Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-Q

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

For the quarterly period ended September 30, 2024

☐ 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: 001-38912

Avantor, Inc.

(Exact name of registrant as specified in its charter)


Delaware			82-2758923
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

Radnor Corporate Center, Building One, Suite 200

100 Matsonford Road

Radnor, Pennsylvania 19087

(Address of principal executive offices) (zip code)

(610) 386-1700

(Registrant’s telephone number, including area code)

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

Title of each class

Trading Symbol

Exchange on which registered

Common stock, $0.01 par value

AVTR

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

On October 21, 2024, 680,613,800 shares of common stock, $0.01 par value per share, were outstanding.

Avantor, Inc. and subsidiaries

Form 10-Q for the quarterly period ended September 30, 2024

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			Page
Glossary			ii
Cautionary factors regarding forward-looking statements			iii

PART I — FINANCIAL INFORMATION
Item 1. Financial statements			1
Item 2. Management’s discussion and analysis of financial condition and results of operations			27
Item 3. Quantitative and qualitative disclosures about market risk			39
Item 4. Controls and procedures			39

PART II — OTHER INFORMATION
Item 1. Legal proceedings			39
Item 1A. Risk factors			39
Item 2. Unregistered sales of equity securities and use of proceeds			39
Item 3. Defaults upon senior securities			40
Item 4. Mine safety disclosures			40
Item 5. Other information			40
Item 6. Exhibits			41

Signature			42

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Glossary


			Description
the Company, we, us, our			Avantor, Inc. and its subsidiaries

Adjusted EBITDA			our earnings or loss before interest, taxes, depreciation, amortization and certain other adjustments
Adjusted Operating Income			our earnings or loss before interest, taxes, amortization and certain other adjustments
Annual Report			our annual report on Form 10-K for the year ended December 31, 2023
AOCI			accumulated other comprehensive income or loss



EURIBOR			the basic rate of interest used in lending between banks on the European Union interbank market
FASB			the Financial Accounting Standards Board of the United States
GAAP			United States generally accepted accounting principles


long-term			period other than short-term




OCI			other comprehensive income or loss

Ritter			Ritter GmbH and affiliates, a company we acquired in June 2021
RSU			restricted stock units represent awards that will vest annually and awards that contain performance and market conditions
SEC			the United States Securities and Exchange Commission
SG&A expenses			selling, general and administrative expenses
short-term			period less than a year from the reporting date
SOFR			secured overnight financing rate

VWR			VWR Corporation and its subsidiaries, a company we acquired in November 2017

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Cautionary factors regarding forward-looking statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this report are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, including our cost transformation initiative, objectives, future performance and business. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “projection,” “prospects,” “continue,” “goal,” “objective,” “opportunity,” “near-term,” “long-term,” “assumption,” “project,” “guidance,” “target,” “trend,” “seek,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning.

Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct.

You should understand that the following important factors, in addition to those discussed under Part I, Item 1A “Risk Factors” in our Annual Report, as such risk factors may be updated from time to time in our periodic filings with the SEC and in this report, could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in our forward-looking statements:

•disruptions to our operations;

•competition from other industry providers;

•our ability to implement our strategies for improving growth and optimizing costs;

•our ability to anticipate and respond to changing industry trends;

•adverse trends in consumer, business, and government spending;

•our dependence on sole or limited sources for some essential materials and components;

•our ability to successfully value and integrate acquired businesses;

•our products’ satisfaction of applicable quality criteria, specifications and performance standards;

•our ability to maintain our relationships with key customers;

•our ability to maintain our relationships with distributors;

•our ability to maintain our customer base and our expected volume of customer orders;

•our ability to maintain and develop relationships with drug manufacturers and contract manufacturing organizations;

iii

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•the impact of new laws, regulations, or other industry standards;

•changes in the interest rate environment that increase interest on our borrowings;

•adverse impacts from currency exchange rates or currency controls imposed by any government in major areas where we operate or otherwise;

•our ability to implement and improve processing systems and prevent a compromise of our information systems or personal data;

•our ability to protect our intellectual property and avoid third-party infringement claims;

•exposure to product liability and other claims in the ordinary course of business;

•our ability to develop new products responsive to the markets we serve;

•supply chain constraints and the availability of raw materials;

•our ability to source certain of our products from certain suppliers;

•our ability to contain costs in an inflationary environment;

•our ability to avoid negative outcomes related to the use of chemicals;

•our ability to maintain highly skilled employees;

•our ability to maintain a competitive workforce;

•adverse impact of impairment charges on our goodwill and other intangible assets;

•currency fluctuations and uncertainties related to doing business outside the United States;

•our ability to obtain and maintain required regulatory clearances or approvals, which may constrain the commercialization of submitted products;

•our ability to comply with environmental, health and safety laws and regulations, or the impact of any liability or obligation imposed under such laws or regulations;

•our indebtedness, which could adversely affect our financial condition or prevent us from fulfilling our debt or contractual obligations;

•our ability to generate sufficient cash flows or access sufficient additional capital to meet our debt obligations or to fund our other liquidity needs; and

•our ability to maintain an effective system of internal control over financial reporting.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this report. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.

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PART I — FINANCIAL INFORMATION

Item 1. Financial statements

Avantor, Inc. and subsidiaries

Index to unaudited condensed consolidated financial statements


			Page
Unaudited condensed consolidated balance sheets			2
Unaudited condensed consolidated statements of operations			3
Unaudited condensed consolidated statements of comprehensive income or loss			4
Unaudited condensed consolidated statements of stockholders’ equity			5
Unaudited condensed consolidated statements of cash flows			7
Notes to unaudited condensed consolidated financial statements			8

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Avantor, Inc. and subsidiaries

Unaudited condensed consolidated balance sheets


(in millions)	September 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	285.3	$	262.9
Accounts receivable, net of allowances of $32.5 and $35.0	1,087.7		1,150.2
Inventory	779.6		828.1
Other current assets	135.6		143.7
Assets held for sale (see note 17)	216.5		—
Total current assets	2,504.7		2,384.9
Property, plant and equipment, net of accumulated depreciation and impairment charges of $620.9 and $616.9	722.8		737.5
Other intangible assets, net (see note 7)	3,522.7		3,775.3
Goodwill, net of accumulated impairment losses of $38.8 and $38.8	5,670.6		5,716.7
Other assets	419.8		358.3
Total assets	$	12,840.6	$	12,972.7
Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	229.7	$	259.9
Accounts payable	673.5		625.9
Employee-related liabilities	183.3		133.1
Accrued interest	39.9		50.2
Other current liabilities	401.7		411.2
Liabilities held for sale (see note 17)	101.7		—
Total current liabilities	1,629.8		1,480.3
Debt, net of current portion	4,691.4		5,276.7
Deferred income tax liabilities	547.3		612.8
Other liabilities	418.9		350.3
Total liabilities	7,287.4		7,720.1
Commitments and contingencies (see note 9)
Stockholders’ equity:

Common stock including paid-in capital, 680.6 and 676.6 shares issued and outstanding	3,924.5		3,830.1
Accumulated earnings	1,702.6		1,491.5
Accumulated other comprehensive loss	(73.9)		(69.0)
Total stockholders’ equity	5,553.2		5,252.6
Total liabilities and stockholders’ equity	$	12,840.6	$	12,972.7

See accompanying notes to the unaudited condensed consolidated financial statements.

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Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of operations


(in millions, except per share data)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net sales	$	1,714.4	$	1,720.2	$	5,097.0	$	5,244.4
Cost of sales	1,150.0		1,141.6		3,380.6		3,451.0
Gross profit	564.4		578.6		1,716.4		1,793.4
Selling, general and administrative expenses	439.8		368.4		1,269.7		1,119.5
Impairment charges	—		—		—		160.8
Operating income	124.6		210.2		446.7		513.1
Interest expense, net	(48.7)		(72.4)		(173.9)		(219.5)
Loss on extinguishment of debt	(2.1)		(2.0)		(6.5)		(5.9)
Other income, net	0.7		0.7		3.4		3.3
Income before income taxes	74.5		136.5		269.7		291.0
Income tax expense	(16.7)		(28.1)		(58.6)		(68.4)
Net income	$	57.8	$	108.4	$	211.1	$	222.6



Earnings per share:
Basic	$	0.08	$	0.16	$	0.31	$	0.33
Diluted	$	0.08	$	0.16	$	0.31	$	0.33
Weighted average shares outstanding:
Basic	680.3		676.0		679.3		675.4
Diluted	683.0		678.5		682.1		678.1

See accompanying notes to the unaudited condensed consolidated financial statements.

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Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of comprehensive income or loss


(in millions)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net income	$	57.8	$	108.4	$	211.1	$	222.6
Other comprehensive income (loss):
Foreign currency translation — unrealized gain (loss)	33.8		(30.4)		5.7		(4.8)
Derivative instruments:
Unrealized (loss) gain	(0.9)		8.0		14.3		24.7
Reclassification of gain into earnings	(14.1)		(8.4)		(31.0)		(22.5)
Activity related to defined benefit plans	(0.2)		(0.9)		(0.6)		(6.6)
Other comprehensive income (loss) before income taxes	18.6		(31.7)		(11.6)		(9.2)
Income tax effect	14.8		(7.5)		6.7		(1.6)
Other comprehensive income (loss)	33.4		(39.2)		(4.9)		(10.8)
Comprehensive income	$	91.2	$	69.2	$	206.2	$	211.8

See accompanying notes to the unaudited condensed consolidated financial statements.

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Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of stockholders’ equity


(in millions)		Stockholders’ equity
	Common stock including paid-in capital		Accumulated earnings		AOCI		Total
		Shares							Amount
Balance at June 30, 2024		679.6	$	3,897.5	$	1,644.8	$	(107.3)	$	5,435.0
Comprehensive income		—	—		57.8		33.4		91.2
Stock-based compensation expense		—	11.3		—		—		11.3

Stock option exercises and other common stock transactions		1.0	15.7		—		—		15.7

Balance at September 30, 2024		680.6	$	3,924.5	$	1,702.6	$	(73.9)	$	5,553.2

Balance at June 30, 2023		675.7	$	3,798.6	$	1,284.6	$	(71.9)	$	5,011.3
Comprehensive income (loss)		—	—		108.4		(39.2)		69.2

Stock-based compensation expense		—	9.7		—		—		9.7

Stock option exercises and other common stock transactions		0.6	9.2		—		—		9.2

Balance at September 30, 2023		676.3	$	3,817.5	$	1,393.0	$	(111.1)	$	5,099.4

See accompanying notes to the unaudited condensed consolidated financial statements.

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Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of stockholders’ equity (continued)


(in millions)		Stockholders’ equity
	Common stock including paid-in capital		Accumulated earnings		AOCI		Total
		Shares							Amount
Balance at December 31, 2023		676.6	$	3,830.1	$	1,491.5	$	(69.0)	$	5,252.6
Comprehensive income (loss)		—	—		211.1		(4.9)		206.2
Stock-based compensation expense		—	35.3		—		—		35.3

Stock option exercises and other common stock transactions		4.0	59.1		—		—		59.1

Balance at September 30, 2024		680.6	$	3,924.5	$	1,702.6	$	(73.9)	$	5,553.2

Balance at December 31, 2022		674.3	$	3,785.3	$	1,170.4	$	(100.3)	$	4,855.4

Comprehensive income (loss)		—	—		222.6		(10.8)		211.8

Stock-based compensation expense		—	31.6		—		—		31.6

Stock option exercises and other common stock transactions		2.0	0.6		—		—		0.6

Balance at September 30, 2023		676.3	$	3,817.5	$	1,393.0	$	(111.1)	$	5,099.4

See accompanying notes to the unaudited condensed consolidated financial statements.

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Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of cash flows


(in millions)	Nine months ended September 30,
	2024		2023
Cash flows from operating activities:
Net income	$	211.1	$	222.6
Reconciling adjustments:
Depreciation and amortization	304.6		301.7
Impairment charges	—		160.8
Stock-based compensation expense	35.7		31.7
Non-cash restructuring charges (see note 8)	16.4		—
Provision for accounts receivable and inventory	55.8		62.5
Deferred income tax benefit	(75.3)		(94.1)
Amortization of deferred financing costs	8.6		9.9
Loss on extinguishment of debt	6.5		5.9
Foreign currency remeasurement loss (gain)	3.0		(3.1)
Changes in assets and liabilities:
Accounts receivable	34.2		55.1
Inventory	(21.5)		9.1
Accounts payable	41.9		(95.8)
Accrued interest	(16.5)		(10.3)
Other assets and liabilities	63.0		(38.5)
Other	—		0.9
Net cash provided by operating activities	667.5		618.4
Cash flows from investing activities:
Capital expenditures	(121.3)		(95.8)


Other	1.7		2.1
Net cash used in investing activities	(119.6)		(93.7)
Cash flows from financing activities:

Debt repayments	(585.0)		(657.9)
Payments of debt refinancing fees and premiums	—		(2.3)


Proceeds received from exercise of stock options	67.3		14.1
Shares repurchased to satisfy employee tax obligations for vested stock-based awards	(8.2)		(13.5)
Net cash used in financing activities	(525.9)		(659.6)
Effect of currency rate changes on cash and cash equivalents	0.6		(1.3)
Net change in cash, cash equivalents and restricted cash	22.6		(136.2)
Cash, cash equivalents and restricted cash, beginning of period	287.7		396.9
Cash, cash equivalents and restricted cash, end of period	$	310.3	$	260.7

See accompanying notes to the unaudited condensed consolidated financial statements.

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Avantor, Inc. and subsidiaries

Notes to unaudited condensed consolidated financial statements

1. Nature of operations and presentation of financial statements

We are a global manufacturer and distributor that provides products and services to customers in the biopharmaceutical, healthcare, education & government and advanced technologies & applied materials industries.

Basis of presentation

The accompanying condensed consolidated financial statements have been prepared pursuant to SEC regulations whereby certain information normally included in GAAP financial statements has been condensed or omitted. The financial information presented herein reflects all adjustments (consisting only of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are not necessarily indicative of the results to be expected for the full year.

We believe that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. Those audited consolidated financial statements include a summary of our significant accounting policies.

Principles of consolidation

All intercompany balances and transactions have been eliminated from the financial statements.

Use of estimates

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ from those estimates.

Segment Reporting

Effective January 1, 2024, we changed our operating model and reporting segment structure from three reportable segments to two reportable segments: Laboratory Solutions and Bioscience Production. This structure aligns with how our Chief Executive Officer, who is our chief operating decision maker, measures segment operating performance and allocates resources across our operating segments.

Asset impairment - Ritter

The Company’s long-lived assets include property, plant and equipment, finite-lived intangible assets and certain other assets. For impairment testing purposes, long-lived assets may be grouped with working capital and other types of assets or liabilities if they generate cash flows on a combined basis. We evaluate long-lived assets or asset groups for impairment whenever events or changes in circumstances indicate a potential inability to recover their carrying amounts. The test to determine if long-lived assets or asset groups are impaired first compares their carrying values to their estimated undiscounted future

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cash flows. If the carrying values exceed the estimated undiscounted cash flows, an impairment charge is calculated as the amount that the carrying values exceed their fair values.

In the second quarter of 2023, persistently high customer inventory in the end markets served by Ritter and an overall slowdown in research activity caused Ritter’s revenue to decline compared to prior expectations. Due to these circumstances, we performed an impairment test of the Ritter asset group, which resulted in a fair value that was lower than its carrying value. As a result, we recorded impairment charges of $106.4 million on Ritter’s finite-lived intangible assets and $54.4 million on Ritter’s property, plant & equipment in the second quarter of 2023. These charges impacted our Laboratory Solutions reportable segment.

Our impairment test was performed as of June 30, 2023 and utilized our then latest estimates of Ritter’s projected cash flows, including revenues, gross margin, SG&A expenses, capital expenditures to maintain the acquired assets, and investments in debt free net working capital, as well as current market assumptions for the discount rate.

We have not identified any further events or changes in circumstances that would indicate a potential inability to recover the remaining carrying amounts of the Ritter asset group following the recognition of the impairment charges in the second quarter of 2023.

2. New accounting standards and climate change related update by SEC

Segment Reporting

In November 2023, the FASB issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures, which amends the existing segment reporting guidance (ASC Topic 280) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.

The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company will first apply this standard to its annual disclosures for the year ending December 31, 2024, which we expect will result in additional disclosures in the Company’s segment financial information footnote, primarily through enhanced disclosure about significant segment expenses.

Income Taxes

In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures, which amends the existing income taxes guidance (ASC Topic 740) to require additional disclosures surrounding annual rate reconciliation, income taxes paid and other income tax related disclosures.

The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our financial statement disclosures.

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Other

There were no other new accounting standards that we expect to have a material impact on our financial position or results of operations upon adoption.

Adoption of rules to enhance and standardize climate-related disclosures for Investors

On March 6, 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports.

On April 4, 2024, the SEC issued an order staying the final rules pending completion of judicial review of the petitions challenging the final rules. The order does not amend the compliance dates contemplated by the final rules, which are applicable to the Company for fiscal years beginning with the Company’s annual report on Form 10-K for the fiscal year ending December 31, 2025. We are currently evaluating the impact of our pending adoption of these requirements on our financial statement disclosures.

3. Earnings per share

The following table presents the reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2024:


(in millions, except per share data)	Three months ended September 30, 2024					Nine months ended September 30, 2024
	Earnings (numerator)		Weighted average shares outstanding (denominator)	Earnings per share		Earnings (numerator)		Weighted average shares outstanding (denominator)	Earnings per share
Basic	$	57.8	680.3	$	0.08	$	211.1	679.3	$	0.31
Dilutive effect of stock-based awards	—		2.7			—		2.8

Diluted	$	57.8	683.0	$	0.08	$	211.1	682.1	$	0.31

The following table presents the reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2023:


(in millions, except per share data)	Three months ended September 30, 2023						Nine months ended September 30, 2023
	Earnings (numerator)		Weighted average shares outstanding (denominator)		Earnings per share		Earnings (numerator)		Weighted average shares outstanding (denominator)	Earnings per share
Basic	$	108.4	676.0		$	0.16	$	222.6	675.4	$	0.33
Dilutive effect of stock-based awards	—		2.5				—		2.7

Diluted	$	108.4	$	678.5	$	0.16	$	222.6	678.1	$	0.33

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4. Segment financial information

As described in note 1, effective January 1, 2024, we changed our operating model and reporting segment structure into two reportable business segments: Laboratory Solutions and Bioscience Production. Corporate costs are managed on a standalone basis, certain of which are allocated to our reportable segments.

In connection with this change, our chief operating decision maker changed the measure used to evaluate segment profitability from Adjusted EBITDA to Adjusted Operating Income. All disclosures relating to segment profitability, including those for comparative periods, have been revised as a result of this change.

The following table presents information by reportable segment:


(in millions)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net sales:
Laboratory Solutions	$	1,171.5	$	1,159.1	$	3,484.3	$	3,555.9
Bioscience Production	542.9		561.1		1,612.7		1,688.5
Total	$	1,714.4	$	1,720.2	$	5,097.0	$	5,244.4
Adjusted Operating Income:
Laboratory Solutions	$	151.5	$	159.1	$	450.7	$	511.0
Bioscience Production	138.1		148.2		409.0		469.9
Corporate	(14.8)		(12.3)		(49.2)		(43.9)
Total	$	274.8	$	295.0	$	810.5	$	937.0

The amounts above exclude inter-segment activity because it is not material. All of the net sales for each segment are from external customers.

