility rationalization costs. Restructuring charges are recorded in other operating expenses, net in the condensed consolidated statement of operations.

2020 Restructuring

During the fourth quarter of 2020, the Company approved a plan to wind down its Canadian Agriculture wholesale distribution business as part of an in-depth review of the changing dynamics within the agriculture industry. The actions associated with this program were substantially complete as of December 31, 2020. During the first quarter of 2021, the Company increased its previously disclosed estimate and recorded an additional charge to earnings of $0.2 million within employee termination costs.

As a result of this plan, we recorded the following charges:

(in millions)	Three months ended March 31, 2021		Cumulative costs		Anticipated total costs
Canada:
Employee termination costs	$	0.2	$	1.9	$	1.9
Other exit costs	—		2.2		2.2
Total	$	0.2	$	4.1	$	4.1

9

The following table summarizes activity related to accrued liabilities associated with restructuring:

(in millions)	January 1, 2021		Charge to earnings		Cash paid		Non-cash and other		March 31, 2021
Employee termination costs	$	3.2	$	0.2	$	(3.6)	$	1.3	$	1.1
Facility exit costs	1.4		—		—		(1.3)		0.1
Other exit costs	2.5		—		—		(0.1)		2.4
Total	$	7.1	$	0.2	$	(3.6)	$	(0.1)	$	3.6

(in millions)	January 1, 2020		Charge to earnings		Cash paid		Non-cash and other		December 31, 2020
Employee termination costs	$	3.7	$	11.7	$	(12.4)	$	0.2	$	3.2
Facility exit costs	1.9		—		(0.5)		—		1.4
Other exit costs	0.2		2.2		—		0.1		2.5
Total	$	5.8	$	13.9	$	(12.9)	$	0.3	$	7.1

Restructuring liabilities of $3.5 million and $6.6 million were classified as current in other accrued expenses in the condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively. The long-term portion of restructuring liabilities of $0.1 million and $0.5 million were recorded in other long-term liabilities in the condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively, and primarily consists of facility exit costs that are expected to be paid within the next five years.

The cost information above does not contain any estimates for programs that may be developed and implemented in future periods. 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.

8. Other income, net

Other income, net consisted of the following:

	Three months ended March 31,
(in millions)	2021		2020
Foreign currency transactions	$	(1.8)	$	(0.8)
Foreign currency denominated loans revaluation	(0.1)		0.2
Undesignated foreign currency derivative instruments (1)	(1.7)		(2.0)
Undesignated swap contracts (1)	1.3		(4.8)
Non-operating retirement benefits (2)	6.7		2.2
Debt refinancing costs	—		(0.1)
Fair value adjustment for warrants (3)	25.6		26.3
Other	(1.1)		(0.6)
Total other income, net	$	28.9	$	20.4

(1)Refer to “Note 16: Derivatives” for more information.

(2)Refer to “Note 9: Employee benefit plans” for more information.

(3)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

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9. Employee benefit plans

The following table summarizes the components of net periodic benefit recognized in the condensed consolidated statements of operations:

	Domestic - Defined Benefit Pension Plans				Foreign - Defined Benefit Pension Plans
	Three months ended March 31,				Three months ended March 31,
(in millions)	2021		2020		2021		2020
Service cost (1)	$	—	$	—	$	0.5	$	0.5
Interest cost (2)	4.8		5.8		2.5		3.1
Expected return on plan assets (2)	(7.3)		(7.1)		(3.8)		(4.0)
Prior service credit (2)	—		—		(2.9)		—
Net periodic benefit	$	(2.5)	$	(1.3)	$	(3.7)	$	(0.4)

(1)Service cost is included in warehouse, selling and administrative expenses.

(2)These amounts are included in other income, net.

Multi-employer pension plan exit liability

During the first quarter of 2021, the Company recognized a partial withdrawal liability of $18.4 million due to four locations exiting the Central States multi-employer pension plan. While the amount recognized represents the Company’s best estimate of the partial withdrawal liability at this time, actual costs could differ based on final funding assessments. Any changes to the estimate will be recorded in the period identified. The Company estimates its cash obligation to be approximately $1.1 million annually for the next 20 years. The net present value of the liability recognized was determined using a risk-free interest rate. This liability is recorded within other operating expenses, net in the condensed consolidated statements of operations and other accrued expenses and other long-term liabilities in the condensed consolidated balance sheets.

As reported in the financial statements for the year ended December 31, 2020, Company estimates suggest that under certain circumstances the Company’s withdrawal liability in relation to all eight locations that participate in the Central States multi-employer pension plan could be between $30 million to $60 million on a discounted basis. Other estimates of possible outcomes incorporating additional external factors could result in materially higher withdrawal liabilities, though the Company believes that those outcomes are unlikely to occur based on available information.

10. Income taxes

The income tax expense and effective income tax rate for the three months ended March 31, 2021 and 2020 were as follows:

	Three months ended March 31,
(dollars in millions)	2021			2020
Income tax expense (benefit)	$	17.6		$	(0.3)
Effective income tax rate	21.0		%	(0.5)		%

Discrete tax expense of $0.5 million is included in the $17.6 million income tax expense for the three months ended March 31, 2021. The Company’s estimated annual effective income tax rate without discrete items was 29.2%, higher than the US federal statutory rate of 21.0% primarily due to higher rates on foreign earnings, US tax on foreign earnings, US state income taxes, and non-deductible employee costs.

A discrete tax benefit of $9.0 million was included in the $0.3 million income tax benefit for the three months ended March 31, 2020, primarily attributable to the utilization of previously disallowed US interest expense as a result of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The Company’s estimated annual effective income tax rate without discrete items was 30.0%, higher than the US federal statutory rate of 21.0%, primarily due to the impact of the higher tax rates in foreign jurisdictions, non-deductible expenses and US state income taxes.

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11. Earnings per share

The following table presents the basic and diluted earnings per share computations:

	Three months ended March 31,
(in millions, except per share data)	2021		2020
Numerator:
Net income	$	66.2	$	55.9
Denominator:
Weighted average common shares outstanding – basic	169.3		168.8
Effect of dilutive securities: stock compensation plans	0.8		0.9
Weighted average common shares outstanding – diluted	170.1		169.7
Basic:
Basic income per common share	$	0.39	$	0.33
Diluted:
Diluted income per common share	$	0.39	$	0.33

The shares that were not included in the computation of diluted earnings per share for those periods because their inclusion would be anti-dilutive were as follows:

	Three months ended March 31,
(in millions, common shares)	2021	2020
Stock options	3.8	3.9
Restricted stock	0.2	1.2
Warrants	7.6	7.6

12. Accumulated other comprehensive loss

The following tables present the changes in accumulated other comprehensive loss by component, net of tax:

(in millions)	Cash flow hedges		Defined benefit pension		Currency translation		Total AOCI
Balance, December 31, 2020	$	(32.7)	$	19.2	$	(373.6)	$	(387.1)
Other comprehensive loss before reclassifications	14.9		—		0.8		15.7
Amounts reclassified from accumulated other comprehensive loss	(8.3)		(2.4)		—		(10.7)
Net current period other comprehensive (loss) income	$	6.6	$	(2.4)	$	0.8	$	5.0
Balance, March 31, 2021	$	(26.1)	$	16.8	$	(372.8)	$	(382.1)
Balance, December 31, 2019	$	(15.4)	$	(1.0)	$	(362.9)	$	(379.3)
Other comprehensive loss before reclassifications	(11.1)		—		(94.1)		(105.2)
Amounts reclassified from accumulated other comprehensive loss	(5.0)		—		—		(5.0)
Net current period other comprehensive (loss) income	$	(16.1)	$	—	$	(94.1)	$	(110.2)
Balance, March 31, 2020	$	(31.5)	$	(1.0)	$	(457.0)	$	(489.5)

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The following is a summary of the amounts reclassified from accumulated other comprehensive loss to net income:

	Statement of Operations Classification	Three months ended March 31,
(in millions)		2021 (1)		2020 (1)
Amortization of defined benefit pension items:
Prior service credit	Other income, net	$	(2.9)	$	—
Tax expense	Income tax expense (benefit)	0.5		—
Net of tax		$	(2.4)	$	—
Cash flow hedges:
Interest rate swap contracts	Interest expense	$	4.8	$	0.9
Cross-currency swap contracts	Interest expense and other income, net	(15.9)		(8.1)
Tax expense	Income tax expense (benefit)	2.8		2.2
Net of tax		$	(8.3)	$	(5.0)
Total reclassifications for the period, net of tax		$	(10.7)	$	(5.0)

(1)Amounts in parentheses indicate credits to net income in the condensed consolidated statement of operations.

13. Debt

Short-term financing

Short-term financing consisted of the following:

(in millions)	March 31, 2021		December 31, 2020
Bank overdrafts	$	4.5	$	2.1

As of March 31, 2021 and December 31, 2020, the Company had $191.2 million and $196.0 million, respectively, in outstanding letters of credit.

Long-term debt

Long-term debt consisted of the following:

(in millions)	March 31, 2021		December 31, 2020
Senior Term Loan Facilities:
Term B-3 Loan due 2024, variable interest rate of 2.36% and 2.40% at March 31, 2021 and December 31, 2020, respectively	$	1,264.1	$	1,264.1
Term B-5 Loan due 2026, variable interest rate of 2.11% and 2.15% at March 31, 2021 and December 31, 2020, respectively	395.0		396.0
Asset Backed Loan (ABL) Facilities:
North American ABL Facility due 2024, variable interest rate of 1.83% and 1.71% at March 31, 2021 and December 31, 2020, respectively	184.5		265.5
Canadian ABL Term Loan due 2022, variable interest rate of 2.66% and 2.71% at March 31, 2021 and December 31, 2020, respectively	87.6		133.5
Senior Unsecured Notes:
Senior Unsecured Notes due 2027, fixed interest rate of 5.13% at March 31, 2021 and December 31, 2020	500.0		500.0
Finance lease obligations	98.5		101.6
Total long-term debt before discount	$	2,529.7	$	2,660.7
Less: unamortized debt issuance costs and discount on debt	(19.0)		(20.1)
Total long-term debt	$	2,510.7	$	2,640.6
Less: current maturities	(117.7)		(163.5)
Total long-term debt, excluding current maturities	$	2,393.0	$	2,477.1

The weighted average interest rate on long-term debt was 3.61% and 3.73% as of March 31, 2021 and December 31, 2020, respectively.

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On February 26, 2021, using the proceeds from the sale of the Canadian Agriculture services business and existing cash, the Company repaid $47.1 million of debt outstanding under the Canadian ABL Term Loan. As a result of this prepayment, the Company recognized a loss on extinguishment of debt of $0.2 million during the three months ended March 31, 2021. The Canadian ABL Term Loan is payable in quarterly installments, beginning June 30, 2020, with a final maturity on February 28, 2022. However, as a result of optional prepayments made by the Company in 2019 and 2021, the loan is expected to be fully paid by December 31, 2021.

On January 7, 2020, using the proceeds from the sale of the Environmental Sciences business, the Company repaid $174.0 million of the Term B-3 Loan due 2024. As a result of this prepayment, the Company recognized a loss on extinguishment of debt of $1.8 million during the three months ended March 31, 2020.

Other Information

	March 31, 2021				December 31, 2020
(in millions)	Carrying amount		Fair value		Carrying amount		Fair value
Fair value of debt	$	2,510.7	$	2,545.2	$	2,640.6	$	2,687.4

The fair values of debt were based on current market quotes for similar borrowings and credit risk adjusted for liquidity, margins and amortization, as necessary and are classified as level 2 in the fair value hierarchy.

14. Supplemental balance sheet information

Allowance for doubtful accounts

The allowance for doubtful accounts reflects the Company’s current estimate of credit losses expected to be incurred over the life of the trade accounts receivable. Collectability of the trade accounts receivable balance is assessed on an ongoing basis and determined based on the delinquency of customer accounts, the financial condition of individual customers, past collections experience and future economic expectations. The change in the allowance for doubtful accounts is as follows:

(in millions)
Balance, January 1, 2021	$	17.2
Provision for credit losses	3.1
Write-offs	(0.9)
Foreign exchange	(0.2)
Balance, March 31, 2021	$	19.2

Property, plant and equipment, net

(in millions)	March 31, 2021		December 31, 2020
Property, plant and equipment, at cost	$	2,208.8	$	2,216.4
Less: accumulated depreciation	(1,171.0)		(1,150.7)
Property, plant and equipment, net	$	1,037.8	$	1,065.7

Goodwill

The following is a summary of the activity in goodwill by segment.

(in millions)	USA		EMEA		Canada		LATAM		Total
Balance, January 1, 2021	$	1,805.0	$	8.7	$	428.1	$	28.6	$	2,270.4
Purchase price adjustments	—		—		—		(0.7)		(0.7)
Foreign exchange	—		—		5.9		(1.0)		4.9
Balance, March 31, 2021	$	1,805.0	$	8.7	$	434.0	$	26.9	$	2,274.6

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Intangible assets, net

	March 31, 2021						December 31, 2020
(in millions)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Customer relationships	$	931.4	$	(697.7)	$	233.7	$	936.9	$	(691.3)	$	245.6
Other	172.2		(167.6)		4.6		177.4		(171.1)		6.3
Total intangible assets	$	1,103.6	$	(865.3)	$	238.3	$	1,114.3	$	(862.4)	$	251.9

Other intangible assets consist of intellectual property (mostly trademarks and 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)
2021	$	52.6
2022	44.9
2023	38.6
2024	31.9
2025	28.2

Other accrued expenses

As of March 31, 2021 and December 31, 2020, other accrued expenses that were greater than five percent of total current liabilities consisted of current tax liabilities of $78.6 million and $73.4 million, respectively, comprised of VAT, income and local indirect taxes payable.

15. Fair value measurements

The following is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which consists of the warrant liability related to the 2019 Nexeo acquisition and contingent consideration liabilities (i.e. earn-outs) related to the Techi Chem acquisition:

(in millions)	Warrant Liability		Contingent Consideration
Fair value at December 31, 2020	$	33.8	$	2.2
Fair value adjustments	(25.6)		—
Fair value at March 31, 2021	$	8.2	$	2.2

The assumptions used in the Black-Scholes-Merton valuation model to measure the fair value of the warrants are:

		Weighted Average
Unobservable Inputs	Range	Amount	Method
Warrant life	N/A	0.25 years	Expected term
Expected volatility	38.59% to 80.96%	48.15%	Univar Solutions stock
Risk-free interest rate	N/A	0.03%	US Treasury rates

Fair value adjustments for warrants are recorded within other income, net in the condensed consolidated statement of operations. The method for calculating expected volatility was revised in the first quarter of 2021 to utilize Univar Solutions stock rather than the Industry peer group and reflects the remaining duration of the warrant life.

The fair value of the contingent consideration is based on a real options approach, which takes into account management's best estimate of the acquired business performance, as well as achievement risk and is recorded in other accrued expenses within the consolidated balance sheets. Fair value adjustments for contingent consideration are recorded within other operating expenses, net in the condensed consolidated statement of operations. Changes in the fair value of contingent consideration are recorded in the other, net line item of the operating activities within the condensed consolidated statements of cash flows. Cash payments up to the amount of the original acquisition value are recorded within financing activities of the condensed consolidated statement of cash flows. The portion of contingent consideration cash payments in excess of the original acquisition value are recorded within operating activities of the condensed consolidated statement of cash flows.

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16. Derivatives

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 cash flow hedges by the Company and the terms of these instruments range from one to three months.

Interest rate swaps

The objective of the designated interest rate swap contracts is to offset the variability of cash flows in LIBOR indexed debt interest payments attributable to changes in the benchmark interest rate related to the Term B-3 Loan and a portion of debt outstanding under the North American ABL Facility. On March 17, 2020, the Company executed $250.0 million of interest rate swap contracts effective June 30, 2020 to replace swaps with maturities on June 30, 2020. The interest rate swap contracts have maturities at various dates through June 2024.

Cross currency swap contracts

Cross currency swap contracts are used to effectively convert the Term B-5 Loan’s principal amount of floating rate US dollar denominated debt, including interest payments, to fixed-rate Euro denominated debt. The cross currency swap contracts mature in November 2024. As of March 31, 2021, approximately 95% of the cross currency swaps are designated as a cash flow hedge.

The Company uses both undesignated interest rate swap contracts and cross currency swaps to manage interest rate variability and mitigate foreign exchange exposure.

Notional amounts and fair value of derivative instruments

The following table presents the notional amounts of the Company’s outstanding derivative instruments by type:

(in millions)	March 31, 2021		December 31, 2020
Designated Derivatives:
Interest rate swap contracts	$	900.0	$	1,050.0
Cross currency swap contracts	381.0		381.0
Undesignated Derivatives:
Interest rate swap contracts	100.0		200.0
Foreign currency derivatives	107.9		77.2
Cross currency swap contracts	19.0		19.0

The following are the pre-tax effects of derivative instruments on the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2021 and 2020:

	Statement of Operations Classification	Amount of gain (loss) reclassified from other comprehensive loss into income				Amount of gain (loss) to be reclassified to consolidated statement of operations within the next 12 months
		Three months ended March 31,
(in millions)		2021		2020
Derivatives in cash flow hedging relationships:
Interest rate swap contracts	Interest expense	$	(4.8)	$	(0.9)	$	(15.4)
Cross currency swap contracts	Interest expense	0.3		1.9		1.4
Cross currency swap contracts	Other income, net	15.6		6.2		—

Refer to “Note 8: Other income, net” for the gains and losses related to derivatives not designated as hedging instruments.

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The following table presents the Company’s gross assets and liabilities measured on a recurring basis and classified as level 2 within the fair value hierarchy:

	Derivative Assets					Derivative Liabilities
(in millions)	Balance Sheet Classification	March 31, 2021		December 31, 2020		Balance Sheet Classification	March 31, 2021		December 31, 2020
Designated Derivatives:
Cross currency swap contracts	Prepaid expenses and other current assets	$	1.4	$	1.0	Other long-term liabilities	$	29.6	$	47.4
Interest rate swap contracts	Prepaid expenses and other current assets	—		—		Other accrued expenses	15.4		17.9
Interest rate swap contracts	Other assets	—		—		Other long-term liabilities	15.5		20.7
Total designated derivatives		$	1.4	$	1.0		$	60.5	$	86.0
Undesignated Derivatives:
Foreign currency contracts	Prepaid expenses and other current assets	$	0.5	$	0.2	Other accrued expenses	$	0.8	$	0.4
Cross currency swap contracts	Prepaid expenses and other current assets	0.1		0.1		Other long-term liabilities	1.5		2.4
Interest rate swap contracts	Prepaid expenses and other current assets	—		—		Other accrued expenses	2.1		2.6
Interest rate swap contracts	Other assets	—		—		Other long-term liabilities	3.0		4.0
Total undesignated derivatives		$	0.6	$	0.3		$	7.4	$	9.4
Total derivatives		$	2.0	$	1.3		$	67.9	$	95.4

The net amounts by legal entity related to forward currency contracts included in prepaid and other current assets were $0.3 million and $0.1 million as of March 31, 2021 and December 31, 2020, respectively. The net amounts related to forward currency contracts included in other accrued expenses were $0.6 million and $0.3 million as of March 31, 2021 and December 31, 2020, respectively.

The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of swaps is determined by estimating the net present value of amounts to be paid under the agreement offset by the net present value of the expected cash inflows based on market rates and associated yield curves. Based on these valuation methodologies, these derivative contracts are classified as Level 2 in the fair value hierarchy.

17. Commitments and contingencies

Litigation

In the ordinary course of business, the Company is subject to pending or threatened claims, lawsuits, regulatory matters and administrative proceedings from time to time. Where appropriate the Company has recorded provisions in the consolidated financial statements for these matters. The liabilities for injuries to persons or property are in some instances covered by liability insurance, subject to various deductibles and self-insured retentions.

The Company is not aware of any claims, lawsuits, regulatory matters or administrative proceedings, pending or threatened, that are likely to have a material effect on its overall financial position, results of operations, or cash flows. However, the Company cannot predict the outcome of any present or future claims or litigation or the potential for future claims or litigation and adverse developments could negatively impact earnings or cash flows in a particular future period.

The Company is subject to liabilities from claims alleging personal injury from exposure to asbestos. The claims result primarily from an indemnification obligation related to Univar Solutions USA Inc.’s (“Univar”) 1986 purchase of McKesson Chemical Company from McKesson Corporation (“McKesson”). Once certain conditions have been met, Univar will have the ability to pursue insurance coverage, if any, that may be available under McKesson's historical insurance coverage to offset the impact of any fees, settlements, or judgments that Univar is obligated to pay because of its obligation to defend and indemnify McKesson. As of March 31, 2021, there were approximately 215 asbestos-related cases for which Univar has the obligation to defend and indemnify; however, this number tends to fluctuate up and down over time. Historically, the vast majority of these asbestos cases have been dismissed without payment or with a nominal payment. While the Company is unable to predict the

17

outcome of these matters, it does not believe, based upon currently available facts, that the ultimate resolution of any of these matters will have a material effect on its overall financial position, results of operations, or cash flows.

Unclaimed Property Audit

The Company and its subsidiaries are the subject of an unclaimed property audit request issued by the State of Delaware. The State of Delaware retained a contingent-fee private audit firm to conduct the audit. In October 2018, the State of Delaware issued a subpoena to the Company requesting a broad swath of records and information purportedly necessary to perform the audit (the “Subpoena”). After receiving the Subpoena, the Company objected and also initiated a lawsuit in the Federal District Court for the District of Delaware challenging the constitutionality of the Subpoena and other provisions of Delaware's escheats law, which case is ongoing (the “Lawsuit”). In response to the Lawsuit, the State of Delaware filed a competing enforcement action in the Delaware Court of Chancery in order to compel the Company to comply with the Subpoena. The Lawsuit has been stayed pending the resolution of the enforcement action. In October 2020, the Delaware Court of Chancery deemed the Subpoena enforceable, subject to some limitations, but stayed enforcement of the Subpoena until the Company’s claims in the Lawsuit are resolved by the District Court. The Company intends to vigorously defend itself and believes it has strong defenses. The timing and outcome of these proceedings or any unclaimed property audits that may be subsequently conducted as a result of the outcome of the proceedings cannot be predicted with certainty at this time.

Environmental

The Company is subject to various federal, state and local environmental laws and regulations that require environmental assessment or remediation efforts (collectively “environmental remediation work”) and from time to time becomes aware of compliance matters regarding possible or alleged violations of these laws or regulations. For example, over the years, the Company has been identified as a “potentially responsible party” (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act and/or similar state laws that impose liability for costs relating to environmental remediation work at various sites. As a PRP, the Company may be required to pay a share of the costs of investigation and cleanup of certain sites. The Company is currently engaged in environmental remediation work at approximately 125 locations, some that are now or were previously Company-owned/occupied and some that were never Company-owned/occupied (“non-owned sites”).

The Company’s environmental remediation work at some sites is being conducted pursuant to governmental proceedings or investigations. At other sites, the Company, with appropriate state or federal agency oversight and approval, is conducting the environmental remediation work voluntarily. The Company is currently undergoing remediation efforts or is in the process of active review of the need for potential remediation efforts at approximately 105 current or formerly Company-owned/occupied sites. In addition, the Company may be liable as a PRP for a share of the clean-up of approximately 20 non-owned sites. These non-owned sites are typically (a) locations of independent waste disposal or recycling operations with alleged or confirmed contaminated soil and/or groundwater to which the Company may have shipped waste products or drums for re-conditioning, or (b) contaminated non-owned sites near historical sites owned or operated by the Company or its predecessors from which contamination is alleged to have arisen.

In determining the appropriate level of environmental reserves, the Company considers several factors such as information obtained from investigatory studies; changes in the scope of remediation; the interpretation, application and enforcement of laws and regulations; changes in the costs of remediation programs; the development of alternative cleanup technologies and methods; and the relative level of the Company’s involvement at various sites for which the Company is allegedly associated. The level of annual expenditures for remedial, monitoring and investigatory activities will change in the future as major components of planned remediation activities are completed and the scope, timing and costs of existing activities are changed. Project lives, and therefore cash flows, range from 2 to 30 years, depending on the specific site and type of remediation project.

Although the Company believes that its reserves are adequate for environmental contingencies, it is possible, due to the uncertainties noted above, that additional reserves could be required in the future that could have a material effect on the overall financial position, results of operations, or cash flows in a particular period.

Changes in total environmental liabilities are as follows:

(in millions)
Environmental liabilities at December 31, 2020	$	79.6
Revised obligation estimates	2.5
Environmental payments	(3.8)
Foreign exchange	(0.2)
Environmental liabilities at March 31, 2021	$	78.1

18

(in millions)	Balance Sheet Classification	March 31, 2021		December 31, 2020
Current environmental liabilities	Other accrued expenses	$	24.6	$	26.5
Long-term environmental liabilities	Other long-term liabilities	53.5		53.1

18. Leasing

The Company leases certain warehouses and distribution centers, office space, transportation equipment and other machinery and equipment.

(in millions)	Balance Sheet Classification	March 31, 2021		December 31, 2020
Assets
Operating lease assets	Other assets	$	159.6	$	161.0
Finance lease assets	Property, plant and equipment, net (1)	97.5		100.3
Total lease assets		$	257.1	$	261.3
Liabilities
Current liabilities:
Current portion of operating lease liabilities	Other accrued expenses	$	46.1	$	44.9
Current portion of finance lease liabilities	Current portion of long-term debt	26.2		26.0
Noncurrent liabilities:
Operating lease liabilities	Other long-term liabilities	121.2		125.3
Finance lease liabilities	Long-term debt	72.3		75.6
Total lease liabilities		$	265.8	$	271.8

(1)Finance lease right-of-use assets are recorded net of accumulated amortization of $64.1 million and $61.2 million as of March 31, 2021 and December 31, 2020, respectively.

