10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2016

¨ 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: 001-36673

VWR Corporation

(Exact name of registrant as specified in its charter)

Delaware	26-0237871
(State of incorporation)	(I.R.S. Employer Identification No.)

Radnor Corporate Center, Building One, Suite 200

100 Matsonford Road

Radnor, Pennsylvania 19087

(Address of principal executive offices)

(610) 386-1700

(Registrant’s telephone number, including area code)

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. ý Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).  ý Yes ¨ No

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

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

On July 28, 2016, 131,477,549 shares of the registrant’s common stock, $0.01 par value per share, were outstanding.

VWR Corporation and Subsidiaries

Form 10-Q

For the quarterly period ended June 30, 2016

Table of Contents

	Page
Glossary of Commonly Used Terms	ii
Cautionary Factors Regarding Forward-Looking Statements	ii
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements	1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3. Quantitative and Qualitative Disclosures about Market Risk	27
Item 4. Controls and Procedures	27
PART II — OTHER INFORMATION
Item 1. Legal Proceedings	28
Item 1A. Risk Factors	28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 3. Defaults Upon Senior Securities	28
Item 4. Mine Safety Disclosures	28
Item 5. Other Information	28
Item 6. Exhibits	28
Signature	29
Exhibit Index	E-1

i

Glossary of Commonly Used Terms

	Description
Company, we, us, our	VWR Corporation and its consolidated subsidiaries
2014 Plan	the VWR Corporation 2014 Equity Incentive Plan
Adjusted EPS*	our net income, adjusted for certain items, divided by diluted weighted average shares outstanding
Americas	a segment covering North, Central and South America
AOCI	accumulated other comprehensive income or loss
Annual Report	our Annual Report on Form 10-K filed with the SEC on February 25, 2016
Biopharma	the combination of the pharmaceutical and biotechnology sectors
Board	the board of directors of VWR Corporation
bps	basis points
EMEA-APAC	a segment covering Europe, Middle East, Africa and Asia-Pacific
FASB	the Financial Accounting Standards Board
IPO	our initial public offering which occurred in 2014
LIBOR	the applicable British Bankers Association London Interbank Offered Rate
GAAP	United States generally accepted accounting principles
ITRA	the income tax receivable agreement between us and Varietal
EURIBOR	the applicable interest rate determined by the Banking Federation of the European Union
Organic net sales growth*	the reported growth in net sales compared to a prior period, adjusted by the impact of changes in foreign currency rates and the contribution of acquisitions to the extent not present in the prior reported results
SEC	the United States Securities and Exchange Commission
SG&A expenses	selling, general and administrative expenses
Varietal	Varietal Distribution Holdings, LLC
VWR Funding	VWR Funding, Inc., our wholly-owned subsidiary

* Denotes a non-GAAP financial measurement. See Part I, Item 2 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Key Indicators of Performance and Financial Condition” for more information, including where to find reconciliations from the most directly comparable GAAP-based financial measurements.

Cautionary Factors Regarding Forward-Looking Statements

This report contains forward-looking statements. 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, 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,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning.

ii

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 in our Annual Report and Part II, Item 1A — “Risk Factors,” 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:

• unfavorable political, economic, capital and credit market conditions in the regions where we operate;

• changes in our customers’ research, development and production and other scientific endeavors;

• changes to the life science industry adversely affecting our business;

• increased competition from other companies in our industry and our ability to increase our market shares in the geographic regions where we operate;

• our ability to maintain relationships with our customers and suppliers;

• our ability to consummate and integrate prior and future acquisitions;

• the international scope of our operations;

• the need to record impairment charges against our goodwill, other intangible and/or other long-lived assets;

• existing and increased government regulations to which we and our suppliers are subject;

• our ability to comply with applicable antitrust or competition laws;

• increased costs to comply with environmental, health and safety laws and regulations;

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

• our ability to hire, train and retain executive officers and other key personnel;

• significant interruptions in the operations of our distribution centers or the operations of our suppliers;

• failure of our information services and its connectivity to our customers, suppliers and/or certain service providers;

• our failure to register and in some cases own the existing applications and registrations for our material trademarks or service marks in certain countries where we do business;

• foreign currency exchange rate fluctuations; and

• unanticipated increases to our income tax liabilities.

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.

iii

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

VWR Corporation and Subsidiaries

Index to Condensed Consolidated Financial Statements (Unaudited)

	Page
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Income Statements	3
Condensed Consolidated Statements of Comprehensive Income or Loss	4
Condensed Consolidated Statements of Redeemable Equity and Stockholders’ Equity	4
Condensed Consolidated Statements of Cash Flows	5
Notes to the Condensed Consolidated Financial Statements	6

1

VWR Corporation and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(in millions, except per share data)

	June 30, 2016			December 31, 2015
Assets
Current assets:
Cash and cash equivalents	$	112.9		$	136.3
Trade accounts receivable, net of reserves of $11.0 and $12.0	639.2			583.2
Inventories	457.9			424.0
Other current assets	96.3			89.5
Total current assets	1,306.3			1,233.0
Property and equipment, net	239.4			228.2
Goodwill	1,836.7			1,791.4
Other intangible assets, net	1,452.1			1,455.6
Other assets	91.3			85.6
Total assets	$	4,925.8		$	4,793.8
Liabilities, Redeemable Equity and Stockholders’ Equity
Current liabilities:
Current portion of debt	$	129.1		$	92.8
Accounts payable	501.2			474.5
Employee-related liabilities	83.7			61.4
Current amount due to Varietal — ITRA	29.2			78.1
Other current liabilities	125.1			112.3
Total current liabilities	868.3			819.1
Debt, net of current portion	1,895.8			1,896.2
Amount due to Varietal — ITRA, net of current portion	55.8			85.0
Deferred income tax liabilities	466.9			459.5
Other liabilities	158.2			158.8
Total liabilities	3,445.0			3,418.6
Commitments and contingencies (Note 7)
Redeemable equity, at redemption value	25.8			38.8
Stockholders’ equity:
Preferred stock, $0.01 par value; 50.0 shares authorized, no shares issued or outstanding	—			—
Common stock, $0.01 par value; 750.0 shares authorized, 131.5 and 131.4 shares issued and outstanding	1.3			1.3
Additional paid-in capital	1,753.2			1,735.1
Retained earnings	86.9			6.3
Accumulated other comprehensive loss	(386.4		)	(406.3		)
Total stockholders’ equity	1,455.0			1,336.4
Total liabilities, redeemable equity and stockholders’ equity	$	4,925.8		$	4,793.8

See accompanying notes to the condensed consolidated financial statements.

2

VWR Corporation and Subsidiaries

Condensed Consolidated Income Statements (Unaudited)

(in millions, except per share data)

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Net sales	$	1,149.5		$	1,081.2		$	2,247.8		$	2,110.8
Cost of goods sold	826.1			782.7			1,613.8			1,521.1
Gross profit	323.4			298.5			634.0			589.7
Selling, general and administrative expenses	238.8			220.9			469.7			438.3
Operating income	84.6			77.6			164.3			151.4
Interest expense	(20.7		)	(28.4		)	(39.9		)	(55.6		)
Other income (expense), net	0.1			(18.6		)	(0.5		)	51.7
Loss on extinguishment of debt	—			(0.6		)	—			(2.4		)
Income before income taxes	64.0			30.0			123.9			145.1
Income tax provision	(22.2		)	(11.7		)	(43.3		)	(55.3		)
Net income	$	41.8		$	18.3		$	80.6		$	89.8
Earnings per share:
Basic	$	0.32		$	0.14		$	0.61		$	0.68
Diluted	0.32			0.14			0.61			0.68
Weighted average shares outstanding:
Basic	131.4			131.4			131.4			131.4
Diluted	131.7			132.1			131.6			132.0

See accompanying notes to the condensed consolidated financial statements.