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The following table presents the reconciliation of net income, the nearest measurement under GAAP, to Adjusted Operating Income:


(in millions)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net income	$	57.8	$	108.4	$	211.1	$	222.6
Interest expense, net	48.7		72.4		173.9		219.5
Income tax expense	16.7		28.1		58.6		68.4
Loss on extinguishment of debt	2.1		2.0		6.5		5.9
Other income, net	(0.7)		(0.7)		(3.4)		(3.3)
Operating income	124.6		210.2		446.7		513.1
Amortization	75.4		75.4		225.6		232.7

Integration-related expenses1	—		0.2		—		8.3
Restructuring and severance charges2	49.4		6.1		82.3		18.0
Transformation expenses3	17.1		—		46.6		—
Reserve for certain legal matters4	7.9		3.0		7.9		4.0
Other5	0.4		0.1		1.4		0.1
Impairment charges6	—		—		—		160.8

Adjusted Operating Income	$	274.8	$	295.0	$	810.5	$	937.0

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1.Represents direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition.

2.Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. The expenses recognized in 2024 represent costs incurred to achieve the Company’s publicly-announced cost transformation initiative.

3.Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

4.Represents charges and legal costs in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results.

5.Represents other stock-based compensation expense (benefit).

6.As described in note 1 to our unaudited condensed consolidated financial statements.

The following table presents net sales by product category:


(in millions)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Proprietary	$	920.5	$	921.8	$	2,718.0	$	2,797.9
Third-party	793.9		798.4		2,379.0		2,446.5
Total	$	1,714.4	$	1,720.2	$	5,097.0	$	5,244.4

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5. Supplemental disclosures of cash flow information

The following table presents supplemental disclosures of cash balances:


(in millions)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	285.3	$	262.9
Restricted cash classified as other assets	25.0		24.8
Total	$	310.3	$	287.7

At September 30, 2024 and December 31, 2023, amounts included in restricted cash primarily represent funds held in escrow to satisfy a long-term retention incentive related to the acquisition of Ritter.


(in millions)	Nine months ended September 30,
	2024		2023
Cash flows from operating activities:
Cash paid for income taxes, net	$	128.1	$	195.3
Cash paid for interest, net, excluding financing leases	179.1		214.2
Cash paid for interest on finance leases	3.9		3.8
Cash paid under operating leases	33.5		32.4
Cash flows from financing activities:
Cash paid under finance leases	$	4.5	$	3.8

6. Inventory

The following table presents the components of inventory:


(in millions)	September 30, 2024		December 31, 2023
Merchandise inventory	$	432.3	$	503.5
Finished goods	114.1		91.0
Raw materials	163.2		167.2
Work in process	70.0		66.4
Total	$	779.6	$	828.1

7. Goodwill and other intangible assets

Goodwill

As described in note 1, we reorganized our segment reporting structure effective January 1, 2024. The segment reporting reorganization also resulted in a change to our reporting units for the purpose of goodwill impairment testing. Our new reporting units are Buy Sell Lab, Proprietary Lab, Services, Manufactured Products, Buy Sell Production, and NuSil. As a result of the reorganization, our goodwill was reassigned to the new reporting units making up our Laboratory Solutions and Bioscience Production reporting segments.

We have reassigned goodwill as of January 1, 2024 to align to our new segment structure by using a relative fair value approach. We tested goodwill for impairment immediately before and after the realignment; no impairment was identified.

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The following table presents goodwill by our reportable segments, on the effective date of the change:


	Laboratory Solutions		Bioscience Production		Total
Goodwill, gross	$	3,842.0	$	1,913.5	$	5,755.5
Accumulated impairment losses	(18.4)		(20.4)		(38.8)
Goodwill, net	$	3,823.6	$	1,893.1	$	5,716.7

Other intangible assets

The following table presents the components of other intangible assets:


(in millions)	September 30, 2024						December 31, 2023
	Gross value		Accumulated amortization and impairment1		Carrying value		Gross value		Accumulated amortization and impairment1		Carrying value
Customer relationships	$	4,833.9	$	1,831.2	$	3,002.7	$	4,883.2	$	1,670.3	$	3,212.9
Trade names	361.1		243.8		117.3		359.7		228.3		131.4
Other	636.1		325.7		310.4		635.5		296.8		338.7
Total finite-lived	$	5,831.1	$	2,400.7	3,430.4		$	5,878.4	$	2,195.4	3,683.0
Indefinite-lived					92.3						92.3
Total					$	3,522.7					$	3,775.3

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1.As of September 30, 2024 and December 31, 2023, accumulated impairment losses on Customer relationships were $65.9 million and on Other were $40.5 million totaling $106.4 million.

8. Restructuring

The following table presents restructuring and severance expenses by plan:


	Three months ended September 30,				Nine months ended September 30,
(in millions)	2024		2023		2024		2023
2024 restructuring program	$	49.4	$	—	$	82.3	$	—
Other	—		6.1		—		18.0
Total	$	49.4	$	6.1	$	82.3	$	18.0

Restructuring and severance charges are classified as SG&A expenses or cost of sales depending on the nature of the expense.

2024 restructuring program

The 2024 restructuring program is a part of the Company’s multi-year cost transformation initiative designed to right-size the Company’s cost base and optimize its footprint and organizational structure with a focus on driving significant cost improvement and productivity.

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The following table presents information about expenses under the 2024 restructuring program for the periods covered under this report in which the plan was active:


(in millions)	Three months ended September 30,		Nine months ended September 30,		Charges incurred		Expected remaining charges		Total expected charges
	2024		2024
Employee severance and related	$	39.7	$	64.9	$	64.9	$	10.3	$	75.2
Facility closure	0.4		1.0		1.0		0.3		1.3
Other	9.3		16.4		16.4		5.0		21.4
Total	$	49.4	$	82.3	$	82.3	$	15.6	$	97.9

Laboratory Solutions	$	26.0	$	41.9	$	41.9	$	10.6	$	52.5
Bioscience Production	23.4		39.5		39.5		5.0		44.5
Corporate	—		0.9		0.9		—		0.9
Total	$	49.4	$	82.3	$	82.3	$	15.6	$	97.9

Other charges in the table above primarily relate to the write-downs of the carrying value of assets that we plan to dispose of under the program.

The following table presents changes to accrued employee severance and related expenses under the 2024 restructuring program, which are primarily classified as employee-related current liabilities:


(in millions)	Nine months ended September 30,
	2024
Beginning balance	$	—
Expenses	64.9
Cash payments	(32.6)
Currency translation	0.8
Ending balance	$	33.1

9. Commitments and contingencies

Our business involves commitments and contingencies related to compliance with environmental laws and regulations, the manufacture and sale of products and litigation. The ultimate resolution of contingencies is subject to significant uncertainty, and it is reasonably possible that contingencies could be decided unfavorably against us.

Environmental laws and regulations

Our environmental liabilities are subject to changing governmental policy and regulations, discovery of unknown conditions, judicial proceedings, method and extent of remediation, existence of other potentially responsible parties and future changes in technology. We believe that known and unknown environmental matters, if not resolved favorably, could have a material effect on our financial position, liquidity and profitability. Matters to be disclosed are as follows:

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The New Jersey Department of Environmental Protection has ordered us to remediate groundwater conditions near our plant in Phillipsburg, New Jersey. At September 30, 2024, our accrued obligation under this order is $2.5 million, which is calculated based on expected cash payments discounted at rates ranging from 3.5% to 4.2% between 2024 and 2045. The undiscounted amount of that obligation is $3.7 million. We are indemnified against any losses incurred in this matter as stipulated through the agreement and guaranty referenced in our Annual Report.

In 2016, we assessed the environmental condition of our chemical manufacturing site in Gliwice, Poland. Our assessment revealed specific types of soil and groundwater contamination throughout the site. We are also monitoring the condition of a closed landfill on that site. These matters are not covered by our indemnification arrangement because they relate to an operation we subsequently acquired. At September 30, 2024, our balance sheet includes a liability of $1.1 million for remediation and monitoring costs. That liability is estimated primarily on discounted expected remediation payments and is not materially different from its undiscounted amount.

Manufacture and sale of products

Our business involves risk of product liability, patent infringement and other claims in the ordinary course of business arising from the products that we produce ourselves or obtain from our suppliers, as well as from the services we provide. Our exposure to such claims may increase to the extent that we expand our manufacturing operations or service offerings.

We maintain insurance policies to protect us against these risks, including product liability insurance. In many cases the suppliers of products we distribute have indemnified us against such claims. Our insurance coverage or indemnification agreements with suppliers may not be adequate in all pending or any future cases brought against us. Furthermore, our ability to recover under any insurance or indemnification arrangements is subject to the financial viability of our insurers, our suppliers and our suppliers’ insurers, as well as legal enforcement under the local laws governing the arrangements.

We have entered into indemnification agreements with customers of our self-manufactured products to protect them from liabilities and losses arising from our negligence, willful misconduct or sale of defective products. To date, we have not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions.

Litigation

At September 30, 2024, there was no outstanding litigation that we believe would result in material losses if decided against us, and we do not believe that there are any unasserted matters that are reasonably possible to result in a material loss.

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10. Debt

The following table presents information about our debt:


(dollars in millions)	September 30, 2024				December 31, 2023
	Interest terms	Rate	Amount
Receivables facility	SOFR1 plus 0.80%	5.86%	$	205.1	$	221.0
Senior secured credit facilities:

Euro term loans B-4	EURIBOR plus 2.50%	5.88%	89.5		630.1
Euro term loans B-5	EURIBOR plus 2.00%	5.38%	350.3		350.4

U.S. dollar term loans B-5	SOFR1 plus —%	—%	—		787.6
U.S. dollar term loans B-6	SOFR1 plus 2.00%	6.95%	758.6		—
2.625% secured notes	fixed rate	2.625%	724.2		718.7
3.875% unsecured notes	fixed rate	3.875%	800.0		800.0
3.875% unsecured notes	fixed rate	3.875%	445.6		442.3
4.625% unsecured notes	fixed rate	4.625%	1,550.0		1,550.0
Finance lease liabilities			16.9		68.3
Other			10.0		11.6
Total debt, gross			4,950.2		5,580.0
Less: unamortized deferred financing costs			(29.1)		(43.4)
Total debt			$	4,921.1	$	5,536.6
Classification on balance sheets:
Current portion of debt			$	229.7	$	259.9
Debt, net of current portion			4,691.4		5,276.7

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1.SOFR includes credit spread adjustment.

Interest expense, net includes interest income of $26.8 million and $17.4 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and $62.6 million and $47.4 million for

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the nine months ended September 30, 2024 and September 30, 2023, respectively. The interest income primarily relates to income on our interest rate swaps and cross currency swaps discussed in note 15.

Credit facilities

The following table presents availability under our credit facilities:


(in millions)	September 30, 2024
	Receivables facility		Revolving credit facility		Total
Capacity	$	314.4	$	975.0	$	1,289.4
Undrawn letters of credit outstanding	(14.8)		(3.2)		(18.0)
Outstanding borrowings	(205.1)		—		(205.1)
Unused availability	$	94.5	$	971.8	$	1,066.3

Capacity under the receivables facility is calculated as the lower of eligible borrowing base or facility limit of $400.0 million. Eligible borrowing base is determined as total available accounts receivable less ineligible accounts receivable and other adjustments. At September 30, 2024, total available accounts receivable under the receivables facility were $522.4 million.

In June 2023, we amended the revolving credit facility to increase its funding limit up to $975.0 million and extended the term to June 29, 2028. We capitalized $2.3 million of fees in connection with this transaction.

Senior secured credit facilities

On April 2, 2024, we amended the credit agreement to reprice the U.S. Dollar term loan under our senior secured credit facilities. Pursuant to the agreement, the interest rate applicable to the U.S. Dollar term loan reduced from SOFR plus a spread of 2.25% per annum to SOFR plus a spread of 2.00% per annum. The principal amount of U.S. Dollar term loan outstanding immediately prior to the amendment and the outstanding principal amount of U.S. Dollar term loan immediately following the amendment each totaled $772.4 million. The final stated maturity of the U.S. Dollar term loan remains November 6, 2027. The costs to complete the amendment were not material.

During the quarter ended September 30, 2024, we made prepayment of $179.6 million on our Euro term loan B-4 that matures on June 10, 2028. In connection with this prepayment, we expensed $2.1 million of previously unamortized deferred financing costs as a loss on extinguishment of debt.

Debt covenants

Our debt agreements include representations and covenants that we consider usual and customary, and our receivables facility and senior secured credit facilities include a financial covenant that becomes applicable for periods in which we have drawn more than 35% of our revolving credit facility under the senior secured credit facilities. In this circumstance, we are not permitted to have combined borrowings on our senior secured credit facilities and secured notes in excess of a pro forma net leverage ratio, as defined in our credit agreements. As we had not drawn more than 35% of our revolving credit facility in this period, this covenant was not applicable at September 30, 2024.

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11. Accumulated other comprehensive income or loss

The following table presents changes in the components of AOCI:


(in millions)	Foreign currency translation		Derivative instruments		Defined benefit plans		Total
Balance at June 30, 2024	$	(119.5)	$	11.3	$	0.9	$	(107.3)
Unrealized gain (loss)	33.8		(0.9)		(0.2)		32.7
Reclassification of gain into earnings	—		(14.1)		—		(14.1)
Change due to income taxes	11.2		3.6		—		14.8
Balance at September 30, 2024	$	(74.5)	$	(0.1)	$	0.7	$	(73.9)

Balance at June 30, 2023	$	(100.4)	$	21.9	$	6.6	$	(71.9)
Unrealized (loss) gain	(30.4)		8.0		(0.9)		(23.3)
Reclassification of gain into earnings	—		(8.4)		—		(8.4)
Change due to income taxes	(7.9)		0.1		0.3		(7.5)
Balance at September 30, 2023	$	(138.7)	$	21.6	$	6.0	$	(111.1)

Balance at December 31, 2023	$	(82.8)	$	12.6	$	1.2	$	(69.0)
Unrealized gain (loss)	5.7		14.3		(0.6)		19.4
Reclassification of gain into earnings	—		(31.0)		—		(31.0)
Change due to income taxes	2.6		4.0		0.1		6.7
Balance at September 30, 2024	$	(74.5)	$	(0.1)	$	0.7	$	(73.9)

Balance at December 31, 2022	$	(131.3)	$	19.9	$	11.1	$	(100.3)
Unrealized (loss) gain	(4.8)		24.7		(6.6)		13.3
Reclassification of gain into earnings	—		(22.5)		—		(22.5)
Change due to income taxes	(2.6)		(0.5)		1.5		(1.6)
Balance at September 30, 2023	$	(138.7)	$	21.6	$	6.0	$	(111.1)

The reclassifications effects shown above were immaterial to the financial statements and were made to either cost of sales, SG&A expense or interest expense depending upon the nature of the underlying transaction. The income tax effects in the three and nine months ended September 30, 2024 on foreign currency translation were due to our net investment hedge and cross-currency swap discussed in note 15.

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12. Stock-based compensation

The following table presents the components of stock-based compensation expense:


(in millions)	Award Classification	Three months ended September 30,				Nine months ended September 30,
		2024		2023		2024		2023
Stock options	Equity	$	2.5	$	3.0	$	8.2	$	10.2
RSUs	Equity	8.3		6.5		25.9		20.7
Other	Both	1.1		0.3		1.6		0.8
Total		$	11.9	$	9.8	$	35.7	$	31.7
Award classification:
Equity		$	11.3	$	9.7	$	35.3	$	31.6
Liability		0.6		0.1		0.4		0.1

At September 30, 2024, unvested awards under our plans have remaining stock-based compensation expense of $85.5 million to be recognized over a weighted average period of 1.7 years.

Stock options

The following table presents information about outstanding stock options:


(options and intrinsic value in millions)	Number of options	Weighted average exercise price per option		Aggregate intrinsic value		Weighted average remaining term
Balance at December 31, 2023	16.4	$	21.37
Granted	0.7	24.14
Exercised	(3.0)	20.71
Forfeited	(1.6)	19.31
Balance at September 30, 2024	12.5	$	21.93	$	55.4	5.1 years
Expected to vest	2.5	25.46		3.9		8.4 years
Vested	10.0	21.07		51.5		4.3 years

During the nine months ended September 30, 2024, we granted stock options that have a contractual life of ten years and will vest annually over three years, subject to the recipient continuously providing service to us through such date.

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RSUs

The following table presents information about unvested RSUs:


(awards in millions)	Number of awards	Weighted average grant date fair value per award
Balance at December 31, 2023	4.0	$	26.35
Granted	2.2	25.66
Vested	(1.1)	25.49
Forfeited	(0.5)	28.29
Balance at September 30, 2024	4.6	$	26.68

During the nine months ended September 30, 2024, we granted RSUs that will vest annually over three years, subject to the recipient continuously providing service to us throughout the vesting period. Certain of those awards contain performance and market conditions that impact the number of shares that will ultimately vest. We recorded expense on such awards of $1.8 million and $1.7 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and $6.6 million and $3.5 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.

13. Other income or expense, net

The following table presents the components of other income or expense, net:


(in millions)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net foreign currency gain from financing activities	$	—	$	0.5	$	1.8	$	2.3
Income related to defined benefit plans	0.7		0.3		1.6		1.0
Other	—		(0.1)		—		—
Other income, net	$	0.7	$	0.7	$	3.4	$	3.3

14. Income taxes

The following table presents the relationship between income tax expense and income before income taxes:


(in millions)	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Income before income taxes	$	74.5		$	136.5		$	269.7		$	291.0
Income tax expense	(16.7)			(28.1)			(58.6)			(68.4)
Effective income tax rate	22.4		%	20.6		%	21.7		%	23.5		%

Income tax expense in the quarter is based upon the estimated income for the full year. The composition of the income in different countries and adjustments, if any, in the applicable quarterly periods influences our expense.

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The relationship between pre-tax income and income tax expense is affected by the impact of losses for which we cannot claim a tax benefit, non-deductible expenses, and other items that increase tax expense without a relationship to income, such as withholding taxes and changes with respect to uncertain tax positions.

The change in the effective tax rate for the three and nine months ended September 30, 2024 when compared to the three and nine months ended September 30, 2023, is primarily due to an increase in foreign benefit in the third quarter of 2023, as well as a reduced impact of a limitation on the tax deduction of executive compensation expenses in 2024, respectively.

15. Derivative and hedging activities

Hedging instruments:

We engage in hedging activities to reduce our exposure to foreign currency exchange rates and interest rates. Our hedging activities are designed to manage specific risks according to our strategies, as summarized below, which may change from time to time. Our hedging activities consist of the following:

•Economic hedges — We are exposed to changes in foreign currency exchange rates on certain of our euro-denominated term loans and notes that move inversely from our portfolio of euro-denominated intercompany loans. The currency effects for these non-derivative instruments are recorded through earnings in the period of change and substantially offset one another;

•Other hedging activities — Certain of our subsidiaries hedge short-term foreign currency denominated business transactions, external debt and intercompany financing transactions using foreign currency forward contracts. These activities were not material to our consolidated financial statements.

