Univar Inc.

CIK:0001494319|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 2,574.1	$ 3,016.6	$ 5,259.0	$ 5,899.2
Cost of goods sold (exclusive of depreciation)	1,949.3	2,280.6	3,994.9	4,433.7
Operating expenses:
Outbound freight and handling	113.9	125.7	231.3	241.6
Warehousing, selling, and administrative	289.5	318.7	596.0	613.0
Other operating expenses, net	12.5	5.3	37.9	21.0
Depreciation	33.9	32.2	66.3	65.1
Amortization	11.9	12.0	23.1	23.8
Impairment charges	0.2	0.0	0.4	0.0
Total operating expenses	461.9	493.9	955.0	964.5
Operating income	162.9	242.1	309.1	501.0
Other expense:
Interest income	2.0	1.0	3.8	2.1
Interest expense	(33.8)	(24.3)	(67.0)	(46.5)
Other (expense) income, net	(9.1)	2.7	(15.5)	10.4
Total other expense	(40.9)	(20.6)	(78.7)	(34.0)
Income before income taxes	122.0	221.5	230.4	467.0
Income tax expense	34.2	58.6	59.5	123.3
Net income	$ 87.8	$ 162.9	$ 170.9	$ 343.7
Income per common share:
Basic (in dollars per share)	$ 0.56	$ 0.97	$ 1.08	$ 2.03
Diluted (in dollars per share)	$ 0.55	$ 0.96	$ 1.07	$ 2.02
Weighted average common shares outstanding:
Basic (in shares)	157.8	168.4	157.8	169.0
Diluted (in shares)	159.5	169.7	159.6	170.5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 170.9	$ 343.7
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization	89.4	88.9
Impairment charges	0.4	0.0
Amortization of deferred financing fees and debt discount	2.7	2.9
Gain on sale of property, plant, and equipment	(3.1)	(2.2)
Deferred income taxes	(3.6)	12.5
Stock-based compensation expense	16.1	21.7
Other	8.9	0.8
Changes in operating assets and liabilities:
Trade accounts receivable, net	23.9	(317.4)
Inventories	176.1	(288.4)
Prepaid expenses and other current assets	3.8	(37.4)
Trade accounts payable	(84.7)	157.5
Other, net	(129.5)	(68.8)
Net cash provided (used) by operating activities	271.3	(86.2)
Investing activities:
Purchases of property, plant, and equipment	(72.1)	(64.8)
Purchases of businesses, net of cash acquired	(130.3)	(3.8)
Proceeds from sale of property, plant, and equipment	11.4	3.2
Other	(0.8)	0.0
Net cash used by investing activities	(191.8)	(65.4)
Financing activities:
Payments on long-term debt and finance lease obligations	(21.4)	(68.0)
Proceeds under revolving credit facilities	573.1	925.6
Payments under revolving credit facilities	(596.1)	(609.5)
Taxes paid related to net share settlements of stock-based compensation awards	(8.4)	(7.5)
Purchases of treasury stock	(2.5)	(104.6)
Stock option exercises	3.2	16.0
Other	1.2	2.7
Net cash (used) provided by financing activities	(50.9)	154.7
Effect of exchange rate changes on cash and cash equivalents	15.6	(19.8)
Net increase (decrease) in cash and cash equivalents	44.2	(16.7)
Cash and cash equivalents at beginning of period	385.3	251.5
Cash and cash equivalents at end of period	429.5	234.8
Cash paid during the period for:
Income taxes	67.0	120.3
Interest, net of capitalized interest	56.6	37.5
Non-cash activities:
Additions of property, plant, and equipment included in trade accounts payable and other accrued expenses	5.8	3.0
Additions of property, plant, and equipment under a finance lease obligation	26.0	9.3
Additions of assets under an operating lease obligation	$ 63.9	$ 42.1

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 429,500,000	$ 385,300,000
Trade accounts receivable, net of allowance for doubtful accounts of $14.3 and $13.1 at June 30, 2023 and December 31, 2022, respectively	1,501,400,000	1,489,900,000
Inventories	994,800,000	1,137,800,000
Prepaid expenses and other current assets	236,000,000.0	217,800,000
Total current assets	3,161,700,000	3,230,800,000
Property, plant, and equipment, net	1,092,300,000	1,055,000,000
Goodwill	2,363,800,000	2,288,200,000
Intangible assets, net	193,000,000.0	167,000,000.0
Deferred tax assets	21,900,000	20,700,000
Other assets	419,400,000	384,000,000.0
Total assets	7,252,100,000	7,145,700,000
Current liabilities:
Short-term financing	7,400,000	0
Trade accounts payable	914,400,000	982,500,000
Current portion of long-term debt	41,600,000	38,900,000
Accrued compensation	96,800,000	204,700,000
Other accrued expenses	390,400,000	401,300,000
Total current liabilities	1,450,600,000	1,627,400,000
Long-term debt	2,408,800,000	2,426,900,000
Pension and other postretirement benefit liabilities	134,700,000	135,200,000
Deferred tax liabilities	113,300,000	106,200,000
Other long-term liabilities	408,700,000	355,800,000
Total liabilities	4,516,100,000	4,651,500,000
Stockholders’ equity:
Preferred stock, $0.01 par value, 200,000,000 shares authorized, none issued	0	0
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 173,660,528 and 173,237,533 shares issued at June 30, 2023 and December 31, 2022, respectively	1,700,000	1,700,000
Additional paid-in capital	3,110,800,000	3,046,000,000
Treasury stock at cost, 15,876,417 and 15,254,566 shares at June 30, 2023 and December 31, 2022, respectively	(461,600,000)	(409,100,000)
Retained earnings	371,200,000	200,300,000
Accumulated other comprehensive loss	(286,100,000)	(344,700,000)
Total stockholders’ equity	2,736,000,000	2,494,200,000
Total liabilities and stockholders’ equity	$ 7,252,100,000	$ 7,145,700,000