3

VWR Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income or Loss (Unaudited)

(in millions)

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Net income	$	41.8		$	18.3		$	80.6		$	89.8
Other comprehensive (loss) income:
Foreign currency translation:
Net unrealized (loss) gain arising during the period	(21.6		)	35.8			22.6			(130.2		)
Derivative instruments:
Net unrealized loss arising during the period	(2.3		)	(0.9		)	(3.1		)	(0.8		)
Reclassification of net loss (gain) into earnings	0.1			0.2			(0.8		)	0.2
Defined benefit plans:
Reclassification of net loss into earnings	0.6			0.6			1.2			1.3
Other comprehensive (loss) income	(23.2		)	35.7			19.9			(129.5		)
Comprehensive income (loss)	$	18.6		$	54.0		$	100.5		$	(39.7	)

VWR Corporation and Subsidiaries

Condensed Consolidated Statements of Redeemable Equity and Stockholders’ Equity (Unaudited)

(in millions)

	Redeemable equity, at redemption value			Stockholders’ equity
				Common stock			Additional paid-in capital		Retained earnings		AOCI			Total
				Shares	Par value
Balance at December 31, 2015	$	38.8		131.4	$	1.3	$	1,735.1	$	6.3	$	(406.3	)	$	1,336.4
Share-based compensation expense	—			—	—		3.8		—		—			3.8
Issuance of common stock	—			0.1	—		1.3		—		—			1.3
Reclassifications to state redeemable equity at redemption value	(13.0		)	—	—		13.0		—		—			13.0
Net income	—			—	—		—		80.6		—			80.6
Other comprehensive income	—			—	—		—		—		19.9			19.9
Balance at June 30, 2016	$	25.8		131.5	$	1.3	$	1,753.2	$	86.9	$	(386.4	)	$	1,455.0

See accompanying notes to the condensed consolidated financial statements.

4

VWR Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in millions)

	Six months ended June 30,
	2016			2015
Cash flows from operating activities:
Net income	$	80.6		$	89.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	63.4			61.3
Net foreign currency remeasurement loss (gain)	3.8			(50.2		)
Deferred income tax provision	11.9			31.0
Loss on extinguishment of debt	—			2.4
Share-based compensation expense	3.8			2.4
Other, net	4.0			6.7
Changes in working capital, net of business acquisitions:
Trade accounts receivable	(40.7		)	(43.1		)
Inventories	(25.0		)	(12.0		)
Accounts payable	22.6			6.0
Other assets and liabilities	(4.8		)	2.8
Net cash provided by operating activities	119.6			97.1
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(45.0		)	(44.6		)
Capital expenditures	(29.8		)	(16.5		)
Other investing activities	—			1.9
Net cash used in investing activities	(74.8		)	(59.2		)
Cash flows from financing activities:
Proceeds from debt	363.7			1,188.9
Repayment of debt	(354.6		)	(1,193.0		)
Payments to Varietal under ITRA	(78.1		)	(9.8		)
Payment of debt issuance costs	—			(5.2		)
Other financing activities	(1.7		)	(0.6		)
Net cash used in financing activities	(70.7		)	(19.7		)
Effect of exchange rate changes on cash	2.5			(6.3		)
Net (decrease) increase in cash and cash equivalents	(23.4		)	11.9
Cash and cash equivalents at beginning of period	136.3			118.0
Cash and cash equivalents at end of period	$	112.9		$	129.9
Supplemental disclosures of cash flow information:
Cash paid for interest	$	41.7		$	44.9
Cash paid for income taxes, net	33.5			19.7

See accompanying notes to the condensed consolidated financial statements.

5

VWR Corporation and Subsidiaries

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(1) Nature of Operations and Basis of Presentation

We are a leading global independent provider of product and service solutions to laboratory and production customers. We have significant market positions in Europe and North America. We also have operations in Asia-Pacific and other key emerging markets to support our multinational customers across the globe. We serve a critical role in connecting customer sites with laboratory product suppliers across multiple industries and geographies. We offer a broad portfolio of branded and private label laboratory products. We also offer a full range of value-added services, including custom manufacturing, to meet our customers’ needs. These services represent a growing but currently small portion of our overall net sales. We offer a wide selection of unique products and have developed an extensive global infrastructure including thousands of sales and service-focused professionals. We deliver value to our customers by improving the costs, efficiency and effectiveness of their research laboratories and production operations. We deliver value to our suppliers by providing them with cost-effective channel access to a global and diverse customer base.

The following describes our corporate organization at June 30, 2016:

• Varietal — Following a 2007 merger, Varietal was our only stockholder until our IPO in October 2014 and since then had been our majority stockholder through March 2016. Private equity funds managed by Madison Dearborn Partners hold a controlling interest in Varietal. Our condensed consolidated balance sheets reflect significant amounts of goodwill and other intangible assets as a result of the 2007 merger.

In April 2016, Varietal completed a sale of our common stock that caused it to no longer hold a majority ownership interest in us. As a result, we experienced a change in control under U.S. federal tax regulations which may impact (i) the amount and timing of the utilization of our net operating loss carryforwards; (ii) the timing of payments under an ITRA with Varietal (see Note 11); and (iii) the amount of cash taxes we expect to pay in future periods.

• VWR Funding and its wholly-owned subsidiaries — VWR Funding is our wholly-owned subsidiary and the sole issuer of our debt. Certain of those debt agreements restrict its ability to make distributions to us.

6

Basis of Presentation

We report financial results on the basis of two segments organized by geographic region: the Americas and EMEA-APAC.

We have prepared these condensed consolidated financial statements without audit pursuant to the rules and regulations of the SEC. Certain information normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to such rules and regulations. 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, to which there have been no material changes.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of VWR Corporation and the redeemable equity of Varietal, each after the elimination of intercompany balances and transactions.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue, expense, income and loss during the reporting period. Actual results could differ significantly from those estimates.

(2) New Accounting Standards

In March 2016, the FASB issued new guidance to simplify several aspects of accounting and presentation for share-based compensation. The new guidance is effective for us beginning in the first quarter of 2017, with early adoption permitted. We expect to early adopt the guidance in the fourth quarter of 2016 and do not expect that the standard will result in a material change to our financial statements.

In February 2016, the FASB issued comprehensive new guidance about leases. Under the new guidance, most leases will be recognized on our consolidated balance sheet as liabilities with corresponding right-of-use assets. The new guidance is effective for us beginning in the first quarter of 2019, with early adoption permitted. The guidance must be adopted using a modified retrospective approach. We are continuing to evaluate the impact of this new guidance.

In May 2014, the FASB issued comprehensive revenue recognition guidance. The new guidance provides a single model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard also requires expanded qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for us beginning in the first quarter of 2018. The standard may be adopted using either a full retrospective or a modified retrospective approach. We are continuing to evaluate the impact of this pronouncement and the method by which we will adopt it.

7

(3) Earnings per Share

The following table presents the reconciliation of weighted average shares outstanding used to calculate basic and diluted earnings per share (in millions):

	Three months ended June 30,		Six months ended June 30,
	2016	2015	2016	2015
Weighted average shares outstanding, basic	131.4	131.4	131.4	131.4
Dilutive effect of share-based instruments	0.3	0.7	0.2	0.6
Weighted average shares outstanding, diluted	131.7	132.1	131.6	132.0

For the three and six months ended June 30, 2016, 2.8 million and 3.7 million, respectively, of anti-dilutive share-based instruments were excluded from the calculation of diluted earnings per share.