Cash flow hedges of interest rate risk

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that an immaterial amount will be reclassified as an increase to interest expense.

As of September 30, 2024, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

(dollars in millions)

Interest rate derivative

Number of instruments

Notional

Interest rate swaps

100.0

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Effect of cash flow hedge accounting on AOCI

The table below presents the effect of cash flow hedge accounting on AOCI for the three and nine months ended September 30, 2024 and September 30, 2023.



(in millions)
Hedging relationships	Amount of gain or (loss) recognized in OCI on Derivative								Location of gain or (loss) reclassified from AOCI into income	Amount of gain or (loss) reclassified from AOCI into income
	Three months ended September 30,				Nine months ended September 30,					Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023			2024		2023		2024		2023

Interest rate products	$	(4.0)	$	4.9	$	4.8	$	15.0	Interest expense, net	$	11.0	$	5.2	$	21.5	$	12.7

Total	$	(4.0)	$	4.9	$	4.8	$	15.0		$	11.0	$	5.2	$	21.5	$	12.7

Effect of cash flow hedge accounting on the income statement

The table below presents the effect of our derivative financial instruments on the statement of operations for the three and nine months ended September 30, 2024 and September 30, 2023.


	Three months ended September 30,		Nine months ended September 30,
	2024			2023		2024		2023
(in millions)	Interest expense, net			Interest expense, net		Interest expense, net		Interest expense, net
Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded	$	(48.7)		$	(72.4)	$	(173.9)	$	(219.5)



Amount of gain reclassified from AOCI into income	$	11.0		$	5.2	$	21.5	$	12.7

During the quarter ended September 30, 2024, the hedging relationship between our $750.0 million notional value interest rate swap and underlying hedged item became ineffective as the hedged forecast transaction was deemed no longer probable of occurring. Due to the ineffectiveness, hedge accounting was discontinued, which resulted in a $6.2 million gain on the hedged transaction to be reclassified from AOCI into earnings. After the hedging relationship was discontinued, we terminated the interest rate swap and monetized $6.2 million of cash proceeds, which were received in October 2024.

Net investment hedges

We are exposed to fluctuations in foreign exchange rates on investments we hold in foreign entities, specifically our net investment in Avantor Holdings B.V., a EUR-functional-currency consolidated subsidiary, against the risk of changes in the EUR-USD exchange rate.

For derivatives designated as net investment hedges, the gain or loss on the derivative is reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated.

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As of September 30, 2024, we had the following outstanding foreign currency derivatives that were used to hedge net investments in foreign operations:


(value in millions)
Foreign currency derivative	Number of instruments	Notional sold		Notional purchased
Cross-currency swaps	1	€	732.1	$	750.0

Effect of net investment hedges on AOCI and the income statement

The table below presents the effect of our net investment hedges on AOCI and the statement of operations for the three and nine months ended September 30, 2024 and September 30, 2023.


Effect of Net Investment Hedges on AOCI and the Income Statement
(in millions)
Hedging relationships	Amount of gain or (loss) recognized in OCI on Derivative				Location of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)	Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
	Three months ended September 30,					Three months ended September 30,
	2024		2023				2024		2023
Three months ended:
Cross currency swaps	$	(26.3)	$	22.8		Interest expense, net	$	3.1	$	3.2
Total	$	(26.3)	$	22.8			$	3.1	$	3.2
Nine months ended:
Cross currency swaps	$	2.0	$	9.6		Interest expense, net	$	9.5	$	9.5
Total	$	2.0	$	9.6			$	9.5	$	9.5

The Company did not reclassify any other deferred gains or losses related to cash flow hedges from accumulated other comprehensive income (loss) to earnings for the three and nine months ended September 30, 2024 and September 30, 2023 other than those mentioned above.

The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2024 and December 31, 2023:

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	Derivative assets						Derivative liabilities
	September 30, 2024			December 31, 2023			September 30, 2024			December 31, 2023
(in millions)	Balance sheet location	Fair value		Balance sheet location	Fair value		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Interest rate products	Other current assets	$	—	Other current assets	$	16.6	Other current liabilities	$	(0.1)	Other current liabilities	$	—
Foreign exchange products	Other current assets	—		Other current assets	—		Other current liabilities	(62.7)		Other current liabilities	(55.2)
Total		$	—		$	16.6		$	(62.8)		$	(55.2)

Non-derivative financial instruments which are designated as hedging instruments:

We designated all of our outstanding €400.0 million 3.875% senior unsecured notes, issued on July 17, 2020, and maturing on July 15, 2028, as a hedge of our net investment in certain of our European operations. For instruments that are designated and qualify as net investment hedges, the foreign currency transactional gains or losses are reported as a component of AOCI. The gains or losses would be reclassified into earnings upon a liquidation event or deconsolidation of a hedged foreign subsidiary.

Net investment hedge effectiveness is assessed based upon the change in the spot rate of the foreign currency denominated debt. The critical terms of the foreign currency notes match the portion of the net investments designated as being hedged. At September 30, 2024, the net investment hedge was equal to the designated portion of the European operations and was considered to be perfectly effective.

In October 2024, the Company de-designated these outstanding €400.0 million 3.875% senior unsecured notes as a hedge of our net investment in certain of our European operations. The de-designation will have no impact on earnings as the accumulated gain on the net investment hedge is only reclassified into earnings upon a liquidation event or deconsolidation of a hedged foreign subsidiary.

The accumulated gain related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of AOCI was $6.0 million and $9.3 million as of September 30, 2024 and December 31, 2023, respectively.

The amount of loss (gain) related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of other comprehensive income or loss for the three and nine months ended September 30, 2024 and September 30, 2023 are presented below:


(in millions)	Three months ended September 30,				Nine months ended September 30,
(in millions)	2024		2023		2024		2023
Net investment hedges	$	17.0	$	(13.5)	$	3.3	$	(4.2)

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16. Financial instruments and fair value measurements

Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and debt.

Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. As discussed in note 1, during the second quarter of 2023, property, plant and equipment, customer relationships and developed technology related to the Ritter asset group were deemed to be impaired and their carrying values were reduced to estimated fair values of $25.9 million, $31.4 million and $19.3 million, respectively. This was the result of an impairment charge of $160.8 million. The Company estimates the fair value of the Ritter asset group using Level 3 inputs, which included a discounted cash flow analysis.

Assets and liabilities for which fair value is only disclosed

The carrying amount of cash and cash equivalents was the same as its fair value and is a Level 1 measurement. The carrying amounts for trade accounts receivable and accounts payable approximated fair value due to their short-term nature and are Level 2 measurements.

The following table presents the gross amounts, which exclude unamortized deferred financing costs, and the fair values of debt instruments:


(in millions)	September 30, 2024				December 31, 2023
	Gross amount		Fair value		Gross amount		Fair value
Receivables facility	$	205.1	$	205.1	$	221.0	$	221.0
Senior secured credit facilities:

Euro term loans B-4	89.5		90.1		630.1		630.9
Euro term loans B-5	350.3		351.8		350.4		351.1

U.S. dollar term loans B-5	—		—		787.6		791.0
U.S. dollar term loans B-6	758.6		763.8		—		—
2.625% secured notes	724.2		718.0		718.7		705.3
3.875% unsecured notes	800.0		758.0		800.0		727.3
3.875% unsecured notes	445.6		444.7		442.3		434.3
4.625 % unsecured notes	1,550.0		1,516.2		1,550.0		1,489.1
Finance lease liabilities	16.9		16.9		68.3		68.3
Other	10.0		10.0		11.6		11.6
Total	$	4,950.2	$	4,874.6	$	5,580.0	$	5,429.9

The fair values of debt instruments are based on standard pricing models that take into account the present value of future cash flows, and in some cases private trading data, which are level 2 measurements.

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17. Assets held for sale

The Company completed the sale of its Clinical Services business, a component of the Company’s Laboratory Solutions reportable segment, on October 17, 2024, pursuant to a definitive agreement that was signed on August 16, 2024. The Company received gross proceeds of approximately $595.0 million, which are subject to customary post-closing adjustments. We expect the sale to generate approximately $500.0 million of cash proceeds after taxes and transaction costs. The Clinical Services business has not been classified as a discontinued operation as it did not represent a strategic shift that will have a major effect on the Company’s operations and financial results.

Assets and liabilities held for sale on the balance sheet, subject to this agreement, were approximately $216.5 million and $101.7 million, respectively, as of September 30, 2024.

Item 2. Management’s discussion and analysis of financial condition and results of operations

This discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results may differ materially from those contained in or implied by any forward-looking statements. See “Cautionary factors regarding forward-looking statements.”

Basis of presentation

This discussion should be read in conjunction with the accompanying condensed consolidated financial statements and notes. Pursuant to SEC rules for reports covering interim periods, we have prepared this discussion and analysis to enable you to assess material changes in our financial condition and results of operations since December 31, 2023, the date of our Annual Report. Therefore, we encourage you to read this discussion and analysis in conjunction with our Annual Report.

Overview

During the three months ended September 30, 2024, we recorded net sales of $1,714.4 million, net income of $57.8 million, Adjusted EBITDA of $302.5 million and Adjusted Operating Income of $274.8 million. Net sales decreased by 0.3%, which included a 0.7% decline in organic sales compared to the same period in 2023. See “Reconciliations of non-GAAP measures” for reconciliations of net income to Adjusted EBITDA and Adjusted Operating Income, and net income margin to Adjusted EBITDA margin and Adjusted Operating Income margin. See “Results of operations” for a reconciliation of net sales growth (decline) to organic net sales growth (decline).

Segment Change

Effective January 1, 2024, we changed our operating model and reporting segment structure from three reportable segments to two reportable segments, Laboratory Solutions and Bioscience Production. This structure aligns with how our Chief Executive Officer, who is our chief operating decision maker, measures segment operating performance and allocate resources across our operating segments. This reportable segment change has no impact on our consolidated operating results.

In connection with the operating model and reporting structure change, our chief operating decision maker changed the measure used to evaluate segment profitability from Adjusted EBITDA to Adjusted Operating Income. All disclosures relating to segment profitability, including those for comparative periods, have been revised as a result of this change.

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Factors and current trends affecting our business and results of operations

The following updates the factors and current trends disclosed in our Annual Report. These updates may affect our performance and financial condition in future periods.

Our business continues to be impacted by the transition from the global coronavirus pandemic

Customer demand and required inventory levels continue to normalize in the transition from the COVID-19 pandemic. For a discussion of this trend and associated economic disruptions, and the actual operational and financial impacts that we experienced through December 31, 2023, see “Part II, Item 7—Management's discussion and analysis of financial condition and results of operations” in our Annual Report.

We have been impacted by supply chain constraints and inflationary pressures

We have experienced inventory fluctuations and build up at customers as a result of global supply chain disruptions and have experienced inflationary pressures across all of our cost categories. While we have implemented pricing and productivity measures to combat these pressures, they may continue to adversely impact our results.

We are implementing a cost transformation initiative to reduce our expenses

We are advancing a global cost transformation initiative to further enhance productivity through increased organizational efficiency, footprint optimization, reduced cost-to-serve and procurement savings that are expected to generate approximately $300 million in run rate cost savings by the end of 2026.

Fluctuations in foreign currency rates impact our results

Our consolidated results of operations are comprised of many different functional currencies that translate into our U.S. Dollar reporting currency. The movement of the U.S. Dollar against those functional currencies, particularly the Euro, has caused significant variability in our results and may continue to do so in the future.

Key indicators of performance and financial condition

To evaluate our performance, we monitor a number of key indicators. As appropriate, we supplement our results of operations determined in accordance with U.S. generally accepted accounting principles (“GAAP”) with certain non-GAAP financial measurements that we believe are useful to investors, creditors and others in assessing our performance. These measures should not be considered in isolation or as a substitute for reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly titled measures reported by other companies. Rather, these measures should be considered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business.

The key indicators that we monitor are as follows:

•Net sales, gross margin, operating income, operating income margin, net income or loss and net income or loss margin. These measures are discussed in the section entitled “Results of operations”;

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•Organic net sales growth, which is a non-GAAP measure discussed in the section entitled “Results of operations.” Organic net sales growth (decline) eliminates from our reported net sales change the impacts of revenues from acquisitions and divestitures that occurred in the last year and changes in foreign currency exchange rates. We believe that this measurement is useful to investors as a way to measure and evaluate our underlying commercial operating performance consistently across our segments and the periods presented. This measurement is used by our management for the same reason. Reconciliations to the change in reported net sales, the most directly comparable GAAP financial measure, are included in the section entitled “Results of operations”;

•Adjusted EBITDA and Adjusted EBITDA margin, which are non-GAAP measures discussed in the section entitled “Results of operations.” Adjusted EBITDA is our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) depreciation expense, (v) losses on extinguishment of debt, (vi) charges associated with the impairment of certain assets, (vii) and certain other adjustments. Adjusted EBITDA margin is Adjusted EBITDA divided by net sales as determined under GAAP. We believe that these measurements are useful as ways to analyze the underlying trends in our business consistently across the periods presented. These measurements are used by our management for the same reason. A reconciliation of net income or loss and net income or loss margin, the most directly comparable GAAP financial measures, to Adjusted EBITDA and Adjusted EBITDA margin, respectively, are included in the section entitled “Reconciliations of non-GAAP measures”;

•Adjusted Operating Income and Adjusted Operating Income margin, which are non-GAAP measures discussed in the section entitled “Results of operations.” Adjusted Operating Income is our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) losses on extinguishment of debt, (v) charges associated with the impairment of certain assets, (vi) and certain other adjustments. This measurement is our segment reporting profitability measure under generally accepted accounting principles. Adjusted Operating Income margin is Adjusted Operating Income divided by net sales as determined under GAAP. We believe that these measurements are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measurements are used by our management for the same reason. A reconciliation of net income or loss and net income or loss margin, the most directly comparable GAAP financial measures, to Adjusted Operating Income and Adjusted Operating Income margin, respectively, are included in the section entitled “Reconciliations of non-GAAP measures”;

•Cash flows from operating activities, which we discuss in the section entitled “Liquidity and capital resources—Historical cash flows”;

•Free cash flow, which is a non-GAAP measure, is equal to our cash flows from operating activities, less capital expenditures, plus the direct costs to close acquisitions and divestitures (including income tax effects, if any) in the period. We believe that this measurement is useful to investors as it provides a view on the Company’s ability to generate cash for use in financing or investing activities. This measurement is used by management for the same reason. A reconciliation of cash flows from operating activities, the most directly comparable GAAP financial measure, to free cash flow, is included in the section entitled “Liquidity and capital resources—Historical cash flows.”

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Results of operations

We present results of operations in the same way that we manage our business, evaluate our performance and allocate our resources. We also provide discussion of net sales and Adjusted Operating Income by segment: Laboratory Solutions and Bioscience Production. Corporate costs are managed on a standalone basis, certain of which are allocated to our reportable segments.

Executive summary


(dollars in millions)	Three months ended September 30,						Change
	2024			2023
Net sales	$	1,714.4		$	1,720.2		$	(5.8)
Gross margin	32.9		%	33.6		%	(70) bps
Operating income	$	124.6		$	210.2		$	(85.6)
Operating income margin	7.3		%	12.2		%	(490) bps
Net income	$	57.8		$	108.4		$	(50.6)
Net income margin	3.4		%	6.3		%	(290) bps
Adjusted EBITDA	$	302.5		$	317.8		$	(15.3)
Adjusted EBITDA margin	17.6		%	18.5		%	(90) bps
Adjusted Operating Income	$	274.8		$	295.0		$	(20.2)
Adjusted Operating Income margin	16.0		%	17.1		%	(110) bps

The third quarter net sales decline was driven by decreases in the Bioscience Production segment primarily due to reduced customer demand. Volume declines and inflationary pressures, partially offset by manufacturing productivity, contributed to contraction in gross profit and gross margin. Lower gross profit and the reset of annual incentive compensation, partially offset by savings from our cost transformation initiative, drove Adjusted EBITDA margin and Adjusted Operating Income margin contraction.

Net Sales

Three months ended


(in millions)	Three months ended September 30,				Reconciliation of net sales growth (decline) to organic net sales growth (decline)
					Net sales growth (decline)		Foreign currency impact		Organic net sales growth (decline)
	2024		2023
Laboratory Solutions	$	1,171.5	$	1,159.1	$	12.4	$	5.3	$	7.1
Bioscience Production	542.9		561.1		(18.2)		1.9		(20.1)
Total	$	1,714.4	$	1,720.2	$	(5.8)	$	7.2	$	(13.0)

Net sales decreased $5.8 million or 0.3%, which included $7.2 million or 0.4% of favorable foreign currency impact. Organic net sales decreased by $13.0 million or 0.7%.

In the Laboratory Solutions segment, net sales increased by $12.4 million or 1.1%, which included $5.3 million or 0.5% of favorable foreign currency impact. Organic net sales increased $7.1 million or 0.6%.

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The sales increase was primarily driven by increased demand in the Education and Advanced Technology end markets.

In the Bioscience Production segment, net sales decreased by $18.2 million or 3.2%, which included $1.9 million or 0.3% of favorable foreign currency impact. Organic net sales decreased by $20.1 million or 3.5%. The sales decline was primarily driven by decreased demand for our proprietary silicones offerings to customers in the healthcare end market and by decreased sales of formulated solutions offerings to customers in the semiconductor industry.

Nine months ended


(in millions)	Nine months ended September 30,				Reconciliation of net sales growth (decline) to organic net sales growth (decline)
					Net sales growth (decline)		Foreign currency impact		Organic net sales growth (decline)
	2024		2023
Laboratory Solutions	$	3,484.3	$	3,555.9	$	(71.6)	$	8.9	$	(80.5)
Bioscience Production	1,612.7		1,688.5		(75.8)		3.6		(79.4)
Total	$	5,097.0	$	5,244.4	$	(147.4)	$	12.5	$	(159.9)

Net sales decreased $147.4 million or 2.8%, which included $12.5 million or 0.2% of favorable foreign currency impact. Organic decline in net sales was $159.9 million or 3.0%.

In the Laboratory Solutions segment, net sales decreased $71.6 million or 2.0%, which included $8.9 million or 0.3% of favorable foreign currency impact. Organic net sales decreased $80.5 million or 2.3%. The sales decline was primarily driven by decreased demand in biopharma and healthcare end markets.

In the Bioscience Production segment, net sales decreased $75.8 million or 4.5%, which included $3.6 million or 0.2% of favorable foreign currency impact. Organic net sales decreased by $79.4 million or 4.7%. The sales decline was primarily driven by decreased demand in biopharma and healthcare end markets.

Gross margin


	Three months ended September 30,				Change	Nine months ended September 30,				Change
	2024		2023			2024		2023
Gross margin	32.9	%	33.6	%	(70) bps	33.7	%	34.2	%	(50) bps

Three and nine months ended

Gross margin for the three months ended September 30, 2024, contracted by 70 basis points due to volume declines and inflationary pressures, partially offset by manufacturing productivity. For the nine months ended September 30, 2024, margin contracted by 50 basis points due to the same drivers as the three-month period.