Lease cost

(in millions)	Three months ended March 31, 2021						Three months ended March 31, 2020
Statement of Operations Classification	Operating Leases		Finance Leases		Total		Operating Leases		Finance Leases		Total
Cost of goods sold (exclusive of depreciation)	$	5.6	$	—	$	5.6	$	4.3	$	—	$	4.3
Outbound freight and handling	2.0		—		2.0		1.3		—		1.3
Warehousing, selling and administrative	7.4		—		7.4		8.1		—		8.1
Depreciation	—		6.4		6.4		—		6.2		6.2
Interest expense	—		1.0		1.0		—		0.7		0.7
Total gross lease component cost	$	15.0	$	7.4	$	22.4	$	13.7	$	6.9	$	20.6
Variable lease costs					0.3						0.2
Short-term lease costs					3.9						7.5
Total gross lease costs					$	26.6					$	28.3
Sublease income					0.6						0.6
Total net lease cost					$	26.0					$	27.7

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Maturity of lease liabilities

(in millions)	Operating Leases		Finance Leases		Total
Remainder of 2021	$	39.1	$	22.2	$	61.3
2022	42.7		26.2		68.9
2023	31.2		17.2		48.4
2024	20.1		13.7		33.8
2025	12.3		12.2		24.5
2026 and After	46.4		15.8		62.2
Total lease payments	$	191.8	$	107.3	$	299.1
Less: interest	24.5		8.8
Present value of lease liabilities	$	167.3	$	98.5

Lease term and discount rate

	March 31, 2021		December 31, 2020
Weighted-average remaining lease term (years)
Operating leases	5.9		6.0
Finance leases	6.2		6.3
Weighted-average discount rate
Operating leases	4.42	%	4.68	%
Finance leases	3.80	%	3.83	%

Other information

	Three months ended March 31,
(in millions)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	14.5	$	13.4
Operating cash flows from finance leases	1.0		0.9
Financing cash flows from finance leases	6.8		6.1

19. Segments

Management monitors the operating results of its reportable 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; impairment charges; loss on extinguishment of debt; other operating expenses, net (see “Note 6: Other operating expenses, net”); and other income, net (see “Note 8: Other income, net”).

Transfer prices between reportable segments are set on an arms-length basis in a similar manner to transactions with third parties. Corporate operating expenses that directly benefit segments have been allocated to the reportable segments. Allocable operating expenses are identified through a review process by management. The allocable operating expenses are assigned to the reportable segments on a basis that reasonably approximates the use of services, which is generally measured based on a weighted distribution of margin, asset, headcount or time spent.

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Financial information for the Company’s reportable segments is as follows:

	USA		EMEA		Canada		LATAM		Other/Eliminations (1)		Consolidated
(in millions)	Three months ended March 31, 2021
External customers	$	1,293.0	$	505.9	$	222.7	$	133.8	$	—	$	2,155.4
Inter-segment	17.4		0.8		0.7		—		(18.9)		—
Total net sales	$	1,310.4	$	506.7	$	223.4	$	133.8	$	(18.9)	$	2,155.4
Adjusted EBITDA	$	101.8	$	50.6	$	26.3	$	15.6	$	(12.1)	$	182.2
Long-lived assets (2)	$	805.8	$	192.0	$	145.4	$	35.2	$	19.0	$	1,197.4

	USA		EMEA		Canada		LATAM		Other/Eliminations (1)		Consolidated
(in millions)	Three months ended March 31, 2020
External customers	$	1,357.5	$	460.3	$	285.8	$	107.6	$	—	$	2,211.2
Inter-segment	25.7		0.8		0.8		—		(27.3)		—
Total net sales	$	1,383.2	$	461.1	$	286.6	$	107.6	$	(27.3)	$	2,211.2
Adjusted EBITDA	$	96.6	$	40.3	$	27.3	$	8.3	$	(10.9)	$	161.6
Long-lived assets (2)	$	855.1	$	175.2	$	182.0	$	27.9	$	39.6	$	1,279.8

(1)Other/Eliminations represents the elimination of intersegment 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.

(2)Long-lived assets consist of property, plant and equipment, net and operating lease assets.

The following is a reconciliation of net income to Adjusted EBITDA for the three months ended March 31, 2021 and 2020:

	Three months ended March 31,
(in millions)	2021		2020
Net income	$	66.2	$	55.9
Depreciation	43.8		41.7
Amortization	13.1		15.8
Interest expense, net	26.6		28.1
Income tax expense (benefit)	17.6		(0.3)
Other operating expenses, net (1)	44.2		30.4
Other income, net (1)	(28.9)		(20.4)
(Gain) loss on sale of business	(0.6)		8.6
Loss on extinguishment of debt	0.2		1.8
Adjusted EBITDA	$	182.2	$	161.6

(1)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

20. Subsequent events

On April 1, 2021, the Company completed the sale of its Distrupol business within the EMEA segment for total cash proceeds of approximately $137 million, subject to certain post-closing adjustments. The Company has classified the assets and liabilities associated with this business as assets held for sale as of March 31, 2021 (see “Note 4: Dispositions and assets held for sale”) and expects to recognize a pre-tax gain on sale of approximately $106 million within the condensed consolidated statement of operations in the second quarter of 2021. The sale of the Distrupol business will be exempt from tax under local country subsidiary participation exemptions. Management expects the impact of the sale on US income taxes to be minimal.

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The sale of this business does not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the disposition does not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is based on financial data derived from the financial statements prepared in accordance with the United States (“US”) generally accepted accounting principles (“GAAP”) and certain other financial data that is prepared using non-GAAP financial measures. For a reconciliation of each non-GAAP financial measure to its most comparable GAAP measure, see “Analysis of Segment Results” within this Item and “Note 19: Segments” to our condensed consolidated financial statements in Item 1 of this Quarterly Report on Form 10-Q. Refer to “Non-GAAP Financial Measures” within this Item for more information about our use of non-GAAP financial measures.

Our MD&A is provided in addition to the accompanying condensed consolidated financial statements and notes to assist readers in understanding our results of operations, financial condition and cash flow.

Overview

Univar Solutions Inc. is a leading global chemical and ingredient distributor and provider of value-added services to customers across a wide range of industries. We purchase chemicals from thousands of chemical producers worldwide and warehouse, repackage, blend, dilute, transport and sell those chemicals to more than 100,000 customer locations across approximately 125 countries.

Our operations are structured into four reportable segments that represent the geographic areas under which we operate and manage our business. These segments are Univar Solutions USA (“USA”), Univar Solutions Europe and the Middle East and Africa (“EMEA”), Univar Solutions Canada (“Canada”) and Univar Solutions Latin America (“LATAM”), which includes developing businesses in Latin America and the Asia-Pacific region.

Recent Developments and Items Impacting Comparability

On September 1, 2020, we sold our industrial spill and emergency response businesses and on November 30, 2020, we sold our Canadian Agriculture services business. The sale of these businesses did not meet the criteria to be classified as discontinued operations in the Company’s financial statements.

On December 18, 2020, we acquired a business of Techi Chem, a leading distributor of specialty silicone solutions used primarily for coatings, adhesives, sealants, and elastomers (CASE) market within the China marketplace.

At the beginning of the fourth quarter of 2020, the Company decided to wind down its Canadian Agriculture wholesale distribution business, which was operationally completed by December 31, 2020 when all the inventory had been sold.

Market Conditions

The current business environment reflects emerging demand as global businesses work to recover from the economic effects of the novel coronavirus (COVID-19) pandemic, along with evolving market conditions influenced by US weather related events in the first quarter and global supply chain constraints, which have resulted in product shortages and chemical price inflation. These conditions require significant management attention and monitoring to implement appropriate business strategies as well as interpret and quantify the potential impact on our assumptions about future operating cash flows.

We continue to monitor the impact of the COVID-19 pandemic on our global business from a financial perspective and the safety and health of employees, customers, suppliers and the communities we serve. The extent and timing of the recovery from the pandemic remains unknown at this time and will depend on government restrictions, continued improvement in infection rates and the rollout of vaccination programs. In 2020, we activated a global, cross-functional response team, which has been closely monitoring the situation and implementing additional safety measures to help ensure the well-being of Univar Solutions’ employees, customers and suppliers, minimize disruptions and provide for the safe and reliable supply of Univar Solutions’ chemicals and ingredients throughout the pandemic. The Company has taken steps to help protect our employees working in our distribution centers and other worksites and strongly encourages employee vaccination where available. For office-based employees, the Company has evolving plans for hybrid working arrangements that are designed to strike an appropriate balance between the Company’s need to have certain personnel working from a Company office, at least some of the time, and employees’ desires to have the flexibility to work from a remote location, at least some of the time.

The severe storms in the US Gulf region in February 2021 and related supplier shut-downs had a significant and ongoing impact on the global supply chain, creating supply chain constraints, product shortages globally and chemical price inflation beyond levels typically experienced. While some of our locations in the United States were closed for several days due to the severe weather, we experienced limited site damage and we were able to service demand through-out our network with available product supply. Our value as a distributor is heightened in challenging times such as these when we work orderly to meet demand requirements through our extensive network and supply partnerships. Product shortages and eventual recovery of supply generally lead to fluctuations in chemical prices globally, sales and interim profits. These market factors can also impact the transportation market and, coupled with anticipated rising fuel prices, may result in higher operating costs. Investments in

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working capital to bridge supply disruption and account for higher chemical prices may impact our ability to achieve forecasted cash flows in the short-term.

We continue to stay connected with our customers to understand impacts on their operations, including temporary changes in demand due to weather, pandemic emergence and supply constraints. To capture and report on these trends, we organized our product portfolio offering into the following end markets: General Industrial, Consumer Solutions, Industrial Solutions, Refining & Chemical Processing and Services and Other Markets. The primary impacts of the pandemic and the current economic events on our end markets are as follows (percentages represent 2020 Consolidated Net Sales by End Market):

Industrial Solutions (30%) – Growth in coatings, adhesives, sealants and elastomers (CASE) year-over-year despite material tightness and increasing demand in the construction, automotive and general coatings sectors. Lubricants and metalworking fluids also seeing accelerated demand within industrial applications as well as in certain automotive sub-markets.

Consumer Solutions (20%) – Strong growth in hair and skin care markets within beauty & personal care by leveraging our distinguished supplier partnerships to enhance formulations and create long-term value. Growth in pharmaceuticals and food Ingredients helped by integrity of supply chain in USA post first quarter weather related events.

General Industrial (30%) – Accelerating year-over-year growth in chemical and industrial manufacturing applications with demand growing for reliable distribution and secure supply. Year-on-year growth in paper, textiles and within our agriculture and forestry markets, as broad-based economic growth is beginning to take shape.

Services and Other Markets (12%) – Micro-chip shortages are hampering growth for services in automotive manufacturing. Site remediation work post weather related events supporting growth in chemical waste services.

Refining & Chemical Processing (8%) – Although at lower levels than the prior year and despite a stall within the US Gulf region during the first quarter weather related events, energy and oil field services are improving from fourth quarter 2020 levels. Improving year-over-year metrics are anticipated for the remainder of 2021.

Governments across the globe are considering tax legislation to help fund the cost of the COVID-19 pandemic response. We continue to monitor these plans and assess the impact on the Company. As tax law changes are enacted, the impacts will be discussed in “Note 10: Income taxes” in Item 1 of this Quarterly Report on Form 10-Q.

Constant Currency

Currency impacts on consolidated and segment results have been derived by translating current period financial results in local currency using the average exchange rate for the prior period to which the financial information is being compared. We believe providing constant currency information, which information is considered non-GAAP, provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate constant currency by applying the foreign currency exchange rate from the prior period to the local currency results for the current period.

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Results of Operations 

The following tables set forth, for the periods indicated, certain statements of operations data, on the basis of reported data for the relevant period.

Three Months Ended March 31, 2021 Compared to Three Months Ended March 31, 2020

	Three months ended March 31,				Favorable (unfavorable)		% Change
(in millions)	2021		2020
Net sales	$	2,155.4	$	2,211.2	$	(55.8)	(2.5)	%
Cost of goods sold (exclusive of depreciation)	1,613.0		1,678.6		65.6		(3.9)	%
Operating expenses:
Outbound freight and handling	91.4		91.5		0.1		(0.1)	%
Warehousing, selling and administrative	268.8		279.5		10.7		(3.8)	%
Other operating expenses, net (1)	44.2		30.4		(13.8)		45.4	%
Depreciation	43.8		41.7		(2.1)		5.0	%
Amortization	13.1		15.8		2.7		(17.1)	%
Total operating expenses	$	461.3	$	458.9	$	(2.4)	0.5	%
Operating income	$	81.1	$	73.7	$	7.4	10.0	%
Other (expense) income:
Interest income	0.4		1.0		(0.6)		(60.0)	%
Interest expense	(27.0)		(29.1)		2.1		(7.2)	%
Gain (loss) on sale of business	0.6		(8.6)		9.2		N/M
Loss on extinguishment of debt	(0.2)		(1.8)		1.6		(88.9)	%
Other income, net (1)	28.9		20.4		8.5		41.7	%
Total other income (expense)	$	2.7	$	(18.1)	$	20.8	N/M
Income before income taxes	83.8		55.6		28.2		50.7	%
Income tax expense (benefit)	17.6		(0.3)		(17.9)		N/M
Net income	$	66.2	$	55.9	$	10.3	18.4	%

(1)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

Net sales

Net sales were $2,155.4 million for the three months ended March 31, 2021, a decrease of $55.8 million, or 2.5%, from the three months ended March 31, 2020. Net sales decreased due to the Canadian Agriculture wholesale distribution exit as well as lower bulk commodity chemical pricing and energy headwinds. The decrease was partially offset by chemical price inflation. Refer to the “Analysis of Segment Results” for the three months ended March 31, 2021 for additional information.

Gross profit (exclusive of depreciation)

Gross profit (exclusive of depreciation) increased $9.8 million, or 1.8%, to $542.4 million for the three months ended March 31, 2021. The increase in gross profit (exclusive of depreciation) was attributable to chemical price inflation due to disruption in the supply chain. The increase was partially offset by the effects of the Canadian Agriculture services divestiture and energy headwinds. Refer to the “Analysis of Segment Results” for the three months ended March 31, 2021 for additional information.

Outbound freight and handling

Outbound freight and handling expenses decreased $0.1 million, or 0.1%, to $91.4 million for the three months ended March 31, 2021 primarily due to lower sales volumes. On a constant currency basis, outbound freight and handling expenses decreased $1.8 million, or 2.0%. Refer to the “Analysis of Segment Results” for the three months ended March 31, 2021 for additional information.

Warehousing, selling and administrative

Warehousing, selling and administrative expenses decreased $10.7 million, or 3.8%, to $268.8 million for the three months ended March 31, 2021. On a constant currency basis, warehousing, selling and administrative expenses decreased $15.4

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million, or 5.5%, attributable to lower environmental remediation and continued cost reduction measures across all of our segments. Refer to the “Analysis of Segment Results” for the three months ended March 31, 2021 for additional information.

Other operating expenses, net

Other operating expenses, net increased $13.8 million from $30.4 million for the three months ended March 31, 2020 to $44.2 million for the three months ended March 31, 2021. The increase was primarily due to a partial withdrawal liability related to four locations exiting the Central States multi-employer pension plan as well as the decrease in gain on sale of property, plant and equipment. The increase was partially offset by lower employee severance and other facility closure costs. Refer to “Note 6: Other operating expenses, net” in Item 1 of this Quarterly Report on Form 10-Q for additional information. 

Depreciation and amortization

Depreciation expense increased $2.1 million, or 5.0%, to $43.8 million for the three months ended March 31, 2021 primarily related to the integration of our business systems.

Amortization expense decreased $2.7 million, or 17.1%, to $13.1 million for the three months ended March 31, 2021, primarily due to intangibles reaching the end of their useful lives.

Interest expense

Interest expense decreased $2.1 million, or 7.2%, to $27.0 million for the three months ended March 31, 2021 due to lower average outstanding borrowings as well as lower interest rates. Refer to “Note 13: Debt” in Item 1 of this Quarterly Report on Form 10-Q for additional information.

Gain (loss) on sale of business

A gain of $0.6 million was recorded in the three months ended March 31, 2021 primarily related to adjustments to the sale price of the Canadian Agriculture services business, which was completed on November 30, 2020. A loss of $8.6 million was recorded in the three months ended March 31, 2020 primarily related to the working capital adjustment on the sale of the Environmental Sciences business, which was completed on December 31, 2019. Refer to “Note 4: Dispositions and assets held for sale” in Item 1 of this Quarterly Report on Form 10-Q for additional information.

Loss on extinguishment of debt

Loss on extinguishment of debt of $0.2 million during the three months ended March 31, 2021 was driven by the partial prepayment of the Canadian ABL Term Loan. Loss on extinguishment of debt of $1.8 million during the three months ended March 31, 2020 was driven by the partial prepayment of the Term B-3 Loan due 2024. Refer to “Note 13: Debt” in Item 1 of this Quarterly Report on Form 10-Q for additional information.

Other income, net

Other income, net increased $8.5 million, from $20.4 million for the three months ended March 31, 2020 to $28.9 million for the three months ended March 31, 2021. The change was primarily related to gains on interest rate swaps and undesignated foreign currency derivative instruments, as well as the increase in non-operating pension income. The change was partially offset by losses on foreign currency transactions. Refer to “Note 8: Other income, net” in Item 1 of this Quarterly Report on Form 10-Q for additional information.

Income tax expense (benefit)

Income tax expense was $17.6 million for the three months ended March 31, 2021, resulting in an effective income tax rate of 21.0%. A discrete tax expense of $0.5 million was included in the $17.6 million tax expense. The Company’s estimated annual effective income tax rate without discrete items was 29.2%, higher than the US federal statutory rate of 21.0% primarily due to higher rates on foreign earnings, US tax on foreign earnings, US state income taxes, and non-deductible employee costs.

Income tax expense was $0.3 million for the three months ended March 31, 2020, resulting in an effective income tax rate of (0.5)%. A discrete tax expense of $9.0 million, primarily attributable to the utilization of previously disallowed US interest expense as a result of the CARES Act, was included in the $0.3 million tax expense. The Company’s estimated annual effective income tax rate without discrete items was 30.0%, higher than the US federal statutory rate of 21.0%. This is primarily due to the impact of the higher tax rates in foreign jurisdictions, non-deductible expenses and US state income taxes.

Results of Reportable Business Segments

The Company’s operations are structured into four reportable segments that represent the geographic areas under which we operate and manage our business. Management believes Adjusted EBITDA is an important measure of operating performance, which is used as the primary basis for the chief operating decision maker to evaluate the performance of each of our reportable segments. We believe certain other financial measures that are not calculated in accordance with US GAAP provide relevant and meaningful information concerning the ongoing operating results of the Company. These financial

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measures include gross profit (exclusive of depreciation), gross margin and Adjusted EBITDA margin. Such non-GAAP financial measures are used from time to time herein but should not be viewed as a substitute for GAAP measures of performance. See “Note 19: Segments” to our condensed consolidated financial statements in Item 1 of this Quarterly Report on Form 10-Q and “Analysis of Segment Results” within this Item for additional information.

Analysis of Segment Results

USA

	Three months ended March 31,				Favorable (unfavorable)		% Change
(in millions)	2021		2020
Net sales:
External customers	$	1,293.0	$	1,357.5	$	(64.5)	(4.8)	%
Inter-segment	17.4		25.7		(8.3)		(32.3)	%
Total net sales	$	1,310.4	$	1,383.2	$	(72.8)	(5.3)	%
Cost of goods sold (exclusive of depreciation)	984.7		1,051.8		67.1		(6.4)	%
Outbound freight and handling	63.3		63.1		(0.2)		0.3	%
Warehousing, selling and administrative	160.6		171.7		11.1		(6.5)	%
Adjusted EBITDA	$	101.8	$	96.6	$	5.2	5.4	%

	Three months ended March 31,				Favorable (unfavorable)		% Change
(in millions)	2021		2020
Gross profit (exclusive of depreciation):
Net sales	$	1,310.4	$	1,383.2	$	(72.8)	(5.3)	%
Cost of goods sold (exclusive of depreciation)	984.7		1,051.8		67.1		(6.4)	%
Gross profit (exclusive of depreciation)	$	325.7	$	331.4	$	(5.7)	(1.7)	%

External sales in the USA segment were $1,293.0 million, a decrease of $64.5 million, or 4.8%, for the three months ended March 31, 2021. The decrease in external net sales was primarily due to lower bulk commodity chemical pricing and energy headwinds, partially offset by chemical price inflation.

Gross profit (exclusive of depreciation) decreased $5.7 million, or 1.7%, to $325.7 million for the three months ended March 31, 2021, primarily due to lower bulk commodity chemical pricing and energy headwinds. Gross margin increased from 24.4% for the three months ended March 31, 2020 to 25.2% for the three months ended March 31, 2021. The increase was primarily related to favorable changes in product mix as well as chemical price inflation due to disruption in the supply chain.

Outbound freight and handling expenses increased $0.2 million, or 0.3%, to $63.3 million for the three months ended March 31, 2021, primarily due to higher costs to deliver resulting from changes in product mix.

Warehousing, selling and administrative expenses decreased $11.1 million, or 6.5%, to $160.6 million for the three months ended March 31, 2021, primarily due to lower environmental remediation and continued cost reduction measures. As a percentage of external sales, warehousing, selling and administrative expenses decreased from 12.6% for the three months ended March 31, 2020 to 12.4% for the three months ended March 31, 2021.

Adjusted EBITDA increased by $5.2 million, or 5.4%, to $101.8 million for the three months ended March 31, 2021, primarily due to chemical price inflation due to disruption in the supply chain and lower warehousing, selling and administrative expenses, partially offset by lower bulk commodity chemical pricing and energy headwinds. Adjusted EBITDA margin increased from 7.1% in the three months ended March 31, 2020 to 7.9% for the three months ended March 31, 2021, primarily as a result of higher gross margin.

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EMEA

	Three months ended March 31,				Favorable (unfavorable)		% Change
(in millions)	2021		2020
Net sales:
External customers	$	505.9	$	460.3	$	45.6	9.9	%
Inter-segment	0.8		0.8		—		—	%
Total net sales	$	506.7	$	461.1	$	45.6	9.9	%
Cost of goods sold (exclusive of depreciation)	378.5		345.1		(33.4)		9.7	%
Outbound freight and handling	15.9		15.5		(0.4)		2.6	%
Warehousing, selling and administrative	61.7		60.2		(1.5)		2.5	%
Adjusted EBITDA	$	50.6	$	40.3	$	10.3	25.6	%

	Three months ended March 31,				Favorable (unfavorable)		% Change
(in millions)	2021		2020
Gross profit (exclusive of depreciation):
Net sales	$	506.7	$	461.1	$	45.6	9.9	%
Cost of goods sold (exclusive of depreciation)	378.5		345.1		(33.4)		9.7	%
Gross profit (exclusive of depreciation)	$	128.2	$	116.0	$	12.2	10.5	%

External sales in the EMEA segment were $505.9 million, an increase of $45.6 million, or 9.9%, for the three months ended March 31, 2021. On a constant currency basis, external net sales increased $10.9 million, or 2.4%, primarily due to higher industrial end market demand and chemical price inflation.

Gross profit (exclusive of depreciation) increased $12.2 million, or 10.5%, to $128.2 million for the three months ended March 31, 2021. On a constant currency basis, gross profit (exclusive of depreciation) increased $2.9 million, or 2.5%, primarily due to higher average selling prices attributable to favorable changes in product mix. Gross margin increased from 25.2% for the three months ended March 31, 2020 to 25.3% for the three months ended March 31, 2021, primarily due to chemical price inflation due to disruption in the supply chain.

Outbound freight and handling expenses increased $0.4 million, or 2.6%, to $15.9 million for the three months ended March 31, 2021, primarily due to higher costs to deliver.

Warehousing, selling and administrative expenses increased $1.5 million, or 2.5%, to $61.7 million for the three months ended March 31, 2021. On a constant currency basis, warehousing, selling and administrative expenses decreased $3.0 million, or 5.0%, primarily due to lower bad debt charges and continued cost reduction measures. As a percentage of external sales, warehousing, selling and administrative expenses decreased from 13.1% for the three months ended March 31, 2020 to 12.2% for the three months ended March 31, 2021.

Adjusted EBITDA increased by $10.3 million, or 25.6%, to $50.6 million for the three months ended March 31, 2021. On a constant currency basis, Adjusted EBITDA increased $6.8 million, or 16.9%, attributable to chemical price inflation due to disruption in the supply chain and higher industrial end market demand, partially offset by market pressures in the pharmaceutical finished goods product line. Adjusted EBITDA margin increased from 8.8% for the three months ended March 31, 2020 to 10.0% for the three months ended March 31, 2021, primarily as a result of higher gross margin.

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Canada

	Three months ended March 31,				Favorable (unfavorable)		% Change
(in millions)	2021		2020
Net sales:
External customers	$	222.7	$	285.8	$	(63.1)	(22.1)	%
Inter-segment	0.7		0.8		(0.1)		(12.5)	%
Total net sales	$	223.4	$	286.6	$	(63.2)	(22.1)	%
Cost of goods sold (exclusive of depreciation)	167.1		225.0		57.9		(25.7)	%
Outbound freight and handling	9.2		10.5		1.3		(12.4)	%
Warehousing, selling and administrative	20.8		23.8		3.0		(12.6)	%
Adjusted EBITDA	$	26.3	$	27.3	$	(1.0)	(3.7)	%

	Three months ended March 31,				Favorable (unfavorable)		% Change
(in millions)	2021		2020
Gross profit (exclusive of depreciation):
Net sales	$	223.4	$	286.6	$	(63.2)	(22.1)	%
Cost of goods sold (exclusive of depreciation)	167.1		225.0		57.9		(25.7)	%
Gross profit (exclusive of depreciation)	$	56.3	$	61.6	$	(5.3)	(8.6)	%

External sales in the Canada segment were $222.7 million, a decrease of $63.1 million, or 22.1%, for the three months ended March 31, 2021. On a constant currency basis, external net sales decreased $75.9 million, or 26.6%, primarily due to the effects of the Canadian Agriculture wholesale distribution exit and the Canadian Agriculture services divestiture.

Gross profit (exclusive of depreciation) decreased $5.3 million, or 8.6%, to $56.3 million for the three months ended March 31, 2021. On a constant currency basis, gross profit (exclusive of depreciation) decreased $8.5 million, or 13.8%, primarily due to the Canadian Agriculture services divestiture. Gross margin increased from 21.6% for the three months ended March 31, 2020 to 25.3% for the three months ended March 31, 2021 primarily driven by the effects of the Canadian Agriculture wholesale distribution exit and favorable changes in product mix.

Outbound freight and handling expenses decreased $1.3 million, or 12.4%, to $9.2 million for the three months ended March 31, 2021, primarily due to lower sales volumes.

Warehousing, selling and administrative expenses decreased by $3.0 million, or 12.6%, to $20.8 million for the three months ended March 31, 2021. On a constant currency basis, warehousing, selling and administrative expenses decreased $4.2 million, or 17.6%, primarily due to lower personnel costs and continued cost reduction measures. As a percentage of external sales, warehousing, selling and administrative expenses increased from 8.3% for the three months ended March 31, 2020 to 9.3% for the three months ended March 31, 2021.