(4) Goodwill and Other Intangible Assets, net

The following tables present information about goodwill by segment (in millions):

	Americas		EMEA-APAC		Total
Balance at December 31, 2015	$	1,046.3	$	745.1	$	1,791.4
Acquisitions	15.8		12.1		27.9
Currency translation	5.3		12.1		17.4
Balance at June 30, 2016	$	1,067.4	$	769.3	$	1,836.7

	June 30, 2016						December 31, 2015
	Gross carrying amount		Accumulated impairment losses		Net carrying amount		Gross carrying amount		Accumulated impairment losses		Net carrying amount
Americas	$	1,274.0	$	206.6	$	1,067.4	$	1,252.9	$	206.6	$	1,046.3
EMEA-APAC	769.3		—		769.3		745.1		—		745.1
Total	$	2,043.3	$	206.6	$	1,836.7	$	1,998.0	$	206.6	$	1,791.4

The following table presents the components of other intangible assets (in millions):

	June 30, 2016						December 31, 2015
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Amortizable intangible assets:
Customer relationships	$	1,435.3	$	626.3	$	809.0	$	1,402.2	$	581.4	$	820.8
Other	34.6		19.1		15.5		30.3		15.2		15.1
Total	1,469.9		645.4		824.5		1,432.5		596.6		835.9
Indefinite-lived intangible assets:
Trademarks and tradenames	627.6		—		627.6		619.7		—		619.7
Other intangible assets	$	2,097.5	$	645.4	$	1,452.1	$	2,052.2	$	596.6	$	1,455.6

8

(5) Debt

The following table presents information about debt (dollars in millions):

	June 30, 2016					December 31, 2015
	Interest terms	Rate		Amount
Accounts receivable securitization facility	LIBOR plus 1.15%	1.60	%	$	74.1	$	38.0
Senior credit facility:
Term A loan, net of discount of $5.5 and $6.1	LIBOR plus 2.00%	2.71	%	881.8		903.9
Term B loan, net of discount of $4.3 and $4.7	EURIBOR plus 3.25%	4.00	%	503.8		494.8
4.625% senior notes, net of discount of $7.8 and $8.4	Fixed rate	4.63	%	551.5		538.6
Other debt				13.7		13.7
Total debt				$	2,024.9	$	1,989.0
Classification on consolidated balance sheets:
Current portion of debt				$	129.1	$	92.8
Debt, net of current portion				1,895.8		1,896.2
Total debt				$	2,024.9	$	1,989.0

In the table above, discounts include unamortized original issue discounts and debt issuance costs. EURIBOR is subject to a floor of 0.75% and other debt includes capital lease obligations and subsidiary loans from local banks. Borrowings under the accounts receivable securitization facility and the multi-currency revolving credit facility, if any, are included in the current portion of debt because we frequently borrow from and repay them to satisfy short term cash requirements.

In April 2016, we entered into two interest rate swaps that exchange LIBOR for fixed rates on a portion of our term A loan. See Note 6.

The following table presents availability under credit facilities at June 30, 2016 (in millions):

	Accounts receivable securitization facility			Multi-currency revolving loan facility			Total
Maximum availability	$	175.0		$	250.0		$	425.0
Current availability	$	175.0		$	250.0		$	425.0
Undrawn letters of credit outstanding	(10.6		)	(0.8		)	(11.4		)
Outstanding borrowings	(74.1		)	—			(74.1		)
Unused availability	$	90.3		$	249.2		$	339.5

Current availability under the accounts receivable securitization facility depends upon maintaining a sufficient borrowing base of eligible trade accounts receivable.

9

(6) Financial Instruments and Fair Value Measurements

Our financial instruments include cash and cash equivalents, trade accounts receivable, accounts payable, debt and an amount due to Varietal under the ITRA. Except for the amount due to Varietal, these financial instruments are held or issued by a number of institutions, which reduces the risk of material non-performance.

Assets and Liabilities for which Fair Value is Only Disclosed

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

The following table presents the carrying amounts and fair values of debt instruments (in millions):

	June 30, 2016				December 31, 2015
	Carrying amount		Fair value		Carrying amount		Fair value
Accounts receivable securitization facility	$	74.1	$	74.1	$	38.0	$	38.0
Senior credit facility:
Term A loan	881.8		870.1		903.9		901.5
Term B loan	503.8		508.8		494.8		500.5
4.625% senior notes	551.5		565.2		538.6		536.5
Other debt	13.7		13.7		13.7		13.7

The fair values of debt instruments are based on quoted market prices and standard pricing models that take into account the present value of future cash flows, which are Level 2 measurements.

At June 30, 2016 and December 31, 2015, the amount due to Varietal under the ITRA (see Note 11) had carrying amounts of $85.0 million and $163.1 million, respectively, and fair values of $71.7 million and $147.6 million, respectively. The fair values were estimated using a combination of observable and unobservable inputs following an income-based approach, a Level 3 measurement.

Recurring Fair Value Measurements with Significant Unobservable Inputs

Certain of the business acquisitions we completed entitle the sellers to contingent consideration if earnings targets are met during a period of time following the acquisition.

The following table presents changes in contingent consideration liabilities (in millions):

	Six months ended June 30, 2016
Beginning balance	$	21.0
Acquisitions	10.8
Loss from changes to estimated fair value	0.2
Settlements in cash	(2.5		)
Currency translation	(0.5		)
Ending balance	$	29.0

10

We estimate the fair value of contingent consideration using the average of probability-weighted potential earn-out payments specified in the purchase agreements, a Level 3 measurement, ranging in the aggregate from approximatelyzero to $37 million for all open earn-outs at June 30, 2016. The significant assumptions used in these calculations include forecasted results and the estimated likelihood for each performance scenario.

Derivative Instruments and Hedging Activities

We engage in hedging activities to reduce our exposure to changes in variable interest rates and foreign currency exchange 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:

• Cash flow hedging — We hedge the variable base interest rate of a portion of our term A loan using interest rate swaps;

• Net investment hedging — We hedge a portion of our net investment in euro-denominated foreign operations using our 4.625% senior notes and a portion of our term B loan;

• Economic hedge — We experience opposite foreign currency exchange rate effects related to a euro-denominated intercompany loan and the unhedged portion of our term B loan. The currency effects for these non-derivative instruments are recorded through earnings in the period of change and substantially offset one another; and

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

Cash Flow Hedging

We have entered into two interest rate swaps that we designated as cash flow hedges of the variable LIBOR rate on our term A loan. Beginning April 2016, we swapped LIBOR for a 1.00% fixed rate on $375.0 million of our term A loan. Beginning September 2016, we will swap LIBOR for a 1.05% fixed rate on an additional $125.0 million of our term A loan. Both interest rate swaps mature on September 28, 2020. These hedges have been and are expected to continue to be fully effective. As a result, changes to the fair value of the interest rate swaps, which otherwise would be recognized in earnings, are deferred to AOCI.

Net Investment Hedging

We have designated €410.0 million of our term B loan and all €503.8 million of our 4.625% senior notes as hedges to protect a portion of our net investment in foreign operations from the impact of changes in the euro to U.S. dollar exchange rate. As a result of these hedge designations, the net unrealized foreign currency remeasurement gain or loss on the hedging instruments, which otherwise would be recognized in earnings, is deferred to AOCI and equally offsets the net unrealized gain or loss from the translation of the hedged portion of our net investment in foreign operations. These hedges have no other impact to our financial position, financial performance or cash flows.