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Operating income


(in millions)	Three months ended September 30,				Change		Nine months ended September 30,				Change
	2024		2023				2024		2023
Gross profit	$	564.4	$	578.6	$	(14.2)	$	1,716.4	$	1,793.4	$	(77.0)
Operating expenses (excluding impairment charges)	439.8		368.4		71.4		1,269.7		1,119.5		150.2
Impairment charges	—		—		—		—		160.8		(160.8)
Operating income	$	124.6	$	210.2	$	(85.6)	$	446.7	$	513.1	$	(66.4)

Three and nine months ended

Operating income for the three months and nine months ended September 30, 2024, decreased primarily from lower gross profit, as previously discussed, higher operating expenses driven by restructuring and severance charges, transformation expenses, and higher accruals related to incentive compensation.

Net income


(in millions)	Three months ended September 30,				Change		Nine months ended September 30,				Change
	2024		2023				2024		2023
Operating income	$	124.6	$	210.2	$	(85.6)	$	446.7	$	513.1	$	(66.4)
Interest expense, net	(48.7)		(72.4)		23.7		(173.9)		(219.5)		45.6
Loss on extinguishment of debt	(2.1)		(2.0)		(0.1)		(6.5)		(5.9)		(0.6)
Other income, net	0.7		0.7		—		3.4		3.3		0.1
Income tax expense	(16.7)		(28.1)		11.4		(58.6)		(68.4)		9.8
Net income	$	57.8	$	108.4	$	(50.6)	$	211.1	$	222.6	$	(11.5)

Three and nine months ended

Net income decreased primarily due to lower operating income, as previously discussed, partially offset by lower interest expense due to debt repayments made over the last twelve months and lower income tax expense due to lower income before income taxes.

Adjusted EBITDA and Adjusted EBITDA margin

For a reconciliation of Adjusted EBITDA and Adjusted EBITDA margin to net income and net income margin, respectively, the most directly comparable measures under GAAP, see “Reconciliations of non-GAAP financial measures.”


(dollars in millions)	Three months ended September 30,						Change		Nine months ended September 30,						Change
	2024			2023					2024			2023
Adjusted EBITDA	$	302.5		$	317.8		$	(15.3)	$	891.1		$	1,007.0		$	(115.9)





Adjusted EBITDA margin	17.6		%	18.5		%	(90) bps		17.5		%	19.2		%	(170) bps

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Three and nine months ended

For the three months ended September 30, 2024, Adjusted EBITDA decreased by $15.3 million or 4.8%, which included a favorable foreign currency translation impact of $1.3 million or 0.4%. The remaining decline was $16.6 million or 5.2% primarily driven by lower gross profit and the reset of annual incentive compensation, partially offset by savings from our cost transformation initiative.

For the nine months ended September 30, 2024, Adjusted EBITDA decreased by $115.9 million or 11.5%, which included a favorable foreign currency translation impact of $4.3 million or 0.4%.The remaining decline was 120.2 million or 11.9% primarily driven by lower gross profit and the reset of annual incentive compensation, partially offset by savings from our cost transformation initiative.

Adjusted Operating Income and Adjusted Operating Income margin

For a reconciliation of Adjusted Operating Income and Adjusted Operating Income margin to net income and net income margin, respectively, the most directly comparable measures under GAAP, see “Reconciliations of non-GAAP financial measures.”


(dollars in millions)	Three months ended September 30,						Change		Nine months ended September 30,						Change
	2024			2023					2024			2023
Adjusted Operating Income:
Laboratory Solutions	$	151.5		$	159.1		$	(7.6)	$	450.7		$	511.0		$	(60.3)
Bioscience Production	138.1			148.2			(10.1)		409.0			469.9			(60.9)
Corporate	(14.8)			(12.3)			(2.5)		(49.2)			(43.9)			(5.3)
Total	$	274.8		$	295.0		$	(20.2)	$	810.5		$	937.0		$	(126.5)

Adjusted Operating Income margin	16.0		%	17.1		%	(110) bps		15.9		%	17.9		%	(200) bps

Three months ended

Adjusted Operating Income decreased $20.2 million or 6.8%, which included a favorable foreign currency translation impact of $1.2 million or 0.4%. The remaining decline was $21.4 million or 7.2% which is further discussed below.

In the Laboratory Solutions segment, Adjusted Operating Income declined $7.6 million or 4.8%, or 5.2% when adjusted for favorable foreign currency translation impact. The decrease was due to increased operating expenses primarily driven by higher accruals related to incentive compensation and inflationary pressures, partially offset by savings from our cost transformation initiative.

In the Bioscience Production segment, Adjusted Operating Income declined $10.1 million or 6.8%, or 7.1% when adjusted for favorable foreign currency translation impact. The decrease was driven primarily by lower sales volume, unfavorable product mix and higher accruals related to incentive compensation, partially offset by savings from our cost transformation initiative.

In Corporate, Adjusted Operating Income decreased $2.5 million due to immaterial offsetting factors.

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Nine months ended

Adjusted Operating Income decreased $126.5 million or 13.5%, which included an unfavorable foreign currency translation impact of $0.4 million or 0.0%. The remaining decline was $126.1 million or 13.5% which is further discussed below.

In the Laboratory Solutions segment, Adjusted Operating Income declined $60.3 million or 11.8%, or 11.5% when adjusted for unfavorable foreign currency translation impact. The decrease was due to increased operating expenses primarily driven by lower sales volume and higher accruals related to incentive compensation, partially offset by savings from our cost transformation initiative.

In the Bioscience Production segment, Adjusted Operating Income declined $60.9 million or 13.0%, or 13.1% when adjusted for modestly favorable foreign currency translation impact. The decrease was driven primarily by lower sales volume, unfavorable product mix and higher accruals related to incentive compensation, partially offset by savings from our cost transformation initiative.

In Corporate, Adjusted Operating Income decreased $5.3 million due to immaterial offsetting factors.

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Reconciliations of non-GAAP financial measures

The following table presents the reconciliation of net income and net income margin to Adjusted EBITDA and Adjusted EBITDA margin, respectively:


(dollars in millions, % based on net sales)	Three months ended September 30,								Nine months ended September 30,
	2024				2023				2024				2023
	$		%		$		%		$		%		$		%
Net income	$	57.8	3.4	%	$	108.4	6.3	%	$	211.1	4.1	%	$	222.6	4.2	%
Interest expense, net	48.7		2.8	%	72.4		4.2	%	173.9		3.4	%	219.5		4.2	%
Income tax expense	16.7		1.0	%	28.1		1.6	%	58.6		1.2	%	68.4		1.3	%
Depreciation and amortization	102.4		5.9	%	98.0		5.8	%	304.6		5.9	%	301.7		5.7	%
Loss on extinguishment of debt	2.1		0.1	%	2.0		0.1	%	6.5		0.1	%	5.9		0.1	%



Integration-related expenses1	—		—	%	0.2		—	%	—		—	%	8.3		0.2	%

Restructuring and severance charges2	49.4		2.9	%	6.1		0.4	%	82.3		1.7	%	18.0		0.3	%
Transformation expenses3	17.1		1.0	%	—		—	%	46.6		0.9	%	—		—	%
Reserve for certain legal matters4	7.9		0.5	%	3.0		0.1	%	7.9		0.2	%	4.0		0.1	%
Other5	0.4		—	%	(0.4)		—	%	(0.4)		—	%	(2.2)		—	%
Impairment charges6	—		—	%	—		—	%	—		—	%	160.8		3.1	%


Adjusted EBITDA	$	302.5	17.6	%	$	317.8	18.5	%	$	891.1	17.5	%	$	1,007.0	19.2	%

━━━━━━━━━

3.Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

5.Represents net foreign currency (gain) loss from financing activities and other stock-based compensation expense (benefit).

6.As described in note 1 to our unaudited condensed consolidated financial statements.

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The following table presents the reconciliation of net income and net income margin to Adjusted Operating Income and Adjusted Operating Income margin, respectively:


(dollars in millions, % based on net sales)	Three months ended September 30,								Nine months ended September 30,
	2024				2023				2024				2023
	$		%		$		%		$		%		$		%
Net income	$	57.8	3.4	%	$	108.4	6.3	%	$	211.1	4.1	%	$	222.6	4.2	%
Interest expense, net	48.7		2.8	%	72.4		4.2	%	173.9		3.4	%	219.5		4.2	%
Income tax expense	16.7		1.0	%	28.1		1.6	%	58.6		1.2	%	68.4		1.3	%
Loss on extinguishment of debt	2.1		0.1	%	2.0		0.1	%	6.5		0.1	%	5.9		0.1	%
Other income, net	(0.7)		—	%	(0.7)		—	%	(3.4)		(0.1)	%	(3.3)		—	%
Operating income	124.6		7.3	%	210.2		12.2	%	446.7		8.7	%	513.1		9.8	%
Amortization	75.4		4.3	%	75.4		4.4	%	225.6		4.4	%	232.7		4.4	%

Integration-related expenses1	—		—	%	0.2		—	%	—		—	%	8.3		0.2	%
Restructuring and severance charges2	49.4		2.9	%	6.1		0.4	%	82.3		1.7	%	18.0		0.3	%
Transformation expenses3	17.1		1.0	%	—		—	%	46.6		0.9	%	—		—	%
Reserve for certain legal matter4	7.9		0.5	%	3.0		0.1	%	7.9		0.2	%	4.0		0.1	%
Other5	0.4		—	%	0.1		—	%	1.4		—	%	0.1		—	%
Impairment charges6	—		—	%	—		—	%	—		—	%	160.8		3.1	%

Adjusted Operating Income	$	274.8	16.0	%	$	295.0	17.1	%	$	810.5	15.9	%	$	937.0	17.9	%

━━━━━━━━━

3.Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

5.Represents other stock-based compensation expense (benefit).

6.As described in note 1 to our unaudited condensed consolidated financial statements.

Liquidity and capital resources

We fund short-term cash requirements primarily from operating cash flows and credit facilities. Most of our long-term financing is from indebtedness. For the three and nine months ended September 30, 2024, we generated $244.8 million and $667.5 million of cash from operating activities, respectively, ended the quarter with $285.3 million of cash and cash equivalents and our availability under our credit facilities was $1,066.3 million. We have no debt repayments due in the next twelve months other than required term loan payments of $20.1 million and receivables facility borrowing of $205.1 million.

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Liquidity

The following table presents our primary sources of liquidity:


(in millions)	September 30, 2024
	Receivables facility		Revolving credit facility		Total
Unused availability under credit facilities:
Capacity	$	314.4	$	975.0	$	1,289.4
Undrawn letters of credit outstanding	(14.8)		(3.2)		(18.0)
Outstanding borrowings	(205.1)		—		(205.1)
Unused availability	$	94.5	$	971.8	$	1,066.3
Cash and cash equivalents					285.3
Total liquidity					$	1,351.6

Some of our credit line availability depends upon maintaining a sufficient borrowing base of eligible accounts receivable. We believe that we have sufficient capital resources to meet our liquidity needs.

At September 30, 2024, $257.2 million or 90.2% of our $285.3 million in cash and cash equivalents was held by our non-U.S. subsidiaries and may be subject to certain taxes upon repatriation, primarily where foreign withholding taxes apply.

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Historical cash flows

The following table presents a summary of cash provided by (used in) various activities:


(in millions)	Nine months ended September 30,				Change
	2024		2023
Operating activities:
Net income	$	211.1	$	222.6	$	(11.5)
Non-cash items1	355.3		475.3		(120.0)
Working capital changes2	62.3		(10.0)		72.3
All other	38.8		(69.5)		108.3
Total	$	667.5	$	618.4	$	49.1
Investing activities	$	(119.6)	$	(93.7)	$	(25.9)

Capital expenditures	(121.3)		(95.8)		(25.5)

Financing activities	(525.9)		(659.6)		133.7

━━━━━━━━━

1.Consists of typical non-cash charges including depreciation and amortization, impairments, stock-based compensation expense, deferred income tax expense, non-cash restructuring charges and others.

2.Includes changes to our accounts receivable, inventory, contract assets and accounts payable.

Cash flows from operating activities provided $49.1 million more cash in 2024 primarily due to improved working capital and lower outflow of income taxes, partially offset by lower operating income.

Investing activities used $25.9 million more cash in 2024. The change was primarily attributable to an increase in capital expenditures compared to the prior year.

Financing activities used $133.7 million less cash in 2024 primarily due to the lower repayments of term loans in 2024 compared to 2023 and higher proceeds received from stock options exercises in 2024 compared to the prior year.

Free cash flow


(in millions)	Nine months ended September 30,				Change
	2024		2023
Net cash provided by operating activities	$	667.5	$	618.4	$	49.1

Capital expenditures	(121.3)		(95.8)		(25.5)
Free cash flow	$	546.2	$	522.6	$	23.6

Free cash flow was $23.6 million higher in 2024 primarily due to higher cash flow from operating activities as previously discussed, partially offset by an increase in capital spending across the Company in 2024 as noted above.

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Indebtedness

For information about our indebtedness, refer to the section entitled “Liquidity” and note 10 to our unaudited condensed consolidated financial statements included in Part I, Item 1 — “Financial statements.”

Item 3. Quantitative and qualitative disclosures about market risk

Quantitative and qualitative disclosures about market risk appear in Item 7A “Quantitative and qualitative disclosures about market risk” in our Annual Report. There were no material changes during the quarter ended September 30, 2024 to this information as reported in the Annual Report.

Item 4. Controls and procedures

Management’s evaluation of disclosure controls and procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), as of the end of the period covered by this report. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2024, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in internal control over financial reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) during the fiscal quarter ended September 30, 2024, 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

For additional information regarding legal proceedings and matters, see note 9 to our unaudited condensed consolidated financial statements included in Part I, Item 1 — “Financial statements,” in this report, which information is incorporated into this item by reference.

Item 1A. Risk factors

For information regarding factors that could affect the Company's results of operations, financial condition and liquidity, see the risk factors discussed in Part I, Item 1A “Risk Factors” in our Annual Report. There have been no material changes to the risk factors disclosed in Part I, Item 1A “Risk Factors” in our Annual Report.

Item 2. Unregistered sales of equity securities and use of proceeds

None.

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Item 3. Defaults upon senior securities

None.

Item 4. Mine safety disclosures

Not applicable.

Item 5. Other information

Securities Trading Plans of Directors and Officers

Our directors and officers (as defined in Exchange Act Rule 16a-1(f)) may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Securities Exchange Act of 1934. During the quarter ended September 30, 2024, the following plans or arrangements were adopted:

On September 6, 2024, Steven Eck, Senior Vice President and Chief Accounting Officer, adopted a Rule 10b5-1 trading plan (the “Plan”) intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Securities Exchange Act of 1934, pursuant to which he may sell up to (i) 70,459 shares of the Company’s common stock through the exercise of stock options and (ii) 42,924 shares of the Company's common stock, in each case, in amounts and at prices as determined in accordance with the Plan terms. The Plan will terminate on the earlier of August 29, 2025, or the execution of all trades contemplated by the Plan.

No other directors or officers, as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, of the Company adopted or terminated (i) a Rule 10b5-1 trading arrangement, as defined in Item 408(a) under Regulation S-K, or (ii) a non-Rule 10b5-1 trading arrangement, as defined in Item 408(c) under Regulation S-K, during the three months ended September 30, 2024.

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Item 6. Exhibits

Location of exhibits

Exhibit no.

Exhibit description

Form

Exhibit no.

Filing date

31.1

Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)

32.2

Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)

101

XBRL exhibits

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

━━━━━━━━━

* Filled herewith

** Furnished herewith

^ Indicates management contract or compensatory plan, contract or arrangement.

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SIGNATURE

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.


	Avantor, Inc.

Date: October 25, 2024	By:	/s/ Steven Eck
		Name:	Steven Eck
		Title:	Senior Vice President, Chief Accounting Officer (Principal Accounting Officer)

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Stubblefield, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Avantor, 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: October 25, 2024	By:	/s/ Michael Stubblefield
		Name:	Michael Stubblefield
		Title:	President and Chief Executive Officer (Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, R. Brent Jones, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Avantor, Inc.;

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: October 25, 2024	By:	/s/ R. Brent Jones
		Name:	R. Brent Jones
		Title:	Executive Vice President and Chief Financial Officer (Principal Financial Officer)

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 of Avantor, Inc. (the “Company”) for the three months ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Stubblefield, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

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

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


Date: October 25, 2024	By:	/s/ Michael Stubblefield
		Name:	Michael Stubblefield
		Title:	President and Chief Executive Officer (Principal Executive Officer)

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 of Avantor, Inc. (the “Company”) for the three months ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, R. Brent Jones, Executive Vice President, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

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

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


Date: October 25, 2024	By:	/s/ R. Brent Jones
		Name:	R. Brent Jones
		Title:	Executive Vice President and Chief Financial Officer (Principal Financial Officer)

Document and entity information - shares	9 Months Ended
Document and entity information - shares	Sep. 30, 2024	Oct. 21, 2024
Cover [Abstract]
Document Type	10-Q
Amendment flag	false
Document quarterly report	true
Document Period End Date	Sep. 30, 2024
Document transition report	false
Entity file number	001-38912
Entity Registrant Name	Avantor, Inc.
Entity incorporation state or country code	DE
Entity tax identification number	82-2758923
Entity Address, Address Line One	Radnor Corporate Center, Building One, Suite 200
Entity Address, Address Line Two	100 Matsonford Road
Entity Address, City or Town	Radnor
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
Entity central index key	0001722482
Current fiscal year end date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document fiscal year focus	2024
Document fiscal period focus	Q3
Entity common stock, shares outstanding		680,613,800
Local Phone Number	386-1700
City Area Code	610
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	AVTR
Security Exchange Name	NYSE

Unaudited condensed consolidated balance sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 285.3	$ 262.9
Accounts receivable, net of allowances of $32.5 and $35.0	1,087.7	1,150.2
Inventory	779.6	828.1
Other current assets	135.6	143.7
Assets held for sale (see note 17)	216.5	0.0
Total current assets	2,504.7	2,384.9
Property, plant and equipment, net of accumulated depreciation and impairment charges of $620.9 and $616.9	722.8	737.5
Other intangible assets, net (see note 7)	3,522.7	3,775.3
Goodwill, net of accumulated impairment losses of $38.8 and $38.8	5,670.6	5,716.7
Other assets	419.8	358.3
Total assets	12,840.6	12,972.7
Liabilities and stockholders’ equity
Current portion of debt	229.7	259.9
Accounts payable	673.5	625.9
Employee-related liabilities	183.3	133.1
Accrued interest	39.9	50.2
Other current liabilities	401.7	411.2
Liabilities held for sale (see note 17)	101.7	0.0
Total current liabilities	1,629.8	1,480.3
Debt, net of current portion	4,691.4	5,276.7
Deferred income tax liabilities	547.3	612.8
Other liabilities	418.9	350.3
Total liabilities	7,287.4	7,720.1
Commitments and contingencies (see note 9)
Common stock including paid-in capital, 680.6 and 676.6 shares issued and outstanding	3,924.5	3,830.1
Accumulated earnings	1,702.6	1,491.5
Accumulated other comprehensive loss	(73.9)	(69.0)
Total stockholders’ equity	5,553.2	5,252.6
Total liabilities and stockholders’ equity	$ 12,840.6	$ 12,972.7