Adjusted EBITDA decreased by $1.0 million, or 3.7%, to $26.3 million for the three months ended March 31, 2021. On a constant currency basis, Adjusted EBITDA decreased $2.5 million, or 9.2%, primarily due to the effects of the Canadian Agriculture services divestiture and energy headwinds, partially offset by chemical price inflation due to disruption in the supply chain. Adjusted EBITDA margin increased from 9.6% for the three months ended March 31, 2020 to 11.8% for the three months ended March 31, 2021 primarily due to higher gross margin.

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LATAM

	Three months ended March 31,				Favorable (unfavorable)		% Change
(in millions)	2021		2020
Net sales:
External customers	$	133.8	$	107.6	$	26.2	24.3	%
Total net sales (1)	$	133.8	$	107.6	$	26.2	24.3	%
Cost of goods sold (exclusive of depreciation)	101.6		84.0		(17.6)		21.0	%
Outbound freight and handling	3.0		2.4		(0.6)		25.0	%
Warehousing, selling and administrative	13.6		12.9		(0.7)		5.4	%
Adjusted EBITDA	$	15.6	$	8.3	$	7.3	88.0	%

	Three months ended March 31,				Favorable (unfavorable)		% Change
(in millions)	2021		2020
Gross profit (exclusive of depreciation):
Net sales	$	133.8	$	107.6	$	26.2	24.3	%
Cost of goods sold (exclusive of depreciation)	101.6		84.0		(17.6)		21.0	%
Gross profit (exclusive of depreciation)	$	32.2	$	23.6	$	8.6	36.4	%

External sales in the LATAM segment were $133.8 million, an increase of $26.2 million, or 24.3%, for the three months ended March 31, 2021. On a constant currency basis, external net sales increased $33.6 million, or 31.2%, primarily due to higher demand for our products in industrial solutions and chemical price inflation.

Gross profit (exclusive of depreciation) increased $8.6 million, or 36.4%, to $32.2 million for the three months ended March 31, 2021. On a constant currency basis, gross profit (exclusive of depreciation) increased $11.3 million, or 47.9%, due to favorable changes in product mix from industrial solutions. Gross margin increased from 21.9% for the three months ended March 31, 2020 to 24.1% for the three months ended March 31, 2021 primarily as a result of chemical price inflation due to disruption in the supply chain.

Outbound freight and handling expenses increased $0.6 million, or 25.0%, to $3.0 million for the three months ended March 31, 2021, primarily due to higher sales volumes.

Warehousing, selling and administrative expenses increased $0.7 million, or 5.4%, to $13.6 million for the three months ended March 31, 2021. On a constant currency basis, warehousing, selling and administrative expenses increased $1.8 million, or 14.0%, primarily due to higher variable compensation costs. As a percentage of external sales, warehousing, selling and administrative expenses decreased from 12.0% for the three months ended March 31, 2020 to 10.2% for the three months ended March 31, 2021.

Adjusted EBITDA increased by $7.3 million, or 88.0%, to $15.6 million for the three months ended March 31, 2021. On a constant currency basis, Adjusted EBITDA increased $8.7 million, or 104.8%, primarily due to higher demand for our products in industrial solutions and chemical price inflation due to disruption in the supply chain. Adjusted EBITDA margin increased from 7.7% for the three months ended March 31, 2020 to 11.7% for the three months ended March 31, 2021, primarily as a result of higher gross margin.

Liquidity and Capital Resources

The Company’s primary sources of liquidity are cash generated from its operations and borrowings under our committed North American and European credit facilities (“credit facilities”). As of March 31, 2021, liquidity for the Company was $833.2 million, comprised of $141.4 million of cash and cash equivalents and $691.8 million of available borrowings under our credit facilities. These credit facilities are guaranteed by certain significant subsidiaries and secured by such parties’ eligible trade receivables and inventory with the maximum borrowing capacity under these credit facilities of $1.5 billion and €200 million. Significant reductions in the Company’s trade receivables and inventory would reduce our availability to access liquidity under these credit facilities. The Company has no active financial maintenance covenants in its credit agreements, however, there is a springing fixed charge coverage ratio (“FCCR”) under the revolving credit facilities of 1.0x, applicable only if availability is less than or equal to 10% of the borrowing capacity. If the FCCR was applicable, the calculation would have been 4.7x as of March 31, 2021.

The Company’s primary liquidity and capital resource needs are to service its debt and to finance operating expenses, working capital, capital expenditures, other liabilities, costs of integration and general corporate purposes. The majority of the

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Company's debt obligations mature in 2024 and beyond. Management continues to balance its focus on sales and earnings growth with continuing efforts in cost control and working capital management.

The Company's access to debt capital markets has historically provided the Company with sources of liquidity, beyond normal operating cash flows. We do not anticipate having difficulty in obtaining financing from those markets in the future with our history of favorable results in the debt capital markets and strong relationships with global financial institutions. Additionally, our ability to continue to access the debt capital markets with favorable interest rates and other terms will depend, to a significant degree, on maintaining our current ratings assigned by the credit rating agencies.

We expect our 2021 capital expenditures for maintenance, safety and cost improvements and investments in our digital capabilities to be approximately $120 million to $130 million.

On February 26, 2021, using the proceeds from the sale of the Canadian Agriculture services business and existing cash, the Company repaid $47.1 million of debt outstanding under the Canadian ABL Term Loan. Refer to “Note 13: Debt” in Item 1 of this Quarterly Report on Form 10-Q for additional information.

We believe funds provided by our primary sources of liquidity will be adequate to meet our liquidity, debt repayment obligations and capital resource needs for at least the next 12 months under current operating conditions.

Cash Flows

The following table presents a summary of our cash flows:

	Three months ended March 31,
(in millions)	2021		2020
Net cash used by operating activities	$	(92.3)	$	(78.2)
Net cash used by investing activities	(12.2)		(30.9)
Net cash (used) provided by financing activities	(133.7)		171.0
Effect of exchange rate changes on cash and cash equivalents	(7.0)		(12.5)
Net (decrease) increase in cash and cash equivalents	$	(245.2)	$	49.4

Cash Used by Operating Activities

Cash used by operating activities increased $14.1 million to $92.3 million for the three months ended March 31, 2021 from $78.2 million for the three months ended March 31, 2020, primarily due to changes in other, net and trade working capital, partially offset by changes in prepaid expenses and other current assets and net income, exclusive of non-cash items. The change in net income, exclusive of non-cash items provided net cash inflows of $8.0 million from cash inflows of $104.0 million and $96.0 million for the three months ended March 31, 2021 and 2020, respectively. Refer to “Results of Operations” above for additional information.

The change in trade working capital, which includes trade accounts receivable, net, inventories and trade accounts payable, was a cash outflow of $9.0 million for the three months ended March 31, 2021 compared to the three months ended March 31, 2020. The year-over-year cash outflows related to trade accounts payable are primarily attributable to decreased inventory purchases in the current year and the timing of vendor payments. Inventory cash inflows on a year-over-year basis were primarily related to reduced purchases within the USA segment. Cash inflows year-over-year from trade accounts receivable, net is primarily attributable to higher sales in the prior year.

The change in other, net produced cash outflows of $34.6 million for the three months ended March 31, 2021 compared to the three months ended March 31, 2020. The year-over-year cash outflows are primarily attributable to timing difference related to accrued compensation and other assets and liabilities.

The remaining cash inflows primarily represent payment timing differences in other assets and liabilities.

Cash Used by Investing Activities

Cash used by investing activities decreased $18.7 million to $12.2 million for the three months ended March 31, 2021 from $30.9 million for the three months ended March 31, 2020. The decrease is primarily related to the Environmental Sciences net working capital adjustment recorded in the first quarter of 2020 and current year property, plant and equipment purchase reductions. Refer to “Note 4: Dispositions and assets held for sale” in Item 1 of this Quarterly Report on Form 10-Q for additional information related to the Company's dispositions.

Cash (Used) Provided by Financing Activities

Cash (used) provided by financing activities decreased $304.7 million to cash used of $133.7 million for the three months ended March 31, 2021 from cash provided of $171.0 million for the three months ended March 31, 2020. The decrease in

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financing cash flows is primarily due to prior year cash inflows related to borrowings under the Company's revolving credit facilities. The cash flow decrease was partially offset by a reduction in debt repayments during the three months ended March 31, 2021 compared to the three months ended March 31, 2020. Refer to “Note 13: Debt” in Item 1 of this Quarterly Report on Form 10-Q for additional information.

Off-Balance Sheet Arrangements

There were no material changes in the Company’s off-balance sheet arrangements since the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Contractual Obligations and Commitments

There were no material changes in the Company’s contractual obligations and commitments since the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, other than as disclosed in “Note 13: Debt” to the condensed consolidated financial statements as of and for the three-months ended March 31, 2021.

Critical Accounting Estimates

There were no material changes in the Company’s critical accounting estimates since the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Recently Issued Accounting Pronouncements

See “Note 2: Significant accounting policies” in the notes to the condensed consolidated financial statements.

Forward Looking Statements and Information

Certain parts of this Quarterly Report on Form 10-Q contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words such as “believes,” “expects,” “may,” “will,” “should,” “could,” “seeks,” “intends,” “plans,” “estimates,” “anticipates” or other comparable terms. All forward-looking statements made in this Quarterly Report on Form 10-Q are qualified by these cautionary statements.

Any forward-looking statements represent our views only as of the date of this report and should not be relied upon as representing our views as of any subsequent date, and we undertake no obligation, other than as may be required by law, to update any forward-looking statement. We caution you that forward-looking statements are not guarantees of future performance and that our actual performance may differ materially from those made in or suggested by the forward-looking statements contained in this Quarterly Report on Form 10-Q. Forward-looking statements include, but are not limited to, statements about:

•demand for products, systems and services that meet growing customer sustainability standards, expectations and preferences and our ability to provide such products, systems and services to maintain our competitive position;

•our liquidity outlook and the funding thereof, and cash requirements and adequacy of resources to fund them;

•the impact of ongoing tax guidance and interpretations;

•the impact of the coronavirus (COVID-19) pandemic, weather events and economic conditions on our end markets, operations, financial condition and operating results;

•our expense control and cost reduction plans and other strategic plans and initiatives;

•our ability to solve customer technical challenges and accelerate product development cycles;

•our ability to sell specialty products at higher profit;

•significant factors that may adversely affect us and our industry;

•the outcome and effect of ongoing and future legal proceedings;

•market conditions and outlook;

•future contributions to, and withdrawal liability in connection with, our pension plans and cash payments for postretirement benefits; and

•future capital expenditures and investments.

Potential factors that could affect such forward-looking statements include, among others:

•general economic conditions, particularly fluctuations in industrial production and consumption and the timing and extent of economic downturns;

•significant changes in the pricing, demand and availability of chemicals;

•increases in transportation and fuel costs and changes in our relationship with third party providers;

•significant changes in the business strategies of producers or in the operations of our customers;

•the sustained geographic spread of the COVID-19 pandemic, the duration and severity of the COVID-19 pandemic, current and new actions that may be taken by governmental authorities to address or otherwise mitigate the impact of the COVID-19 pandemic, the potential negative impacts of COVID-19 on the global economy and

32

our employees, customers, vendors and suppliers, and the overall impact of the COVID-19 pandemic on our business, results of operations and financial condition;

•our indebtedness, the restrictions imposed by, and costs associated with, our debt instruments, and our ability to obtain additional financing;

•potential business disruptions and security breaches, including cybersecurity incidents;

•increased competitive pressures, including as a result of competitor consolidation;

•the broad spectrum of laws and regulations that we are subject to, including extensive environmental, health and safety laws and regulations;

•an inability to generate sufficient working capital;

•accidents, safety failures, environmental damage, product quality issues, delivery failures or hazards and risks related to our operations and the hazardous materials we handle;

•potential inability to obtain adequate insurance coverage;

•ongoing litigation, potential product liability claims and recalls, and other environmental, legal and regulatory risks;

•challenges associated with international operations;

•exposure to interest rate and currency fluctuations;

•risks associated with integration of legacy business systems;

•possible impairment of goodwill and intangible assets;

•an inability to integrate the business and systems of companies we acquire, including failure to realize the anticipated benefits of such acquisitions;

•negative developments affecting our pension plans and multi-employer pensions;

•labor disruptions associated with the unionized portion of our workforce; and

•the other factors described in the Company's filings with the Securities and Exchange Commission.

You should read this Quarterly Report on Form 10-Q, including the uncertainties and factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 in full and with the understanding that actual future results may be materially different from expectations expressed or implied by any forward-looking statement. All forward-looking statements made in this Quarterly Report on Form 10-Q are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this Quarterly Report on Form 10-Q and we do not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise and changes in future operating results over time or otherwise.

Comparisons of results between current and prior periods are not intended to express any future trends, or indications of future performance, unless expressed as such, and should only be viewed as historical data.

Non-GAAP Financial Measures

We monitor the results of our reportable segments separately for the purposes of making decisions about resource allocation and performance assessment. We evaluate performance using Adjusted EBITDA. We define Adjusted EBITDA as consolidated net income (loss), plus the sum of: interest expense, net of interest income; income tax expense (benefit); depreciation; amortization; impairment charges; loss on extinguishment of debt; other operating expenses, net (see “Note 6: Other operating expenses, net” in Item 1 of this Quarterly Report on Form 10-Q for additional information); and other income, net (see “Note 8: Other income, net” in Item 1 of this Quarterly Report on Form 10-Q for additional information). For a reconciliation of the non-GAAP financial measures to its most comparable GAAP measure, see “Analysis of Segment Results” within this Item and for a reconciliation of net income to Adjusted EBITDA, the most comparable measure calculated in accordance with GAAP, see “Note 19: Segments” to our condensed consolidated financial statements in Item 1 of this Quarterly Report on Form 10-Q.

We believe that other financial measures that do not comply with US GAAP provide relevant and meaningful information concerning the ongoing operating results of the Company. These financial measures include gross profit (exclusive of depreciation), gross margin and Adjusted EBITDA margin. We define these financial measures as follows:

•Gross profit (exclusive of depreciation): net sales less cost of goods sold (exclusive of depreciation);

•Gross margin: gross profit (exclusive of depreciation) divided by external sales on a segment level and by net sales on a consolidated level; and

•Adjusted EBITDA margin: Adjusted EBITDA divided by external sales on a segment level and by net sales on a consolidated level.

Management believes Adjusted EBITDA, Adjusted EBITDA margin, gross profit (exclusive of depreciation) and gross margin are important measures in assessing operating performance. The non-GAAP financial measures are included as a complement to results provided in accordance with GAAP because management believes these non-GAAP financial measures help investors’ ability to analyze underlying trends in the Company’s business, evaluate its performance relative to other

33

companies in its industry and provide useful information to both management and investors by excluding certain items that may not be indicative of the Company’s core operating results. Additionally, the Company uses Adjusted EBITDA in setting performance incentive targets to align management compensation measurement with operational performance. Adjusted EBITDA, Adjusted EBITDA margin, gross profit (exclusive of depreciation) and gross margin are not measures calculated in accordance with GAAP and should not be considered a substitute for net income or any other measure of financial performance presented in accordance with GAAP. Additionally, other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Item 3.        Quantitative and Qualitative Disclosures about Market Risk

There were no material changes from the “Quantitative and Qualitative Disclosure about Market Risk” disclosed in Part II, Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Item 4.        Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of the Company’s management, including the principal executive officer and principal financial officer, the Company conducted an evaluation as of March 31, 2021 of the effectiveness of the design and operation of its disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, the principal executive officer and principal financial officer concluded the Company’s disclosure controls and procedures were effective as of March 31, 2021.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended March 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.

OTHER INFORMATION

Item 1.        Legal Proceedings

Information pertaining to legal proceedings can be found in Note 17 to the interim condensed consolidated financial statements included in Part I, Financial Statements of this report.

Item 1A.     Risk Factors

There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020.

Item 2.         Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.         Defaults upon Senior Securities

None.

Item 4.         Mine Safety Disclosures

None.

Item 5.         Other Information

None.

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Item 6.         Exhibits

Exhibit Number	Exhibit Description
10.1*†	Form of Employee Performance Based Restricted Stock Unit Agreement for awards granted on or after March 10, 2021, 2020 Omnibus Incentive Plan
10.2*†	Addendum to Severance and Change in Control Agreement, dated as of January 18, 2021, between the Company and Kimberly L. Dickens.
31.1*	Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

_______________________

†	Identifies each management compensation plan or arrangement
*	Filed herewith
**	Furnished herewith

35

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Univar Solutions Inc. (Registrant)
By:	/s/ David C. Jukes
	David C. Jukes President and Chief Executive Officer

Date: May 10, 2021

By:	/s/ Nicholas W. Alexos
	Nicholas W. Alexos Executive Vice President and Chief Financial Officer

Date: May 10, 2021

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EX-10.1

Form of Employee Performance-Based Restricted Stock Unit Agreement

This Employee Performance-Based Restricted Stock Unit Agreement (the “Agreement”), by and between Univar Solutions Inc., a Delaware corporation (the “Company”), and the Employee whose name is set forth on Exhibit A hereto, is being entered into pursuant to the Univar Solutions Inc. 2020 Omnibus Incentive Plan (as the same may be amended, modified or supplemented from time to time, the “Plan”). This Agreement shall be dated as of the date set forth on Exhibit A hereto (the “Grant Date”). Capitalized terms that are used but not defined herein shall have the respective meanings given to them in the Plan.

The Company and the Employee hereby agree as follows:

Section 1.    Grant of Performance-Based Restricted Stock Units. The Company hereby evidences and confirms its grant to the Employee, effective as of the Grant Date, of the number of Performance-Based Restricted Stock Units (“PRSUs”) as shall be determined pursuant to Exhibit A and Section 2 hereof, subject to adjustment pursuant to the Plan. Each PRSU that becomes earned and vested in accordance with the terms of this Agreement (including Exhibit A) will entitle the Employee to receive from the Company one (1) Share as provided under Section 3. This Agreement is entered into pursuant to, and the PRSUs granted hereunder are subject to, the terms and conditions of the Plan, which are incorporated by reference and made part of the Agreement. If there is any inconsistency between any express provision of this Agreement and any express term of the Plan, the express term of the Plan shall govern.

Section 2.    Vesting of Performance-Based Restricted Stock Units.

(a)    Vesting. Except as otherwise explicitly provided in this Section 2, the PRSUs shall become “Vested PRSUs”, if at all, in accordance with the terms and conditions of this Agreement (including, but not limited to, the provisions relating to the earning, vesting and forfeiture of PRSUs as set forth on Exhibit A) and the Plan, subject to the continued employment of the Employee by the Company or any Subsidiary thereof through the Vesting Date set forth on Exhibit A. Earned PRSUs (as defined on Exhibit A) that become Vested PRSUs shall be settled as provided in Section 3 of this Agreement.

(b)    Effect of Termination of Employment.

(i)    If the Employee’s employment is terminated by the Company without Cause prior to the Vesting Date and such termination constitutes a “separation from service” for purposes of Section 409A of the Code (such termination, a “Qualifying Termination”),

(x)    any PRSUs that are or become Earned PRSUs for the Performance Period(s) prior to the Performance Period during which the Qualifying Termination occurs shall become Vested PRSUs as of the date of such Qualifying Termination, and

(y)    any PRSUs that are not Earned PRSUs for the Performance Period(s) prior to the Performance Period during which the Employee’s Qualifying Termination occurs (which for avoidance of doubt shall include any PRSUs subject to be earned for the Performance Period(s) in which the

1

Qualifying Termination occurs or subject to be earned in respect of Performance Period(s) not yet commenced as of the date of the Qualifying Termination) shall automatically be forfeited and canceled as of the date of such Qualifying Termination.

(ii)    If the Employee’s employment is terminated by reason of the Employee’s death or Disability prior to the Vesting Date and such termination constitutes a “separation from service” for purposes of Section 409A of the Code (such termination, a “Special Termination”),

(x)    any PRSUs that are Earned PRSUs for the Performance Period(s) prior to the Performance Period during which the Employee’s Special Termination occurs shall become Vested PRSUs as of the date of such Special Termination,

(y)    any PRSUs that are not Earned PRSUs for the Performance Period(s) ending prior to the Performance Period during which the Employee’s Special Termination occurs shall automatically be forfeited and canceled as of the date of the Special Termination, and

(z) any PRSUs subject to be earned for the Performance Period(s) in which the Special Termination occurs or subject to be earned in respect of Performance Period(s) not yet commenced as of the date of the Special Termination shall become Vested PRSUs as of such Special Termination, with performance levels deemed to be met at “target”.

(iii)    If the Employee’s employment is terminated by reason of the Employee’s Retirement prior to the Vesting Date,

(x)    any PRSUs that are Earned PRSUs for the Performance Period(s) prior to the Performance Period during which the Employee Retires shall become Vested PRSUs as of the date of such Retirement,

(y)    any PRSUs that are not Earned PRSUs for the Performance Period(s) ending prior to the Performance Period during which the Employee retires shall be forfeited, and

(z)    any PRSUs subject to be earned for the Performance Period(s) in which the Retirement occurs or subject to be earned in respect of Performance Period(s) not yet commenced as of the date of the Retirement shall remain outstanding (the “Outstanding PRSUs”) and shall become Vested PRSUs, if at all, on the Vesting Date, subject to such Outstanding PRSUs becoming Earned PRSUs in accordance with Section 2(a) based upon the level at which the applicable performance goals were satisfied; provided, that, if the Employee’s Retirement occurs prior to the first (1st) anniversary of the Grant Date, then any Outstanding PRSUs that are not subject to be earned for the Performance Period in which the Retirement occurs shall automatically be forfeited and canceled as of the effective date of such Retirement. For purposes of this Agreement, “Retirement” or “Retires” means a termination of employment for any reason other than Cause or a Special Termination at age 60 or older, upon attainment of a minimum of 65 total age plus the Employee’s total years of service with the Company and any Subsidiary, and that also constitutes a “separation from service” for purposes of Section 409A of the Code.

2

(iv)    Any Other Reason. Upon termination of the Employee’s employment prior to the Vesting Date for any reason (whether initiated by the Company or by the Employee) other than a Qualifying Termination, a Special Termination or Retirement, all PRSUs (including any Earned PRSUs that have not become Vested PRSUs) shall be forfeited and canceled for no consideration effective as of the date of such termination.

(c)    Effect of a Change in Control. In the event of a Change in Control, the treatment of any unvested PRSUs shall be governed by Article 16 of the Plan. For avoidance of doubt, any accelerated vesting of PRSUs that are subject to Section 409A of the Code shall not accelerate the Settlement Date thereof unless permitted by Section 409A of the Code.

(d)    Discretionary Acceleration. Notwithstanding anything contained in this Agreement to the contrary, but subject to any limits prescribed in the Plan, the Committee, in its sole discretion, may accelerate the vesting with respect to any PRSUs under this Agreement, at such times and upon such terms and conditions as the Committee shall determine; provided, that the acceleration of vesting of PRSUs that are subject to Section 409A of the Code shall not accelerate the Settlement Date thereof unless permitted by Section 409A of the Code.

(e)    No Other Accelerated Vesting. The vesting and settlement provisions set forth in this Section 2, or in Section 3, or expressly set forth in the Plan, shall be the exclusive vesting and settlement provisions applicable to the PRSUs and shall supersede any other provisions relating to vesting and settlement, unless such other such provision unambiguously and expressly references, in writing, the Plan by name and this Agreement by name and date.

Section 3.    Settlement of PRSUs.

(a)    Timing of Settlement. Subject to Section 6(a), any Earned PRSUs that become vested on the Vesting Date shall be settled into an equal number of Shares on a date selected by the Company that is on or within 30 days following the Vesting Date (or on such later date of the Committee’s certification of achievement of the Performance Goals for the Performance Period ended December 31, 20__), but in no event later than the end of the calendar year that includes the Vesting Date (such date, a “Settlement Date”). Notwithstanding the foregoing, in the case of accelerated vesting of PRSUs pursuant to Section 2(b)(i), 2(b)(ii), 2(b)(iii) or 2(c) (but, for PRSUs that are subject to Section 409A of the Code, only if permitted by Section 409A of the Code), the Settlement Date shall occur within 30 days following the date upon which such PRSUs became Vested PRSUs.

(b)    Mechanics of Settlement. On the Settlement Date, the Company shall electronically issue to the Employee one whole Share for each PRSU that became earned and vested as of the Settlement Date (except as provided in Section 6(a)), and, upon such issuance, the Employee’s rights in respect of such PRSU shall be extinguished. In the event that there are any fractional PRSUs that became vested on such date, such fractional PRSUs shall be settled through a cash payment equal to such fractional PRSU multiplied by the Fair Market Value of one (1) Share on the Settlement Date. No fractional Shares shall be issued in respect of the PRSUs.

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Section 4.    Securities Law Compliance. Notwithstanding any other provision of this Agreement, the Employee may not sell the Shares acquired upon settlement of the PRSUs unless such Shares are registered under the Securities Act of 1933, as amended (the “Securities Act”), or, if such Shares are not then so registered, such sale would be exempt from the registration requirements of the Securities Act. The sale of such Shares must also comply with other applicable laws and regulations governing the Shares, and the Employee may not sell the Shares if the Company determines that such sale would not be in material compliance with such laws and regulations.

Section 5.    Restriction on Transfer; Non-Transferability of PRSUs.

(a)    The PRSUs are not assignable or transferable, in whole or in part, and they may not, directly or indirectly, be offered, transferred, sold, pledged, assigned, alienated, hypothecated or otherwise disposed of or encumbered (including, but not limited to, by gift, operation of law or otherwise) other than to a trust for the benefit of Employee or by will or by the laws of descent and distribution to the estate of the Employee upon the Employee’s death. Any purported transfer in violation of this Section 5 shall be void ab initio.

(b)    The Committee may impose such restrictions on any Shares acquired by Employee under this Agreement as it may deem advisable, including, without limitation, minimum holding period requirements and restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed or traded, or under any blue sky or state securities laws applicable to such Shares.

Section 6.    Miscellaneous.