11

Tabular Disclosures

The following table presents the balance sheet classification and fair values of instruments in hedging relationships, all of which are Level 2 measurements (in millions):

	Balance sheet classification	June 30, 2016		December 31, 2015
Cash flow hedging:
$375.0 interest rate swap	Other liabilities	$	3.7	$	—
$125.0 interest rate swap	Other liabilities	1.3		—
Net investment hedging:
Portion of term B loan	Debt, net of current portion	455.8		402.6
4.625% senior notes	Debt, net of current portion	565.2		536.5

The following table presents the net unrealized gain (loss) deferred to AOCI resulting from instruments in hedging relationships and hedged items (in millions):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Cash flow hedging:
$375.0 interest rate swap	$	(4.1	)	$	—		$	(4.1	)	$	—
$125.0 interest rate swap	(1.3		)	—			(1.3		)	—
Net investment hedging:
Portion of net investment in foreign operations	(24.7		)	19.5			21.1			22.2
Portion of term B loan	10.5			—			(8.9		)	—
4.625% senior notes	14.2			(19.5		)	(12.2		)	(22.2		)

All of our hedges were fully effective for the periods presented.

The following table presents the net gain (loss) reclassified from AOCI into interest expense as a result of hedging activities (in millions):

	Three months ended June 30,					Six months ended June 30,
	2016			2015		2016			2015
$375.0 interest rate swap	$	(0.4	)	$	—	$	(0.4	)	$	—

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(7) Commitments and Contingencies

Our business involves risk of product liability, patent infringement and other claims in the ordinary course of business arising from the products that we source from various manufacturers or produce ourselves, as well as from the services we provide. Our exposure to such claims may increase as we seek to increase the geographic scope of our sourcing activities and sales of private label products and to the extent that we expand our manufacturing operations or service offerings. We maintain insurance policies, including product liability insurance, and in many cases the manufacturers of the products we distribute have indemnified us against such claims. We cannot assure you that our insurance coverage or indemnification agreements with manufacturers will be available 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 manufacturers and our manufacturers’ insurers, as well as legal enforcement under the local laws governing the arrangements. In particular, as we seek to expand our sourcing from manufacturers in the Asia-Pacific region and other developing locations, we expect that we will increase our exposure to potential defaults under the related indemnification arrangements. Insurance coverage in general or coverage for certain types of liabilities, such as product liability or patent infringement in these developing markets may not be readily available for purchase or cost-effective for us to purchase. Furthermore, insurance for liability relating to asbestos, lead and silica exposure is not available, and we do not maintain insurance for product recalls. Accordingly, we could be subject to uninsured and unindemnified future liabilities, and an unfavorable result in a case for which adequate insurance or indemnification is not available could result in a material adverse effect on our business, financial condition and results of operations.

We are also involved in various disputes, litigation and regulatory matters incidental to our business, including employment matters, commercial disputes, government contract compliance matters, disputes regarding environmental clean-up costs, and other matters arising out of the normal conduct of our business. We intend to vigorously defend ourselves in such matters. From time to time, we are named as a defendant in cases as a result of our distribution of laboratory supplies, including litigation resulting from the alleged prior distribution of products containing asbestos by certain of our predecessors or acquired companies. While the impact of these disputes or litigation has historically been immaterial, and we believe the range of reasonably possible loss from current matters continues to be immaterial, there can be no assurance that the impact of the pending and any future claims will not be material to our business, financial condition or results of operations in the future.

Employment Agreements

The employment agreements with our executive officers include provisions for the payment of severance and continuing health benefits following termination without cause or resignation for good reason, as those terms are defined in the employment agreements. The aggregate of potential payments for all executive officers under these provisions was $10.3 million at June 30, 2016.

Registration Rights Agreement

We are party to a registration rights agreement with Varietal that could require us to pay securities registration costs in future periods. Under the registration rights agreement, Varietal is entitled to request that we register (i) any shares of our common stock that it held at October 7, 2014 and (ii) any shares held by Madison Dearborn Partners. Should we register such common stock, we would be required to pay costs related to the registration as well as Varietal’s expenses in connection with its exercise of these rights.

During the three and six months ended June 30, 2016, we incurred expenses of $0.4 million and $0.8 million, respectively, pursuant to the registration rights agreement. See Note 11.

13

(8) Share-Based Compensation

The following table presents the components of share-based compensation expense, a component of selling, general and administrative expenses (in millions):

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
2014 Plan	$	2.3	$	1.1	$	3.6	$	2.2
Other	0.1		0.2		0.2		0.2
Total	$	2.4	$	1.3	$	3.8	$	2.4

At June 30, 2016, remaining share-based compensation expense of $29.6 million related to unvested awards will be recognized over a weighted average period of 3.5 years.

2014 Plan

The 2014 Plan authorized up to 11.5 million shares of common stock to be issued in the form of stock options, stock appreciation rights, restricted stock or other stock-based awards. At June 30, 2016, 5.6 million shares were available for future issuance. No award shall be granted pursuant to the 2014 Plan on or after September 9, 2024.

The following table presents information about stock options under the 2014 Plan (in millions, except per option amounts and years):

	Six months ended June 30, 2016
	Number of stock options		Weighted average exercise price per option		Aggregate intrinsic value		Weighted average remaining term in years
Outstanding at beginning of period	3.2		$	21.03
Granted	2.8		24.63
Forfeited	(0.1	)	21.35
Outstanding at end of period	5.9		22.74		$	36.2	5.9
Expected to vest	5.5		22.74		34.0		5.9
Exercisable	0.1		21.00		1.0		5.3

In 2016, we granted stock options to management under the 2014 Plan. The stock options vest 25% on the first anniversary of the date of grant and 6.25% quarterly thereafter through the fourth anniversary of the date of grant and have a seven-year term.

The following table presents information about the fair value of stock options granted in 2016:

Weighted average grant date fair value	$	6.69
Expected stock price volatility	30		%
Risk free interest rate	1.16		%
Expected dividend rate	nil
Expected life of options in years	4.6

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(9)    Benefit Plans

The following tables present the components of net periodic pension (income) cost (in millions):

	U.S. Retirement Plan						German, French and UK Plans
	Three months ended June 30,						Three months ended June 30,
	2016			2015			2016			2015
Service cost	$	0.2		$	0.2		$	0.3		$	0.4
Interest cost	1.7			1.9			1.1			1.3
Expected return on plan assets	(3.3		)	(3.5		)	(1.2		)	(1.2		)
Recognized net actuarial loss	—			—			0.8			0.9
Net periodic pension (income) cost	$	(1.4	)	$	(1.4	)	$	1.0		$	1.4

	U.S. Retirement Plan						German, French and UK Plans
	Six months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Service cost	$	0.4		$	0.4		$	0.7		$	0.8
Interest cost	3.4			3.8			2.3			2.6
Expected return on plan assets	(6.6		)	(7.1		)	(2.4		)	(2.4		)
Recognized net actuarial loss	—			—			1.7			1.8
Net periodic pension (income) cost	$	(2.8	)	$	(2.9	)	$	2.3		$	2.8

During the six months endedJune 30, 2016, we made no contributions to the U.S. Retirement Plan and $0.1 million of aggregate contributions to the German, French and UK Plans. For the remainder of 2016, we expect to make no contributions to the U.S. Retirement Plan and aggregate contributions of $5.3 million to the German, French and UK Plans.