Unaudited condensed consolidated balance sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net of allowances of $32.5 and $35.0	$ 32.5	$ 35.0
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	620.9	616.9
Accumulated impairment losses	$ 38.8	$ 38.8
Common stock, shares, issued (in shares)	680.6	676.6
Common stock, shares, outstanding (in shares)	680.6	676.6

Unaudited condensed consolidated statements of operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,714.4	$ 1,720.2	$ 5,097.0	$ 5,244.4
Cost of sales	1,150.0	1,141.6	3,380.6	3,451.0
Gross profit	564.4	578.6	1,716.4	1,793.4
Selling, general and administrative expenses	439.8	368.4	1,269.7	1,119.5
Impairment charges	0.0	0.0	0.0	160.8
Operating income	124.6	210.2	446.7	513.1
Interest expense, net	(48.7)	(72.4)	(173.9)	(219.5)
Loss on extinguishment of debt	(2.1)	(2.0)	(6.5)	(5.9)
Other income, net	0.7	0.7	3.4	3.3
Income before income taxes	74.5	136.5	269.7	291.0
Income tax expense	(16.7)	(28.1)	(58.6)	(68.4)
Net income	$ 57.8	$ 108.4	$ 211.1	$ 222.6
Earnings per share:
Basic	$ 0.08	$ 0.16	$ 0.31	$ 0.33
Diluted	$ 0.08	$ 0.16	$ 0.31	$ 0.33
Weighted average shares outstanding:
Basic	680.3	676.0	679.3	675.4
Diluted	683.0	678.5	682.1	678.1

Unaudited condensed consolidated statements of comprehensive income or loss - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 57.8	$ 108.4	$ 211.1	$ 222.6
Other comprehensive income (loss):
Foreign currency translation — unrealized gain (loss)	33.8	(30.4)	5.7	(4.8)
Derivative instruments:
Unrealized (loss) gain	(0.9)	8.0	14.3	24.7
Reclassification of gain into earnings	(14.1)	(8.4)	(31.0)	(22.5)
Defined benefit plans:
Activity related to defined benefit plans	(0.2)	(0.9)	(0.6)	(6.6)
Other comprehensive income (loss) before income taxes	18.6	(31.7)	(11.6)	(9.2)
Income tax effect	14.8	(7.5)	6.7	(1.6)
Other comprehensive income (loss)	33.4	(39.2)	(4.9)	(10.8)
Comprehensive income	$ 91.2	$ 69.2	$ 206.2	$ 211.8

Unaudited condensed consolidated statements of stockholders' equity or deficit - shares shares in Millions	Common stock including paid-in capital shares
Beginning balance (in shares) at Dec. 31, 2022	674.3
Stock option exercises and other common stock transactions (in shares)	2.0
Ending balance (in shares) at Sep. 30, 2023	676.3
Beginning balance (in shares) at Jun. 30, 2023	675.7
Stock option exercises and other common stock transactions (in shares)	0.6
Ending balance (in shares) at Sep. 30, 2023	676.3
Beginning balance (in shares) at Dec. 31, 2023	676.6
Stock option exercises and other common stock transactions (in shares)	4.0
Ending balance (in shares) at Sep. 30, 2024	680.6
Beginning balance (in shares) at Jun. 30, 2024	679.6
Stock option exercises and other common stock transactions (in shares)	1.0
Ending balance (in shares) at Sep. 30, 2024	680.6

Unaudited condensed consolidated statements of stockholders' equity - amounts - USD ($) $ in Millions	Total	Common stock including paid-in capital	Accumulated earnings	AOCI
Beginning balance at Dec. 31, 2022	$ 4,855.4	$ 3,785.3	$ 1,170.4	$ (100.3)
Comprehensive income (loss)	211.8		222.6	(10.8)
Stock-based compensation expense	31.6	31.6
Stock option exercises and other common stock transactions	0.6	0.6
Ending balance at Sep. 30, 2023	5,099.4	3,817.5	1,393.0	(111.1)
Beginning balance at Jun. 30, 2023	5,011.3	3,798.6	1,284.6	(71.9)
Comprehensive income (loss)	69.2		108.4	(39.2)
Stock-based compensation expense	9.7	9.7
Stock option exercises and other common stock transactions	9.2	9.2
Ending balance at Sep. 30, 2023	5,099.4	3,817.5	1,393.0	(111.1)
Beginning balance at Dec. 31, 2023	5,252.6	3,830.1	1,491.5	(69.0)
Comprehensive income (loss)	206.2		211.1	(4.9)
Stock-based compensation expense	35.3	35.3
Stock option exercises and other common stock transactions	59.1	59.1
Ending balance at Sep. 30, 2024	5,553.2	3,924.5	1,702.6	(73.9)
Beginning balance at Jun. 30, 2024	5,435.0	3,897.5	1,644.8	(107.3)
Comprehensive income (loss)	91.2		57.8	33.4
Stock-based compensation expense	11.3	11.3
Stock option exercises and other common stock transactions	15.7	15.7
Ending balance at Sep. 30, 2024	$ 5,553.2	$ 3,924.5	$ 1,702.6	$ (73.9)

Unaudited condensed consolidated statements of cash flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 211.1	$ 222.6
Reconciling adjustments:
Depreciation and amortization	304.6	301.7
Impairment charges	0.0	160.8
Stock-based compensation expense	35.7	31.7
Non-cash restructuring charges (see note 8)	16.4	0.0
Provision for accounts receivable and inventory	55.8	62.5
Deferred income tax benefit	(75.3)	(94.1)
Amortization of deferred financing costs	8.6	9.9
Loss on extinguishment of debt	6.5	5.9
Foreign currency remeasurement loss (gain)	3.0	(3.1)
Changes in assets and liabilities:
Accounts receivable	34.2	55.1
Inventory	(21.5)	9.1
Accounts payable	41.9	(95.8)
Accrued interest	(16.5)	(10.3)
Other assets and liabilities	63.0	(38.5)
Other	0.0	0.9
Net cash provided by operating activities	667.5	618.4
Cash flows from investing activities:
Capital expenditures	(121.3)	(95.8)
Other	1.7	2.1
Net cash used in investing activities	(119.6)	(93.7)
Cash flows from financing activities:
Debt repayments	(585.0)	(657.9)
Payments of debt refinancing fees and premiums	0.0	(2.3)
Proceeds received from exercise of stock options	67.3	14.1
Shares repurchased to satisfy employee tax obligations for vested stock-based awards	(8.2)	(13.5)
Net cash used in financing activities	(525.9)	(659.6)
Effect of currency rate changes on cash and cash equivalents	0.6	(1.3)
Net change in cash, cash equivalents and restricted cash	22.6	(136.2)
Cash, cash equivalents and restricted cash, beginning of period	287.7	396.9
Cash, cash equivalents and restricted cash, end of period	$ 310.3	$ 260.7

Nature of operations and presentation of financial statements	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations and presentation of financial statements	1. Nature of operations and presentation of financial statements We are a global manufacturer and distributor that provides products and services to customers in the biopharmaceutical, healthcare, education & government and advanced technologies & applied materials industries. Basis of presentation The accompanying condensed consolidated financial statements have been prepared pursuant to SEC regulations whereby certain information normally included in GAAP financial statements has been condensed or omitted. The financial information presented herein reflects all adjustments (consisting only of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are not necessarily indicative of the results to be expected for the full year. We believe that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. Those audited consolidated financial statements include a summary of our significant accounting policies. Principles of consolidation All intercompany balances and transactions have been eliminated from the financial statements. Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ from those estimates. Segment Reporting Effective January 1, 2024, we changed our operating model and reporting segment structure from three reportable segments to two reportable segments: Laboratory Solutions and Bioscience Production. This structure aligns with how our Chief Executive Officer, who is our chief operating decision maker, measures segment operating performance and allocates resources across our operating segments. Asset impairment - Ritter The Company’s long-lived assets include property, plant and equipment, finite-lived intangible assets and certain other assets. For impairment testing purposes, long-lived assets may be grouped with working capital and other types of assets or liabilities if they generate cash flows on a combined basis. We evaluate long-lived assets or asset groups for impairment whenever events or changes in circumstances indicate a potential inability to recover their carrying amounts. The test to determine if long-lived assets or asset groups are impaired first compares their carrying values to their estimated undiscounted future cash flows. If the carrying values exceed the estimated undiscounted cash flows, an impairment charge is calculated as the amount that the carrying values exceed their fair values. In the second quarter of 2023, persistently high customer inventory in the end markets served by Ritter and an overall slowdown in research activity caused Ritter’s revenue to decline compared to prior expectations. Due to these circumstances, we performed an impairment test of the Ritter asset group, which resulted in a fair value that was lower than its carrying value. As a result, we recorded impairment charges of $106.4 million on Ritter’s finite-lived intangible assets and $54.4 million on Ritter’s property, plant & equipment in the second quarter of 2023. These charges impacted our Laboratory Solutions reportable segment. Our impairment test was performed as of June 30, 2023 and utilized our then latest estimates of Ritter’s projected cash flows, including revenues, gross margin, SG&A expenses, capital expenditures to maintain the acquired assets, and investments in debt free net working capital, as well as current market assumptions for the discount rate. We have not identified any further events or changes in circumstances that would indicate a potential inability to recover the remaining carrying amounts of the Ritter asset group following the recognition of the impairment charges in the second quarter of 2023.

New accounting standards and climate change related update by SEC	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
New accounting standards and climate change related update by SEC	2. New accounting standards and climate change related update by SEC Segment Reporting In November 2023, the FASB issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures, which amends the existing segment reporting guidance (ASC Topic 280) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company will first apply this standard to its annual disclosures for the year ending December 31, 2024, which we expect will result in additional disclosures in the Company’s segment financial information footnote, primarily through enhanced disclosure about significant segment expenses. Income Taxes In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures, which amends the existing income taxes guidance (ASC Topic 740) to require additional disclosures surrounding annual rate reconciliation, income taxes paid and other income tax related disclosures. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our financial statement disclosures. Other There were no other new accounting standards that we expect to have a material impact on our financial position or results of operations upon adoption. Adoption of rules to enhance and standardize climate-related disclosures for Investors On March 6, 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports. On April 4, 2024, the SEC issued an order staying the final rules pending completion of judicial review of the petitions challenging the final rules. The order does not amend the compliance dates contemplated by the final rules, which are applicable to the Company for fiscal years beginning with the Company’s annual report on Form 10-K for the fiscal year ending December 31, 2025. We are currently evaluating the impact of our pending adoption of these requirements on our financial statement disclosures.

Earnings per share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

3. Earnings per share

The following table presents the reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2024:


(in millions, except per share data)	Three months ended September 30, 2024					Nine months ended September 30, 2024
	Earnings (numerator)		Weighted average shares outstanding (denominator)	Earnings per share		Earnings (numerator)		Weighted average shares outstanding (denominator)	Earnings per share
Basic	$	57.8	680.3	$	0.08	$	211.1	679.3	$	0.31
Dilutive effect of stock-based awards	—		2.7			—		2.8

Diluted	$	57.8	683.0	$	0.08	$	211.1	682.1	$	0.31

The following table presents the reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2023:


(in millions, except per share data)	Three months ended September 30, 2023						Nine months ended September 30, 2023
	Earnings (numerator)		Weighted average shares outstanding (denominator)		Earnings per share		Earnings (numerator)		Weighted average shares outstanding (denominator)	Earnings per share
Basic	$	108.4	676.0		$	0.16	$	222.6	675.4	$	0.33
Dilutive effect of stock-based awards	—		2.5				—		2.7

Diluted	$	108.4	$	678.5	$	0.16	$	222.6	678.1	$	0.33

Segment financial information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment financial information

4. Segment financial information

The following table presents information by reportable segment:


(in millions)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net sales:
Laboratory Solutions	$	1,171.5	$	1,159.1	$	3,484.3	$	3,555.9
Bioscience Production	542.9		561.1		1,612.7		1,688.5
Total	$	1,714.4	$	1,720.2	$	5,097.0	$	5,244.4
Adjusted Operating Income:
Laboratory Solutions	$	151.5	$	159.1	$	450.7	$	511.0
Bioscience Production	138.1		148.2		409.0		469.9
Corporate	(14.8)		(12.3)		(49.2)		(43.9)
Total	$	274.8	$	295.0	$	810.5	$	937.0

The amounts above exclude inter-segment activity because it is not material. All of the net sales for each segment are from external customers.

The following table presents the reconciliation of net income, the nearest measurement under GAAP, to Adjusted Operating Income:


(in millions)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net income	$	57.8	$	108.4	$	211.1	$	222.6
Interest expense, net	48.7		72.4		173.9		219.5
Income tax expense	16.7		28.1		58.6		68.4
Loss on extinguishment of debt	2.1		2.0		6.5		5.9
Other income, net	(0.7)		(0.7)		(3.4)		(3.3)
Operating income	124.6		210.2		446.7		513.1
Amortization	75.4		75.4		225.6		232.7

Integration-related expenses1	—		0.2		—		8.3
Restructuring and severance charges2	49.4		6.1		82.3		18.0
Transformation expenses3	17.1		—		46.6		—
Reserve for certain legal matters4	7.9		3.0		7.9		4.0
Other5	0.4		0.1		1.4		0.1
Impairment charges6	—		—		—		160.8

Adjusted Operating Income	$	274.8	$	295.0	$	810.5	$	937.0

━━━━━━━━━

3.Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

5.Represents other stock-based compensation expense (benefit).

6.As described in note 1 to our unaudited condensed consolidated financial statements.

The following table presents net sales by product category:


(in millions)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Proprietary	$	920.5	$	921.8	$	2,718.0	$	2,797.9
Third-party	793.9		798.4		2,379.0		2,446.5
Total	$	1,714.4	$	1,720.2	$	5,097.0	$	5,244.4

Supplemental disclosures of cash flow information

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental disclosures of cash flow information

5. Supplemental disclosures of cash flow information

The following table presents supplemental disclosures of cash balances:


(in millions)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	285.3	$	262.9
Restricted cash classified as other assets	25.0		24.8
Total	$	310.3	$	287.7


(in millions)	Nine months ended September 30,
	2024		2023
Cash flows from operating activities:
Cash paid for income taxes, net	$	128.1	$	195.3
Cash paid for interest, net, excluding financing leases	179.1		214.2
Cash paid for interest on finance leases	3.9		3.8
Cash paid under operating leases	33.5		32.4
Cash flows from financing activities:
Cash paid under finance leases	$	4.5	$	3.8

Inventory

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventory

6. Inventory

The following table presents the components of inventory:


(in millions)	September 30, 2024		December 31, 2023
Merchandise inventory	$	432.3	$	503.5
Finished goods	114.1		91.0
Raw materials	163.2		167.2
Work in process	70.0		66.4
Total	$	779.6	$	828.1

Goodwill and other intangible assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

7. Goodwill and other intangible assets

Goodwill

The following table presents goodwill by our reportable segments, on the effective date of the change:


	Laboratory Solutions		Bioscience Production		Total
Goodwill, gross	$	3,842.0	$	1,913.5	$	5,755.5
Accumulated impairment losses	(18.4)		(20.4)		(38.8)
Goodwill, net	$	3,823.6	$	1,893.1	$	5,716.7

Other intangible assets

The following table presents the components of other intangible assets:


(in millions)	September 30, 2024						December 31, 2023
	Gross value		Accumulated amortization and impairment1		Carrying value		Gross value		Accumulated amortization and impairment1		Carrying value
Customer relationships	$	4,833.9	$	1,831.2	$	3,002.7	$	4,883.2	$	1,670.3	$	3,212.9
Trade names	361.1		243.8		117.3		359.7		228.3		131.4
Other	636.1		325.7		310.4		635.5		296.8		338.7
Total finite-lived	$	5,831.1	$	2,400.7	3,430.4		$	5,878.4	$	2,195.4	3,683.0
Indefinite-lived					92.3						92.3
Total					$	3,522.7					$	3,775.3

━━━━━━━━━

1.As of September 30, 2024 and December 31, 2023, accumulated impairment losses on Customer relationships were $65.9 million and on Other were $40.5 million totaling $106.4 million.

Restructuring

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

The following table presents restructuring and severance expenses by plan:


	Three months ended September 30,				Nine months ended September 30,
(in millions)	2024		2023		2024		2023
2024 restructuring program	$	49.4	$	—	$	82.3	$	—
Other	—		6.1		—		18.0
Total	$	49.4	$	6.1	$	82.3	$	18.0

Restructuring and severance charges are classified as SG&A expenses or cost of sales depending on the nature of the expense.

2024 restructuring program

The following table presents information about expenses under the 2024 restructuring program for the periods covered under this report in which the plan was active:


(in millions)	Three months ended September 30,		Nine months ended September 30,		Charges incurred		Expected remaining charges		Total expected charges
	2024		2024
Employee severance and related	$	39.7	$	64.9	$	64.9	$	10.3	$	75.2
Facility closure	0.4		1.0		1.0		0.3		1.3
Other	9.3		16.4		16.4		5.0		21.4
Total	$	49.4	$	82.3	$	82.3	$	15.6	$	97.9

Laboratory Solutions	$	26.0	$	41.9	$	41.9	$	10.6	$	52.5
Bioscience Production	23.4		39.5		39.5		5.0		44.5
Corporate	—		0.9		0.9		—		0.9
Total	$	49.4	$	82.3	$	82.3	$	15.6	$	97.9

Other charges in the table above primarily relate to the write-downs of the carrying value of assets that we plan to dispose of under the program.

The following table presents changes to accrued employee severance and related expenses under the 2024 restructuring program, which are primarily classified as employee-related current liabilities:


(in millions)	Nine months ended September 30,
	2024
Beginning balance	$	—
Expenses	64.9
Cash payments	(32.6)
Currency translation	0.8
Ending balance	$	33.1

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	9. Commitments and contingencies Our business involves commitments and contingencies related to compliance with environmental laws and regulations, the manufacture and sale of products and litigation. The ultimate resolution of contingencies is subject to significant uncertainty, and it is reasonably possible that contingencies could be decided unfavorably against us. Environmental laws and regulations Our environmental liabilities are subject to changing governmental policy and regulations, discovery of unknown conditions, judicial proceedings, method and extent of remediation, existence of other potentially responsible parties and future changes in technology. We believe that known and unknown environmental matters, if not resolved favorably, could have a material effect on our financial position, liquidity and profitability. Matters to be disclosed are as follows: The New Jersey Department of Environmental Protection has ordered us to remediate groundwater conditions near our plant in Phillipsburg, New Jersey. At September 30, 2024, our accrued obligation under this order is $2.5 million, which is calculated based on expected cash payments discounted at rates ranging from 3.5% to 4.2% between 2024 and 2045. The undiscounted amount of that obligation is $3.7 million. We are indemnified against any losses incurred in this matter as stipulated through the agreement and guaranty referenced in our Annual Report. In 2016, we assessed the environmental condition of our chemical manufacturing site in Gliwice, Poland. Our assessment revealed specific types of soil and groundwater contamination throughout the site. We are also monitoring the condition of a closed landfill on that site. These matters are not covered by our indemnification arrangement because they relate to an operation we subsequently acquired. At September 30, 2024, our balance sheet includes a liability of $1.1 million for remediation and monitoring costs. That liability is estimated primarily on discounted expected remediation payments and is not materially different from its undiscounted amount. Manufacture and sale of products Our business involves risk of product liability, patent infringement and other claims in the ordinary course of business arising from the products that we produce ourselves or obtain from our suppliers, as well as from the services we provide. Our exposure to such claims may increase to the extent that we expand our manufacturing operations or service offerings. We maintain insurance policies to protect us against these risks, including product liability insurance. In many cases the suppliers of products we distribute have indemnified us against such claims. Our insurance coverage or indemnification agreements with suppliers may not be adequate in all pending or any future cases brought against us. Furthermore, our ability to recover under any insurance or indemnification arrangements is subject to the financial viability of our insurers, our suppliers and our suppliers’ insurers, as well as legal enforcement under the local laws governing the arrangements. We have entered into indemnification agreements with customers of our self-manufactured products to protect them from liabilities and losses arising from our negligence, willful misconduct or sale of defective products. To date, we have not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. Litigation At September 30, 2024, there was no outstanding litigation that we believe would result in material losses if decided against us, and we do not believe that there are any unasserted matters that are reasonably possible to result in a material loss.