(a)    Tax Matters

(i)    Tax Withholding. The Company shall have the power and the right to deduct or withhold, or require the Employee to remit to the Company, an amount sufficient to satisfy applicable federal, state and local tax withholding requirements, domestic or foreign, with respect to any taxable event arising as a result of the grant, vesting, exercise or settlement of the PRSUs. The Company shall have the power and the right to withhold from a Share Payment the number of Shares having a Fair Market Value equal to the minimum statutory withholding requirements. Notwithstanding the immediately preceding sentence, the Company, in its discretion, may withhold Shares from a Share Payment, the number of Shares having a Fair Market Value up to, but not in excess of, the maximum statutory withholding requirements. The term “Share Payment” shall mean the issuance or delivery of Shares upon the grant, vesting, exercise or settlement of the PRSUs, as the case may be. The method of withholding set forth in the immediately preceding sentence shall not be available if withholding in this manner would violate any (1) law or regulation or (2) financing instrument of the Company or any of the Subsidiaries.

(ii)    Compliance with Section 409A of the Code. If the Employee is not eligible for Retirement during the vesting period applicable to the PRSUs, the PRSUs are intended to be exempt from Section 409A of the Code. If the Employee is eligible for Retirement during the

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vesting period applicable to the PRSUs such that some or all of the PRSUs are subject to Section 409A of the Code, this Agreement and the PRSUs shall be administered and interpreted in compliance with Section 409A of the Code to the extent applicable. Notwithstanding the foregoing, if the Company determines that the PRSUs may not either be exempt from or compliant with Section 409A of the Code, the Company may adopt such amendments or other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate, as applicable, to (x) exempt the PRSUs from Section 409A of the Code, or (y) comply with the requirements of Section 409A of the Code; provided, however, that there is no obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action. If the Employee is a “specified employee” as defined in Section 409A of the Code as of the Employee’s separation from service, to the extent any PRSUs are subject to Section 409A of the Code, then to the extent required by Section 409A of the Code, no payments due under this Agreement may be made until the earlier of: (A) the first day of the seventh month following the Employee’s separation from service, or (B) the Employee’s date of death. If this Agreement fails to comply with the requirements of Section 409A of the Code, neither the Company nor any of its Affiliates shall have any liability for any tax, penalty or interest imposed on the Employee by Section 409A of the Code, and the Employee shall have no recourse against the Company or any of its Affiliates for payment of any such tax, penalty or interest imposed by Section 409A of the Code.

(b)    Dividend Equivalents. In the event that the Company pays any ordinary dividend in cash on a Share following the Grant Date and prior to the Settlement Date with respect to any PRSUs, there shall be credited to the account of the Employee in respect of each outstanding PRSU an amount equal to the amount of such dividend. The amount so credited shall be deferred (without interest, unless the Committee determines otherwise) until the applicable Settlement Date of the PRSUs and then paid in cash proportionate to the amount of the PRSUs, if any, that have been earned or vested, but to the extent any PRSUs are canceled a proportionate amount of such accumulated amounts shall be forfeited.

(c)    Authorization to Share Personal Data. The Employee authorizes the Company or any Affiliate of the Company that has or lawfully obtains personal data relating to the Employee to divulge or transfer such personal data to the Company or to a third party, in each case in any jurisdiction, if and to the extent reasonably appropriate in connection with this Agreement or the administration of the Plan.

(d)    No Rights as Stockholder; No Voting Rights. Except as provided in Section 6(b), the Employee shall have no rights as a stockholder of the Company with respect to any Shares covered by the PRSUs prior to the issuance of such Shares.

(e)    No Right to Awards. The Employee acknowledges and agrees that the grant of any PRSUs (i) is being made on an exceptional basis and is not intended to be renewed or repeated, (ii) is entirely voluntary on the part of the Company and the Subsidiaries and (iii) should not be construed as creating any obligation on the part of the Company or any of the Subsidiaries to offer any PRSUs or other Awards in the future.

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(f)    No Right to Continued Employment. Nothing in this Agreement shall be deemed to confer on the Employee any right to continue in the employ of the Company or any Subsidiary, or to interfere with or limit in any way the right of the Company or any Subsidiary to terminate such employment at any time.

(g)    Nature of Award. This award of PRSUs and any delivery or payment in respect thereof constitutes a special incentive payment to the Employee and shall not be taken into account in computing the amount of salary or compensation of the Employee for the purpose of determining any retirement, death or other benefits under (x) any retirement, bonus, life insurance or other employee benefit plan of the Company, or (y) any agreement between the Company and the Employee, except as such plan or agreement shall otherwise expressly provide.

(h)    Interpretation. The Committee shall have full power and discretion to construe and interpret the Plan (and any rules and regulations issued thereunder) and this Award. Any determination or interpretation by the Committee under or pursuant to the Plan, this Agreement (including Exhibit A) or this Award shall be final and binding and conclusive on all persons affected hereby.

(i)    Forfeiture of Awards. The PRSUs granted hereunder (and gains earned or accrued in connection therewith) shall be subject to such generally applicable policies as to forfeiture and recoupment (including, without limitation, upon the occurrence of material financial or accounting errors, financial or other misconduct or Competitive Activity) as may be adopted by the Committee or the Board from time to time and communicated to the Employee or as required by applicable law, and are otherwise subject to forfeiture or disgorgement of profits as provided by the Plan.

(j)    Consent to Electronic Delivery. By entering into this Agreement and accepting the PRSUs evidenced hereby, the Employee hereby consents to the delivery of information (including, without limitation, information required to be delivered to the Employee pursuant to applicable securities laws) regarding the Company and the Subsidiaries, the Plan, this Agreement and the PRSUs via Company website or other electronic delivery.

(k)    Binding Effect; Benefits. This Agreement (including Exhibits A and B hereto) shall be binding upon and inure to the benefit of the parties to this Agreement and their respective successors and assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to give any person other than the parties to this Agreement or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein.

(l)    Waiver; Amendment.

(i)    Waiver. Any party hereto or beneficiary hereof may by written notice to the other parties (A) extend the time for the performance of any of the obligations or other actions of the other parties under this Agreement, (B) waive compliance with any of the conditions or covenants of the other parties contained in this Agreement and (C) waive or modify performance of any of the obligations of the other parties under this Agreement. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including, without limitation, any investigation by or

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on behalf of any party or beneficiary, shall be deemed to constitute a waiver by the party or beneficiary taking such action of compliance with any representations, warranties, covenants or agreements contained herein. The waiver by any party hereto or beneficiary hereof of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by a party or beneficiary to exercise any right or privilege hereunder shall be deemed a waiver of such party’s or beneficiary’s rights or privileges hereunder or shall be deemed a waiver of such party’s or beneficiary’s rights to exercise the same at any subsequent time or times hereunder.

(ii)    Amendment. The Board or Committee may, at any time, amend, suspend or terminate this Agreement, subject to certain limitations set forth in Sections 20.1(b) and (c) of the Plan. Notwithstanding the foregoing, no termination or amendment of this Agreement shall adversely affect in any material way the rights and benefits of the Employee under this Agreement, without the written consent of the Employee, except as otherwise permitted under Sections 4, 20.2 and 20.3 of the Plan.

(m)    Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Company or the Employee without the prior written consent of the other party.

(n)    Applicable Law. This Agreement shall be governed in all respects, including, but not limited to, as to validity, interpretation and effect, by the internal laws of the State of Delaware, without reference to principles of conflict of law that would require application of the law of another jurisdiction.

(o)    Waiver of Jury Trial. Each party hereby waives, to the fullest extent permitted by applicable law, any right he, she or it may have to a trial by jury in respect of any suit, action or proceeding arising out of this Agreement or any transaction contemplated hereby. Each party (i) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledges that he, she or it and the other party hereto have been induced to enter into the Agreement by, among other things, the mutual waivers and certifications in this Section 6(o).

(p)    Limitations of Actions. No lawsuit relating to this Agreement may be filed before a written claim is filed with the Committee and is denied or deemed denied as provided in the Plan and any lawsuit must be filed within one year of such denial or deemed denial or be forever barred.

(q)    Section and Other Headings, etc. The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

(r)    Restrictive Covenants. In consideration of the receipt of the PRSUs granted pursuant to this Agreement, if requested by the Committee as evidenced by the attachment of Exhibit B hereto, the Employee agrees to be bound by the covenants set forth in Exhibit B to this Agreement, which are incorporated by reference and made part of this Agreement.

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(s)    Acceptance of PRSUs and Agreement. The Employee has indicated his or her consent and acknowledgement of the terms of this Agreement pursuant to the instructions provided to the Employee by or on behalf of the Company. The Employee acknowledges receipt of the Plan, represents to the Company that he or she has read and understood this Agreement and the Plan, and, as an express condition to the grant of the PRSUs under this Agreement, agrees to be bound by the terms of both this Agreement and the Plan. The Employee and the Company each agrees and acknowledges that the use of electronic media (including, without limitation, a clickthrough button or checkbox on a website of the Company or a third-party administrator) to indicate the Employee’s confirmation, consent, signature, agreement and delivery of this Agreement and the PRSUs is legally valid and has the same legal force and effect as if the Employee and the Company signed and executed this Agreement in paper form. The same use of electronic media may be used for any amendment or waiver of this Agreement.

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Exhibit A to

Employee Performance-Based Restricted Stock Unit Agreement

Employee:	%%FIRST_NAME%-% %%LAST_NAME%-%
Grant Date:	%%GRANT_DATE,’Month DD, YYYY’%-%
Target Amount of Performance-Based Restricted Stock Units granted hereby (the “Target Amount”):	%%TOTAL_SHARES_GRANTED,'999,999,999'%-%
Vesting Date:	%%VEST_DATE_PERIOD1,’Month DD, YYYY’%-%

1.    Performance-Based Restricted Stock Units. The total number of PRSUs subject to this Award that become Vested PRSUs will range from 0% to 200% of the Target Amount, subject to the terms and conditions set forth below. A portion of the Target Amount (each such portion, a “Performance Goal”) shall be eligible to be earned in respect of each Performance Period based on achievement of each of the applicable Performance Goals for such period, as indicated below. The PRSUs that become Earned PRSUs shall become Vested PRSUs on the Vesting Date specified above, subject to the continued employment of the Employee by the Company or any Subsidiary thereof through the Vesting Date, except as otherwise set forth in Section 2 of the Agreement.

2.    Performance Period. “Performance Period” means each of the periods during which a Performance Goal is eligible to be earned based on the achievement of the applicable Performance Goals, as set forth in the tables in Section 3.

3.    Performance Goals; Committee Certification.

(a)    Performance Goals. The total number of PRSUs which shall be earned with respect to each Tranche shall be determined based on the Company’s performance against each of the applicable Performance Goals during the applicable Performance Period, as set forth in the tables below. The Committee shall establish Performance Goals for the applicable Performance Period, and may subsequently adjust Performance Goals at the Committee’s discretion.

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(i)    Adjusted Earnings Per Share

Adjusted EPS Tranche	Performance Period	Portion of Target Award	Performance Goal	Performance Goal
				Threshold	Target	Maximum
Tranche 1	January 1, 20__ to December 31, 20__	16%	Adjusted EPS at the conclusion of the Performance Period
Tranche 2	January 1, 20__ to December 31, 20__	16%	Adjusted EPS at the conclusion of the Performance Period
Tranche 3	January 1, 20__ to December 31, 20__	18%	Adjusted EPS at the conclusion of the Performance Period

Payout of each Tranche as a percentage of Target shall be (i) 0% for performance below “threshold”, (ii) 50% for performance at “threshold”, (iii) 100% for performance at “target” and (iv) 200% for performance at or above “maximum”, with the applicable “threshold,” “target” and “maximum” set forth in the table below. For achievement between threshold and target performance, or between target and maximum performance, the number of PRSUs earned in each case shall be interpolated on a straight-line basis. In each case, the final number of Shares that are issued shall be rounded down to the nearest whole number of shares.

(ii)    Return on Invested Capital

ROIC Tranche	Performance Period	Portion of Target Award	Performance Goal	Performance Goal
				Threshold	Target	Maximum
Tranche 4	January 1, 20__ to December 31, 20__	35%	Average ROIC % for Performance Period

Payout of each Tranche as a percentage of Target shall be (i) 0% for performance below “threshold”, (ii) 50% for performance at “threshold”, (iii) 100% for performance at “target” and (iv) 200% for performance at or above “maximum”, with the applicable “threshold,” “target” and “maximum” set forth in the table below. For achievement between threshold and target performance, or between target and maximum performance, the number of PRSUs earned in each case shall be interpolated on a straight-line basis. In each case, the final number of Shares that are issued shall be rounded down to the nearest whole number of shares.

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(iii)    Environmental, Sustainability and Governance Scorecard

ESG Scorecard Tranche	Performance Period	Portion of Target Award	Performance Goal	Achieved (Y=100%/N=0%)
Tranche 5	January 1, 20__ to December 31, 20__	5%	Safety	Y/N
Tranche 6	January 1, 20__ to December 31, 20__	5%	Emissions	Y/N
Tranche 7	January 1, 20__ to December 31, 20__	5%	Diversity, Equity & Inclusion	Y/N

(iv)    Relative Total Shareholder Return Modifier

Relative TSR Modifier	Performance Period	Modification Range	Performance Goal	Performance Goal (percentile)
				Below 20th	20th - 39th	40th - 59th	60th - 79th	80th or above
Payout Percentage Modifier	January 1, 20__ to December 31, 20__	80% - 120% of Total Payout Percentage (subject to overall limit of 200% of total Target Award)	Relative TSR ranking among Peer Companies

* The Relative Total Shareholder Return and resulting modifier will be interpolated on a straight-line basis between the 20th - 39th percentile and the 60th – 79th percentile.

“Adjusted Earnings Per Share” or “Adjusted EPS” is defined as Adjusted Net Income divided by Diluted Shares Outstanding, both as disclosed in the Company’s public earnings releases, subject to the Administrator’s authority regarding performance goals under the Plan.

“Return on Invested Capital” or “ROIC” is defined as last twelve months (LTM) adjusted net income divided by the last five quarters’ average net assets deployed, both as disclosed in the Company’s public earnings releases, subject to the Administrator’s authority regarding performance goals under the Plan.

The “Environmental, Sustainability and Governance Scorecard” or “ESG Scorecard” is comprised of certain initiatives in the areas of safety, emissions and diversity, equity and inclusion. The Company has established goals for each of the areas to be measured as either “achieved” or “not achieved” at the conclusion of the applicable Performance Period.

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“Relative Total Shareholder Return” or “Relative TSR” will be measured against the Company’s benchmarking peer group companies as disclosed in the Company’s most recent proxy statement (“Peer Companies”). Relative TSR will be measured using a 20-day average at the beginning and end of the applicable Performance Period.

The PRSUs in each Tranche shall become “Earned PRSUs” as of the last day of the Performance Period to the extent earned in accordance with the applicable Performance Goal, subject to the Committee certifying the achievement of the applicable Performance Goal pursuant to Section 3(b) of Exhibit A. Any PRSUs in respect of a Tranche that do not become Earned PRSUs shall be forfeited and canceled as of the date of the Committee’s certification pursuant to Section 3(b) of this Exhibit A.

Earned PRSUs shall be “Vested PRSUs” contingent upon the satisfaction of the continued employment requirements as set for in the Agreement.

For the avoidance of doubt, (x) if the performance results for the applicable Performance Period (as certified by the Committee pursuant to Section 3(b) of this Exhibit A) do not meet or exceed the threshold level of achievement of the applicable Performance Goal, the Tranche of PRSUs eligible to be earned in respect of such Performance Period shall immediately be forfeited and canceled, and (y) in no event shall the number of PRSUs earned in respect of each Tranche exceed the maximum amount for such Tranche.

(b)    Certification of Achievement Relative to Performance Goal. As soon as practicable after the end of a Performance Period but in any event within ninety (90) days after the end of such Performance Period, the Committee shall certify the extent to which the Performance Goal has been achieved with respect to the applicable Performance Period and the resulting number of PRSUs that become “Earned PRSUs”.

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Exhibit B to

Employee Performance-Based Restricted Stock Unit Agreement

Restrictive Covenants

Section 1    Confidential Information.

1.1.    The Employee recognizes that the success of the Company and its current or future Affiliates depends upon the protection of information or materials that are confidential and/or proprietary. “Confidential Information” means information or materials that (a) are identified as being confidential or proprietary at the time of disclosure to the Employee (or upon notice thereafter) or (b) should, based on their nature or the circumstances surrounding such disclosure, reasonably be deemed confidential. Confidential Information includes, without limitation, information to which the Employee has access while employed by the Company whether recorded in any medium or merely memorized. By way of example, Confidential Information includes without limitation, and whether or not such information is specifically designated as confidential or proprietary: all business plans and marketing strategies; information concerning existing and prospective markets, suppliers and customers; financial information; information concerning the development of new products and services; and technical and non-technical data related to software programs, design, specifications, compilations, Inventions (as defined in Section 3.1 of this Exhibit B), improvements, patent applications, studies, research, methods, devices, prototypes, processes, procedures and techniques. Confidential Information expressly includes information provided to the Company or its Affiliates by third parties under circumstances that require them to maintain the confidentiality of such information. Notwithstanding the foregoing, the Employee shall have no confidentiality obligation with respect to disclosure of any Confidential Information that (a) was, or at any time becomes, available in the public domain other than through a violation of this Agreement or (b) the Employee can demonstrate by written evidence was furnished to the Employee by a third party in lawful possession thereof and who was not under an obligation of confidentiality to the Company or any of its Affiliates.

1.2.    The Employee agrees that during the Employee’s employment and after termination of employment irrespective of cause, the Employee will use Confidential Information only for the benefit of the Company and its Affiliates. Notwithstanding the foregoing, the Employee may disclose Confidential Information as (a) authorized by applicable law (including, but not limited to, any disclosure of information that satisfies the procedures in SEC Regulation § 240.21F- 17) or (b) as required pursuant to an order or requirement of a court, administrative agency or other government body.

This Agreement constitutes notice to the Employee that, under the 2016 Defend Trade Secrets Act (“DTSA”), the following rules shall be applicable: (i) No individual will be held criminally or civilly liable under federal or state trade secret law for the disclosure of a trade secret (as defined under the DTSA) that: (A) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if

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such filing is made under seal so that it is not made public; and (ii) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order. In addition, if the Employee’s employment is governed by the laws of the United Kingdom, nothing in this Agreement shall prevent the Employee from making a protected disclosure under section 43A of the Employment Rights Act 1996.

1.3.    The Employee hereby assigns to the Company any rights the Employee may have or acquire in such Confidential Information and acknowledges that all Confidential Information shall be the sole property of the Company and/or its Affiliates or their assigns.

1.4.    There are no rights granted or any understandings, agreements or representations between the parties hereto, express or implied, regarding Confidential Information that are not specified herein.

1.5.    The Employee’s obligations under this Section 1 are in addition to any obligations that the Employee has under state or federal law.

1.6.    The Employee agrees that in the course of the Employee’s employment with the Company, the Employee will not violate in any way the rights that any entity, including former employers, has with regard to trade secrets or proprietary or confidential information.

1.7.    The Employee’s obligations under this Section 1 are indefinite in term and shall survive the termination of this Agreement.

Section 2    Return of Company Property.

2.1.    The Employee acknowledges that all tangible items containing any Confidential Information, including without limitation memoranda, photographs, records, reports, manuals, drawings, blueprints, prototypes, notes, documents, drawings, specifications, software, media and other materials, including any copies thereof (including electronically recorded copies), are the exclusive property of the Company or its applicable Affiliate, and the Employee shall deliver to the Company all such material in the Employee’s possession or control upon the Company’s request and in any event upon the termination of the Employee’s employment with the Company. The Employee shall also preserve and return any keys, equipment, identification or credit cards, or other property belonging to the Company or its Affiliates upon termination of the Employee’s employment or request.

Section 3    Inventions.

3.1.    The Employee understands and agrees that all Inventions are the exclusive property of the Company. As used in this Agreement, “Inventions” shall include without limitation ideas, discoveries, developments, concepts, inventions, original works of authorship, trademarks, mask works, trade secrets, ideas, data, information, know-how, documentation, formulae, results, prototypes, designs, methods, processes, products, formulas and techniques, improvements to any of the foregoing, and all other matters

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ordinarily intended by the words “intellectual property,” whether or not patentable, copyrightable, or otherwise able to be registered, that are developed, created conceived of or reduced to practice (a) by the Employee, alone or with others, (b) during the Employee’s employment with the Company or Affiliates, whether or not during working hours or using the Company’s facility or equipment, or within three (3) months thereafter and (c) related to the Company’s then existing or proposed business. In recognition of the Company’s ownership of all Inventions, the Employee shall make prompt and full disclosure to the Company of, will hold in trust for the sole benefit of the Company, and (subject to Section 3.2 below) herby assigns, and agrees to assign in the future, exclusively to the Company all of the Employee’s right, title, and interest in and to any and all such Inventions.

3.2.    NOTICE REQUIRED BY REVISED CODE OF WASHINGTON 49.44.140: The Employee understands that the Employee’s obligation to assign inventions shall not apply to any inventions for which no equipment, supplies, facilities, or trade secret information of the Company was used and that was developed entirely on the Employee’s own time, unless (a) the invention relates (i) directly to the business of the Company, or (ii) to the Company’s actual or demonstrably anticipated research or development, or (b) the invention results from any work performed by the Employee for the Company.

3.3.    To the extent any works of authorship created by the Employee made within the scope of employment may be considered “works made for hire” under United States copyright laws, they are hereby agreed to be works made for hire. To the extent any such works do not qualify as a “work made for hire” under applicable law, and to the extent they include material subject to copyright, the Employee hereby irrevocably and exclusively assigns and conveys all rights, title and interests in such works to the Company subject to no liens, claims or reserved rights. The Employee hereby waives any and all “moral rights” that may be applicable to any of the foregoing, for any and all uses, alterations, and exploitation hereof by the Company, or its Affiliates, or their successors, assignees or licensees. To the extent that any such “moral rights” may not be waived in accordance with law, the Employee agrees not to bring any claims, actions or litigation against the Company or its Affiliates, or their successors, assignees or licensees, based on or to enforce such rights. Without limiting the preceding, the Employee agrees that the Company may in its discretion edit, modify, recast, use, and promote any such works of authorship, and derivatives thereof, with or without the use of the Employee’s name or image, without compensation to the Employee other than that expressly set forth herein.

3.4.    The Employee hereby waives and quitclaims to the Company any and all claims of any nature whatsoever that the Employee now or hereafter may have for infringement of any patent or patents from any patent applications for any Inventions. The Employee agrees to cooperate fully with the Company and take all other such acts requested by the Company (including signing applications for patents, assignments, and other papers, and such things as the Company may require) to enable the Company to establish and protect its ownership in any Inventions and to carry out the intent and purpose of this Agreement, during the Employee’s employment or thereafter. If the Employee fails to execute such documents by reason of death, mental or physical incapacity or any other reason after reasonable attempts by the Company, the Employee hereby irrevocably appoints the Company and its officers and agents as the Employee’s agent and attorney-in-fact to execute such documents on the Employee’s behalf.

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3.5.    The Employee agrees that there are no Inventions made by the Employee prior to the Employee’s employment with the Company and belonging to the Employee that the Employee wishes to have excluded from this Section 3 (the “Excluded Inventions”). If during the Employee’s employment with the Company, the Employee uses in the specifications or development of, or otherwise incorporates into a product, process, service, technology, or machine of the Company or its Affiliates, or otherwise uses any invention, proprietary know-how, or other intellectual property in existence before the commencement date of Employee’s employment with the Company or any Affiliate owned by the Employee or in which the Employee has any interest (“Existing Know-How”), the Company or its Affiliates, as the case may be, is hereby granted and shall have a non-exclusive, royalty-free, fully paid up, perpetual, irrevocable, worldwide right and license under the Existing Know-How (including any patent or other intellectual property rights therein) to make, have made, use, sell, reproduce, distribute, make derivative works from, publicly perform and display, and import, and to sublicense any and all of the foregoing rights to that Existing Know-How (including the right to grant further sublicenses) without restriction as to the extent of the Employee’s ownership or interest, for so long as such Existing Know-How is in existence and is licensable by the Employee.

Section 4    Nonsolicitation and Noncompetition.

4.1.    During the Employee’s employment with the Company, and for a period expiring [twelve (12)] [eighteen (18)] months after the termination of the Employee’s employment (the “Restrictive Period”), regardless of the reason, if any, for such termination, the Employee shall not, in the [continent in which the Employee is employed by the Company,] [Restricted Geographic Area,] directly or indirectly:

(a)    solicit or entice away or in any other manner persuade or attempt to persuade any officer, employee, consultant or agent of the Company or any of its Affiliates to alter or discontinue his or her relationship with the Company or its Affiliates;

(b)    solicit from any person or entity that was a customer of the Company or any of its Affiliates during the Employee’s employment with the Company, any business of a type or nature similar to the business of the Company or any of its Affiliates with such customer;

(c)    solicit, divert, or in any other manner persuade or attempt to persuade any supplier of the Company or any of its Affiliates to discontinue its relationship with the Company or its Affiliates;

(d)    solicit, divert, take away or attempt to solicit, divert or take away any customers of the Company or its Affiliates; or

(e)    engage in or participate in (i) chemical or ingredient distribution; or (ii) waste remediation businesses.

[As used herein, “Restricted Geographic Area” shall mean the geographic area in which the Employee performed any services, or others supervised by the Employee performed services, on behalf of the Company and its

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Affiliates during the twenty four (24) month period immediately preceding the termination of Employee’s employment, provided that the Restricted Geographic Area shall at least include the United States, Canada, Mexico, Brazil, and Western Europe.]

4.2.    Nothing in Section 4.1 limits the Employee’s ability to hire an employee of the Company or any of its Affiliates in circumstances under which such employee first contacts the Employee regarding employment and the Employee does not violate any of subsections 4.1(a), 4.1(b), 4.1(c), 4.1(d) or 4.1(e) herein.

4.3.    The Company and the Employee agree that the provisions of this Section 4 do not impose an undue hardship on the Employee and are not injurious to the public; that this provision is necessary to protect the business of the Company and its Affiliates; that the nature of the Employee’s responsibilities with the Company under this Agreement provide and/or will provide the Employee with access to Confidential Information that is valuable and confidential to the Company and its Affiliates; that the Company would not grant PRSUs to the Employee if the Employee did not agree to the provisions of this Section 4; that this Section 4 is reasonable in terms of length of time, geographic scope and nature of restricted activities; and that adequate consideration supports this Section 4. In the event that a court determines that any provision of this Section 4 is unreasonably broad or extensive, the Employee agrees that such court should narrow such provision to the extent necessary to make it reasonable and enforce the provisions as narrowed.