(10) Comprehensive Income or Loss

The following table presents changes in the components of AOCI, net of tax (in millions):

	Foreign currency translation			Derivative instruments			Defined benefit plans			Total
Balance at December 31, 2015	$	(365.3	)	$	2.0		$	(43.0	)	$	(406.3	)
Net unrealized gain (loss) arising during the period	22.6			(3.1		)	—			19.5
Reclassification of net (gain) loss into earnings	—			(0.8		)	1.2			0.4
Balance at June 30, 2016	$	(342.7	)	$	(1.9	)	$	(41.8	)	$	(386.4	)

15

The following table presents information about the reclassification of net (gain) loss from AOCI into earnings (in millions):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Derivative instruments:
Cost of goods sold	$	(0.1	)	$	—		$	(1.2	)	$	(0.4	)
Interest expense	0.4			0.1			0.4			0.2
Loss on extinguishment of debt	—			0.1			—			0.3
Income tax provision	(0.2		)	—			—			0.1
Net income	$	0.1		$	0.2		$	(0.8	)	$	0.2
Defined benefit plans:
Selling, general and administrative expenses	$	0.9		$	0.9		$	1.7		$	1.9
Income tax provision	(0.3		)	(0.3		)	(0.5		)	(0.6		)
Net income	$	0.6		$	0.6		$	1.2		$	1.3

The following table presents the income tax effects of the components of comprehensive income or loss (in millions):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Foreign currency translation:
Net unrealized income tax (provision) benefit arising during the period	$	(9.6	)	$	8.7		$	8.2		$	8.7
Derivative instruments:
Net unrealized income tax benefit (provision) arising during the period	1.8			—			2.2			(0.1		)
Reclassification of net income tax (benefit) provision into earnings	(0.2		)	—			—			0.1
Defined benefit plans:
Reclassification of net income tax benefit into earnings	(0.3		)	(0.3		)	(0.5		)	(0.6		)

16

(11) Related Party Transactions

Due to Varietal — ITRA

We are party to an ITRA with Varietal. The ITRA provides for the payment of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax realized as a result of utilizing net operating losses that were generated in periods prior to the IPO. As noted previously, Madison Dearborn Partners owns a controlling interest in Varietal.

The timing of payments under the ITRA corresponds to the year subsequent to the year in which the net operating loss carryforwards are claimed on our tax return. We made a payment under the ITRA of $78.1 million during the six months endedJune 30, 2016. At June 30, 2016, the remaining amount due to Varietal under the ITRA was $85.0 million, $29.2 million of which is classified as current and represents our estimate of the payment that will become due in March 2017.

Registration Rights Agreement

During the six months endedJune 30, 2016, Varietal completed registered sales of 17.2 million shares of our common stock. We received no proceeds from these sales and issued no additional shares of our common stock. Pursuant to our registration rights agreement with Varietal (see Note 7), we incurred expenses of $0.4 million and $0.8 million related to the registered sales during the three and six months ended June 30, 2016, respectively.

(12) Segment Financial Information

The following table presents segment financial information (in millions):

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
Net sales:
Americas	$	694.9	$	651.8	$	1,361.6	$	1,257.1
EMEA-APAC	454.6		429.4		886.2		853.7
Total	$	1,149.5	$	1,081.2	$	2,247.8	$	2,110.8
Operating income:
Americas	$	43.6	$	41.2	$	87.0	$	76.9
EMEA-APAC	41.0		36.4		77.3		74.5
Total	$	84.6	$	77.6	$	164.3	$	151.4

Inter-segment activity has been eliminated; therefore, net sales for each segment are all from external customers. We determined that disclosing net sales for each group of similar customers, products and services would be impracticable.

17

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

The following discussion and analysis should be read with our condensed consolidated financial statements and related notes included in Part I, Item 1 — “Financial Statements.” This discussion and analysis contains forward-looking statements, which are subject to risks and uncertainties. Actual results may differ materially from those forward-looking statements. Refer to “Cautionary Factors Regarding Forward-Looking Statements” for additional information.

Basis of Presentation

Pursuant to the rules and regulations of the SEC 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, 2015, the date of our Annual Report. Therefore, we encourage you to read this discussion and analysis in conjunction with the Annual Report.

We report financial results on the basis of two segments organized by geographic region: the Americas and EMEA-APAC.

Overview

We are a leading global independent provider of product and service solutions to laboratory and production customers. We have significant market positions in Europe and North America. We also have operations in Asia-Pacific and other key emerging markets to support our multinational customers across the globe. We serve a critical role in connecting customer sites with laboratory product suppliers across multiple industries and geographies. We offer a broad portfolio of branded and private label laboratory products. We also offer a full range of value-added services, including custom manufacturing, to meet our customers’ product needs. These services represent a growing but currently small portion of our overall net sales. We offer a wide selection of unique products and have developed an extensive global infrastructure including thousands of sales and service-focused professionals. We deliver value to our customers by improving the costs, efficiency and effectiveness of their research laboratories and production operations. We deliver value to our suppliers by providing them with cost-effective channel access to a global and diverse customer base.

Our growth strategies include expanding our global strategic relationships, developing complementary new services, expanding our customer and supplier base, implementing best practices across our operations, broadening our offerings to underserved customer segments, executing targeted acquisitions and deploying capital to create stockholder value. The execution of our strategies in the second quarter of 2016 contributed to our $0.18 growth in diluted earnings per share.

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Key Indicators of Performance and Financial Condition

To evaluate our performance, we monitor a number of key indicators of our performance and financial condition.

• Net sales,organic net sales growth, operating income and operating income margin, which we discuss in the section entitled “Results of Operations.” Organic net sales growth is a non-GAAP financial measurement that eliminates the contribution from recently acquired businesses and the impact of changes in foreign currency exchange rates from our reported net sales. We believe that this measurement is useful to investors as an additional way to measure and evaluate our underlying commercial operating performance consistently across the periods presented. This measurement is used by our management for the same reason;

• Constant-currency changes in gross profit, SG&A expenses and operating income, which we discuss in the section entitled “Results of Operations.” These are non-GAAP financial measurements that exclude the impact of changes in foreign currency exchange rates from our reported results. We believe that these measurements are useful to investors as an additional way to measure and evaluate our underlying commercial operating performance excluding the effects of currency changes, which we cannot control. These measurements are used by our management for the same reason;

• Gross margin,net income and diluted earnings per share, which we discuss in the section entitled “Results of Operations;”

• Adjusted EPS, which we discuss in materials furnished to the SEC and other public materials related to our presentation of quarterly results. Adjusted EPS is a non-GAAP financial measurement that eliminates the effect of the amortization of acquired intangible assets, changes in foreign currency exchange rates related to financing decisions and certain other items. We then add or subtract an estimated incremental income tax effect applicable to those items. We believe that this measurement is useful to investors as an additional way to analyze the underlying trends in our business consistently across the periods presented. This measurement is used by our management for the same reason; and

• Cash flows, particularly cash flows from operating activities, which we discuss in the section entitled “Liquidity and Capital Resources — Historical Cash Flows.”

Cautionary Statement about Non-GAAP Financial Measurements

As previously noted, we supplement our results of operations determined in accordance with GAAP with certain non-GAAP financial measurements that are used by management, and which we believe are useful to investors, as supplemental operational measurements to evaluate our financial performance. These measurements 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 measurements, and such measurements may not be comparable to similarly-titled measurements reported by other companies. Rather, these measurements should be considered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements included elsewhere herein and in publicly filed reports in their entirety and not rely solely on any one, single financial measurement.

Reconciliations of our non-GAAP measurements to their most directly comparable GAAP-based financial measurements are included throughout the section entitled “Results of Operations.”

19

Results of Operations

This discussion and analysis includes a summary of our historical results of operations below, followed by detailed comparisons of our results. We have derived this data from our condensed consolidated financial statements included elsewhere in this report.