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

10. Debt

The following table presents information about our debt:


(dollars in millions)	September 30, 2024				December 31, 2023
	Interest terms	Rate	Amount
Receivables facility	SOFR1 plus 0.80%	5.86%	$	205.1	$	221.0
Senior secured credit facilities:

Euro term loans B-4	EURIBOR plus 2.50%	5.88%	89.5		630.1
Euro term loans B-5	EURIBOR plus 2.00%	5.38%	350.3		350.4

U.S. dollar term loans B-5	SOFR1 plus —%	—%	—		787.6
U.S. dollar term loans B-6	SOFR1 plus 2.00%	6.95%	758.6		—
2.625% secured notes	fixed rate	2.625%	724.2		718.7
3.875% unsecured notes	fixed rate	3.875%	800.0		800.0
3.875% unsecured notes	fixed rate	3.875%	445.6		442.3
4.625% unsecured notes	fixed rate	4.625%	1,550.0		1,550.0
Finance lease liabilities			16.9		68.3
Other			10.0		11.6
Total debt, gross			4,950.2		5,580.0
Less: unamortized deferred financing costs			(29.1)		(43.4)
Total debt			$	4,921.1	$	5,536.6
Classification on balance sheets:
Current portion of debt			$	229.7	$	259.9
Debt, net of current portion			4,691.4		5,276.7

━━━━━━━━━

1.SOFR includes credit spread adjustment.

Credit facilities

The following table presents availability under our credit facilities:


(in millions)	September 30, 2024
	Receivables facility		Revolving credit facility		Total
Capacity	$	314.4	$	975.0	$	1,289.4
Undrawn letters of credit outstanding	(14.8)		(3.2)		(18.0)
Outstanding borrowings	(205.1)		—		(205.1)
Unused availability	$	94.5	$	971.8	$	1,066.3

Senior secured credit facilities

Debt covenants

Accumulated other comprehensive income or loss

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated other comprehensive income or loss

11. Accumulated other comprehensive income or loss

The following table presents changes in the components of AOCI:


(in millions)	Foreign currency translation		Derivative instruments		Defined benefit plans		Total
Balance at June 30, 2024	$	(119.5)	$	11.3	$	0.9	$	(107.3)
Unrealized gain (loss)	33.8		(0.9)		(0.2)		32.7
Reclassification of gain into earnings	—		(14.1)		—		(14.1)
Change due to income taxes	11.2		3.6		—		14.8
Balance at September 30, 2024	$	(74.5)	$	(0.1)	$	0.7	$	(73.9)

Balance at June 30, 2023	$	(100.4)	$	21.9	$	6.6	$	(71.9)
Unrealized (loss) gain	(30.4)		8.0		(0.9)		(23.3)
Reclassification of gain into earnings	—		(8.4)		—		(8.4)
Change due to income taxes	(7.9)		0.1		0.3		(7.5)
Balance at September 30, 2023	$	(138.7)	$	21.6	$	6.0	$	(111.1)

Balance at December 31, 2023	$	(82.8)	$	12.6	$	1.2	$	(69.0)
Unrealized gain (loss)	5.7		14.3		(0.6)		19.4
Reclassification of gain into earnings	—		(31.0)		—		(31.0)
Change due to income taxes	2.6		4.0		0.1		6.7
Balance at September 30, 2024	$	(74.5)	$	(0.1)	$	0.7	$	(73.9)

Balance at December 31, 2022	$	(131.3)	$	19.9	$	11.1	$	(100.3)
Unrealized (loss) gain	(4.8)		24.7		(6.6)		13.3
Reclassification of gain into earnings	—		(22.5)		—		(22.5)
Change due to income taxes	(2.6)		(0.5)		1.5		(1.6)
Balance at September 30, 2023	$	(138.7)	$	21.6	$	6.0	$	(111.1)

Stock-based compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

12. Stock-based compensation

The following table presents the components of stock-based compensation expense:


(in millions)	Award Classification	Three months ended September 30,				Nine months ended September 30,
		2024		2023		2024		2023
Stock options	Equity	$	2.5	$	3.0	$	8.2	$	10.2
RSUs	Equity	8.3		6.5		25.9		20.7
Other	Both	1.1		0.3		1.6		0.8
Total		$	11.9	$	9.8	$	35.7	$	31.7
Award classification:
Equity		$	11.3	$	9.7	$	35.3	$	31.6
Liability		0.6		0.1		0.4		0.1

At September 30, 2024, unvested awards under our plans have remaining stock-based compensation expense of $85.5 million to be recognized over a weighted average period of 1.7 years.

Stock options

The following table presents information about outstanding stock options:


(options and intrinsic value in millions)	Number of options	Weighted average exercise price per option		Aggregate intrinsic value		Weighted average remaining term
Balance at December 31, 2023	16.4	$	21.37
Granted	0.7	24.14
Exercised	(3.0)	20.71
Forfeited	(1.6)	19.31
Balance at September 30, 2024	12.5	$	21.93	$	55.4	5.1 years
Expected to vest	2.5	25.46		3.9		8.4 years
Vested	10.0	21.07		51.5		4.3 years

RSUs

The following table presents information about unvested RSUs:


(awards in millions)	Number of awards	Weighted average grant date fair value per award
Balance at December 31, 2023	4.0	$	26.35
Granted	2.2	25.66
Vested	(1.1)	25.49
Forfeited	(0.5)	28.29
Balance at September 30, 2024	4.6	$	26.68

Other income or expense, net

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Other income or expense, net

13. Other income or expense, net

The following table presents the components of other income or expense, net:


(in millions)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net foreign currency gain from financing activities	$	—	$	0.5	$	1.8	$	2.3
Income related to defined benefit plans	0.7		0.3		1.6		1.0
Other	—		(0.1)		—		—
Other income, net	$	0.7	$	0.7	$	3.4	$	3.3

Income taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income taxes

14. Income taxes

The following table presents the relationship between income tax expense and income before income taxes:


(in millions)	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Income before income taxes	$	74.5		$	136.5		$	269.7		$	291.0
Income tax expense	(16.7)			(28.1)			(58.6)			(68.4)
Effective income tax rate	22.4		%	20.6		%	21.7		%	23.5		%

Derivative and hedging activities

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and hedging activities

15. Derivative and hedging activities

Hedging instruments:

Cash flow hedges of interest rate risk

As of September 30, 2024, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

(dollars in millions)

Interest rate derivative

Number of instruments

Notional

Interest rate swaps

100.0

Effect of cash flow hedge accounting on AOCI

The table below presents the effect of cash flow hedge accounting on AOCI for the three and nine months ended September 30, 2024 and September 30, 2023.



(in millions)
Hedging relationships	Amount of gain or (loss) recognized in OCI on Derivative								Location of gain or (loss) reclassified from AOCI into income	Amount of gain or (loss) reclassified from AOCI into income
	Three months ended September 30,				Nine months ended September 30,					Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023			2024		2023		2024		2023

Interest rate products	$	(4.0)	$	4.9	$	4.8	$	15.0	Interest expense, net	$	11.0	$	5.2	$	21.5	$	12.7

Total	$	(4.0)	$	4.9	$	4.8	$	15.0		$	11.0	$	5.2	$	21.5	$	12.7

Effect of cash flow hedge accounting on the income statement

The table below presents the effect of our derivative financial instruments on the statement of operations for the three and nine months ended September 30, 2024 and September 30, 2023.


	Three months ended September 30,		Nine months ended September 30,
	2024			2023		2024		2023
(in millions)	Interest expense, net			Interest expense, net		Interest expense, net		Interest expense, net
Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded	$	(48.7)		$	(72.4)	$	(173.9)	$	(219.5)



Amount of gain reclassified from AOCI into income	$	11.0		$	5.2	$	21.5	$	12.7

Net investment hedges

As of September 30, 2024, we had the following outstanding foreign currency derivatives that were used to hedge net investments in foreign operations:


(value in millions)
Foreign currency derivative	Number of instruments	Notional sold		Notional purchased
Cross-currency swaps	1	€	732.1	$	750.0

Effect of net investment hedges on AOCI and the income statement

The table below presents the effect of our net investment hedges on AOCI and the statement of operations for the three and nine months ended September 30, 2024 and September 30, 2023.


Effect of Net Investment Hedges on AOCI and the Income Statement
(in millions)
Hedging relationships	Amount of gain or (loss) recognized in OCI on Derivative				Location of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)	Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
	Three months ended September 30,					Three months ended September 30,
	2024		2023				2024		2023
Three months ended:
Cross currency swaps	$	(26.3)	$	22.8		Interest expense, net	$	3.1	$	3.2
Total	$	(26.3)	$	22.8			$	3.1	$	3.2
Nine months ended:
Cross currency swaps	$	2.0	$	9.6		Interest expense, net	$	9.5	$	9.5
Total	$	2.0	$	9.6			$	9.5	$	9.5

The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2024 and December 31, 2023:



	Derivative assets						Derivative liabilities
	September 30, 2024			December 31, 2023			September 30, 2024			December 31, 2023
(in millions)	Balance sheet location	Fair value		Balance sheet location	Fair value		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Interest rate products	Other current assets	$	—	Other current assets	$	16.6	Other current liabilities	$	(0.1)	Other current liabilities	$	—
Foreign exchange products	Other current assets	—		Other current assets	—		Other current liabilities	(62.7)		Other current liabilities	(55.2)
Total		$	—		$	16.6		$	(62.8)		$	(55.2)

Non-derivative financial instruments which are designated as hedging instruments:


(in millions)	Three months ended September 30,				Nine months ended September 30,
(in millions)	2024		2023		2024		2023
Net investment hedges	$	17.0	$	(13.5)	$	3.3	$	(4.2)

Financial instruments and fair value measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Financial instruments and fair value measurements

16. Financial instruments and fair value measurements

Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and debt.

Assets and liabilities for which fair value is only disclosed

The following table presents the gross amounts, which exclude unamortized deferred financing costs, and the fair values of debt instruments:


(in millions)	September 30, 2024				December 31, 2023
	Gross amount		Fair value		Gross amount		Fair value
Receivables facility	$	205.1	$	205.1	$	221.0	$	221.0
Senior secured credit facilities:

Euro term loans B-4	89.5		90.1		630.1		630.9
Euro term loans B-5	350.3		351.8		350.4		351.1

U.S. dollar term loans B-5	—		—		787.6		791.0
U.S. dollar term loans B-6	758.6		763.8		—		—
2.625% secured notes	724.2		718.0		718.7		705.3
3.875% unsecured notes	800.0		758.0		800.0		727.3
3.875% unsecured notes	445.6		444.7		442.3		434.3
4.625 % unsecured notes	1,550.0		1,516.2		1,550.0		1,489.1
Finance lease liabilities	16.9		16.9		68.3		68.3
Other	10.0		10.0		11.6		11.6
Total	$	4,950.2	$	4,874.6	$	5,580.0	$	5,429.9

Assets held for sale	9 Months Ended
Assets held for sale	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale	Assets held for sale The Company completed the sale of its Clinical Services business, a component of the Company’s Laboratory Solutions reportable segment, on October 17, 2024, pursuant to a definitive agreement that was signed on August 16, 2024. The Company received gross proceeds of approximately $595.0 million, which are subject to customary post-closing adjustments. We expect the sale to generate approximately $500.0 million of cash proceeds after taxes and transaction costs. The Clinical Services business has not been classified as a discontinued operation as it did not represent a strategic shift that will have a major effect on the Company’s operations and financial results. Assets and liabilities held for sale on the balance sheet, subject to this agreement, were approximately $216.5 million and $101.7 million, respectively, as of September 30, 2024.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 57.8	$ 108.4	$ 211.1	$ 222.6

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of operations and presentation of financial statements (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements have been prepared pursuant to SEC regulations whereby certain information normally included in GAAP financial statements has been condensed or omitted. The financial information presented herein reflects all adjustments (consisting only of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are not necessarily indicative of the results to be expected for the full year. We believe that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. Those audited consolidated financial statements include a summary of our significant accounting policies.
Principles of consolidation	Principles of consolidation All intercompany balances and transactions have been eliminated from the financial statements.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ from those estimates.
Segment Reporting	Segment Reporting Effective January 1, 2024, we changed our operating model and reporting segment structure from three reportable segments to two reportable segments: Laboratory Solutions and Bioscience Production. This structure aligns with how our Chief Executive Officer, who is our chief operating decision maker, measures segment operating performance and allocates resources across our operating segments.
Asset impairment - Ritter	Asset impairment - Ritter The Company’s long-lived assets include property, plant and equipment, finite-lived intangible assets and certain other assets. For impairment testing purposes, long-lived assets may be grouped with working capital and other types of assets or liabilities if they generate cash flows on a combined basis. We evaluate long-lived assets or asset groups for impairment whenever events or changes in circumstances indicate a potential inability to recover their carrying amounts. The test to determine if long-lived assets or asset groups are impaired first compares their carrying values to their estimated undiscounted future cash flows. If the carrying values exceed the estimated undiscounted cash flows, an impairment charge is calculated as the amount that the carrying values exceed their fair values. In the second quarter of 2023, persistently high customer inventory in the end markets served by Ritter and an overall slowdown in research activity caused Ritter’s revenue to decline compared to prior expectations. Due to these circumstances, we performed an impairment test of the Ritter asset group, which resulted in a fair value that was lower than its carrying value. As a result, we recorded impairment charges of $106.4 million on Ritter’s finite-lived intangible assets and $54.4 million on Ritter’s property, plant & equipment in the second quarter of 2023. These charges impacted our Laboratory Solutions reportable segment. Our impairment test was performed as of June 30, 2023 and utilized our then latest estimates of Ritter’s projected cash flows, including revenues, gross margin, SG&A expenses, capital expenditures to maintain the acquired assets, and investments in debt free net working capital, as well as current market assumptions for the discount rate. We have not identified any further events or changes in circumstances that would indicate a potential inability to recover the remaining carrying amounts of the Ritter asset group following the recognition of the impairment charges in the second quarter of 2023.
New accounting standards	Segment Reporting In November 2023, the FASB issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures, which amends the existing segment reporting guidance (ASC Topic 280) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company will first apply this standard to its annual disclosures for the year ending December 31, 2024, which we expect will result in additional disclosures in the Company’s segment financial information footnote, primarily through enhanced disclosure about significant segment expenses. Income Taxes In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures, which amends the existing income taxes guidance (ASC Topic 740) to require additional disclosures surrounding annual rate reconciliation, income taxes paid and other income tax related disclosures. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our financial statement disclosures. Other There were no other new accounting standards that we expect to have a material impact on our financial position or results of operations upon adoption. Adoption of rules to enhance and standardize climate-related disclosures for Investors On March 6, 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports. On April 4, 2024, the SEC issued an order staying the final rules pending completion of judicial review of the petitions challenging the final rules. The order does not amend the compliance dates contemplated by the final rules, which are applicable to the Company for fiscal years beginning with the Company’s annual report on Form 10-K for the fiscal year ending December 31, 2025. We are currently evaluating the impact of our pending adoption of these requirements on our financial statement disclosures.

Earnings per share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Reconciliation of basic and diluted earnings per share

The following table presents the reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2024:


(in millions, except per share data)	Three months ended September 30, 2024					Nine months ended September 30, 2024
	Earnings (numerator)		Weighted average shares outstanding (denominator)	Earnings per share		Earnings (numerator)		Weighted average shares outstanding (denominator)	Earnings per share
Basic	$	57.8	680.3	$	0.08	$	211.1	679.3	$	0.31
Dilutive effect of stock-based awards	—		2.7			—		2.8

Diluted	$	57.8	683.0	$	0.08	$	211.1	682.1	$	0.31

The following table presents the reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2023:


(in millions, except per share data)	Three months ended September 30, 2023						Nine months ended September 30, 2023
	Earnings (numerator)		Weighted average shares outstanding (denominator)		Earnings per share		Earnings (numerator)		Weighted average shares outstanding (denominator)	Earnings per share
Basic	$	108.4	676.0		$	0.16	$	222.6	675.4	$	0.33
Dilutive effect of stock-based awards	—		2.5				—		2.7

Diluted	$	108.4	$	678.5	$	0.16	$	222.6	678.1	$	0.33

Segment financial information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of segment financial information

The following table presents information by reportable segment:


(in millions)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net sales:
Laboratory Solutions	$	1,171.5	$	1,159.1	$	3,484.3	$	3,555.9
Bioscience Production	542.9		561.1		1,612.7		1,688.5
Total	$	1,714.4	$	1,720.2	$	5,097.0	$	5,244.4
Adjusted Operating Income:
Laboratory Solutions	$	151.5	$	159.1	$	450.7	$	511.0
Bioscience Production	138.1		148.2		409.0		469.9
Corporate	(14.8)		(12.3)		(49.2)		(43.9)
Total	$	274.8	$	295.0	$	810.5	$	937.0

The amounts above exclude inter-segment activity because it is not material. All of the net sales for each segment are from external customers.

Reconciliation of segment profitability to consolidated earnings

The following table presents the reconciliation of net income, the nearest measurement under GAAP, to Adjusted Operating Income:


(in millions)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net income	$	57.8	$	108.4	$	211.1	$	222.6
Interest expense, net	48.7		72.4		173.9		219.5
Income tax expense	16.7		28.1		58.6		68.4
Loss on extinguishment of debt	2.1		2.0		6.5		5.9
Other income, net	(0.7)		(0.7)		(3.4)		(3.3)
Operating income	124.6		210.2		446.7		513.1
Amortization	75.4		75.4		225.6		232.7

Integration-related expenses1	—		0.2		—		8.3
Restructuring and severance charges2	49.4		6.1		82.3		18.0
Transformation expenses3	17.1		—		46.6		—
Reserve for certain legal matters4	7.9		3.0		7.9		4.0
Other5	0.4		0.1		1.4		0.1
Impairment charges6	—		—		—		160.8

Adjusted Operating Income	$	274.8	$	295.0	$	810.5	$	937.0

━━━━━━━━━

3.Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

5.Represents other stock-based compensation expense (benefit).

6.As described in note 1 to our unaudited condensed consolidated financial statements.