4.4.    Clawback.

(a)    Without limiting the generality of the remedies available to the Company pursuant to Section 4.3, if, during the Restrictive Period, the Employee, except with the prior written consent of the Board, breaches the restrictive covenants contained in Section 4, the Employee shall pay to the Company in cash any gain the Employee realized in cash in connection with the vesting of the PRSUs, the related issuance of Shares and the sale of Shares within the eighteen-month period (or such other period as determined by the Board) ending on the date of the Employee’s breach. This right of recoupment is in addition to any other remedies the Company may have against the Employee for the Employee’s breach of the restrictive covenants contained in this Section 4. The Employee’s obligations under this Exhibit B shall be cumulative (but not duplicative, nor operate to extend the length of any such obligations) of any similar obligations the Employee has under the Plan, the Agreement or any other agreement with the Company or any Affiliate.

Section 5    Definitions. As used in this Exhibit B, capitalized terms that are not defined herein have the respective meaning given in the Plan or the Agreement.

B-5

EX-10.2

Addendum TO SEVERANCE AND CHANGE IN CONTROL AGREEMENT

This Addendum to Severance and Change in Control Agreement (“Addendum”) is entered into by Kimberly L. Dickens (“Executive”) and Univar Solutions Inc. (the “Company”) with respect to the termination of the employment relationship between Executive and the Company.

1.    Executive’s last day of employment with the Company shall be January 18, 2021 (“Termination Date”). Executive shall not seek future employment or any right to future employment with the Company, its parent or any of its affiliates.

2.    Executive has been provided all compensation and benefits earned by Executive by virtue of employment with the Company, except to the extent that Executive may still be owed salary earned during the last pay period prior to the Termination Date and excluding the amount payable to Executive under the Severance and Change in Control Agreement dated November 2, 2020 between Executive and the Company (“CIC Agreement”).

3.    In addition to the severance payment described in the CIC Agreement, the Company shall:

a.    Pay to Executive, in a lump sum payment not later than sixty (60) days following the Termination Date, (i) a gross amount equal to $78,000, which is the approximate market value of Executive’s unvested restricted stock units as of the Termination Date that would have vested on or before December 31, 2021 if Executive had remained a Company employee through that date; and (ii) a gross amount equal to $36,018, which is the value of Executive’s short term incentive payment for 2020.

b.    Provide outplacement benefits through an agency of the Company’s choice, for up to 12 month(s) following the Termination Date.

4.    Except to the extent that the CIC Agreement is supplemented, modified or amended by this Addendum, the terms of the CIC Agreement shall remain in full force and effect.

5.    This Addendum shall be interpreted pursuant to Illinois law without regard to conflicts of law principles.

EXECUTIVE	COMPANY
/s/ Kimberly L. Dickens	/s/ David C. Jukes
Kimberly L. Dickens	David C. Jukes
Date: January 18, 2021	President & Chief Executive Officer
	Date: January 18, 2021

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) OF THE EXCHANGE ACT, AS AMENDED,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David C. Jukes, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Univar Solutions Inc.

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2021	By: /s/  David C. Jukes
	David C. Jukes
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a) OF THE EXCHANGE ACT, AS AMENDED,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Nicholas W. Alexos, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Univar Solutions Inc.

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2021	By: /s/  Nicholas W. Alexos
	Nicholas W. Alexos
	Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

    In connection with the Quarterly Report on Form 10-Q (the “Report”) for the quarter ended March 31, 2021, I, David C. Jukes, President and Chief Executive Officer of Univar Solutions Inc. (the “Company”), certify that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ DAVID C. JUKES

David C. Jukes

President and Chief Executive Officer

May 10, 2021

This certification accompanies the Report and shall not, except to the extent required by the Exchange Act, be deemed filed by the Company. A signed original of this certification has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

    In connection with the Quarterly Report on Form 10-Q (the “Report”) for the quarter ended March 31, 2021, I, Nicholas W. Alexos, Executive Vice President and Chief Financial Officer of Univar Solutions Inc. (the “Company”), certify that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ NICHOLAS W. ALEXOS

Nicholas W. Alexos

Executive Vice President and Chief Financial Officer

May 10, 2021

This certification accompanies the Report and shall not, except to the extent required by the Exchange Act, be deemed filed by the Company. A signed original of this certification has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-37443
Entity Registrant Name	Univar Solutions Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1251958
Entity Address, Address Line One	3075 Highland Parkway, Suite 200
Entity Address, City or Town	Downers Grove,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60515
City Area Code	331
Local Phone Number	777-6000
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	UNVR
Security Exchange Name	NYSE
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
Entity Common Stock, Shares Outstanding		169,587,108
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001494319
Current Fiscal Year End Date	--12-31

XML

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales		$ 2,155.4	$ 2,211.2
Cost of goods sold (exclusive of depreciation)		1,613.0	1,678.6
Operating expenses:
Outbound freight and handling		91.4	91.5
Warehousing, selling and administrative		268.8	279.5
Other operating expenses, net (1)	[1]	44.2	30.4
Depreciation		43.8	41.7
Amortization		13.1	15.8
Total operating expenses		461.3	458.9
Operating income		81.1	73.7
Other (expense) income:
Interest income		0.4	1.0
Interest expense		(27.0)	(29.1)
Gain (loss) on sale of business		0.6	(8.6)
Loss on extinguishment of debt		(0.2)	(1.8)
Other income, net (1)	[1]	28.9	20.4
Total other income (expense)		2.7	(18.1)
Income before income taxes		83.8	55.6
Income tax expense (benefit)		17.6	(0.3)
Net income		$ 66.2	$ 55.9
Income per common share:
Basic income per common share (in dollars per share)		$ 0.39	$ 0.33
Diluted income per common share (in dollars per share)		$ 0.39	$ 0.33
Weighted average common shares outstanding:
Basic (in shares)		169.3	168.8
Diluted (in shares)		170.1	169.7

[1] (1)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

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Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 66.2	$ 55.9
Other comprehensive income (loss), net of tax:
Foreign currency translation	0.8	(94.1)
Pension and postretirement benefit adjustment	(2.4)	0.0
Derivative financial instruments	6.6	(16.1)
Total other comprehensive income (loss), net of tax	5.0	(110.2)
Comprehensive income (loss)	$ 71.2	$ (54.3)

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 141.4	$ 386.6
Trade accounts receivable, net of allowance for doubtful accounts of $19.2 and $17.2 at March 31, 2021 and December 31, 2020, respectively.	1,423.4	1,239.8
Inventories	728.4	674.0
Assets held for sale	48.4	0.0
Prepaid expenses and other current assets	165.5	151.5
Total current assets	2,507.1	2,451.9
Property, plant and equipment, net	1,037.8	1,065.7
Goodwill	2,274.6	2,270.4
Intangible assets, net	238.3	251.9
Deferred tax assets	29.8	29.6
Other assets	283.3	285.5
Total assets	6,370.9	6,355.0
Current liabilities:
Short-term financing	4.5	2.1
Trade accounts payable	878.4	765.1
Current portion of long-term debt	117.7	163.5
Accrued compensation	71.1	102.2
Liabilities held for sale	22.2	0.0
Other accrued expenses	354.3	374.1
Total current liabilities	1,448.2	1,407.0
Long-term debt	2,393.0	2,477.1
Pension and other postretirement benefit liabilities	301.5	308.8
Deferred tax liabilities	42.9	39.3
Other long-term liabilities	316.3	330.5
Total liabilities	4,501.9	4,562.7
Stockholders’ equity:
Preferred stock, 200.0 million shares authorized at $0.01 par value with no shares issued or outstanding at March 31, 2021 and December 31, 2020	0.0	0.0
Common stock, 2.0 billion shares authorized at $0.01 par value with 169.6 million and 169.3 million shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	1.7	1.7
Additional paid-in capital	2,988.8	2,983.3
Accumulated deficit	(739.4)	(805.6)
Accumulated other comprehensive loss	(382.1)	(387.1)
Total stockholders’ equity	1,869.0	1,792.3
Total liabilities and stockholders’ equity	$ 6,370.9	$ 6,355.0

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 19.2	$ 17.2
Preferred stock, shares authorized (in shares)	200,000,000.0	200,000,000.0
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, share issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	2,000,000,000.0	2,000,000,000.0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	169,600,000	169,300,000
Common stock, shares outstanding (in shares)	169,600,000	169,300,000

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net income		$ 66.2	$ 55.9
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization		56.9	57.5
Amortization of deferred financing fees and debt discount		1.8	1.6
Amortization of pension credit from accumulated other comprehensive loss		(2.9)	0.0
(Gain) loss on sale of business		(0.6)	8.6
Gain on sale of property, plant and equipment		(1.1)	(5.3)
Loss on extinguishment of debt		0.2	1.8
Deferred income taxes		2.0	(3.5)
Stock-based compensation expense		5.9	5.7
Charge For Inventory Step-Up Of Acquired Inventory	[1]	(25.6)	(26.3)
Other		1.2	0.0
Changes in operating assets and liabilities:
Trade accounts receivable, net		(220.9)	(259.4)
Inventories		(70.8)	(50.5)
Prepaid expenses and other current assets		(34.3)	(58.3)
Trade accounts payable		138.1	165.3
Pensions and other postretirement benefit liabilities		(7.8)	(5.3)
Other, net (1)	[1]	(0.6)	34.0
Net cash used by operating activities		(92.3)	(78.2)
Investing activities:
Purchases of property, plant and equipment		(16.3)	(24.1)
Proceeds from sale of property, plant and equipment		5.3	7.6
Payments from sale of business		(0.4)	(8.2)
Other		(0.8)	(6.2)
Net cash used by investing activities		(12.2)	(30.9)
Financing activities:
Payments on long-term debt and finance lease obligations		(56.2)	(180.6)
Net (payments) proceeds under revolving credit facilities		(81.0)	345.9
Short-term financing, net		4.1	6.3
Taxes paid related to net share settlements of stock-based compensation awards		(2.1)	(1.3)
Stock option exercises		1.5	0.7
Net cash (used) provided by financing activities		(133.7)	171.0
Effect of exchange rate changes on cash and cash equivalents		(7.0)	(12.5)
Net (decrease) increase in cash and cash equivalents		(245.2)	49.4
Cash and cash equivalents at beginning of period		386.6	330.3
Cash and cash equivalents at end of period		141.4	379.7
Cash paid during the period for:
Income taxes		15.5	9.8
Interest, net of capitalized interest		18.6	18.0
Non-cash activities:
Additions of property, plant and equipment included in trade accounts payable and other accrued expenses		4.7	4.8
Additions of property, plant and equipment under a finance lease obligation		4.9	18.0
Additions of assets under an operating lease obligation		$ 16.2	$ 17.5

[1] For the three months ended March 31, 2020, the amount included in fair value adjustment for warrants, which was previously included in other, net, is now presented separately to conform to the current year presentation.

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Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss
Beginning balance (in shares) at Dec. 31, 2019		168.7
Beginning balance at Dec. 31, 2019	$ 1,732.8	$ 1.7	$ 2,968.9	$ (858.5)	$ (379.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55.9			55.9
Foreign currency translation adjustment	(94.1)				(94.1)
Derivative financial instruments, net of tax	(16.1)				(16.1)
Restricted stock units vested (in shares)		0.2
Tax withholdings related to net share settlements of stock-based compensation awards (in shares)		(0.1)
Tax withholdings related to net share settlements of stock-based compensation awards	(1.3)		(1.3)
Stock option exercises (in shares)		0.1
Stock option exercises	0.7		0.7
Stock-based compensation	5.7		5.7
Ending balance (in shares) at Mar. 31, 2020		168.9
Ending balance at Mar. 31, 2020	$ 1,683.6	$ 1.7	2,974.0	(802.6)	(489.5)
Beginning balance (in shares) at Dec. 31, 2020	169.3	169.3
Beginning balance at Dec. 31, 2020	$ 1,792.3	$ 1.7	2,983.3	(805.6)	(387.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	66.2			66.2
Foreign currency translation adjustment	0.8				0.8
Pension and other postretirement benefits adjustment, net of tax $0.5	(2.4)				(2.4)
Derivative financial instruments, net of tax	6.6				6.6
Restricted stock units vested (in shares)		0.3
Restricted stock units vested	0.0
Tax withholdings related to net share settlements of stock-based compensation awards (in shares)		(0.1)
Tax withholdings related to net share settlements of stock-based compensation awards	(2.1)		(2.1)
Stock option exercises (in shares)		0.1
Stock option exercises	1.5		1.5
Stock-based compensation	5.9		5.9
Other	$ 0.2
Ending balance (in shares) at Mar. 31, 2021	169.6	169.6
Ending balance at Mar. 31, 2021	$ 1,869.0	$ 1.7	$ 2,988.8	$ (739.4)	$ (382.1)

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Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Pension and other postretirement benefits adjustment, tax expense (benefit)	$ 0.5
Foreign currency translation adjustment tax expense (benefit)		$ (4.7)
Derivative financial instruments, tax expense (benefit)	$ (2.2)	$ 7.0

XML

Nature of operations

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of operations

1. Nature of operations

Headquartered in Downers Grove, Illinois, Univar Solutions Inc. (“Univar Solutions,” “Company,” “we,” “our” and “us”) is a leading global chemical and ingredient distributor and provider of value-added services to customers across a wide range of industries. The Company’s operations are structured into four reportable segments that represent the geographic areas under which the Company manages its business:

•Univar Solutions USA (“USA”)

•Univar Solutions Europe and the Middle East and Africa (“EMEA”)

•Univar Solutions Canada (“Canada”)

•Univar Solutions Latin America (“LATAM”)

LATAM includes certain developing businesses in Latin America and the Asia-Pacific region.

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Significant accounting policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Significant accounting policies

2. Significant accounting policies

Basis of presentation

The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as applicable to interim financial reporting. These condensed consolidated financial statements, in the Company’s opinion, include all adjustments consisting of normal recurring accruals necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, comprehensive income, cash flows and changes in stockholders’ equity. The results of operations for the periods presented are not necessarily indicative of the operating results that may be expected for the full year. The accompanying condensed consolidated financial statements of Univar Solutions includes the combined results of all directly and indirectly controlled companies, which have been adjusted to account for the elimination of intercompany balances and transactions.

The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates. These condensed consolidated financial statements and related footnotes are unaudited and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

During the first quarter of 2021, the Company recorded a prior-period adjustment, correcting an error relating to the remaining life of outstanding warrants which overstated the December 31, 2020 warrant liability by $14.0 million. Management of the Company concluded the effect of the adjustment is immaterial to the projected full-year 2021 financial statements and the affected prior periods. In addition, the Company recorded the change in the fair value of the warrants in other income, net during the current period to properly reflect the non-operating nature of the warrant liability. The Company reclassified the change in the fair value of the warrants in its condensed consolidated statement of operations for the three months ended March 31, 2020 from other operating expenses, net to other income, net to conform to the current period presentation. In addition, on our condensed consolidated statement of cash flows for the three months ended March 31, 2020, the change in the fair value is now presented separately as fair value adjustments for warrants, which was previously included in other, net, to conform to the current year presentation.

Recently adopted accounting pronouncements

In January 2021, the Company adopted ASU 2019-12 “Income Taxes” (Topic 740) – “Simplifying the Accounting for Income Taxes,” which clarifies and simplifies the accounting for income taxes by eliminating certain exceptions for intra-period tax allocation principles, updating the methodology for calculating income tax rates in an interim period and aligning the recognition of deferred taxes for outside basis differences in an investment, among other updates. The adoption did not have a material impact to the Company’s financial statements and disclosures.

Accounting pronouncements issued and not yet adopted

In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform” (Topic 848) – “Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform from currently referenced rates, such as LIBOR, to alternative rates. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform” (Topic 848) that clarifies the scope of ASU 2020-04. The ASU’s were effective beginning March 12, 2020 and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is currently determining the impacts of the guidance on our consolidated financial statements.

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Business combinations

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Business combinations

3. Business combinations

2020 Acquisition

On December 18, 2020, the Company completed the acquisition of the specialty silicone solutions business of Zhuhai Techi Chem Silicone Industry Corporation (“Techi Chem”), a leading distributor of specialty silicone solutions used primarily for the coatings, adhesives, sealants, and elastomers (CASE) market within the China marketplace. The goal of the Techi Chem acquisition is to enhance the Company’s ability to bring differential value to customers and suppliers within the CASE market.

The purchase price of this acquisition was $6.8 million, comprised of $4.6 million cash paid and a $2.2 million contingent consideration component. Refer to “Note 15: Fair value measurements” for further information on the contingent consideration liability. As of December 31, 2020, the Company recorded a preliminary purchase price allocation consisting of goodwill of $3.5 million, intangibles of $2.7 million, inventory of $1.0 million and other current assets and deferred tax liabilities of $(0.4) million. The goodwill is included in the LATAM segment and is primarily attributable to expected synergies. The Company does not expect the goodwill to be deductible for income tax purposes. The identified intangible assets were related to customer relationships which have a weighted-average amortization period of eight years. The operating results subsequent to the acquisition date did not have a significant impact on the consolidated financial statements of the Company.

As of March 31, 2021, the Company updated the purchase price allocation to reflect final deferred income tax adjustments, resulting in a $0.7 million decrease to goodwill. The accounting for this acquisition was complete as of March 31, 2021.

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Dispositions and assets held for sale

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Dispositions and assets held for sale

4. Dispositions and assets held for sale

Dispositions

On November 30, 2020, the Company completed the sale of its Canadian Agriculture services business for total net cash proceeds of $39.3 million after closing transaction-related expenses. In the fourth quarter of 2020, the Company recorded a $31.5 million pre-tax loss on sale of business in the condensed consolidated statements of operations. In the first quarter of 2021, the Company recognized a favorable adjustment of $0.7 million, decreasing the loss on sale recorded in the fourth quarter of 2020. The sale of this business did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the disposition did not represent a strategic shift that had, or will have, a major effect on the Company's operations and financial results.

The following summarizes the income before income taxes attributable to this business:

(in millions)	Three months ended March 31, 2020
Income before income taxes	$	2.0

On September 1, 2020, the Company completed the sale of its industrial spill and emergency response businesses to EnviroServe Inc. for total net cash proceeds of $6.2 million after transaction-related expenses. In the third quarter of 2020, the Company recorded a $9.3 million pre-tax loss on sale of business in the condensed consolidated statements of operations. In the fourth quarter of 2020 and the first quarter of 2021, we recorded estimated and final net working capital adjustments of $1.2 million and $0.1 million, respectively, increasing the loss on sale recorded in the third quarter of 2020. The sale of these businesses did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the dispositions did not represent a strategic shift that had, or will have, a major effect on the Company's operations and financial results.

The following summarizes the loss before income taxes attributable to these businesses:

(in millions)	Three months ended March 31, 2020
Loss before income taxes	$	(6.6)

On December 31, 2019, the Company completed the sale of the Environmental Sciences business to affiliates of AEA Investors LP for total cash proceeds of $174.0 million (net of cash disposed of $0.7 million and $5.9 million of transaction expenses) plus a $5.0 million ($2.4 million present value) subordinated note receivable and recorded a pre-tax gain on sale of $41.4 million. In the first quarter of 2020, we recorded a net working capital adjustment of $8.2 million, reducing the proceeds and the gain on sale recorded in the fourth quarter of 2019. The sale of the business did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the disposition did not represent a strategic shift that had, or will have, a major effect on the Company's operations and financial results.

Assets held for sale

On January 22, 2021, the Company entered into an agreement to sell its Distrupol business. The sale of the Distrupol business closed on April 1, 2021. Refer to “Note 20: Subsequent events” for further information.

The following summarizes the carrying value of assets and liabilities associated with this business as presented within assets and liabilities held for sale in the condensed consolidated balance sheet as of March 31, 2021:

(in millions)	March 31, 2021
Assets
Cash and cash equivalents	$	7.5
Trade accounts receivable	24.7
Inventories	9.2
Prepaid expenses and other current assets	4.2
Property, plant and equipment, net	0.6
Other assets	2.2
Total assets held for sale	$	48.4
Liabilities
Trade accounts payable	$	14.4
Current portion of long-term debt	0.1
Accrued compensation	0.6
Other accrued expenses	5.1
Long-term debt	0.2
Other long-term liabilities	1.8
Total liabilities held for sale	$	22.2

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Revenue

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

5. Revenue

The Company disaggregates revenues from contracts with customers by both geographic reportable segments and revenue contract types. Geographic reportable segmentation is pertinent to understanding Univar Solutions’ revenues, as it aligns to how the Company reviews the financial performance of its operations. Revenue contract types are differentiated by the type of good or service Univar Solutions offers customers, since the contractual terms necessary for revenue recognition are unique to each of the identified revenue contract types.

The following tables disaggregate external customer net sales by major stream:

	USA		EMEA		Canada		LATAM		Consolidated
(in millions)	Three months ended March 31, 2021
Chemical Distribution	$	1,222.2	$	505.7	$	218.7	$	132.0	$	2,078.6
Services	70.8		0.2		4.0		1.8		76.8
Total external customer net sales	$	1,293.0	$	505.9	$	222.7	$	133.8	$	2,155.4
	USA		EMEA		Canada		LATAM		Consolidated
(in millions)	Three months ended March 31, 2020
Chemical Distribution	$	1,270.5	$	459.9	$	208.3	$	105.3	$	2,044.0
Crop Sciences	—		—		64.4		—		64.4
Services	87.0		0.4		13.1		2.3		102.8
Total external customer net sales	$	1,357.5	$	460.3	$	285.8	$	107.6	$	2,211.2

Deferred revenue

Deferred revenues are recognized as a contract liability when customers provide Univar Solutions with consideration prior to the Company satisfying a performance obligation and are recognized in revenue when the performance obligations are met. Deferred revenues relate to revenues that are expected to be recognized within one year and are recorded within the other accrued expenses line items of the condensed consolidated balance sheets. Deferred revenues as of March 31, 2021 and December 31, 2020 were $5.8 million.

Revenue recognized through the three months ended March 31, 2021 and 2020 from amounts included in contract liabilities at the beginning of the period were $4.3 million and $63.9 million, respectively. The year-over-year decrease in revenue recognized from contract liabilities is primarily due to the prior year wind down of the Canadian Agriculture wholesale distribution business which was operationally completed by December 31, 2020.

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Other operating expenses, net

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Other operating expenses, net

6. Other operating expenses, net

Other operating expenses, net consisted of the following:

	Three months ended March 31,
(in millions)	2021		2020
Acquisition and integration related expenses	$	16.4	$	17.5
Stock-based compensation expense	5.9		5.7
Restructuring charges	0.2		2.5
Other employee severance costs	2.9		5.5
Other facility closure costs	—		1.9
Multi-employer pension plan exit liability (1)	18.4		—
Gain on sale of property, plant and equipment	(1.1)		(5.3)
Other	1.5		2.6
Total other operating expenses, net (2)	$	44.2	$	30.4

(1)Refer to “Note 9: Employee benefit plans” for more information.

(2)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

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Restructuring charges

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring charges

7. Restructuring charges

Restructuring charges relate to the implementation of several regional strategic initiatives aimed at streamlining the Company’s cost structure and improving its operations. These actions primarily resulted in workforce reductions and other facility rationalization costs. Restructuring charges are recorded in other operating expenses, net in the condensed consolidated statement of operations.

2020 Restructuring

During the fourth quarter of 2020, the Company approved a plan to wind down its Canadian Agriculture wholesale distribution business as part of an in-depth review of the changing dynamics within the agriculture industry. The actions associated with this program were substantially complete as of December 31, 2020. During the first quarter of 2021, the Company increased its previously disclosed estimate and recorded an additional charge to earnings of $0.2 million within employee termination costs.

As a result of this plan, we recorded the following charges:

(in millions)	Three months ended March 31, 2021		Cumulative costs		Anticipated total costs
Canada:
Employee termination costs	$	0.2	$	1.9	$	1.9
Other exit costs	—		2.2		2.2
Total	$	0.2	$	4.1	$	4.1

The following table summarizes activity related to accrued liabilities associated with restructuring:

(in millions)	January 1, 2021		Charge to earnings		Cash paid		Non-cash and other		March 31, 2021
Employee termination costs	$	3.2	$	0.2	$	(3.6)	$	1.3	$	1.1
Facility exit costs	1.4		—		—		(1.3)		0.1
Other exit costs	2.5		—		—		(0.1)		2.4
Total	$	7.1	$	0.2	$	(3.6)	$	(0.1)	$	3.6

(in millions)	January 1, 2020		Charge to earnings		Cash paid		Non-cash and other		December 31, 2020
Employee termination costs	$	3.7	$	11.7	$	(12.4)	$	0.2	$	3.2
Facility exit costs	1.9		—		(0.5)		—		1.4
Other exit costs	0.2		2.2		—		0.1		2.5
Total	$	5.8	$	13.9	$	(12.9)	$	0.3	$	7.1

Restructuring liabilities of $3.5 million and $6.6 million were classified as current in other accrued expenses in the condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively. The long-term portion of restructuring liabilities of $0.1 million and $0.5 million were recorded in other long-term liabilities in the condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively, and primarily consists of facility exit costs that are expected to be paid within the next five years.

The cost information above does not contain any estimates for programs that may be developed and implemented in future periods. 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.

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Other income, net

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Other income, net

8. Other income, net

Other income, net consisted of the following:

	Three months ended March 31,
(in millions)	2021		2020
Foreign currency transactions	$	(1.8)	$	(0.8)
Foreign currency denominated loans revaluation	(0.1)		0.2
Undesignated foreign currency derivative instruments (1)	(1.7)		(2.0)
Undesignated swap contracts (1)	1.3		(4.8)
Non-operating retirement benefits (2)	6.7		2.2
Debt refinancing costs	—		(0.1)
Fair value adjustment for warrants (3)	25.6		26.3
Other	(1.1)		(0.6)
Total other income, net	$	28.9	$	20.4

(1)Refer to “Note 16: Derivatives” for more information.

(2)Refer to “Note 9: Employee benefit plans” for more information.

(3)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

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Employee benefit plans

3 Months Ended

Mar. 31, 2021

Postemployment Benefits [Abstract]

Employee benefit plans

9. Employee benefit plans

The following table summarizes the components of net periodic benefit recognized in the condensed consolidated statements of operations:

	Domestic - Defined Benefit Pension Plans				Foreign - Defined Benefit Pension Plans
	Three months ended March 31,				Three months ended March 31,
(in millions)	2021		2020		2021		2020
Service cost (1)	$	—	$	—	$	0.5	$	0.5
Interest cost (2)	4.8		5.8		2.5		3.1
Expected return on plan assets (2)	(7.3)		(7.1)		(3.8)		(4.0)
Prior service credit (2)	—		—		(2.9)		—
Net periodic benefit	$	(2.5)	$	(1.3)	$	(3.7)	$	(0.4)

(1)Service cost is included in warehouse, selling and administrative expenses.