The following table presents a summary of our results of operations (dollars in millions, except per share data):

	Three months ended June 30,									Six months ended June 30,
	2016			2015			Change			2016			2015			Change
Net sales	$	1,149.5		$	1,081.2		$	68.3		$	2,247.8		$	2,110.8		$	137.0
Organic net sales growth	4.4		%							5.2		%
Gross margin	28.1		%	27.6		%	50		bps	28.2		%	27.9		%	30		bps
Operating income	$	84.6		$	77.6		$	7.0		$	164.3		$	151.4		$	12.9
Operating income margin	7.4		%	7.2		%	20		bps	7.3		%	7.2		%	10		bps
Net income	$	41.8		$	18.3		$	23.5		$	80.6		$	89.8		$	(9.2	)
Diluted earnings per share	0.32			0.14			0.18			0.61			0.68			(0.07		)

The following summarizes second quarter 2016 results compared to the prior year:

• Net sales increased 6.3%, 4.4% on an organic basis. Americas net sales increased 6.6%, 3.9% on an organic basis. EMEA-APAC net sales increased 5.9%, 5.1% on an organic basis;

• Gross margin improved 50 basis points as a result of pricing benefits and favorable customer mix;

• Operating income margin improved 20 basis points, with Americas operating income margin flat and EMEA-APAC operating income margin improving 50 basis points; and

• Net income and diluted earnings per share more than doubled due to the absence of a significant non-cash net foreign currency remeasurement loss from our debt in the second quarter of 2015.

First half 2016 results were fairly similar to the quarterly results. The Americas continued to show strong results in the second quarter that were overall slightly down compared to the first quarter. EMEA-APAC second quarter results improved overall compared to the first quarter.

20

Net Sales and Organic Net Sales Growth

The following tables present information about net sales and organic net sales growth (dollars in millions):

	June 30,				Net sales growth				Non-GAAP reconciliation
									Currency translation			Acquisitions		Organic net sales growth
	2016		2015		Amount		%							Amount		%
Three months ended:
Americas	$	694.9	$	651.8	$	43.1	6.6	%	$	(3.7	)	$	21.1	$	25.7	3.9	%
EMEA-APAC	454.6		429.4		25.2		5.9	%	0.3			3.1		21.8		5.1	%
Total	$	1,149.5	$	1,081.2	$	68.3	6.3	%	$	(3.4	)	$	24.2	$	47.5	4.4	%
Six months ended:
Americas	$	1,361.6	$	1,257.1	$	104.5	8.3	%	$	(10.2	)	$	42.9	$	71.8	5.7	%
EMEA-APAC	886.2		853.7		32.5		3.8	%	(12.5		)	8.0		37.0		4.3	%
Total	$	2,247.8	$	2,110.8	$	137.0	6.5	%	$	(22.7	)	$	50.9	$	108.8	5.2	%

Three Months Ended

Net sales increased $68.3 million or 6.3%, up 4.4% on an organic basis.

Americas net sales increased $43.1 million or 6.6%, up 3.9% on an organic basis, driven by strong sales growth to Biopharma and government customers. Sales to education and healthcare customers increased, while sales to industrial customers were down slightly. From a product perspective, net sales of chemicals increased double-digits, while other consumables and capital goods increased low single-digits. Net sales in the Americas benefited from improvements in both pricing and volume.

EMEA-APAC net sales increased $25.2 million or 5.9%, up 5.1% on an organic basis on strong sales to Biopharma and industrial customers. Net sales to healthcare customers increased, net sales to education customers were flat while net sales to government customers declined. Performance by customer group included growth in private sector spending, somewhat offset by a lower level of government spending. From a product perspective, sales of chemicals were up by mid-single-digits, other consumables increased by high single-digits and capital goods were flat. Results were positively impacted by the timing of Easter, which fell in the first quarter this year as opposed to the second quarter last year. Net sales in EMEA-APAC also benefited from increased volume and improved pricing.

Six Months Ended

Net sales increased $137.0 million or 6.5%, up 5.2% on an organic basis.

Americas net sales increased $104.5 million or 8.3%, up 5.7% on an organic basis for reasons similar to the three-month period, except that net sales were slightly better across most customer and product groups due to the strong first quarter 2016 results.

EMEA-APAC net sales increased $32.5 million or 3.8%, up 4.3% on an organic basis for reasons similar to the three-month period, except that net sales to Biopharma customers were stronger, and net sales across most other customer and product groups were tempered due to the strength of our second quarter 2016 results compared to the first quarter.

21

Gross Profit and Gross Margin

The following tables present information about gross profit and gross margin (dollars in millions):

	June 30,						Reported change					Non-GAAP reconciliation
												Currency translation			Constant-currency
	2016			2015			Amount			%					Amount		%
Three months ended:
Gross profit	$	323.4		$	298.5		$	24.9		8.3	%	$	(1.0	)	$	25.9	8.7	%
Gross margin	28.1		%	27.6		%	50		bps
Six months ended:
Gross profit	$	634.0		$	589.7		$	44.3		7.5	%	$	(6.6	)	$	50.9	8.6	%
Gross margin	28.2		%	27.9		%	30		bps

For the three months ended June 30, 2016, gross profit increased 8.3%, up 8.7% on a constant-currency basis, reflecting a higher level of net sales and gross margin improvement. Gross margin was 28.1%, up 50 basis points compared to prior year as a result of pricing benefits and favorable customer mix.

For the six months ended June 30, 2016, gross profit increased 7.5%, up 8.6% on a constant-currency basis for reasons similar to the three-month period.

SG&A Expenses

The following tables present information about SG&A expenses (dollars in millions):

	June 30,						Reported change					Non-GAAP reconciliation
												Currency translation			Constant-currency
	2016			2015			Amount			%					Amount		%
Three months ended:
SG&A expenses	$	238.8		$	220.9		$	17.9		8.1	%	$	(0.8	)	$	18.7	8.5	%
% of net sales	20.8		%	20.4		%	40		bps
Six months ended:
SG&A expenses	$	469.7		$	438.3		$	31.4		7.2	%	$	(5.6	)	$	37.0	8.4	%
% of net sales	20.9		%	20.8		%	10		bps

For the three months ended June 30, 2016, SG&A expenses increased $17.9 million or 8.1%, up 8.5% on a constant-currency basis, reflecting increased variable compensation in 2016, caused by strong performance in the quarter, as well as business acquisitions.

For the six months ended June 30, 2016, SG&A expenses increased $31.4 million or 7.2%, up 8.4% on a constant-currency basis, for reasons similar to the three-month period.

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Operating Income

The following table presents information about operating income (dollars in millions):

	June 30,						Reported change					Non-GAAP reconciliation
												Currency translation			Constant-currency
	2016			2015			Amount			%					Amount		%
Three months ended:
Operating income:
Americas	$	43.6		$	41.2		$	2.4		5.8	%	$	(0.1	)	$	2.5	6.1	%
EMEA-APAC	41.0			36.4			4.6			12.6	%	(0.1		)	4.7		12.9	%
Total	$	84.6		$	77.6		$	7.0		9.0	%	$	(0.2	)	$	7.2	9.3	%
Operating income margin:
Americas	6.3		%	6.3		%	—
EMEA-APAC	9.0		%	8.5		%	50		bps
Total	7.4		%	7.2		%	20		bps
Six months ended:
Operating income:
Americas	$	87.0		$	76.9		$	10.1		13.1	%	$	(0.1	)	$	10.2	13.3	%
EMEA-APAC	77.3			74.5			2.8			3.8	%	(0.9		)	3.7		5.0	%
Total	$	164.3		$	151.4		$	12.9		8.5	%	$	(1.0	)	$	13.9	9.2	%
Operating income margin:
Americas	6.4		%	6.1		%	30		bps
EMEA-APAC	8.7		%	8.7		%	—
Total	7.3		%	7.2		%	10		bps

Three Months Ended

Consolidated operating income increased $7.0 million or 9.0%, up 9.3% on a constant-currency basis, with operating income margin up 20 basis points.

Americas operating income increased $2.4 million or 5.8%, up 6.1% on a constant-currency basis, driven by the net sales growth and the gross margin improvement, partially offset by higher SG&A expenses previously discussed.