Schedule of net sales by product line

The following table presents net sales by product category:


(in millions)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Proprietary	$	920.5	$	921.8	$	2,718.0	$	2,797.9
Third-party	793.9		798.4		2,379.0		2,446.5
Total	$	1,714.4	$	1,720.2	$	5,097.0	$	5,244.4

Supplemental disclosures of cash flow information (Tables)

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental disclosures of cash flow information

The following table presents supplemental disclosures of cash balances:


(in millions)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	285.3	$	262.9
Restricted cash classified as other assets	25.0		24.8
Total	$	310.3	$	287.7


(in millions)	Nine months ended September 30,
	2024		2023
Cash flows from operating activities:
Cash paid for income taxes, net	$	128.1	$	195.3
Cash paid for interest, net, excluding financing leases	179.1		214.2
Cash paid for interest on finance leases	3.9		3.8
Cash paid under operating leases	33.5		32.4
Cash flows from financing activities:
Cash paid under finance leases	$	4.5	$	3.8

Inventory (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of inventory components

The following table presents the components of inventory:


(in millions)	September 30, 2024		December 31, 2023
Merchandise inventory	$	432.3	$	503.5
Finished goods	114.1		91.0
Raw materials	163.2		167.2
Work in process	70.0		66.4
Total	$	779.6	$	828.1

Goodwill and other intangible assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill by reportable segment

The following table presents goodwill by our reportable segments, on the effective date of the change:


	Laboratory Solutions		Bioscience Production		Total
Goodwill, gross	$	3,842.0	$	1,913.5	$	5,755.5
Accumulated impairment losses	(18.4)		(20.4)		(38.8)
Goodwill, net	$	3,823.6	$	1,893.1	$	5,716.7

Schedule of components of other intangible assets

The following table presents the components of other intangible assets:


(in millions)	September 30, 2024						December 31, 2023
	Gross value		Accumulated amortization and impairment1		Carrying value		Gross value		Accumulated amortization and impairment1		Carrying value
Customer relationships	$	4,833.9	$	1,831.2	$	3,002.7	$	4,883.2	$	1,670.3	$	3,212.9
Trade names	361.1		243.8		117.3		359.7		228.3		131.4
Other	636.1		325.7		310.4		635.5		296.8		338.7
Total finite-lived	$	5,831.1	$	2,400.7	3,430.4		$	5,878.4	$	2,195.4	3,683.0
Indefinite-lived					92.3						92.3
Total					$	3,522.7					$	3,775.3

━━━━━━━━━

1.As of September 30, 2024 and December 31, 2023, accumulated impairment losses on Customer relationships were $65.9 million and on Other were $40.5 million totaling $106.4 million.

Restructuring (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of restructuring and severance charges

The following table presents restructuring and severance expenses by plan:


	Three months ended September 30,				Nine months ended September 30,
(in millions)	2024		2023		2024		2023
2024 restructuring program	$	49.4	$	—	$	82.3	$	—
Other	—		6.1		—		18.0
Total	$	49.4	$	6.1	$	82.3	$	18.0

Restructuring and severance charges are classified as SG&A expenses or cost of sales depending on the nature of the expense.

2024 restructuring program

The following table presents changes to accrued employee severance and related expenses under the 2024 restructuring program, which are primarily classified as employee-related current liabilities:


(in millions)	Nine months ended September 30,
	2024
Beginning balance	$	—
Expenses	64.9
Cash payments	(32.6)
Currency translation	0.8
Ending balance	$	33.1

Schedule of restructuring reserve by type of cost

The following table presents information about expenses under the 2024 restructuring program for the periods covered under this report in which the plan was active:


(in millions)	Three months ended September 30,		Nine months ended September 30,		Charges incurred		Expected remaining charges		Total expected charges
	2024		2024
Employee severance and related	$	39.7	$	64.9	$	64.9	$	10.3	$	75.2
Facility closure	0.4		1.0		1.0		0.3		1.3
Other	9.3		16.4		16.4		5.0		21.4
Total	$	49.4	$	82.3	$	82.3	$	15.6	$	97.9

Laboratory Solutions	$	26.0	$	41.9	$	41.9	$	10.6	$	52.5
Bioscience Production	23.4		39.5		39.5		5.0		44.5
Corporate	—		0.9		0.9		—		0.9
Total	$	49.4	$	82.3	$	82.3	$	15.6	$	97.9

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of information about debt

The following table presents information about our debt:


(dollars in millions)	September 30, 2024				December 31, 2023
	Interest terms	Rate	Amount
Receivables facility	SOFR1 plus 0.80%	5.86%	$	205.1	$	221.0
Senior secured credit facilities:

Euro term loans B-4	EURIBOR plus 2.50%	5.88%	89.5		630.1
Euro term loans B-5	EURIBOR plus 2.00%	5.38%	350.3		350.4

U.S. dollar term loans B-5	SOFR1 plus —%	—%	—		787.6
U.S. dollar term loans B-6	SOFR1 plus 2.00%	6.95%	758.6		—
2.625% secured notes	fixed rate	2.625%	724.2		718.7
3.875% unsecured notes	fixed rate	3.875%	800.0		800.0
3.875% unsecured notes	fixed rate	3.875%	445.6		442.3
4.625% unsecured notes	fixed rate	4.625%	1,550.0		1,550.0
Finance lease liabilities			16.9		68.3
Other			10.0		11.6
Total debt, gross			4,950.2		5,580.0
Less: unamortized deferred financing costs			(29.1)		(43.4)
Total debt			$	4,921.1	$	5,536.6
Classification on balance sheets:
Current portion of debt			$	229.7	$	259.9
Debt, net of current portion			4,691.4		5,276.7

━━━━━━━━━

1.SOFR includes credit spread adjustment.

Schedule of availability under credit facilities

The following table presents availability under our credit facilities:


(in millions)	September 30, 2024
	Receivables facility		Revolving credit facility		Total
Capacity	$	314.4	$	975.0	$	1,289.4
Undrawn letters of credit outstanding	(14.8)		(3.2)		(18.0)
Outstanding borrowings	(205.1)		—		(205.1)
Unused availability	$	94.5	$	971.8	$	1,066.3

Accumulated other comprehensive income or loss (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of changes in components of AOCI

The following table presents changes in the components of AOCI:


(in millions)	Foreign currency translation		Derivative instruments		Defined benefit plans		Total
Balance at June 30, 2024	$	(119.5)	$	11.3	$	0.9	$	(107.3)
Unrealized gain (loss)	33.8		(0.9)		(0.2)		32.7
Reclassification of gain into earnings	—		(14.1)		—		(14.1)
Change due to income taxes	11.2		3.6		—		14.8
Balance at September 30, 2024	$	(74.5)	$	(0.1)	$	0.7	$	(73.9)

Balance at June 30, 2023	$	(100.4)	$	21.9	$	6.6	$	(71.9)
Unrealized (loss) gain	(30.4)		8.0		(0.9)		(23.3)
Reclassification of gain into earnings	—		(8.4)		—		(8.4)
Change due to income taxes	(7.9)		0.1		0.3		(7.5)
Balance at September 30, 2023	$	(138.7)	$	21.6	$	6.0	$	(111.1)

Balance at December 31, 2023	$	(82.8)	$	12.6	$	1.2	$	(69.0)
Unrealized gain (loss)	5.7		14.3		(0.6)		19.4
Reclassification of gain into earnings	—		(31.0)		—		(31.0)
Change due to income taxes	2.6		4.0		0.1		6.7
Balance at September 30, 2024	$	(74.5)	$	(0.1)	$	0.7	$	(73.9)

Balance at December 31, 2022	$	(131.3)	$	19.9	$	11.1	$	(100.3)
Unrealized (loss) gain	(4.8)		24.7		(6.6)		13.3
Reclassification of gain into earnings	—		(22.5)		—		(22.5)
Change due to income taxes	(2.6)		(0.5)		1.5		(1.6)
Balance at September 30, 2023	$	(138.7)	$	21.6	$	6.0	$	(111.1)

Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of components of stock-based compensation expense

The following table presents the components of stock-based compensation expense:


(in millions)	Award Classification	Three months ended September 30,				Nine months ended September 30,
		2024		2023		2024		2023
Stock options	Equity	$	2.5	$	3.0	$	8.2	$	10.2
RSUs	Equity	8.3		6.5		25.9		20.7
Other	Both	1.1		0.3		1.6		0.8
Total		$	11.9	$	9.8	$	35.7	$	31.7
Award classification:
Equity		$	11.3	$	9.7	$	35.3	$	31.6
Liability		0.6		0.1		0.4		0.1

Schedule of information about outstanding stock options

The following table presents information about outstanding stock options:


(options and intrinsic value in millions)	Number of options	Weighted average exercise price per option		Aggregate intrinsic value		Weighted average remaining term
Balance at December 31, 2023	16.4	$	21.37
Granted	0.7	24.14
Exercised	(3.0)	20.71
Forfeited	(1.6)	19.31
Balance at September 30, 2024	12.5	$	21.93	$	55.4	5.1 years
Expected to vest	2.5	25.46		3.9		8.4 years
Vested	10.0	21.07		51.5		4.3 years

Schedule of information about unvested RSUs

The following table presents information about unvested RSUs:


(awards in millions)	Number of awards	Weighted average grant date fair value per award
Balance at December 31, 2023	4.0	$	26.35
Granted	2.2	25.66
Vested	(1.1)	25.49
Forfeited	(0.5)	28.29
Balance at September 30, 2024	4.6	$	26.68

Other income or expense, net (Tables)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Schedule of components of other income or expense, net

The following table presents the components of other income or expense, net:


(in millions)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net foreign currency gain from financing activities	$	—	$	0.5	$	1.8	$	2.3
Income related to defined benefit plans	0.7		0.3		1.6		1.0
Other	—		(0.1)		—		—
Other income, net	$	0.7	$	0.7	$	3.4	$	3.3

Income taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of relationship between income tax expense or benefit and income or loss before income taxes

The following table presents the relationship between income tax expense and income before income taxes:


(in millions)	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Income before income taxes	$	74.5		$	136.5		$	269.7		$	291.0
Income tax expense	(16.7)			(28.1)			(58.6)			(68.4)
Effective income tax rate	22.4		%	20.6		%	21.7		%	23.5		%

Derivative and hedging activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of September 30, 2024, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

(dollars in millions)

Interest rate derivative

Number of instruments

Notional

Interest rate swaps

100.0

As of September 30, 2024, we had the following outstanding foreign currency derivatives that were used to hedge net investments in foreign operations:


(value in millions)
Foreign currency derivative	Number of instruments	Notional sold		Notional purchased
Cross-currency swaps	1	€	732.1	$	750.0

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The table below presents the effect of cash flow hedge accounting on AOCI for the three and nine months ended September 30, 2024 and September 30, 2023.



(in millions)
Hedging relationships	Amount of gain or (loss) recognized in OCI on Derivative								Location of gain or (loss) reclassified from AOCI into income	Amount of gain or (loss) reclassified from AOCI into income
	Three months ended September 30,				Nine months ended September 30,					Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023			2024		2023		2024		2023

Interest rate products	$	(4.0)	$	4.9	$	4.8	$	15.0	Interest expense, net	$	11.0	$	5.2	$	21.5	$	12.7

Total	$	(4.0)	$	4.9	$	4.8	$	15.0		$	11.0	$	5.2	$	21.5	$	12.7

Derivative Instruments, Gain (Loss)

The table below presents the effect of our derivative financial instruments on the statement of operations for the three and nine months ended September 30, 2024 and September 30, 2023.


	Three months ended September 30,		Nine months ended September 30,
	2024			2023		2024		2023
(in millions)	Interest expense, net			Interest expense, net		Interest expense, net		Interest expense, net
Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded	$	(48.7)		$	(72.4)	$	(173.9)	$	(219.5)



Amount of gain reclassified from AOCI into income	$	11.0		$	5.2	$	21.5	$	12.7

Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)

The table below presents the effect of our net investment hedges on AOCI and the statement of operations for the three and nine months ended September 30, 2024 and September 30, 2023.


Effect of Net Investment Hedges on AOCI and the Income Statement
(in millions)
Hedging relationships	Amount of gain or (loss) recognized in OCI on Derivative				Location of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)	Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
	Three months ended September 30,					Three months ended September 30,
	2024		2023				2024		2023
Three months ended:
Cross currency swaps	$	(26.3)	$	22.8		Interest expense, net	$	3.1	$	3.2
Total	$	(26.3)	$	22.8			$	3.1	$	3.2
Nine months ended:
Cross currency swaps	$	2.0	$	9.6		Interest expense, net	$	9.5	$	9.5
Total	$	2.0	$	9.6			$	9.5	$	9.5

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2024 and December 31, 2023:



	Derivative assets						Derivative liabilities
	September 30, 2024			December 31, 2023			September 30, 2024			December 31, 2023
(in millions)	Balance sheet location	Fair value		Balance sheet location	Fair value		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Interest rate products	Other current assets	$	—	Other current assets	$	16.6	Other current liabilities	$	(0.1)	Other current liabilities	$	—
Foreign exchange products	Other current assets	—		Other current assets	—		Other current liabilities	(62.7)		Other current liabilities	(55.2)
Total		$	—		$	16.6		$	(62.8)		$	(55.2)

Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location


(in millions)	Three months ended September 30,				Nine months ended September 30,
(in millions)	2024		2023		2024		2023
Net investment hedges	$	17.0	$	(13.5)	$	3.3	$	(4.2)

Financial instruments and fair value measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of gross amounts and fair values of debt instruments

The following table presents the gross amounts, which exclude unamortized deferred financing costs, and the fair values of debt instruments:


(in millions)	September 30, 2024				December 31, 2023
	Gross amount		Fair value		Gross amount		Fair value
Receivables facility	$	205.1	$	205.1	$	221.0	$	221.0
Senior secured credit facilities:

Euro term loans B-4	89.5		90.1		630.1		630.9
Euro term loans B-5	350.3		351.8		350.4		351.1

U.S. dollar term loans B-5	—		—		787.6		791.0
U.S. dollar term loans B-6	758.6		763.8		—		—
2.625% secured notes	724.2		718.0		718.7		705.3
3.875% unsecured notes	800.0		758.0		800.0		727.3
3.875% unsecured notes	445.6		444.7		442.3		434.3
4.625 % unsecured notes	1,550.0		1,516.2		1,550.0		1,489.1
Finance lease liabilities	16.9		16.9		68.3		68.3
Other	10.0		10.0		11.6		11.6
Total	$	4,950.2	$	4,874.6	$	5,580.0	$	5,429.9

Nature of operations and presentation of financial statements (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Impairment charges	$ 0.0	$ 0.0	$ 160.8	$ 0.0	$ 160.8
Ritter GmbH \| Finite-Lived Intangible Assets
Business Acquisition [Line Items]
Impairment charges			106.4
Ritter GmbH \| Property, Plant and Equipment
Business Acquisition [Line Items]
Impairment charges			$ 54.4

Earnings per share - reconciliation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings (numerator)
Basic	$ 57.8	$ 108.4	$ 211.1	$ 222.6
Dilutive effect of stock-based awards	0.0	0.0	0.0	0.0
Diluted	$ 57.8	$ 108.4	$ 211.1	$ 222.6
Weighted average shares outstanding (denominator)
Basic	680.3	676.0	679.3	675.4
Dilutive effect of stock-based awards	2.7	2.5	2.8	2.7
Diluted	683.0	678.5	682.1	678.1
Earnings per share:
Basic	$ 0.08	$ 0.16	$ 0.31	$ 0.33
Diluted	$ 0.08	$ 0.16	$ 0.31	$ 0.33

Segment financial information - Narrative (Details)	9 Months Ended
Segment financial information - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of segments	2

Segment financial information - reportable segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Information by reportable segment
Net sales	$ 1,714.4	$ 1,720.2	$ 5,097.0	$ 5,244.4
Adjusted Operating Income	274.8	295.0	810.5	937.0
Corporate
Information by reportable segment
Adjusted Operating Income	(14.8)	(12.3)	(49.2)	(43.9)
Laboratory Solutions
Information by reportable segment
Net sales	1,171.5	1,159.1	3,484.3	3,555.9
Laboratory Solutions \| Operating Segments
Information by reportable segment
Adjusted Operating Income	151.5	159.1	450.7	511.0
Bioscience Production
Information by reportable segment
Net sales	542.9	561.1	1,612.7	1,688.5
Bioscience Production \| Operating Segments
Information by reportable segment
Adjusted Operating Income	$ 138.1	$ 148.2	$ 409.0	$ 469.9

Segment financial information - reconciliation of segment profitability measure (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reconciliation of Adjusted EBITDA from net income or loss
Net income	$ 57.8	$ 108.4		$ 211.1	$ 222.6
Interest expense, net	48.7	72.4		173.9	219.5
Income tax expense	16.7	28.1		58.6	68.4
Loss on extinguishment of debt	2.1	2.0		6.5	5.9
Other income, net	(0.7)	(0.7)		(3.4)	(3.3)
Operating income	124.6	210.2		446.7	513.1
Amortization	75.4	75.4		225.6	232.7
Integration related expenses	0.0	0.2		0.0	8.3
Restructuring and severance charges/transformation expenses	49.4	6.1		82.3	18.0
Reserve for certain legal matters	7.9	3.0		7.9	4.0
Impairment charges	0.0	0.0	$ 160.8	0.0	160.8
Adjusted Operating Income	274.8	295.0		810.5	937.0
Business Exit Costs And Employee Severance
Reconciliation of Adjusted EBITDA from net income or loss
Restructuring and severance charges/transformation expenses	49.4	6.1		82.3	18.0
External Advisors
Reconciliation of Adjusted EBITDA from net income or loss
Restructuring and severance charges/transformation expenses	17.1	0.0		46.6	0.0
Other	$ 0.4	$ 0.1		$ 1.4	$ 0.1

Segment financial information - product lines (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation by product line
Net sales	$ 1,714.4	$ 1,720.2	$ 5,097.0	$ 5,244.4
Proprietary
Disaggregation by product line
Net sales	920.5	921.8	2,718.0	2,797.9
Third-party
Disaggregation by product line
Net sales	$ 793.9	$ 798.4	$ 2,379.0	$ 2,446.5

Supplemental disclosures of cash flow information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Components and classification of cash, restricted cash and equivalents
Cash and cash equivalents	$ 285.3		$ 262.9
Restricted cash classified as other assets	25.0		24.8
Total	310.3	$ 260.7	$ 287.7	$ 396.9
Cash flows from operating activities:
Cash paid for income taxes, net	128.1	195.3
Cash paid for interest, net, excluding financing leases	179.1	214.2
Cash paid for interest on finance leases	3.9	3.8
Cash paid under operating leases	33.5	32.4
Cash flows from financing activities:
Cash paid under finance leases	$ 4.5	$ 3.8

Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Components of inventory
Merchandise inventory	$ 432.3	$ 503.5
Finished goods	114.1	91.0
Raw materials	163.2	167.2
Work in process	70.0	66.4
Total	$ 779.6	$ 828.1

Goodwill and other intangible assets - Goodwill by segment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill, gross		$ 5,755.5
Accumulated impairment losses	$ (38.8)	(38.8)
Goodwill	$ 5,670.6	5,716.7
Laboratory Solutions
Goodwill [Line Items]
Goodwill, gross		3,842.0
Accumulated impairment losses		(18.4)
Goodwill		3,823.6
Bioscience Production
Goodwill [Line Items]
Goodwill, gross		1,913.5
Accumulated impairment losses		(20.4)
Goodwill		$ 1,893.1