(2)These amounts are included in other income, net.

Multi-employer pension plan exit liability

During the first quarter of 2021, the Company recognized a partial withdrawal liability of $18.4 million due to four locations exiting the Central States multi-employer pension plan. While the amount recognized represents the Company’s best estimate of the partial withdrawal liability at this time, actual costs could differ based on final funding assessments. Any changes to the estimate will be recorded in the period identified. The Company estimates its cash obligation to be approximately $1.1 million annually for the next 20 years. The net present value of the liability recognized was determined using a risk-free interest rate. This liability is recorded within other operating expenses, net in the condensed consolidated statements of operations and other accrued expenses and other long-term liabilities in the condensed consolidated balance sheets.

As reported in the financial statements for the year ended December 31, 2020, Company estimates suggest that under certain circumstances the Company’s withdrawal liability in relation to all eight locations that participate in the Central States multi-employer pension plan could be between $30 million to $60 million on a discounted basis. Other estimates of possible outcomes incorporating additional external factors could result in materially higher withdrawal liabilities, though the Company believes that those outcomes are unlikely to occur based on available information.

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Income taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income taxes

10. Income taxes

The income tax expense and effective income tax rate for the three months ended March 31, 2021 and 2020 were as follows:

	Three months ended March 31,
(dollars in millions)	2021			2020
Income tax expense (benefit)	$	17.6		$	(0.3)
Effective income tax rate	21.0		%	(0.5)		%

Discrete tax expense of $0.5 million is included in the $17.6 million income tax expense for the three months ended March 31, 2021. The Company’s estimated annual effective income tax rate without discrete items was 29.2%, higher than the US federal statutory rate of 21.0% primarily due to higher rates on foreign earnings, US tax on foreign earnings, US state income taxes, and non-deductible employee costs.

A discrete tax benefit of $9.0 million was included in the $0.3 million income tax benefit for the three months ended March 31, 2020, primarily attributable to the utilization of previously disallowed US interest expense as a result of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The Company’s estimated annual effective income tax rate without discrete items was 30.0%, higher than the US federal statutory rate of 21.0%, primarily due to the impact of the higher tax rates in foreign jurisdictions, non-deductible expenses and US state income taxes.

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Earnings per share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings per share

11. Earnings per share

The following table presents the basic and diluted earnings per share computations:

	Three months ended March 31,
(in millions, except per share data)	2021		2020
Numerator:
Net income	$	66.2	$	55.9
Denominator:
Weighted average common shares outstanding – basic	169.3		168.8
Effect of dilutive securities: stock compensation plans	0.8		0.9
Weighted average common shares outstanding – diluted	170.1		169.7
Basic:
Basic income per common share	$	0.39	$	0.33
Diluted:
Diluted income per common share	$	0.39	$	0.33

The shares that were not included in the computation of diluted earnings per share for those periods because their inclusion would be anti-dilutive were as follows:

	Three months ended March 31,
(in millions, common shares)	2021	2020
Stock options	3.8	3.9
Restricted stock	0.2	1.2
Warrants	7.6	7.6

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Accumulated other comprehensive loss

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Accumulated other comprehensive loss

12. Accumulated other comprehensive loss

The following tables present the changes in accumulated other comprehensive loss by component, net of tax:

(in millions)	Cash flow hedges		Defined benefit pension		Currency translation		Total AOCI
Balance, December 31, 2020	$	(32.7)	$	19.2	$	(373.6)	$	(387.1)
Other comprehensive loss before reclassifications	14.9		—		0.8		15.7
Amounts reclassified from accumulated other comprehensive loss	(8.3)		(2.4)		—		(10.7)
Net current period other comprehensive (loss) income	$	6.6	$	(2.4)	$	0.8	$	5.0
Balance, March 31, 2021	$	(26.1)	$	16.8	$	(372.8)	$	(382.1)
Balance, December 31, 2019	$	(15.4)	$	(1.0)	$	(362.9)	$	(379.3)
Other comprehensive loss before reclassifications	(11.1)		—		(94.1)		(105.2)
Amounts reclassified from accumulated other comprehensive loss	(5.0)		—		—		(5.0)
Net current period other comprehensive (loss) income	$	(16.1)	$	—	$	(94.1)	$	(110.2)
Balance, March 31, 2020	$	(31.5)	$	(1.0)	$	(457.0)	$	(489.5)

The following is a summary of the amounts reclassified from accumulated other comprehensive loss to net income:

	Statement of Operations Classification	Three months ended March 31,
(in millions)		2021 (1)		2020 (1)
Amortization of defined benefit pension items:
Prior service credit	Other income, net	$	(2.9)	$	—
Tax expense	Income tax expense (benefit)	0.5		—
Net of tax		$	(2.4)	$	—
Cash flow hedges:
Interest rate swap contracts	Interest expense	$	4.8	$	0.9
Cross-currency swap contracts	Interest expense and other income, net	(15.9)		(8.1)
Tax expense	Income tax expense (benefit)	2.8		2.2
Net of tax		$	(8.3)	$	(5.0)
Total reclassifications for the period, net of tax		$	(10.7)	$	(5.0)

(1)Amounts in parentheses indicate credits to net income in the condensed consolidated statement of operations.

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Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

13. Debt

Short-term financing

Short-term financing consisted of the following:

(in millions)	March 31, 2021		December 31, 2020
Bank overdrafts	$	4.5	$	2.1

As of March 31, 2021 and December 31, 2020, the Company had $191.2 million and $196.0 million, respectively, in outstanding letters of credit.

Long-term debt

Long-term debt consisted of the following:

(in millions)	March 31, 2021		December 31, 2020
Senior Term Loan Facilities:
Term B-3 Loan due 2024, variable interest rate of 2.36% and 2.40% at March 31, 2021 and December 31, 2020, respectively	$	1,264.1	$	1,264.1
Term B-5 Loan due 2026, variable interest rate of 2.11% and 2.15% at March 31, 2021 and December 31, 2020, respectively	395.0		396.0
Asset Backed Loan (ABL) Facilities:
North American ABL Facility due 2024, variable interest rate of 1.83% and 1.71% at March 31, 2021 and December 31, 2020, respectively	184.5		265.5
Canadian ABL Term Loan due 2022, variable interest rate of 2.66% and 2.71% at March 31, 2021 and December 31, 2020, respectively	87.6		133.5
Senior Unsecured Notes:
Senior Unsecured Notes due 2027, fixed interest rate of 5.13% at March 31, 2021 and December 31, 2020	500.0		500.0
Finance lease obligations	98.5		101.6
Total long-term debt before discount	$	2,529.7	$	2,660.7
Less: unamortized debt issuance costs and discount on debt	(19.0)		(20.1)
Total long-term debt	$	2,510.7	$	2,640.6
Less: current maturities	(117.7)		(163.5)
Total long-term debt, excluding current maturities	$	2,393.0	$	2,477.1

The weighted average interest rate on long-term debt was 3.61% and 3.73% as of March 31, 2021 and December 31, 2020, respectively.

On February 26, 2021, using the proceeds from the sale of the Canadian Agriculture services business and existing cash, the Company repaid $47.1 million of debt outstanding under the Canadian ABL Term Loan. As a result of this prepayment, the Company recognized a loss on extinguishment of debt of $0.2 million during the three months ended March 31, 2021. The Canadian ABL Term Loan is payable in quarterly installments, beginning June 30, 2020, with a final maturity on February 28, 2022. However, as a result of optional prepayments made by the Company in 2019 and 2021, the loan is expected to be fully paid by December 31, 2021.

On January 7, 2020, using the proceeds from the sale of the Environmental Sciences business, the Company repaid $174.0 million of the Term B-3 Loan due 2024. As a result of this prepayment, the Company recognized a loss on extinguishment of debt of $1.8 million during the three months ended March 31, 2020.

Other Information

	March 31, 2021				December 31, 2020
(in millions)	Carrying amount		Fair value		Carrying amount		Fair value
Fair value of debt	$	2,510.7	$	2,545.2	$	2,640.6	$	2,687.4

The fair values of debt were based on current market quotes for similar borrowings and credit risk adjusted for liquidity, margins and amortization, as necessary and are classified as level 2 in the fair value hierarchy.

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Supplemental balance sheet information

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental balance sheet information

14. Supplemental balance sheet information

Allowance for doubtful accounts

The allowance for doubtful accounts reflects the Company’s current estimate of credit losses expected to be incurred over the life of the trade accounts receivable. Collectability of the trade accounts receivable balance is assessed on an ongoing basis and determined based on the delinquency of customer accounts, the financial condition of individual customers, past collections experience and future economic expectations. The change in the allowance for doubtful accounts is as follows:

(in millions)
Balance, January 1, 2021	$	17.2
Provision for credit losses	3.1
Write-offs	(0.9)
Foreign exchange	(0.2)
Balance, March 31, 2021	$	19.2

Property, plant and equipment, net

(in millions)	March 31, 2021		December 31, 2020
Property, plant and equipment, at cost	$	2,208.8	$	2,216.4
Less: accumulated depreciation	(1,171.0)		(1,150.7)
Property, plant and equipment, net	$	1,037.8	$	1,065.7

Goodwill

The following is a summary of the activity in goodwill by segment.

(in millions)	USA		EMEA		Canada		LATAM		Total
Balance, January 1, 2021	$	1,805.0	$	8.7	$	428.1	$	28.6	$	2,270.4
Purchase price adjustments	—		—		—		(0.7)		(0.7)
Foreign exchange	—		—		5.9		(1.0)		4.9
Balance, March 31, 2021	$	1,805.0	$	8.7	$	434.0	$	26.9	$	2,274.6

Intangible assets, net

	March 31, 2021						December 31, 2020
(in millions)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Customer relationships	$	931.4	$	(697.7)	$	233.7	$	936.9	$	(691.3)	$	245.6
Other	172.2		(167.6)		4.6		177.4		(171.1)		6.3
Total intangible assets	$	1,103.6	$	(865.3)	$	238.3	$	1,114.3	$	(862.4)	$	251.9

Other intangible assets consist of intellectual property (mostly trademarks and 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)
2021	$	52.6
2022	44.9
2023	38.6
2024	31.9
2025	28.2

Other accrued expenses

As of March 31, 2021 and December 31, 2020, other accrued expenses that were greater than five percent of total current liabilities consisted of current tax liabilities of $78.6 million and $73.4 million, respectively, comprised of VAT, income and local indirect taxes payable.

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Fair value measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair value measurements

15. Fair value measurements

The following is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which consists of the warrant liability related to the 2019 Nexeo acquisition and contingent consideration liabilities (i.e. earn-outs) related to the Techi Chem acquisition:

(in millions)	Warrant Liability		Contingent Consideration
Fair value at December 31, 2020	$	33.8	$	2.2
Fair value adjustments	(25.6)		—
Fair value at March 31, 2021	$	8.2	$	2.2

The assumptions used in the Black-Scholes-Merton valuation model to measure the fair value of the warrants are:

		Weighted Average
Unobservable Inputs	Range	Amount	Method
Warrant life	N/A	0.25 years	Expected term
Expected volatility	38.59% to 80.96%	48.15%	Univar Solutions stock
Risk-free interest rate	N/A	0.03%	US Treasury rates

Fair value adjustments for warrants are recorded within other income, net in the condensed consolidated statement of operations. The method for calculating expected volatility was revised in the first quarter of 2021 to utilize Univar Solutions stock rather than the Industry peer group and reflects the remaining duration of the warrant life.

The fair value of the contingent consideration is based on a real options approach, which takes into account management's best estimate of the acquired business performance, as well as achievement risk and is recorded in other accrued expenses within the consolidated balance sheets. Fair value adjustments for contingent consideration are recorded within other operating expenses, net in the condensed consolidated statement of operations. Changes in the fair value of contingent consideration are recorded in the other, net line item of the operating activities within the condensed consolidated statements of cash flows. Cash payments up to the amount of the original acquisition value are recorded within financing activities of the condensed consolidated statement of cash flows. The portion of contingent consideration cash payments in excess of the original acquisition value are recorded within operating activities of the condensed consolidated statement of cash flows.

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Derivatives

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

16. Derivatives

Foreign currency derivatives

The Company uses forward currency contracts to hedge earnings from the effects of foreign exchange 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 cash flow hedges by the Company and the terms of these instruments range from one to three months.

Interest rate swaps

The objective of the designated interest rate swap contracts is to offset the variability of cash flows in LIBOR indexed debt interest payments attributable to changes in the benchmark interest rate related to the Term B-3 Loan and a portion of debt outstanding under the North American ABL Facility. On March 17, 2020, the Company executed $250.0 million of interest rate swap contracts effective June 30, 2020 to replace swaps with maturities on June 30, 2020. The interest rate swap contracts have maturities at various dates through June 2024.

Cross currency swap contracts

Cross currency swap contracts are used to effectively convert the Term B-5 Loan’s principal amount of floating rate US dollar denominated debt, including interest payments, to fixed-rate Euro denominated debt. The cross currency swap contracts mature in November 2024. As of March 31, 2021, approximately 95% of the cross currency swaps are designated as a cash flow hedge.

The Company uses both undesignated interest rate swap contracts and cross currency swaps to manage interest rate variability and mitigate foreign exchange exposure.

Notional amounts and fair value of derivative instruments

The following table presents the notional amounts of the Company’s outstanding derivative instruments by type:

(in millions)	March 31, 2021		December 31, 2020
Designated Derivatives:
Interest rate swap contracts	$	900.0	$	1,050.0
Cross currency swap contracts	381.0		381.0
Undesignated Derivatives:
Interest rate swap contracts	100.0		200.0
Foreign currency derivatives	107.9		77.2
Cross currency swap contracts	19.0		19.0

The following are the pre-tax effects of derivative instruments on the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2021 and 2020:

	Statement of Operations Classification	Amount of gain (loss) reclassified from other comprehensive loss into income				Amount of gain (loss) to be reclassified to consolidated statement of operations within the next 12 months
		Three months ended March 31,
(in millions)		2021		2020
Derivatives in cash flow hedging relationships:
Interest rate swap contracts	Interest expense	$	(4.8)	$	(0.9)	$	(15.4)
Cross currency swap contracts	Interest expense	0.3		1.9		1.4
Cross currency swap contracts	Other income, net	15.6		6.2		—

Refer to “Note 8: Other income, net” for the gains and losses related to derivatives not designated as hedging instruments.

The following table presents the Company’s gross assets and liabilities measured on a recurring basis and classified as level 2 within the fair value hierarchy:

	Derivative Assets					Derivative Liabilities
(in millions)	Balance Sheet Classification	March 31, 2021		December 31, 2020		Balance Sheet Classification	March 31, 2021		December 31, 2020
Designated Derivatives:
Cross currency swap contracts	Prepaid expenses and other current assets	$	1.4	$	1.0	Other long-term liabilities	$	29.6	$	47.4
Interest rate swap contracts	Prepaid expenses and other current assets	—		—		Other accrued expenses	15.4		17.9
Interest rate swap contracts	Other assets	—		—		Other long-term liabilities	15.5		20.7
Total designated derivatives		$	1.4	$	1.0		$	60.5	$	86.0
Undesignated Derivatives:
Foreign currency contracts	Prepaid expenses and other current assets	$	0.5	$	0.2	Other accrued expenses	$	0.8	$	0.4
Cross currency swap contracts	Prepaid expenses and other current assets	0.1		0.1		Other long-term liabilities	1.5		2.4
Interest rate swap contracts	Prepaid expenses and other current assets	—		—		Other accrued expenses	2.1		2.6
Interest rate swap contracts	Other assets	—		—		Other long-term liabilities	3.0		4.0
Total undesignated derivatives		$	0.6	$	0.3		$	7.4	$	9.4
Total derivatives		$	2.0	$	1.3		$	67.9	$	95.4

The net amounts by legal entity related to forward currency contracts included in prepaid and other current assets were $0.3 million and $0.1 million as of March 31, 2021 and December 31, 2020, respectively. The net amounts related to forward currency contracts included in other accrued expenses were $0.6 million and $0.3 million as of March 31, 2021 and December 31, 2020, respectively.

The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of swaps is determined by estimating the net present value of amounts to be paid under the agreement offset by the net present value of the expected cash inflows based on market rates and associated yield curves. Based on these valuation methodologies, these derivative contracts are classified as Level 2 in the fair value hierarchy.

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Commitments and contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

17. Commitments and contingencies

Litigation

In the ordinary course of business, the Company is subject to pending or threatened claims, lawsuits, regulatory matters and administrative proceedings from time to time. Where appropriate the Company has recorded provisions in the consolidated financial statements for these matters. The liabilities for injuries to persons or property are in some instances covered by liability insurance, subject to various deductibles and self-insured retentions.

The Company is not aware of any claims, lawsuits, regulatory matters or administrative proceedings, pending or threatened, that are likely to have a material effect on its overall financial position, results of operations, or cash flows. However, the Company cannot predict the outcome of any present or future claims or litigation or the potential for future claims or litigation and adverse developments could negatively impact earnings or cash flows in a particular future period.

The Company is subject to liabilities from claims alleging personal injury from exposure to asbestos. The claims result primarily from an indemnification obligation related to Univar Solutions USA Inc.’s (“Univar”) 1986 purchase of McKesson Chemical Company from McKesson Corporation (“McKesson”). Once certain conditions have been met, Univar will have the ability to pursue insurance coverage, if any, that may be available under McKesson's historical insurance coverage to offset the impact of any fees, settlements, or judgments that Univar is obligated to pay because of its obligation to defend and indemnify McKesson. As of March 31, 2021, there were approximately 215 asbestos-related cases for which Univar has the obligation to defend and indemnify; however, this number tends to fluctuate up and down over time. Historically, the vast majority of these asbestos cases have been dismissed without payment or with a nominal payment. While the Company is unable to predict the

outcome of these matters, it does not believe, based upon currently available facts, that the ultimate resolution of any of these matters will have a material effect on its overall financial position, results of operations, or cash flows.

Unclaimed Property Audit

The Company and its subsidiaries are the subject of an unclaimed property audit request issued by the State of Delaware. The State of Delaware retained a contingent-fee private audit firm to conduct the audit. In October 2018, the State of Delaware issued a subpoena to the Company requesting a broad swath of records and information purportedly necessary to perform the audit (the “Subpoena”). After receiving the Subpoena, the Company objected and also initiated a lawsuit in the Federal District Court for the District of Delaware challenging the constitutionality of the Subpoena and other provisions of Delaware's escheats law, which case is ongoing (the “Lawsuit”). In response to the Lawsuit, the State of Delaware filed a competing enforcement action in the Delaware Court of Chancery in order to compel the Company to comply with the Subpoena. The Lawsuit has been stayed pending the resolution of the enforcement action. In October 2020, the Delaware Court of Chancery deemed the Subpoena enforceable, subject to some limitations, but stayed enforcement of the Subpoena until the Company’s claims in the Lawsuit are resolved by the District Court. The Company intends to vigorously defend itself and believes it has strong defenses. The timing and outcome of these proceedings or any unclaimed property audits that may be subsequently conducted as a result of the outcome of the proceedings cannot be predicted with certainty at this time.

Environmental

The Company is subject to various federal, state and local environmental laws and regulations that require environmental assessment or remediation efforts (collectively “environmental remediation work”) and from time to time becomes aware of compliance matters regarding possible or alleged violations of these laws or regulations. For example, over the years, the Company has been identified as a “potentially responsible party” (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act and/or similar state laws that impose liability for costs relating to environmental remediation work at various sites. As a PRP, the Company may be required to pay a share of the costs of investigation and cleanup of certain sites. The Company is currently engaged in environmental remediation work at approximately 125 locations, some that are now or were previously Company-owned/occupied and some that were never Company-owned/occupied (“non-owned sites”).

The Company’s environmental remediation work at some sites is being conducted pursuant to governmental proceedings or investigations. At other sites, the Company, with appropriate state or federal agency oversight and approval, is conducting the environmental remediation work voluntarily. The Company is currently undergoing remediation efforts or is in the process of active review of the need for potential remediation efforts at approximately 105 current or formerly Company-owned/occupied sites. In addition, the Company may be liable as a PRP for a share of the clean-up of approximately 20 non-owned sites. These non-owned sites are typically (a) locations of independent waste disposal or recycling operations with alleged or confirmed contaminated soil and/or groundwater to which the Company may have shipped waste products or drums for re-conditioning, or (b) contaminated non-owned sites near historical sites owned or operated by the Company or its predecessors from which contamination is alleged to have arisen.

In determining the appropriate level of environmental reserves, the Company considers several factors such as information obtained from investigatory studies; changes in the scope of remediation; the interpretation, application and enforcement of laws and regulations; changes in the costs of remediation programs; the development of alternative cleanup technologies and methods; and the relative level of the Company’s involvement at various sites for which the Company is allegedly associated. The level of annual expenditures for remedial, monitoring and investigatory activities will change in the future as major components of planned remediation activities are completed and the scope, timing and costs of existing activities are changed. Project lives, and therefore cash flows, range from 2 to 30 years, depending on the specific site and type of remediation project.

Although the Company believes that its reserves are adequate for environmental contingencies, it is possible, due to the uncertainties noted above, that additional reserves could be required in the future that could have a material effect on the overall financial position, results of operations, or cash flows in a particular period.

Changes in total environmental liabilities are as follows:

(in millions)
Environmental liabilities at December 31, 2020	$	79.6
Revised obligation estimates	2.5
Environmental payments	(3.8)
Foreign exchange	(0.2)
Environmental liabilities at March 31, 2021	$	78.1

(in millions)	Balance Sheet Classification	March 31, 2021		December 31, 2020
Current environmental liabilities	Other accrued expenses	$	24.6	$	26.5
Long-term environmental liabilities	Other long-term liabilities	53.5		53.1

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Leasing

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leasing

18. Leasing

The Company leases certain warehouses and distribution centers, office space, transportation equipment and other machinery and equipment.

(in millions)	Balance Sheet Classification	March 31, 2021		December 31, 2020
Assets
Operating lease assets	Other assets	$	159.6	$	161.0
Finance lease assets	Property, plant and equipment, net (1)	97.5		100.3
Total lease assets		$	257.1	$	261.3
Liabilities
Current liabilities:
Current portion of operating lease liabilities	Other accrued expenses	$	46.1	$	44.9
Current portion of finance lease liabilities	Current portion of long-term debt	26.2		26.0
Noncurrent liabilities:
Operating lease liabilities	Other long-term liabilities	121.2		125.3
Finance lease liabilities	Long-term debt	72.3		75.6
Total lease liabilities		$	265.8	$	271.8

(1)Finance lease right-of-use assets are recorded net of accumulated amortization of $64.1 million and $61.2 million as of March 31, 2021 and December 31, 2020, respectively.

Lease cost

(in millions)	Three months ended March 31, 2021						Three months ended March 31, 2020
Statement of Operations Classification	Operating Leases		Finance Leases		Total		Operating Leases		Finance Leases		Total
Cost of goods sold (exclusive of depreciation)	$	5.6	$	—	$	5.6	$	4.3	$	—	$	4.3
Outbound freight and handling	2.0		—		2.0		1.3		—		1.3
Warehousing, selling and administrative	7.4		—		7.4		8.1		—		8.1
Depreciation	—		6.4		6.4		—		6.2		6.2
Interest expense	—		1.0		1.0		—		0.7		0.7
Total gross lease component cost	$	15.0	$	7.4	$	22.4	$	13.7	$	6.9	$	20.6
Variable lease costs					0.3						0.2
Short-term lease costs					3.9						7.5
Total gross lease costs					$	26.6					$	28.3
Sublease income					0.6						0.6
Total net lease cost					$	26.0					$	27.7

Maturity of lease liabilities

(in millions)	Operating Leases		Finance Leases		Total
Remainder of 2021	$	39.1	$	22.2	$	61.3
2022	42.7		26.2		68.9
2023	31.2		17.2		48.4
2024	20.1		13.7		33.8
2025	12.3		12.2		24.5
2026 and After	46.4		15.8		62.2
Total lease payments	$	191.8	$	107.3	$	299.1
Less: interest	24.5		8.8
Present value of lease liabilities	$	167.3	$	98.5

Lease term and discount rate

	March 31, 2021		December 31, 2020
Weighted-average remaining lease term (years)
Operating leases	5.9		6.0
Finance leases	6.2		6.3
Weighted-average discount rate
Operating leases	4.42	%	4.68	%
Finance leases	3.80	%	3.83	%

Other information

	Three months ended March 31,
(in millions)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	14.5	$	13.4
Operating cash flows from finance leases	1.0		0.9
Financing cash flows from finance leases	6.8		6.1

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Segments

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segments

19. Segments

Management monitors the operating results of its reportable 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; impairment charges; loss on extinguishment of debt; other operating expenses, net (see “Note 6: Other operating expenses, net”); and other income, net (see “Note 8: Other income, net”).

Transfer prices between reportable segments are set on an arms-length basis in a similar manner to transactions with third parties. Corporate operating expenses that directly benefit segments have been allocated to the reportable segments. Allocable operating expenses are identified through a review process by management. The allocable operating expenses are assigned to the reportable segments on a basis that reasonably approximates the use of services, which is generally measured based on a weighted distribution of margin, asset, headcount or time spent.

Financial information for the Company’s reportable segments is as follows:

	USA		EMEA		Canada		LATAM		Other/Eliminations (1)		Consolidated
(in millions)	Three months ended March 31, 2021
External customers	$	1,293.0	$	505.9	$	222.7	$	133.8	$	—	$	2,155.4
Inter-segment	17.4		0.8		0.7		—		(18.9)		—
Total net sales	$	1,310.4	$	506.7	$	223.4	$	133.8	$	(18.9)	$	2,155.4
Adjusted EBITDA	$	101.8	$	50.6	$	26.3	$	15.6	$	(12.1)	$	182.2
Long-lived assets (2)	$	805.8	$	192.0	$	145.4	$	35.2	$	19.0	$	1,197.4

	USA		EMEA		Canada		LATAM		Other/Eliminations (1)		Consolidated
(in millions)	Three months ended March 31, 2020
External customers	$	1,357.5	$	460.3	$	285.8	$	107.6	$	—	$	2,211.2
Inter-segment	25.7		0.8		0.8		—		(27.3)		—
Total net sales	$	1,383.2	$	461.1	$	286.6	$	107.6	$	(27.3)	$	2,211.2
Adjusted EBITDA	$	96.6	$	40.3	$	27.3	$	8.3	$	(10.9)	$	161.6
Long-lived assets (2)	$	855.1	$	175.2	$	182.0	$	27.9	$	39.6	$	1,279.8

(1)Other/Eliminations represents the elimination of intersegment 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.