EMEA-APAC operating income increased $4.6 million or 12.6%, up 12.9% on a constant-currency basis, with operating income margin up 50 basis points, for reasons similar to the Americas and augmented by the favorable timing of Easter.

Six Months Ended

Operating income increased $12.9 million or 8.5%, up 9.2% on a constant-currency basis, with operating income margin up 10 basis points.

Americas operating income increased $10.1 million or 13.1%, up 13.3% on a constant-currency basis, with operating income margin up 30 basis points for reasons similar to the three-month period in addition to the strong operating margin performance of first quarter 2016.

23

EMEA-APAC operating income increased $2.8 million or 3.8%, up 5.0% on a constant-currency basis, with operating income margin flat year-over-year, the result of a strong second quarter which overcame the operating margin decline in the first quarter.

Net Income and Diluted Earnings per Share

The following table presents information about net income and diluted earnings per share (in millions, except per share amounts):

	Three months ended June 30,									Six months ended June 30,
	2016			2015			Change			2016			2015			Change
Operating income	$	84.6		$	77.6		$	7.0		$	164.3		$	151.4		$	12.9
Interest expense	(20.7		)	(28.4		)	7.7			(39.9		)	(55.6		)	15.7
Other income (expense), net	0.1			(18.6		)	18.7			(0.5		)	51.7			(52.2		)
Loss on extinguishment of debt	—			(0.6		)	0.6			—			(2.4		)	2.4
Income tax provision	(22.2		)	(11.7		)	(10.5		)	(43.3		)	(55.3		)	12.0
Net income	$	41.8		$	18.3		$	23.5		$	80.6		$	89.8		$	(9.2	)
Diluted earnings per share	$	0.32		$	0.14		$	0.18		$	0.61		$	0.68		$	(0.07	)

Three Months Ended

Net income increased $23.5 million primarily due to the absence of a significant non-cash net foreign currency remeasurement loss from our debt in the second quarter of 2015. Since October 2015, substantially all of our euro-denominated debt has been part of a hedging program. Other notable factors include:

• Higher operating income, up $7.0 million compared to prior year;

• Interest expense, which decreased $7.7 million due to our 2015 debt refinancing; and

• Higher income tax provision, primarily due to the absence of the non-cash remeasurement loss. The effective tax rate was similar to the rate for the year ended December 31, 2015 as described in Note 18 to the consolidated financial statements in our Annual Report.

Diluted earnings per share increased $0.18 for reasons similar to net income.

Six Months Ended

Net income decreased $9.2 million due to the absence of a significant non-cash net foreign currency remeasurement gain from our debt for the six-month period, which resulted in a lower income tax provision. Other factors contributing to the change were similar to those discussed for the three-month period.

Diluted earnings per share decreased $0.07 for reasons similar to net income.

24

Liquidity and Capital Resources

We fund short-term cash requirements primarily from operating cash flows and available borrowings under our credit facilities. Most of our cash resides outside of the United States, which we do not intend to repatriate. Most of our long-term financing is from debt and capital raised from stockholders.

Our future financial and operating performance, our ability to service or refinance our debt and our ability to comply with covenants and restrictions contained in our debt agreements will be subject to future economic conditions and to financial, business and other factors, many of which are beyond our control and will be substantially dependent on the global economy, demand for our products and our ability to successfully implement our business strategies.

We believe that cash generated from operations, together with available borrowings under our credit facilities, will be adequate to meet our current and expected needs for cash prior to the maturity of our debt, although no assurance can be given in this regard.

Liquidity

As of June 30, 2016, we had aggregate unused availability of $339.5 million under our credit facilities, calculated as follows (in millions):

	Accounts receivable securitization facility			Multi-currency revolving loan facility			Total
Maximum availability	$	175.0		$	250.0		$	425.0
Current availability	$	175.0		$	250.0		$	425.0
Undrawn letters of credit outstanding	(10.6		)	(0.8		)	(11.4		)
Outstanding borrowings	(74.1		)	—			(74.1		)
Unused availability	$	90.3		$	249.2		$	339.5

Borrowings under these facilities are the most significant source of our liquidity. The daily average of aggregate borrowings outstanding under these facilities for the three and six months endedJune 30, 2016 was $151.2 million and $135.6 million, respectively. Our liquidity needs change daily, which causes our unused availability to fluctuate. Current availability under the accounts receivable securitization facility depends upon maintaining a sufficient borrowing base of eligible trade accounts receivable.

Historical Cash Flows

The following table presents a summary of historical cash flows (in millions):

	Six months ended June 30,
	2016			2015
Net cash provided by (used in):
Operating activities	$	119.6		$	97.1
Investing activities	(74.8		)	(59.2		)
Financing activities	(70.7		)	(19.7		)

25

Historical Cash Flows — Six Months Ended June 30, 2016

Operating Activities

Net cash provided by operating activities included a significant net contribution from earnings, excluding non-cash items such as depreciation and amortization and deferred income tax provision. This contribution was reduced by investments in working capital. Changes in trade accounts receivable used cash of $40.7 million due primarily to organic net sales growth. Changes in inventories and accounts payable each increased, following the organic net sales growth, and together used net cash of $2.4 million reflecting a greater stock of private label products and chemicals, the continuation of a global initiative to expand our product offerings and improve customer service levels.

Cash paid for interest was $41.7 million, a slight decrease from prior year caused by savings from our 2015 debt refinancing that were substantially offset by payment timing. Cash paid for income taxes was $33.5 million, an increase of $13.8 million from prior year caused by an increase in taxable profits.

Investing Activities

Net cash used in investing activities was $74.8 million. We paid net cash of $45.0 million to acquire two businesses. Capital expenditures were $29.8 million, an increase of $13.3 million from prior year driven by the consolidation of our U.S. chemical manufacturing businesses.

Financing Activities

Net cash used in financing activities was $70.7 million. We paid $78.1 million to Varietal under the ITRA, a $68.3 million larger payment than prior year reflecting the relative utilization of net operating losses. We partially financed that payment with net proceeds from debt of $9.1 million.

Historical Cash Flows — Six Months Ended June 30, 2015

Operating Activities

Net cash provided by operating activities included a significant contribution from earnings, excluding non-cash items such as depreciation and amortization, currency remeasurement and deferred income tax provision. This contribution was reduced primarily by the changes in trade accounts receivable, which used cash of $43.1 million due primarily to organic net sales growth.

Cash paid for interest was $44.9 million, and cash paid for income taxes was $19.7 million.

Investing Activities

Net cash used in investing activities was $59.2 million. We paid net cash of $44.6 million to acquire two businesses, and capital expenditures were $16.5 million.

Financing Activities

Net cash used by financing activities was $19.7 million. On a net basis, we repaid $4.1 million of debt. We also paid $5.2 million of debt issuance costs related to the 4.625% senior notes and $9.8 million to Varietal under the ITRA.

New Accounting Standards

For information about new accounting standards, see Note 2 to our condensed consolidated financial statements included in Part I, Item 1 — “Financial Statements.”

26

Item 3. Quantitative and Qualitative Disclosures about Market Risk

In the second quarter of 2016, we entered into two interest rate swaps that we designated as cash flow hedges of the variable LIBOR rate on our term A loan. For additional information, see Note 6 to our condensed consolidated financial statements included in Part I, Item 1 — “Financial Statements.” Had both interest rate swaps been in place at December 31, 2015, the exposure we reported from a 100 basis point increase in variable interest rates would have been reduced from $9.7 million per annum to $4.7 million per annum.