Goodwill and other intangible assets - Other intangibles (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-lived
Gross value	$ 5,831.1	$ 5,878.4
Accumulated amortization and impairment	2,400.7	2,195.4
Carrying value	3,430.4	3,683.0
Indefinite-lived	92.3	92.3
Total	3,522.7	3,775.3
Accumulated asset impairment charge	106.4	106.4
Customer relationships
Finite-lived
Gross value	4,833.9	4,883.2
Accumulated amortization and impairment	1,831.2	1,670.3
Carrying value	3,002.7	3,212.9
Accumulated asset impairment charge	65.9	65.9
Trade names
Finite-lived
Gross value	361.1	359.7
Accumulated amortization and impairment	243.8	228.3
Carrying value	117.3	131.4
Other
Finite-lived
Gross value	636.1	635.5
Accumulated amortization and impairment	325.7	296.8
Carrying value	310.4	338.7
Accumulated asset impairment charge	$ 40.5	$ 40.5

Restructuring - Schedule of charges by restructuring plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and severance charges/transformation expenses	$ 49.4	$ 6.1	$ 82.3	$ 18.0
2024 restructuring program
Restructuring Cost and Reserve [Line Items]
Restructuring and severance charges/transformation expenses	49.4	0.0	82.3	0.0
Other
Restructuring Cost and Reserve [Line Items]
Restructuring and severance charges/transformation expenses	$ 0.0	$ 6.1	$ 0.0	$ 18.0

Restructuring - Schedule of restructuring cost (Details) - 2024 restructuring program $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Charges incurred	$ 49.4	$ 82.3
Charges incurred	82.3	82.3
Expected remaining charges	15.6	15.6
Total expected charges	97.9	97.9
Operating Segments \| Laboratory Solutions
Restructuring Cost and Reserve [Line Items]
Charges incurred	26.0	41.9
Charges incurred	41.9	41.9
Expected remaining charges	10.6	10.6
Total expected charges	52.5	52.5
Operating Segments \| Bioscience Production
Restructuring Cost and Reserve [Line Items]
Charges incurred	23.4	39.5
Charges incurred	39.5	39.5
Expected remaining charges	5.0	5.0
Total expected charges	44.5	44.5
Corporate
Restructuring Cost and Reserve [Line Items]
Charges incurred	0.0	0.9
Charges incurred	0.9	0.9
Expected remaining charges	0.0	0.0
Total expected charges	0.9	0.9
Employee severance and related
Restructuring Cost and Reserve [Line Items]
Charges incurred	39.7	64.9
Charges incurred	64.9	64.9
Expected remaining charges	10.3	10.3
Total expected charges	75.2	75.2
Facility closure
Restructuring Cost and Reserve [Line Items]
Charges incurred	0.4	1.0
Charges incurred	1.0	1.0
Expected remaining charges	0.3	0.3
Total expected charges	1.3	1.3
Other
Restructuring Cost and Reserve [Line Items]
Charges incurred	9.3	16.4
Charges incurred	16.4	16.4
Expected remaining charges	5.0	5.0
Total expected charges	$ 21.4	$ 21.4

Restructuring - Schedule of Rollforward of Accrued Liability (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Expenses	$ 49.4	$ 6.1	$ 82.3	$ 18.0
2024 restructuring program
Restructuring Reserve [Roll Forward]
Expenses	49.4	$ 0.0	82.3	$ 0.0
2024 restructuring program \| Employee severance and related
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			0.0
Expenses			64.9
Cash payments			(32.6)
Currency translation			0.8
Restructuring reserve, ending balance	$ 33.1		$ 33.1

Commitments and contingencies (Details) - Environmental remediation $ in Millions	Sep. 30, 2024 USD ($)
Phillipsburg, New Jersey
Commitments and contingencies
Accrued environmental loss	$ 2.5
Accrued environmental loss, gross	$ 3.7
Phillipsburg, New Jersey \| Minimum
Commitments and contingencies
Accrued environmental loss, discount rate	3.50%
Phillipsburg, New Jersey \| Maximum
Commitments and contingencies
Accrued environmental loss, discount rate	4.20%
Gliwice, Poland
Commitments and contingencies
Accrued environmental loss	$ 1.1

Debt (Details) - USD ($) $ in Millions			9 Months Ended
Debt (Details) - USD ($) $ in Millions	Apr. 02, 2024	Apr. 01, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Total debt, gross			$ 4,950.2	$ 5,580.0
Less: unamortized deferred financing costs			(29.1)	(43.4)
Total debt			4,921.1	5,536.6
Current portion of debt			229.7	259.9
Debt, net of current portion			4,691.4	5,276.7
Capacity			1,289.4
Undrawn letters of credit outstanding			(18.0)
Outstanding borrowings			(205.1)
Unused availability			$ 1,066.3
Receivables facility
Debt Instrument [Line Items]
Interest terms			0.80%
Rate			5.86%
Total debt, gross			$ 205.1	221.0
Capacity			314.4
Undrawn letters of credit outstanding			(14.8)
Outstanding borrowings			(205.1)
Unused availability			$ 94.5
Senior secured credit facilities: \| Euro term loans B-4
Debt Instrument [Line Items]
Interest terms			2.50%
Rate			5.88%
Total debt, gross			$ 89.5	630.1
Senior secured credit facilities: \| Euro term loans B-5
Debt Instrument [Line Items]
Interest terms			2.00%
Rate			5.38%
Total debt, gross			$ 350.3	350.4
Senior secured credit facilities: \| U.S. dollar term loans B-5
Debt Instrument [Line Items]
Interest terms			0.00%
Rate			0.00%
Total debt, gross			$ 0.0	787.6
Senior secured credit facilities: \| U.S. dollar term loans B-6
Debt Instrument [Line Items]
Interest terms	2.00%	2.25%	2.00%
Rate			6.95%
Total debt, gross	$ 772.4	$ 772.4	$ 758.6	0.0
Senior secured credit facilities: \| Revolving credit facility
Debt Instrument [Line Items]
Less: unamortized deferred financing costs						$ (2.3)
Capacity			975.0		$ 975.0
Undrawn letters of credit outstanding			(3.2)
Outstanding borrowings			0.0
Unused availability			$ 971.8
Notes \| 2.625% secured notes
Debt Instrument [Line Items]
Rate			2.625%
Total debt, gross			$ 724.2	718.7
Notes \| 3.875% unsecured notes
Debt Instrument [Line Items]
Rate			3.875%
Total debt, gross			$ 800.0	800.0
Notes \| 3.875% unsecured notes
Debt Instrument [Line Items]
Rate			3.875%
Total debt, gross			$ 445.6	442.3
Notes \| 4.625 % unsecured notes
Debt Instrument [Line Items]
Rate			4.625%
Total debt, gross			$ 1,550.0	1,550.0
Finance lease liabilities
Debt Instrument [Line Items]
Total debt, gross			16.9	68.3
Other Debt
Debt Instrument [Line Items]
Total debt, gross			$ 10.0	$ 11.6

Debt - other information (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
Debt - other information (Details) - USD ($) $ in Millions	Apr. 02, 2024	Apr. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 30, 2023	Oct. 25, 2022
Information about debt
Interest income			$ 26.8	$ 17.4	$ 62.6	$ 47.4
Facility limit									$ 400.0
Debt Issuance Costs, Net			29.1		29.1		$ 43.4
Line of credit facility, borrowing capacity			1,289.4		1,289.4
Gross amount			4,950.2		4,950.2		5,580.0
Loss on extinguishment of debt			$ 2.1	2.0	6.5	5.9
Debt covenants draw trigger percentage			35.00%
Receivables facility
Information about debt
Line of credit facility, borrowing capacity			$ 314.4		$ 314.4
Interest terms					0.80%
Gross amount			205.1		$ 205.1		221.0
Receivables facility \| Asset Not Pledged as Collateral
Information about debt
Amount pledged as collateral			522.4		$ 522.4
Senior secured credit facilities: \| U.S. dollar term loans B-6
Information about debt
Interest terms	2.00%	2.25%			2.00%
Gross amount	$ 772.4	$ 772.4	758.6		$ 758.6		0.0
Senior secured credit facilities: \| Euro term loans B-5
Information about debt
Interest terms					2.00%
Gross amount			350.3		$ 350.3		350.4
Senior secured credit facilities: \| Euro term loans B-4
Information about debt
Interest terms					2.50%
Gross amount			89.5		$ 89.5		$ 630.1
Repayments of debt			179.6
Senior secured credit facilities: \| Term loans
Information about debt
Loss on extinguishment of debt			2.1
Senior secured credit facilities: \| Revolving credit facility
Information about debt
Debt Issuance Costs, Net								$ 2.3
Line of credit facility, borrowing capacity			$ 975.0	$ 975.0	$ 975.0	$ 975.0

Accumulated other comprehensive income or loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in AOCI, net of tax
Beginning balance	$ (107.3)	$ (71.9)	$ (69.0)	$ (100.3)
Unrealized gain (loss)	32.7	(23.3)	19.4	13.3
Reclassification of (gain) loss into earnings	(14.1)	(8.4)	(31.0)	(22.5)
Income tax effect	14.8	(7.5)	6.7	(1.6)
Ending balance	(73.9)	(111.1)	(73.9)	(111.1)
Foreign currency translation
Changes in AOCI, net of tax
Beginning balance	(119.5)	(100.4)	(82.8)	(131.3)
Unrealized gain (loss)	33.8	(30.4)	5.7	(4.8)
Reclassification of (gain) loss into earnings	0.0	0.0	0.0	0.0
Income tax effect	11.2	(7.9)	2.6	(2.6)
Ending balance	(74.5)	(138.7)	(74.5)	(138.7)
Derivative instruments
Changes in AOCI, net of tax
Beginning balance	11.3	21.9	12.6	19.9
Unrealized gain (loss)	(0.9)	8.0	14.3	24.7
Reclassification of (gain) loss into earnings	(14.1)	(8.4)	(31.0)	(22.5)
Income tax effect	3.6	0.1	4.0	(0.5)
Ending balance	(0.1)	21.6	(0.1)	21.6
Defined benefit plans
Changes in AOCI, net of tax
Beginning balance	0.9	6.6	1.2	11.1
Unrealized gain (loss)	(0.2)	(0.9)	(0.6)	(6.6)
Reclassification of (gain) loss into earnings	0.0	0.0	0.0	0.0
Income tax effect	0.0	0.3	0.1	1.5
Ending balance	$ 0.7	$ 6.0	$ 0.7	$ 6.0

Stock-based compensation - expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other information about options outstanding
Expense	$ 11.9	$ 9.8	$ 35.7	$ 31.7
Equity Award
Other information about options outstanding
Expense	11.3	9.7	35.3	31.6
Stock options
Other information about options outstanding
Expense	2.5	3.0	8.2	10.2
RSUs
Other information about options outstanding
Expense	8.3	6.5	25.9	20.7
Other
Other information about options outstanding
Expense	1.1	0.3	1.6	0.8
Liability Award
Other information about options outstanding
Expense	$ 0.6	$ 0.1	$ 0.4	$ 0.1

Stock-based compensation - other information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other information about options outstanding
Remaining expense to be recognized	$ 85.5		$ 85.5
Weighted average period over which remaining expense will be recognized (in years)			1 year 8 months 12 days
Restricted stock expense	$ 1.8	$ 1.7	$ 6.6	$ 3.5
Stock options
Other information about options outstanding
Contractual life (in years)			10 years
Award vesting period (in years)			3 years

Stock-based compensation - stock option rollforward information (Details) - Common stock - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024
Number of options outstanding
Beginning balance (in shares)	16.4
Granted (in shares)	0.7
Exercised (in shares)	(3.0)
Forfeited (in shares)	(1.6)
Ending balance (in shares)	12.5
Weighted average exercise price per outstanding option
Beginning balance (in dollars per share)	$ 21.37
Granted (in dollars per share)	24.14
Exercised (in dollars per share)	20.71
Forfeited (in dollars per share)	19.31
Ending balance (in dollars per share)	$ 21.93
Other information about options outstanding
Aggregate intrinsic value	$ 55.4
Weighted average remaining term	5 years 1 month 6 days
Information about options expected to vest and exercisable
Options expected to vest, number (in shares)	2.5
Options expected to vest, weighted average exercise price per option (in dollars per share)	$ 25.46
Options expected to vest, aggregate intrinsic value	$ 3.9
Options expected to vest, weighted average remaining term	8 years 4 months 24 days
Options exercisable, number (in shares)	10.0
Options exercisable, weighted average exercise price per option (in dollars per share)	$ 21.07
Options exercisable, aggregate intrinsic value	$ 51.5
Options exercisable, weighted average remaining term	4 years 3 months 18 days

Stock-based compensation - non-option award rollforward (Details) - RSUs shares in Millions	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of awards
Beginning balance (in shares) \| shares	4.0
Granted (in shares) \| shares	2.2
Vested (in shares) \| shares	(1.1)
Forfeited (in shares) \| shares	(0.5)
Ending balance (in shares) \| shares	4.6
Weighted average grant date fair value per award
Beginning balance (in dollars per share) \| $ / shares	$ 26.35
Granted (in dollars per share) \| $ / shares	25.66
Vested (in dollars per share) \| $ / shares	25.49
Forfeited (in dollars per share) \| $ / shares	28.29
Ending balance (in dollars per share) \| $ / shares	$ 26.68

Other income or expense, net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Net foreign currency gain from financing activities	$ 0.0	$ 0.5	$ 1.8	$ 2.3
Income related to defined benefit plans	0.7	0.3	1.6	1.0
Other	0.0	(0.1)	0.0	0.0
Other income, net	$ 0.7	$ 0.7	$ 3.4	$ 3.3

Income taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 74.5	$ 136.5	$ 269.7	$ 291.0
Income tax expense	$ (16.7)	$ (28.1)	$ (58.6)	$ (68.4)
Effective income tax rate	22.40%	20.60%	21.70%	23.50%

Derivative and hedging activities - Narrative (Details) € in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)	Oct. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Gain on the hedged transaction to be reclassified from AOCI into earnings	$ 6,200,000
Cross-currency swaps \| Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivative, notional amount	750,000,000.0
Foreign exchange products \| Designated as Hedging Instrument \| 3.875% unsecured notes \| Subsequent Event
Derivatives, Fair Value [Line Items]
Derivative liability \| €		€ 400.0
Interest rate		3.875%
Foreign currency denominated debt \| Designated as Hedging Instrument \| 3.875% unsecured notes
Derivatives, Fair Value [Line Items]
Accumulated loss related to the foreign currency denominated debt designated as net investment hedges	6,000,000.0		$ 9,300,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$ 750,000,000.0

Derivative and hedging activities - Outstanding Interest Rate Derivatives (Details) € in Millions	Sep. 30, 2024 USD ($) instrument	Sep. 30, 2024 EUR (€) instrument
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional purchased	$ 750,000,000.0
Cash Flow Hedging \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	1	1
Notional purchased	$ 100,000,000.0
Net Investment Hedging \| Cross-currency swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments \| instrument	1,000,000	1,000,000
Notional sold \| €		€ 732.1
Notional purchased	$ 750,000,000.0

Derivative and hedging activities - Effect on AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	$ (0.9)	$ 8.0	$ 14.3	$ 24.7
Amount of gain or (loss) reclassified from AOCI into income	14.1	8.4	31.0	22.5
Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	(4.0)	4.9	4.8	15.0
Amount of gain or (loss) reclassified from AOCI into income	11.0	5.2	21.5	12.7
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)	(48.7)	(72.4)	(173.9)	(219.5)
Cash Flow Hedging \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	(4.0)	4.9	4.8	15.0
Cash Flow Hedging \| Interest rate swaps \| Interest expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) reclassified from AOCI into income	11.0	5.2	21.5	12.7
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	(26.3)	22.8	2.0	9.6
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)	3.1	3.2	9.5	9.5
Net Investment Hedging \| Cross-currency swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	(26.3)	22.8	2.0	9.6
Net Investment Hedging \| Cross-currency swaps \| Interest expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)	$ 3.1	$ 3.2	$ 9.5	$ 9.5

Derivative and hedging activities - Effect on Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain reclassified from AOCI into income	$ 14.1	$ 8.4	$ 31.0	$ 22.5
Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded	(48.7)	(72.4)	(173.9)	(219.5)
Amount of gain reclassified from AOCI into income	$ 11.0	$ 5.2	$ 21.5	$ 12.7

Derivative and hedging activities - Derivative Instruments Classification on Balance Sheet (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 0.0	$ 16.6
Derivative Liability	$ (62.8)	$ (55.2)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Derivative Asset	$ 0.0	$ 16.6
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Derivative Liability	$ (0.1)	$ 0.0
Foreign exchange products
Derivatives, Fair Value [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Derivative Asset	$ 0.0	$ 0.0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Derivative Liability	$ (62.7)	$ (55.2)

Derivative and hedging activities - Gain (Loss) on Net Investment Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
3.875% unsecured notes \| Foreign currency denominated debt \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedges	$ 17.0	$ (13.5)	$ 3.3	$ (4.2)

Financial instruments and fair value measurements - Schedule of gross amounts and fair values of debt instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Apr. 02, 2024	Apr. 01, 2024	Dec. 31, 2023
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	$ 4,950.2			$ 5,580.0
Fair value	4,874.6			5,429.9
Receivables facility
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	205.1			221.0
Fair value	205.1			221.0
Senior secured credit facilities: \| Euro term loans B-4
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	89.5			630.1
Fair value	90.1			630.9
Senior secured credit facilities: \| Euro term loans B-5
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	350.3			350.4
Fair value	351.8			351.1
Senior secured credit facilities: \| U.S. dollar term loans B-5
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	0.0			787.6
Fair value	0.0			791.0
Senior secured credit facilities: \| U.S. dollar term loans B-6
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	758.6	$ 772.4	$ 772.4	0.0
Fair value	763.8			0.0
Notes \| 2.625% secured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	724.2			718.7
Fair value	718.0			705.3
Notes \| 3.875% unsecured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	800.0			800.0
Fair value	758.0			727.3
Notes \| 3.875% unsecured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	445.6			442.3
Fair value	444.7			434.3
Notes \| 4.625 % unsecured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	1,550.0			1,550.0
Fair value	1,516.2			1,489.1
Finance lease liabilities
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	16.9			68.3
Fair value	16.9			68.3
Other Debt
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	10.0			11.6
Fair value	$ 10.0			$ 11.6

Financial instruments and fair value measurements - additional information (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	$ 0.0	$ 0.0	$ 160.8	$ 0.0	$ 160.8
Property, plant and equipment, estimated fair value			25.9
Customer relationships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finite-lived intangibles, estimated fair value			31.4
Developed technology
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finite-lived intangibles, estimated fair value			$ 19.3

Assets held for sale (Details) - USD ($) $ in Millions	Sep. 30, 2024	Aug. 16, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale (see note 17)	$ 216.5		$ 0.0
Liabilities held for sale (see note 17)	101.7		$ 0.0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Clinical Services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from assets held for sale		$ 595.0
Consideration from assets held for sale, net of tax		$ 500.0
Assets held for sale (see note 17)	216.5
Liabilities held for sale (see note 17)	$ 101.7