(2)Long-lived assets consist of property, plant and equipment, net and operating lease assets.

The following is a reconciliation of net income to Adjusted EBITDA for the three months ended March 31, 2021 and 2020:

	Three months ended March 31,
(in millions)	2021		2020
Net income	$	66.2	$	55.9
Depreciation	43.8		41.7
Amortization	13.1		15.8
Interest expense, net	26.6		28.1
Income tax expense (benefit)	17.6		(0.3)
Other operating expenses, net (1)	44.2		30.4
Other income, net (1)	(28.9)		(20.4)
(Gain) loss on sale of business	(0.6)		8.6
Loss on extinguishment of debt	0.2		1.8
Adjusted EBITDA	$	182.2	$	161.6

(1)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

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Subsequent events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent events

20. Subsequent events

On April 1, 2021, the Company completed the sale of its Distrupol business within the EMEA segment for total cash proceeds of approximately $137 million, subject to certain post-closing adjustments. The Company has classified the assets and liabilities associated with this business as assets held for sale as of March 31, 2021 (see “Note 4: Dispositions and assets held for sale”) and expects to recognize a pre-tax gain on sale of approximately $106 million within the condensed consolidated statement of operations in the second quarter of 2021. The sale of the Distrupol business will be exempt from tax under local country subsidiary participation exemptions. Management expects the impact of the sale on US income taxes to be minimal.

The sale of this business does not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the disposition does not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results.

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Significant accounting policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of presentation

Basis of presentation

The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as applicable to interim financial reporting. These condensed consolidated financial statements, in the Company’s opinion, include all adjustments consisting of normal recurring accruals necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, comprehensive income, cash flows and changes in stockholders’ equity. The results of operations for the periods presented are not necessarily indicative of the operating results that may be expected for the full year. The accompanying condensed consolidated financial statements of Univar Solutions includes the combined results of all directly and indirectly controlled companies, which have been adjusted to account for the elimination of intercompany balances and transactions.

The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates. These condensed consolidated financial statements and related footnotes are unaudited and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

During the first quarter of 2021, the Company recorded a prior-period adjustment, correcting an error relating to the remaining life of outstanding warrants which overstated the December 31, 2020 warrant liability by $14.0 million. Management of the Company concluded the effect of the adjustment is immaterial to the projected full-year 2021 financial statements and the affected prior periods. In addition, the Company recorded the change in the fair value of the warrants in other income, net during the current period to properly reflect the non-operating nature of the warrant liability. The Company reclassified the change in the fair value of the warrants in its condensed consolidated statement of operations for the three months ended March 31, 2020 from other operating expenses, net to other income, net to conform to the current period presentation. In addition, on our condensed consolidated statement of cash flows for the three months ended March 31, 2020, the change in the fair value is now presented separately as fair value adjustments for warrants, which was previously included in other, net, to conform to the current year presentation.

Recently adopted accounting pronouncements and Accounting pronouncements issued but not yet adopted

Recently adopted accounting pronouncements

In January 2021, the Company adopted ASU 2019-12 “Income Taxes” (Topic 740) – “Simplifying the Accounting for Income Taxes,” which clarifies and simplifies the accounting for income taxes by eliminating certain exceptions for intra-period tax allocation principles, updating the methodology for calculating income tax rates in an interim period and aligning the recognition of deferred taxes for outside basis differences in an investment, among other updates. The adoption did not have a material impact to the Company’s financial statements and disclosures.

Accounting pronouncements issued and not yet adopted

In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform” (Topic 848) – “Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform from currently referenced rates, such as LIBOR, to alternative rates. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform” (Topic 848) that clarifies the scope of ASU 2020-04. The ASU’s were effective beginning March 12, 2020 and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is currently determining the impacts of the guidance on our consolidated financial statements.

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Discontinued operations and dispositions (Tables)

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Income before income taxes attributable disposed of business

The following summarizes the income before income taxes attributable to this business:

(in millions)	Three months ended March 31, 2020
Income before income taxes	$	2.0

The following summarizes the loss before income taxes attributable to these businesses:

(in millions)	Three months ended March 31, 2020
Loss before income taxes	$	(6.6)

Summary of the carrying value of assets and liabilities

The following summarizes the carrying value of assets and liabilities associated with this business as presented within assets and liabilities held for sale in the condensed consolidated balance sheet as of March 31, 2021:

(in millions)	March 31, 2021
Assets
Cash and cash equivalents	$	7.5
Trade accounts receivable	24.7
Inventories	9.2
Prepaid expenses and other current assets	4.2
Property, plant and equipment, net	0.6
Other assets	2.2
Total assets held for sale	$	48.4
Liabilities
Trade accounts payable	$	14.4
Current portion of long-term debt	0.1
Accrued compensation	0.6
Other accrued expenses	5.1
Long-term debt	0.2
Other long-term liabilities	1.8
Total liabilities held for sale	$	22.2

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Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables disaggregate external customer net sales by major stream:

	USA		EMEA		Canada		LATAM		Consolidated
(in millions)	Three months ended March 31, 2021
Chemical Distribution	$	1,222.2	$	505.7	$	218.7	$	132.0	$	2,078.6
Services	70.8		0.2		4.0		1.8		76.8
Total external customer net sales	$	1,293.0	$	505.9	$	222.7	$	133.8	$	2,155.4
	USA		EMEA		Canada		LATAM		Consolidated
(in millions)	Three months ended March 31, 2020
Chemical Distribution	$	1,270.5	$	459.9	$	208.3	$	105.3	$	2,044.0
Crop Sciences	—		—		64.4		—		64.4
Services	87.0		0.4		13.1		2.3		102.8
Total external customer net sales	$	1,357.5	$	460.3	$	285.8	$	107.6	$	2,211.2

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Other operating expenses, net (Tables)

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Schedule of other operating expenses

Other operating expenses, net consisted of the following:

	Three months ended March 31,
(in millions)	2021		2020
Acquisition and integration related expenses	$	16.4	$	17.5
Stock-based compensation expense	5.9		5.7
Restructuring charges	0.2		2.5
Other employee severance costs	2.9		5.5
Other facility closure costs	—		1.9
Multi-employer pension plan exit liability (1)	18.4		—
Gain on sale of property, plant and equipment	(1.1)		(5.3)
Other	1.5		2.6
Total other operating expenses, net (2)	$	44.2	$	30.4

(1)Refer to “Note 9: Employee benefit plans” for more information.

(2)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

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Restructuring charges (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

During the fourth quarter of 2020, the Company approved a plan to wind down its Canadian Agriculture wholesale distribution business as part of an in-depth review of the changing dynamics within the agriculture industry. The actions associated with this program were substantially complete as of December 31, 2020. During the first quarter of 2021, the Company increased its previously disclosed estimate and recorded an additional charge to earnings of $0.2 million within employee termination costs.

As a result of this plan, we recorded the following charges:

(in millions)	Three months ended March 31, 2021		Cumulative costs		Anticipated total costs
Canada:
Employee termination costs	$	0.2	$	1.9	$	1.9
Other exit costs	—		2.2		2.2
Total	$	0.2	$	4.1	$	4.1

Schedule of Restructuring Reserve

The following table summarizes activity related to accrued liabilities associated with restructuring:

(in millions)	January 1, 2021		Charge to earnings		Cash paid		Non-cash and other		March 31, 2021
Employee termination costs	$	3.2	$	0.2	$	(3.6)	$	1.3	$	1.1
Facility exit costs	1.4		—		—		(1.3)		0.1
Other exit costs	2.5		—		—		(0.1)		2.4
Total	$	7.1	$	0.2	$	(3.6)	$	(0.1)	$	3.6

(in millions)	January 1, 2020		Charge to earnings		Cash paid		Non-cash and other		December 31, 2020
Employee termination costs	$	3.7	$	11.7	$	(12.4)	$	0.2	$	3.2
Facility exit costs	1.9		—		(0.5)		—		1.4
Other exit costs	0.2		2.2		—		0.1		2.5
Total	$	5.8	$	13.9	$	(12.9)	$	0.3	$	7.1

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Other Income, net (Tables)

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Schedule of other expense, net

Other income, net consisted of the following:

	Three months ended March 31,
(in millions)	2021		2020
Foreign currency transactions	$	(1.8)	$	(0.8)
Foreign currency denominated loans revaluation	(0.1)		0.2
Undesignated foreign currency derivative instruments (1)	(1.7)		(2.0)
Undesignated swap contracts (1)	1.3		(4.8)
Non-operating retirement benefits (2)	6.7		2.2
Debt refinancing costs	—		(0.1)
Fair value adjustment for warrants (3)	25.6		26.3
Other	(1.1)		(0.6)
Total other income, net	$	28.9	$	20.4

(1)Refer to “Note 16: Derivatives” for more information.

(2)Refer to “Note 9: Employee benefit plans” for more information.

(3)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

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Employee benefit plans (Tables)

3 Months Ended

Mar. 31, 2021

Postemployment Benefits [Abstract]

Components of Net Periodic (Benefit) Cost

The following table summarizes the components of net periodic benefit recognized in the condensed consolidated statements of operations:

	Domestic - Defined Benefit Pension Plans				Foreign - Defined Benefit Pension Plans
	Three months ended March 31,				Three months ended March 31,
(in millions)	2021		2020		2021		2020
Service cost (1)	$	—	$	—	$	0.5	$	0.5
Interest cost (2)	4.8		5.8		2.5		3.1
Expected return on plan assets (2)	(7.3)		(7.1)		(3.8)		(4.0)
Prior service credit (2)	—		—		(2.9)		—
Net periodic benefit	$	(2.5)	$	(1.3)	$	(3.7)	$	(0.4)

(1)Service cost is included in warehouse, selling and administrative expenses.

(2)These amounts are included in other income, net.

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of effective income tax expense (benefit) and effective income tax rate

The income tax expense and effective income tax rate for the three months ended March 31, 2021 and 2020 were as follows:

	Three months ended March 31,
(dollars in millions)	2021			2020
Income tax expense (benefit)	$	17.6		$	(0.3)
Effective income tax rate	21.0		%	(0.5)		%

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Earnings per share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Summary of computations of basic and diluted earnings per share

The following table presents the basic and diluted earnings per share computations:

	Three months ended March 31,
(in millions, except per share data)	2021		2020
Numerator:
Net income	$	66.2	$	55.9
Denominator:
Weighted average common shares outstanding – basic	169.3		168.8
Effect of dilutive securities: stock compensation plans	0.8		0.9
Weighted average common shares outstanding – diluted	170.1		169.7
Basic:
Basic income per common share	$	0.39	$	0.33
Diluted:
Diluted income per common share	$	0.39	$	0.33

The shares that were not included in the computation of diluted earnings per share for those periods because their inclusion would be anti-dilutive were as follows:

	Three months ended March 31,
(in millions, common shares)	2021	2020
Stock options	3.8	3.9
Restricted stock	0.2	1.2
Warrants	7.6	7.6

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Accumulated other comprehensive loss (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss by Component Net of Tax

The following tables present the changes in accumulated other comprehensive loss by component, net of tax:

(in millions)	Cash flow hedges		Defined benefit pension		Currency translation		Total AOCI
Balance, December 31, 2020	$	(32.7)	$	19.2	$	(373.6)	$	(387.1)
Other comprehensive loss before reclassifications	14.9		—		0.8		15.7
Amounts reclassified from accumulated other comprehensive loss	(8.3)		(2.4)		—		(10.7)
Net current period other comprehensive (loss) income	$	6.6	$	(2.4)	$	0.8	$	5.0
Balance, March 31, 2021	$	(26.1)	$	16.8	$	(372.8)	$	(382.1)
Balance, December 31, 2019	$	(15.4)	$	(1.0)	$	(362.9)	$	(379.3)
Other comprehensive loss before reclassifications	(11.1)		—		(94.1)		(105.2)
Amounts reclassified from accumulated other comprehensive loss	(5.0)		—		—		(5.0)
Net current period other comprehensive (loss) income	$	(16.1)	$	—	$	(94.1)	$	(110.2)
Balance, March 31, 2020	$	(31.5)	$	(1.0)	$	(457.0)	$	(489.5)

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:

	Statement of Operations Classification	Three months ended March 31,
(in millions)		2021 (1)		2020 (1)
Amortization of defined benefit pension items:
Prior service credit	Other income, net	$	(2.9)	$	—
Tax expense	Income tax expense (benefit)	0.5		—
Net of tax		$	(2.4)	$	—
Cash flow hedges:
Interest rate swap contracts	Interest expense	$	4.8	$	0.9
Cross-currency swap contracts	Interest expense and other income, net	(15.9)		(8.1)
Tax expense	Income tax expense (benefit)	2.8		2.2
Net of tax		$	(8.3)	$	(5.0)
Total reclassifications for the period, net of tax		$	(10.7)	$	(5.0)

(1)Amounts in parentheses indicate credits to net income in the condensed consolidated statement of operations.

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Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Summary of Short Term Financing

Short-term financing consisted of the following:

(in millions)	March 31, 2021		December 31, 2020
Bank overdrafts	$	4.5	$	2.1

Schedule of Long Term Debt

Long-term debt consisted of the following:

(in millions)	March 31, 2021		December 31, 2020
Senior Term Loan Facilities:
Term B-3 Loan due 2024, variable interest rate of 2.36% and 2.40% at March 31, 2021 and December 31, 2020, respectively	$	1,264.1	$	1,264.1
Term B-5 Loan due 2026, variable interest rate of 2.11% and 2.15% at March 31, 2021 and December 31, 2020, respectively	395.0		396.0
Asset Backed Loan (ABL) Facilities:
North American ABL Facility due 2024, variable interest rate of 1.83% and 1.71% at March 31, 2021 and December 31, 2020, respectively	184.5		265.5
Canadian ABL Term Loan due 2022, variable interest rate of 2.66% and 2.71% at March 31, 2021 and December 31, 2020, respectively	87.6		133.5
Senior Unsecured Notes:
Senior Unsecured Notes due 2027, fixed interest rate of 5.13% at March 31, 2021 and December 31, 2020	500.0		500.0
Finance lease obligations	98.5		101.6
Total long-term debt before discount	$	2,529.7	$	2,660.7
Less: unamortized debt issuance costs and discount on debt	(19.0)		(20.1)
Total long-term debt	$	2,510.7	$	2,640.6
Less: current maturities	(117.7)		(163.5)
Total long-term debt, excluding current maturities	$	2,393.0	$	2,477.1

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Other Information

	March 31, 2021				December 31, 2020
(in millions)	Carrying amount		Fair value		Carrying amount		Fair value
Fair value of debt	$	2,510.7	$	2,545.2	$	2,640.6	$	2,687.4

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Supplemental balance sheet information (Tables)

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of allowance for doubtful accounts

The change in the allowance for doubtful accounts is as follows:

(in millions)
Balance, January 1, 2021	$	17.2
Provision for credit losses	3.1
Write-offs	(0.9)
Foreign exchange	(0.2)
Balance, March 31, 2021	$	19.2

Summary of Property, Plant and Equipment, Net

Property, plant and equipment, net

(in millions)	March 31, 2021		December 31, 2020
Property, plant and equipment, at cost	$	2,208.8	$	2,216.4
Less: accumulated depreciation	(1,171.0)		(1,150.7)
Property, plant and equipment, net	$	1,037.8	$	1,065.7

Schedule of Goodwill

The following is a summary of the activity in goodwill by segment.

(in millions)	USA		EMEA		Canada		LATAM		Total
Balance, January 1, 2021	$	1,805.0	$	8.7	$	428.1	$	28.6	$	2,270.4
Purchase price adjustments	—		—		—		(0.7)		(0.7)
Foreign exchange	—		—		5.9		(1.0)		4.9
Balance, March 31, 2021	$	1,805.0	$	8.7	$	434.0	$	26.9	$	2,274.6

Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets

	March 31, 2021						December 31, 2020
(in millions)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Customer relationships	$	931.4	$	(697.7)	$	233.7	$	936.9	$	(691.3)	$	245.6
Other	172.2		(167.6)		4.6		177.4		(171.1)		6.3
Total intangible assets	$	1,103.6	$	(865.3)	$	238.3	$	1,114.3	$	(862.4)	$	251.9

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated annual amortization expense in each of the next five years is as follows:

(in millions)
2021	$	52.6
2022	44.9
2023	38.6
2024	31.9
2025	28.2

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Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3)

The following is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which consists of the warrant liability related to the 2019 Nexeo acquisition and contingent consideration liabilities (i.e. earn-outs) related to the Techi Chem acquisition:

(in millions)	Warrant Liability		Contingent Consideration
Fair value at December 31, 2020	$	33.8	$	2.2
Fair value adjustments	(25.6)		—
Fair value at March 31, 2021	$	8.2	$	2.2

Fair Value Measurement Inputs and Valuation Techniques

The assumptions used in the Black-Scholes-Merton valuation model to measure the fair value of the warrants are:

		Weighted Average
Unobservable Inputs	Range	Amount	Method
Warrant life	N/A	0.25 years	Expected term
Expected volatility	38.59% to 80.96%	48.15%	Univar Solutions stock
Risk-free interest rate	N/A	0.03%	US Treasury rates

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Derivatives - Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional amounts of outstanding derivative positions

The following table presents the notional amounts of the Company’s outstanding derivative instruments by type:

(in millions)	March 31, 2021		December 31, 2020
Designated Derivatives:
Interest rate swap contracts	$	900.0	$	1,050.0
Cross currency swap contracts	381.0		381.0
Undesignated Derivatives:
Interest rate swap contracts	100.0		200.0
Foreign currency derivatives	107.9		77.2
Cross currency swap contracts	19.0		19.0

Schedule of pre-tax effects of derivative instruments

The following are the pre-tax effects of derivative instruments on the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2021 and 2020:

	Statement of Operations Classification	Amount of gain (loss) reclassified from other comprehensive loss into income				Amount of gain (loss) to be reclassified to consolidated statement of operations within the next 12 months
		Three months ended March 31,
(in millions)		2021		2020
Derivatives in cash flow hedging relationships:
Interest rate swap contracts	Interest expense	$	(4.8)	$	(0.9)	$	(15.4)
Cross currency swap contracts	Interest expense	0.3		1.9		1.4
Cross currency swap contracts	Other income, net	15.6		6.2		—

Schedule of gross assets and liabilities measured on a recurring basis and classified as level 2

The following table presents the Company’s gross assets and liabilities measured on a recurring basis and classified as level 2 within the fair value hierarchy:

	Derivative Assets					Derivative Liabilities
(in millions)	Balance Sheet Classification	March 31, 2021		December 31, 2020		Balance Sheet Classification	March 31, 2021		December 31, 2020
Designated Derivatives:
Cross currency swap contracts	Prepaid expenses and other current assets	$	1.4	$	1.0	Other long-term liabilities	$	29.6	$	47.4
Interest rate swap contracts	Prepaid expenses and other current assets	—		—		Other accrued expenses	15.4		17.9
Interest rate swap contracts	Other assets	—		—		Other long-term liabilities	15.5		20.7
Total designated derivatives		$	1.4	$	1.0		$	60.5	$	86.0
Undesignated Derivatives:
Foreign currency contracts	Prepaid expenses and other current assets	$	0.5	$	0.2	Other accrued expenses	$	0.8	$	0.4
Cross currency swap contracts	Prepaid expenses and other current assets	0.1		0.1		Other long-term liabilities	1.5		2.4
Interest rate swap contracts	Prepaid expenses and other current assets	—		—		Other accrued expenses	2.1		2.6
Interest rate swap contracts	Other assets	—		—		Other long-term liabilities	3.0		4.0
Total undesignated derivatives		$	0.6	$	0.3		$	7.4	$	9.4
Total derivatives		$	2.0	$	1.3		$	67.9	$	95.4

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Commitments and contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Changes in total environmental liabilities

Changes in total environmental liabilities are as follows:

(in millions)
Environmental liabilities at December 31, 2020	$	79.6
Revised obligation estimates	2.5
Environmental payments	(3.8)
Foreign exchange	(0.2)
Environmental liabilities at March 31, 2021	$	78.1

Schedule of environmental liabilities

(in millions)	Balance Sheet Classification	March 31, 2021		December 31, 2020
Current environmental liabilities	Other accrued expenses	$	24.6	$	26.5
Long-term environmental liabilities	Other long-term liabilities	53.5		53.1

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Leasing (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of leases

(in millions)	Balance Sheet Classification	March 31, 2021		December 31, 2020
Assets
Operating lease assets	Other assets	$	159.6	$	161.0
Finance lease assets	Property, plant and equipment, net (1)	97.5		100.3
Total lease assets		$	257.1	$	261.3
Liabilities
Current liabilities:
Current portion of operating lease liabilities	Other accrued expenses	$	46.1	$	44.9
Current portion of finance lease liabilities	Current portion of long-term debt	26.2		26.0
Noncurrent liabilities:
Operating lease liabilities	Other long-term liabilities	121.2		125.3
Finance lease liabilities	Long-term debt	72.3		75.6
Total lease liabilities		$	265.8	$	271.8

(1)Finance lease right-of-use assets are recorded net of accumulated amortization of $64.1 million and $61.2 million as of March 31, 2021 and December 31, 2020, respectively.

Lease cost, term, and discount rate

Lease cost

(in millions)	Three months ended March 31, 2021						Three months ended March 31, 2020
Statement of Operations Classification	Operating Leases		Finance Leases		Total		Operating Leases		Finance Leases		Total
Cost of goods sold (exclusive of depreciation)	$	5.6	$	—	$	5.6	$	4.3	$	—	$	4.3
Outbound freight and handling	2.0		—		2.0		1.3		—		1.3
Warehousing, selling and administrative	7.4		—		7.4		8.1		—		8.1
Depreciation	—		6.4		6.4		—		6.2		6.2
Interest expense	—		1.0		1.0		—		0.7		0.7
Total gross lease component cost	$	15.0	$	7.4	$	22.4	$	13.7	$	6.9	$	20.6
Variable lease costs					0.3						0.2
Short-term lease costs					3.9						7.5
Total gross lease costs					$	26.6					$	28.3
Sublease income					0.6						0.6
Total net lease cost					$	26.0					$	27.7

Lease term and discount rate

	March 31, 2021		December 31, 2020
Weighted-average remaining lease term (years)
Operating leases	5.9		6.0
Finance leases	6.2		6.3
Weighted-average discount rate
Operating leases	4.42	%	4.68	%
Finance leases	3.80	%	3.83	%

Other information

	Three months ended March 31,
(in millions)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	14.5	$	13.4
Operating cash flows from finance leases	1.0		0.9
Financing cash flows from finance leases	6.8		6.1

Maturity of lease liabilities

Maturity of lease liabilities

(in millions)	Operating Leases		Finance Leases		Total
Remainder of 2021	$	39.1	$	22.2	$	61.3
2022	42.7		26.2		68.9
2023	31.2		17.2		48.4
2024	20.1		13.7		33.8
2025	12.3		12.2		24.5
2026 and After	46.4		15.8		62.2
Total lease payments	$	191.8	$	107.3	$	299.1
Less: interest	24.5		8.8
Present value of lease liabilities	$	167.3	$	98.5

Finance lease maturity schedule

Maturity of lease liabilities

(in millions)	Operating Leases		Finance Leases		Total
Remainder of 2021	$	39.1	$	22.2	$	61.3
2022	42.7		26.2		68.9
2023	31.2		17.2		48.4
2024	20.1		13.7		33.8
2025	12.3		12.2		24.5
2026 and After	46.4		15.8		62.2
Total lease payments	$	191.8	$	107.3	$	299.1
Less: interest	24.5		8.8
Present value of lease liabilities	$	167.3	$	98.5

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Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Financial Information for the Company's Segments

Financial information for the Company’s reportable segments is as follows:

	USA		EMEA		Canada		LATAM		Other/Eliminations (1)		Consolidated
(in millions)	Three months ended March 31, 2021
External customers	$	1,293.0	$	505.9	$	222.7	$	133.8	$	—	$	2,155.4
Inter-segment	17.4		0.8		0.7		—		(18.9)		—
Total net sales	$	1,310.4	$	506.7	$	223.4	$	133.8	$	(18.9)	$	2,155.4
Adjusted EBITDA	$	101.8	$	50.6	$	26.3	$	15.6	$	(12.1)	$	182.2
Long-lived assets (2)	$	805.8	$	192.0	$	145.4	$	35.2	$	19.0	$	1,197.4

	USA		EMEA		Canada		LATAM		Other/Eliminations (1)		Consolidated
(in millions)	Three months ended March 31, 2020
External customers	$	1,357.5	$	460.3	$	285.8	$	107.6	$	—	$	2,211.2
Inter-segment	25.7		0.8		0.8		—		(27.3)		—
Total net sales	$	1,383.2	$	461.1	$	286.6	$	107.6	$	(27.3)	$	2,211.2
Adjusted EBITDA	$	96.6	$	40.3	$	27.3	$	8.3	$	(10.9)	$	161.6
Long-lived assets (2)	$	855.1	$	175.2	$	182.0	$	27.9	$	39.6	$	1,279.8

(1)Other/Eliminations represents the elimination of intersegment 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.

(2)Long-lived assets consist of property, plant and equipment, net and operating lease assets.

Reconciliation of Net Income (loss) to Adjusted EBITDA

The following is a reconciliation of net income to Adjusted EBITDA for the three months ended March 31, 2021 and 2020:

	Three months ended March 31,
(in millions)	2021		2020
Net income	$	66.2	$	55.9
Depreciation	43.8		41.7
Amortization	13.1		15.8
Interest expense, net	26.6		28.1
Income tax expense (benefit)	17.6		(0.3)
Other operating expenses, net (1)	44.2		30.4
Other income, net (1)	(28.9)		(20.4)
(Gain) loss on sale of business	(0.6)		8.6
Loss on extinguishment of debt	0.2		1.8
Adjusted EBITDA	$	182.2	$	161.6

(1)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

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Nature of operations - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	4

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Significant accounting policies - Narrative (Details) - Warrants $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Fair value adjustments	$ (25.6)
Revision of Prior Period, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Fair value adjustments	$ 14.0

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Business combinations (Detail) - USD ($) $ in Millions		3 Months Ended
	Dec. 18, 2020	Mar. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill acquired		$ 2,274.6	$ 2,270.4
Purchase price adjustment due to decrease in goodwill		0.7
Techi Chem
Business Acquisition [Line Items]
Purchase price of acquisition	$ 6.8
Cash payment for acquisition	4.6
Contingent consideration component	$ 2.2
Goodwill acquired			3.5
Intangible assets, net			2.7
Inventory acquired			1.0
Other current assets and deferred tax liabilities			$ (0.4)
Purchase price adjustment due to decrease in goodwill		$ 0.7
Techi Chem | Customer relationships
Business Acquisition [Line Items]
Weighted average period of amortization on intangible assets	8 years

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Discontinued operations and dispositions (Details) - USD ($) $ in Millions				3 Months Ended
	Nov. 30, 2020	Sep. 01, 2020	Dec. 31, 2019	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business				$ (0.4)		$ (8.2)
Canadian Agricultural Services Business | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business	$ 39.3
Gain (loss) on sale of business	$ (31.5)
Favorable adjustment to prior period sale of business				0.7
Industrial Services Business | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business		$ 6.2
Gain (loss) on sale of business					$ (9.3)
Total excess working capital				$ 0.1			$ 1.2
Environmental Sciences Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business			$ 41.4
Environmental Sciences Business | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business			174.0
Total excess working capital						$ 8.2
Cash disposed in sale of business			0.7
Transaction expenses from sale of business			5.9
Non-cash proceeds from sale			5.0
Present values of notes receivables			$ 2.4

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Discontinued operations and dispositions - (Loss) income before income taxes attributable to disposed of business (Details) - Discontinued Operations, Disposed of by Sale $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Canadian Agricultural Services Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	$ 2.0
Industrial Services Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	$ (6.6)

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Discontinued operations and dispositions - Assets held-for-sale (Details) - Held-for-sale - Distrupol Business $ in Millions	Mar. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets	$ 48.4
Liabilities	22.2
Trade accounts payable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities	14.4
Current portion of long-term debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities	0.1
Accrued compensation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities	0.6
Other accrued expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities	5.1
Long-term debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities	0.2
Other long-term liabilities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities	1.8
Cash and cash equivalents
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets	7.5
Trade accounts receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets	24.7
Inventories
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets	9.2
Prepaid expenses and other current assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets	4.2
Property, plant and equipment, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets	0.6
Other assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets	$ 2.2

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Revenue - Schedule of External Net Sales Disaggregated by Major Stream Type (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 2,155.4	$ 2,211.2
USA
Disaggregation of Revenue [Line Items]
Net sales	1,293.0	1,357.5
EMEA
Disaggregation of Revenue [Line Items]
Net sales	505.9	460.3
Canada
Disaggregation of Revenue [Line Items]
Net sales	222.7	285.8
LATAM
Disaggregation of Revenue [Line Items]
Net sales	133.8	107.6
Chemical Distribution
Disaggregation of Revenue [Line Items]
Net sales	2,078.6	2,044.0
Chemical Distribution | USA
Disaggregation of Revenue [Line Items]
Net sales	1,222.2	1,270.5
Chemical Distribution | EMEA
Disaggregation of Revenue [Line Items]
Net sales	505.7	459.9
Chemical Distribution | Canada
Disaggregation of Revenue [Line Items]
Net sales	218.7	208.3
Chemical Distribution | LATAM
Disaggregation of Revenue [Line Items]
Net sales	132.0	105.3
Crop Sciences
Disaggregation of Revenue [Line Items]
Net sales		64.4
Crop Sciences | USA
Disaggregation of Revenue [Line Items]
Net sales		0.0
Crop Sciences | EMEA
Disaggregation of Revenue [Line Items]
Net sales		0.0
Crop Sciences | Canada
Disaggregation of Revenue [Line Items]
Net sales		64.4
Crop Sciences | LATAM
Disaggregation of Revenue [Line Items]
Net sales		0.0
Services
Disaggregation of Revenue [Line Items]
Net sales	76.8	102.8
Services | USA
Disaggregation of Revenue [Line Items]
Net sales	70.8	87.0
Services | EMEA
Disaggregation of Revenue [Line Items]
Net sales	0.2	0.4
Services | Canada
Disaggregation of Revenue [Line Items]
Net sales	4.0	13.1
Services | LATAM
Disaggregation of Revenue [Line Items]
Net sales	$ 1.8	$ 2.3

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Revenue - Schedule of Deferred Revenue (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 5.8
Revenue recognized from amounts included in contract liabilities	$ 4.3	$ 63.9

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Other operating expenses, net (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Other Income and Expenses [Abstract]
Acquisition and integration related expenses		$ 16.4	$ 17.5
Stock-based compensation expense		5.9	5.7
Restructuring charges		0.2	2.5
Other employee severance costs		2.9	5.5
Other facility closure costs		0.0	1.9
Multi-employer pension plan exit liability		18.4	0.0
Gain on sale of property, plant and equipment		(1.1)	(5.3)
Other		1.5	2.6
Total other operating expenses, net (2)	[1]	$ 44.2	$ 30.4

[1] (1)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

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Restructuring charges - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 0.2	$ 2.5
Restructuring liabilities, current	3.5		$ 6.6
Restructuring liabilities, non-current	$ 0.1		$ 0.5
Facility exit costs payment period	5 years

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Restructuring charges - Restructuring and related activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.2	$ 2.5
Employee termination costs | 2020 Plan | Canada
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.2
Cumulative costs	$ 1.9

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Restructuring charges - Costs Incurred and Anticipated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.2	$ 2.5
Canadian Agriculture Restructuring | Canada
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.2
Cumulative costs	4.1
Anticipated total costs	4.1
Canadian Agriculture Restructuring | Employee termination costs | Canada
Restructuring Cost and Reserve [Line Items]
Anticipated total costs	1.9
Canadian Agriculture Restructuring | Other exit costs | Canada
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.0
Cumulative costs	2.2
Anticipated total costs	$ 2.2

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Restructuring charges - Summary of Activity Related to Accrued Liabilities Associated with Redundancy and Restructuring (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Beginning balance	$ 7.1	$ 5.8
Charge to earnings	0.2	13.9
Cash paid	(3.6)	(12.9)
Non-cash and other	(0.1)	0.3
Ending balance	3.6	7.1
Employee termination costs
Restructuring Reserve [Roll Forward]
Beginning balance	3.2	3.7
Charge to earnings	0.2	11.7
Cash paid	(3.6)	(12.4)
Non-cash and other	1.3	0.2
Ending balance	1.1	3.2
Facility exit costs
Restructuring Reserve [Roll Forward]
Beginning balance	1.4	1.9
Charge to earnings	0.0	0.0
Cash paid	0.0	(0.5)
Non-cash and other	(1.3)	0.0
Ending balance	0.1	1.4
Other exit costs
Restructuring Reserve [Roll Forward]
Beginning balance	2.5	0.2
Charge to earnings	0.0	2.2
Cash paid	0.0	0.0
Non-cash and other	(0.1)	0.1
Ending balance	$ 2.4	$ 2.5

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Other income, net (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Other Income and Expenses [Abstract]
Foreign currency transactions		$ (1.8)	$ (0.8)
Foreign currency denominated loans revaluation		(0.1)	0.2
Undesignated foreign currency derivative instruments		(1.7)	(2.0)
Undesignated swap contracts		1.3	(4.8)
Non-operating retirement benefits		6.7	2.2
Debt refinancing costs		0.0	(0.1)
Fair value adjustment for warrants		25.6	26.3
Other		(1.1)	(0.6)
Total other income, net	[1]	$ 28.9	$ 20.4

[1] (1)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

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Employee benefit plans (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
USA
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.0	$ 0.0
Interest cost	4.8	5.8
Expected return on plan assets	(7.3)	(7.1)
Prior service cost	0.0	0.0
Net periodic benefit	(2.5)	(1.3)
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.5	0.5
Interest cost	2.5	3.1
Expected return on plan assets	(3.8)	(4.0)
Prior service cost	(2.9)	0.0
Net periodic benefit	$ (3.7)	$ (0.4)

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Employee benefit plans - Multi-employer pension plan exit liability (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) location	Dec. 31, 2020 USD ($)
Central States Multi-employer Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Partial withdrawal liability	$ 18.4
Number of locations exiting multi-employer pension plan | location	4
Cash obligation	$ 1.1
Term of annual cash obligation payments	20 years
Central States Southeast And Southwest Areas Pension Plan | Minimum
Defined Benefit Plan Disclosure [Line Items]
Partial withdrawal liability	$ 30.0
Central States Southeast And Southwest Areas Pension Plan | Maximum | Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Partial withdrawal liability		$ 60.0

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Income taxes (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (17.6)	$ 0.3
Effective tax rate	21.00%	(0.50%)
One time discreet tax benefit	$ 0.5	$ 9.0
Estimated effective tax rate	29.20%	30.00%

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Earnings Per Share - Summary of Computations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income	$ 66.2	$ 55.9
Denominator:
Weighted average common shares outstanding - basic (in shares)	169.3	168.8
Effect of dilutive securities: stock compensation plans (in shares)	0.8	0.9
Weighted average common shares outstanding - diluted (in shares)	170.1	169.7
Basic:
Basic income per common share (in dollars per share)	$ 0.39	$ 0.33
Diluted:
Diluted income per common share (in dollars per share)	$ 0.39	$ 0.33

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Earnings Per Share - Summary of Computations of Basic and Diluted Earnings Per Share Footnote (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Employee Stock Option | Common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Share-based compensation awards purchased not included in calculation of diluted earnings per share (in shares)	3.8	3.9
Employee Stock Option | Restricted Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Share-based compensation awards purchased not included in calculation of diluted earnings per share (in shares)	0.2	1.2
Warrants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Share-based compensation awards purchased not included in calculation of diluted earnings per share (in shares)	7.6	7.6

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Accumulated other comprehensive loss - Schedule of Changes in Accumulated Other Comprehensive Loss by Component Net of Tax (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,792.3	$ 1,732.8
Other comprehensive loss before reclassifications	15.7	(105.2)
Amounts reclassified from accumulated other comprehensive loss	(10.7)	(5.0)
Net current period other comprehensive (loss) income	5.0	(110.2)
Ending balance	1,869.0	1,683.6
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(387.1)	(379.3)
Ending balance	(382.1)	(489.5)
Cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(32.7)	(15.4)
Other comprehensive loss before reclassifications	14.9	(11.1)
Amounts reclassified from accumulated other comprehensive loss	(8.3)	(5.0)
Net current period other comprehensive (loss) income	6.6	(16.1)
Ending balance	(26.1)	(31.5)
Defined benefit pension
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	19.2	(1.0)
Other comprehensive loss before reclassifications	0.0	0.0
Amounts reclassified from accumulated other comprehensive loss	(2.4)	0.0
Net current period other comprehensive (loss) income	(2.4)	0.0
Ending balance	16.8	(1.0)
Currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(373.6)	(362.9)
Other comprehensive loss before reclassifications	0.8	(94.1)
Amounts reclassified from accumulated other comprehensive loss	0.0	0.0
Net current period other comprehensive (loss) income	0.8	(94.1)
Ending balance	$ (372.8)	$ (457.0)

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Accumulated other comprehensive loss - Summary of amounts reclassified from accumulated other comprehensive loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income tax expense (benefit)	$ 17.6	$ (0.3)
Interest expense	27.0	29.1
Total reclassifications for the period, net of tax	(66.2)	(55.9)
Prior service credit | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other income, net	(2.9)	0.0
Amortization of defined benefit pension items: | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income tax expense (benefit)	0.5	0.0
Net of tax	(2.4)	0.0
Cash flow hedges: | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income tax expense (benefit)	2.8	2.2
Net of tax	(8.3)	(5.0)
Total reclassifications for the period, net of tax	(10.7)	(5.0)
Cash flow hedges: | Reclassification out of Accumulated Other Comprehensive Income | Interest rate swap contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense	4.8	0.9
Cash flow hedges: | Reclassification out of Accumulated Other Comprehensive Income | Cross-currency swap contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense	$ (15.9)	$ (8.1)

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Debt - Summary of Short Term Financing (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Bank overdrafts	$ 4.5	$ 2.1

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Debt - Additional Information (Detail) - USD ($) $ in Millions			3 Months Ended
	Feb. 26, 2021	Jan. 07, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Letters of credit outstanding			$ 191.2		$ 196.0
Weighted average interest rate on long-term debt			3.61%		3.73%
Loss on extinguishment of debt			$ 0.2	$ 1.8
Term B-3 Loan Due 2024
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ 1.8
Repayments of long-term debt		$ 174.0
Canadian ABL Facility Due 2022
Debt Instrument [Line Items]
Repayments of debt	$ 47.1
Loss on extinguishment of debt	$ 0.2

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Debt - Schedule of Long Term Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Finance lease obligations	$ 98.5	$ 101.6
Total long-term debt before discount	2,529.7	2,660.7
Less: unamortized debt issuance costs and discount on debt	(19.0)	(20.1)
Total long-term debt	2,510.7	2,640.6
Less: current maturities	(117.7)	(163.5)
Total long-term debt, excluding current maturities	2,393.0	2,477.1
Term B-3 Loan Due 2024
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,264.1	$ 1,264.1
Variable interest rate	2.36%	2.40%
Term B-5 Loan Due 2026
Debt Instrument [Line Items]
Aggregate principal amount	$ 395.0	$ 396.0
Variable interest rate	2.11%	2.15%
North American ABL Due 2024
Debt Instrument [Line Items]
Aggregate principal amount	$ 184.5	$ 265.5
Variable interest rate	1.83%	1.71%
Canadian ABL Facility Due 2022
Debt Instrument [Line Items]
Aggregate principal amount	$ 87.6	$ 133.5
Variable interest rate	2.66%	2.71%
Unsecured Notes Due 2027
Debt Instrument [Line Items]
Aggregate principal amount	$ 500.0	$ 500.0
Fixed interest rate	5.13%	5.13%

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Debt - Fair value of debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount	$ 2,510.7	$ 2,640.6
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount	2,510.7	2,640.6
Fair value	$ 2,545.2	$ 2,687.4

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Supplemental balance sheet information - Allowance for Credit Losses (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 17.2
Provision for credit losses	3.1
Write-offs	(0.9)
Foreign exchange	(0.2)
Balance, end of period	$ 19.2

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Supplemental balance sheet information - Summary of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property, plant and equipment, at cost	$ 2,208.8	$ 2,216.4
Less: accumulated depreciation	(1,171.0)	(1,150.7)
Property, plant and equipment, net	$ 1,037.8	$ 1,065.7

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Supplemental balance sheet information - Schedule of Goodwill (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 2,270.4
Purchase price adjustments	(0.7)
Foreign exchange	4.9
Goodwill, Ending Balance	2,274.6
USA
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1,805.0
Purchase price adjustments	0.0
Foreign exchange	0.0
Goodwill, Ending Balance	1,805.0
EMEA
Goodwill [Roll Forward]
Goodwill, Beginning Balance	8.7
Purchase price adjustments	0.0
Foreign exchange	0.0
Goodwill, Ending Balance	8.7
Canada
Goodwill [Roll Forward]
Goodwill, Beginning Balance	428.1
Purchase price adjustments	0.0
Foreign exchange	5.9
Goodwill, Ending Balance	434.0
LATAM
Goodwill [Roll Forward]
Goodwill, Beginning Balance	28.6
Purchase price adjustments	(0.7)
Foreign exchange	(1.0)
Goodwill, Ending Balance	$ 26.9

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Supplemental balance sheet information - Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,103.6	$ 1,114.3
Accumulated Amortization	(865.3)	(862.4)
Net	238.3	251.9
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	931.4	936.9
Accumulated Amortization	(697.7)	(691.3)
Net	233.7	245.6
Other
Finite-Lived Intangible Assets [Line Items]
Gross	172.2	177.4
Accumulated Amortization	(167.6)	(171.1)
Net	$ 4.6	$ 6.3

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Supplemental balance sheet information - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) $ in Millions	Mar. 31, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2021	$ 52.6
2022	44.9
2023	38.6
2024	31.9
2025	$ 28.2

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Supplemental balance sheet information - Other Accrued Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Current tax liabilities	$ 78.6	$ 73.4

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Fair value measurements - Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value beginning balance	$ 33.8
Fair value adjustments	(25.6)
Fair value ending balance	8.2
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value beginning balance	2.2
Fair value adjustments	0.0
Fair value ending balance	$ 2.2

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Fair value measurements - Additional Information (Detail) - Warrants	3 Months Ended
	Mar. 31, 2021
Warrant life
Foreign Currency Fair Value Hedge Derivative [Line Items]
Expected option life	3 months
Expected volatility
Foreign Currency Fair Value Hedge Derivative [Line Items]
Measurement input	0.4815
Risk-free interest rate
Foreign Currency Fair Value Hedge Derivative [Line Items]
Measurement input	0.0003
Minimum | Expected volatility
Foreign Currency Fair Value Hedge Derivative [Line Items]
Measurement input	0.3859
Maximum | Expected volatility
Foreign Currency Fair Value Hedge Derivative [Line Items]
Measurement input	0.8096

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Derivatives (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 17, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Percentage of swaps designated as cash flow hedges	95.00%
Prepaid expenses and other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward currency contract asset fair value	$ 300,000	$ 100,000
Other accrued expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward currency contract liability fair value	$ 600,000	$ 300,000
Cross-currency swap contracts | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, term	1 month
Cross-currency swap contracts | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, term	3 months
Interest Rate Swap Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount			$ 250,000,000.0

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Derivatives - Schedule of notional amounts (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 17, 2020
Interest rate swap contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount			$ 250,000,000.0
Interest rate swap contracts | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 900,000,000.0	$ 1,050,000,000.0
Interest rate swap contracts | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	100,000,000.0	200,000,000.0
Foreign currency derivatives | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	107,900,000	77,200,000
Cross currency swap contracts | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	381,000,000.0	381,000,000.0
Cross currency swap contracts | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 19,000,000.0	$ 19,000,000.0

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Derivatives - Pre-tax effects of derivative instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest rate swap contracts | Interest expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from other comprehensive loss into income	$ (4.8)	$ (0.9)
Amount of gain (loss) to be reclassified to consolidated statement of operations within the next 12 months	(15.4)
Cross currency swap contracts | Interest expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from other comprehensive loss into income	0.3	1.9
Amount of gain (loss) to be reclassified to consolidated statement of operations within the next 12 months	1.4
Cross currency swap contracts | Other income, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from other comprehensive loss into income	15.6	$ 6.2
Amount of gain (loss) to be reclassified to consolidated statement of operations within the next 12 months	$ 0.0

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Derivatives - Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	$ 2.0	$ 1.3
Derivative Liabilities	67.9	95.4
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	1.4	1.0
Derivative Liabilities	60.5	86.0
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	0.6	0.3
Derivative Liabilities	7.4	9.4
Prepaid expenses and other current assets | Cross currency swap contracts | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	1.4	1.0
Prepaid expenses and other current assets | Cross currency swap contracts | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	0.1	0.1
Prepaid expenses and other current assets | Foreign currency derivatives | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	0.5	0.2
Prepaid expenses and other current assets | Interest rate swap contracts | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	0.0	0.0
Prepaid expenses and other current assets | Interest rate swap contracts | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	0.0	0.0
Other long-term liabilities | Cross currency swap contracts | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	29.6	47.4
Other long-term liabilities | Cross currency swap contracts | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	1.5	2.4
Other long-term liabilities | Interest rate swap contracts | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	15.5	20.7
Other long-term liabilities | Interest rate swap contracts | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	3.0	4.0
Other accrued expenses | Foreign currency derivatives | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	0.8	0.4
Other accrued expenses | Interest rate swap contracts | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	15.4	17.9
Other accrued expenses | Interest rate swap contracts | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liabilities	2.1	2.6
Other assets | Interest rate swap contracts | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	0.0	0.0
Other assets | Interest rate swap contracts | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Assets	$ 0.0	$ 0.0

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Commitments and contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021 location site claim
Other Commitments [Line Items]
Number of locations impacted by environmental laws and regulations | location	125
Number of company owned/occupied sites requiring environmental remediation work	105
Number of non owned sites liable for a share of clean-up	20
Minimum
Other Commitments [Line Items]
Environmental project, term	2 years
Maximum
Other Commitments [Line Items]
Number of asbestos-related claims (fewer than) | claim	215
Environmental project, term	30 years

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Commitments and contingencies - Changes in Total Environmental Liabilities (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Environmental liabilities at beginning of period	$ 79.6
Revised obligation estimates	2.5
Environmental payments	(3.8)
Foreign exchange	(0.2)
Environmental liabilities at end of period	$ 78.1

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Commitment and contingencies - Environmental Liabilities Balance Sheet Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Other accrued expenses
Other Commitments [Line Items]
Current environmental liabilities	$ 24.6	$ 26.5
Other long-term liabilities
Other Commitments [Line Items]
Long-term environmental liabilities	$ 53.5	$ 53.1

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Leasing - Assets and liabilities, lessee (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Operating lease assets	$ 159.6	$ 161.0
Finance lease assets	97.5	100.3
Total lease assets	257.1	261.3
Current liabilities:
Current portion of operating lease liabilities	46.1	44.9
Current portion of finance lease liabilities	26.2	26.0
Noncurrent liabilities:
Operating lease liabilities	121.2	125.3
Finance lease liabilities	72.3	75.6
Total lease liabilities	$ 265.8	$ 271.8
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets	us-gaap:OtherAssets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Assets	Assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:DebtCurrent	us-gaap:DebtCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtNoncurrent	us-gaap:LongTermDebtNoncurrent
Finance lease right-of-use assets accumulated amortization	$ 64.1	$ 61.2

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Leasing - Lease cost in income statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Operating Leases	$ 15.0	$ 13.7
Finance Leases	7.4	6.9
Total	22.4	20.6
Depreciation	6.4	6.2
Interest expense	1.0	0.7
Variable lease costs	0.3	0.2
Short-term lease costs	3.9	7.5
Total gross lease costs	26.6	28.3
Sublease income	0.6	0.6
Total net lease cost	26.0	27.7
Cost of goods sold (exclusive of depreciation)
Lessee, Lease, Description [Line Items]
Operating Leases	5.6	4.3
Finance Leases	0.0	0.0
Total	5.6	4.3
Outbound freight and handling
Lessee, Lease, Description [Line Items]
Operating Leases	2.0	1.3
Finance Leases	0.0	0.0
Total	2.0	1.3
Warehousing, selling and administrative
Lessee, Lease, Description [Line Items]
Operating Leases	7.4	8.1
Finance Leases	0.0	0.0
Total	$ 7.4	$ 8.1

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Leasing - Maturity of lease obligations (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Operating Leases
2021	$ 39.1
2022	42.7
2023	31.2
2024	20.1
2025	12.3
2026 and After	46.4
Total lease payments	191.8
Less: interest	24.5
Operating Lease, Liability	167.3
Finance Leases
2021	22.2
2022	26.2
2023	17.2
2024	13.7
2025	12.2
2026 and After	15.8
Total lease payments	107.3
Less: interest	8.8
Finance lease obligations	98.5	$ 101.6
Total
2021	61.3
2022	68.9
2023	48.4
2024	33.8
2025	24.5
2026 and After	62.2
Total lease payments	$ 299.1

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Leasing - Lease term and discount rate (Details)	Mar. 31, 2021	Dec. 31, 2020
Weighted-average remaining lease term (years)
Operating leases	5 years 10 months 24 days	6 years
Finance leases	6 years 2 months 12 days	6 years 3 months 18 days
Weighted-average discount rate
Operating leases	4.42%	4.68%
Finance leases	3.80%	3.83%

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Leasing - Other information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 14.5	$ 13.4
Operating cash flows from finance leases	1.0	0.9
Financing cash flows from finance leases	$ 6.8	$ 6.1

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Segments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 2,155.4	$ 2,211.2
Adjusted EBITDA	182.2	161.6
Long-Lived Assets	1,197.4	1,279.8
USA
Segment Reporting Information [Line Items]
Net sales	1,293.0	1,357.5
EMEA
Segment Reporting Information [Line Items]
Net sales	505.9	460.3
Canada
Segment Reporting Information [Line Items]
Net sales	222.7	285.8
LATAM
Segment Reporting Information [Line Items]
Net sales	133.8	107.6
Inter-segment
Segment Reporting Information [Line Items]
Net sales	(18.9)	(27.3)
Long-Lived Assets	19.0	39.6
Inter-segment | USA
Segment Reporting Information [Line Items]
Net sales	17.4	25.7
Inter-segment | EMEA
Segment Reporting Information [Line Items]
Net sales	0.8	0.8
Inter-segment | Canada
Segment Reporting Information [Line Items]
Net sales	0.7	0.8
Inter-segment | LATAM
Segment Reporting Information [Line Items]
Net sales	0.0	0.0
Operating Segments | USA
Segment Reporting Information [Line Items]
Net sales	1,310.4	1,383.2
Adjusted EBITDA	101.8	96.6
Long-Lived Assets	805.8	855.1
Operating Segments | EMEA
Segment Reporting Information [Line Items]
Net sales	506.7	461.1
Adjusted EBITDA	50.6	40.3
Long-Lived Assets	192.0	175.2
Operating Segments | Canada
Segment Reporting Information [Line Items]
Net sales	223.4	286.6
Adjusted EBITDA	26.3	27.3
Long-Lived Assets	145.4	182.0
Operating Segments | LATAM
Segment Reporting Information [Line Items]
Net sales	133.8	107.6
Adjusted EBITDA	15.6	8.3
Long-Lived Assets	35.2	27.9
Other/ Eliminations
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (12.1)	$ (10.9)

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Segments - Segment income statement information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Net income		$ 66.2	$ 55.9
Depreciation		43.8	41.7
Amortization		13.1	15.8
Interest expense, net		26.6	28.1
Income tax expense (benefit)		17.6	(0.3)
Other operating expenses, net (1)	[1]	44.2	30.4
Other income, net (1)	[1]	(28.9)	(20.4)
(Gain) loss on sale of business		(0.6)	8.6
Loss on extinguishment of debt		0.2	1.8
Adjusted EBITDA		$ 182.2	$ 161.6

[1] (1)For the three months ended March 31, 2020, the fair value adjustment for warrants was reclassified to other income, net, from other operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information.

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Subsequent events (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
Subsequent Event [Line Items]
Gain (loss) on sale of business		$ 0.6	$ (8.6)
Distrupol Business | Subsequent Event | Forecast
Subsequent Event [Line Items]
Payments from sale of business	$ 137.0
Gain (loss) on sale of business	$ 106.0