There have been no other significant changes to our disclosures about market risk since the date we filed our 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 June 30, 2016. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2016, our disclosure controls and procedures were effective in providing reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, reported, accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There have been no changes to our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the fiscal quarter ended June 30, 2016 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

27

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

For information regarding legal proceedings and matters, see Note 7 to our condensed consolidated financial statements included in Part I, Item 1 — “Financial Statements,” which information is incorporated into this item by reference.

Item 1A. Risk Factors

There have been no material changes to the risk factors included in the Annual Report and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2016.

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

See the Exhibit Index beginning on page E-1 of this report.

28

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.

	VWR Corporation
Date: August 4, 2016	By:	/s/ Douglas J. Pitts
		Name:	Douglas J. Pitts
		Title:	Vice President and Corporate Controller (Chief Accounting Officer and Duly Authorized Officer)

29

EXHIBIT INDEX

Exhibit No.	Exhibit Description	Method of Filing
3.1	Certificate of Amendment to the Amended and Restated Certificate of Incorporation to Declassify the Board of Directors	Previously filed as Exhibit 3.1 to the Current Report on Form 8-K on May 19, 2016
3.2	Certificate of Amendment to the Amended and Restated Certificate of Incorporation to Adopt a Majority Voting Standard in Uncontested Director Elections	Previously filed as Exhibit 3.2 to the Current Report on Form 8-K on May 19, 2016
3.3	Amendment to Amended and Restated Bylaws	Previously filed as Exhibit 3.3 to the Current Report on Form 8-K on May 19, 2016
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)	Furnished herewith
32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)	Furnished herewith
101.INS	XBRL Instance Document	Filed herewith
101.SCH	XBRL Taxonomy Extension Schema Document	Filed herewith
101.CAL	XBRL Taxonomy Calculation Linkbase Document	Filed herewith
101.LAB	XBRL Taxonomy Label Linkbase Document	Filed herewith
101.PRE	XBRL Taxonomy Presentation Linkbase Document	Filed herewith
101.DEF	XBRL Taxonomy Definition Linkbase Document	Filed herewith

E-1

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Manuel Brocke-Benz, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of VWR Corporation;

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: August 4, 2016	/s/ Manuel Brocke-Benz
	Name: Manuel Brocke-Benz
	Title: President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Gregory L. Cowan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of VWR Corporation;

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: August 4, 2016	/s/ Gregory L. Cowan
	Name: Gregory L. Cowan
	Title: Senior Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of VWR Corporation (the “Company”) for the quarterly period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Manuel Brocke-Benz, 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: August 4, 2016	/s/ Manuel Brocke-Benz
	Name: Manuel Brocke-Benz
	Title: President and Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of VWR Corporation (the “Company”) for the quarterly period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gregory L. Cowan, Senior Vice President and 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: August 4, 2016	/s/ Gregory L. Cowan
	Name: Gregory L. Cowan
	Title: Senior Vice President and Chief Financial Officer

XML

Document and entity information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 28, 2016
Document and Entity Information [Abstract]
Document type	10-Q
Document period end date	Jun. 30, 2016
Amendment flag	false
Entity registrant name	VWR Corporation
Entity central index key	0001412232
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Document fiscal year focus	2016
Document fiscal period focus	Q2
Entity common stock, shares outstanding		131,477,549

XML

Condensed consolidated balance sheets - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 112.9	$ 136.3
Trade accounts receivable, net of reserves of $11.0 and $12.0	639.2	583.2
Inventories	457.9	424.0
Other current assets	96.3	89.5
Total current assets	1,306.3	1,233.0
Property and equipment, net	239.4	228.2
Goodwill	1,836.7	1,791.4
Other intangible assets, net	1,452.1	1,455.6
Other assets	91.3	85.6
Total assets	4,925.8	4,793.8
Liabilities, Redeemable Equity and Stockholders’ Equity
Current portion of debt	129.1	92.8
Accounts payable	501.2	474.5
Employee-related liabilities	83.7	61.4
Current amount due to Varietal — ITRA	29.2	78.1
Other current liabilities	125.1	112.3
Total current liabilities	868.3	819.1
Debt, net of current portion	1,895.8	1,896.2
Amount due to Varietal — ITRA, net of current portion	55.8	85.0
Deferred income tax liabilities	466.9	459.5
Other liabilities	158.2	158.8
Total liabilities	3,445.0	3,418.6
Commitments and contingencies (Note 7)
Redeemable equity, at redemption value	25.8	38.8
Preferred stock, $0.01 par value; 50.0 shares authorized, no shares issued or outstanding	0.0	0.0
Common stock, $0.01 par value; 750.0 shares authorized, 131.5 and 131.4 shares issued and outstanding	1.3	1.3
Additional paid-in capital	1,753.2	1,735.1
Retained earnings	86.9	6.3
Accumulated other comprehensive loss	(386.4)	(406.3)
Total stockholders’ equity	1,455.0	1,336.4
Total liabilities, redeemable equity and stockholders’ equity	$ 4,925.8	$ 4,793.8

XML

Condensed consolidated balance sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Reserves on trade accounts receivable	$ 11.0	$ 12.0
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	50.0	50.0
Preferred stock, shares issued	0.0	0.0
Preferred stock, shares outstanding	0.0	0.0
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	750.0	750.0
Common stock, shares issued	131.5	131.4
Common stock, shares outstanding	131.5	131.4

XML

Condensed consolidated income statements - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Net sales	$ 1,149.5	$ 1,081.2	$ 2,247.8	$ 2,110.8
Cost of goods sold	826.1	782.7	1,613.8	1,521.1
Gross profit	323.4	298.5	634.0	589.7
Selling, general and administrative expenses	238.8	220.9	469.7	438.3
Operating income	84.6	77.6	164.3	151.4
Interest expense	(20.7)	(28.4)	(39.9)	(55.6)
Other income (expense), net	0.1	(18.6)	(0.5)	51.7
Loss on extinguishment of debt	0.0	(0.6)	0.0	(2.4)
Income before income taxes	64.0	30.0	123.9	145.1
Income tax provision	(22.2)	(11.7)	(43.3)	(55.3)
Net income	$ 41.8	$ 18.3	$ 80.6	$ 89.8
Earnings per share:
Basic	$ 0.32	$ 0.14	$ 0.61	$ 0.68
Diluted	$ 0.32	$ 0.14	$ 0.61	$ 0.68
Weighted average shares outstanding:
Basic	131.4	131.4	131.4	131.4
Diluted	131.7	132.1	131.6	132.0

XML

Condensed consolidated statements of comprehensive income or loss - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 41.8	$ 18.3	$ 80.6	$ 89.8
Foreign currency translation:
Net unrealized (loss) gain arising during the period	(21.6)	35.8	22.6	(130.2)
Derivative instruments:
Net unrealized loss arising during the period	(2.3)	(0.9)	(3.1)	(0.8)
Reclassification of net loss (gain) into earnings	0.1	0.2	(0.8)	0.2
Defined benefit plans:
Reclassification of net loss into earnings	0.6	0.6	1.2	1.3
Other comprehensive (loss) income	(23.2)	35.7	19.9	(129.5)
Comprehensive income (loss)	$ 18.6	$ 54.0	$ 100.5	$ (39.7)

XML

Condensed consolidated statements of redeemable equity and stockholders' equity - 6 months ended Jun. 30, 2016 - USD ($) shares in Millions, $ in Millions	Total	Redeemable equity, at redemption value	Common stock	Common stock Par value	Common stock Additional paid-in capital	Common stock Retained earnings	Common stock AOCI
Beginning balance, redeemable equity at Dec. 31, 2015	$ 38.8	$ 38.8
Increase (decrease) to redeemable equity
Reclassifications to state redeemable equity at redemption value		(13.0)
Ending balance, redeemable equity at Jun. 30, 2016	25.8	$ 25.8
Beginning balance, stockholders' equity, shares at Dec. 31, 2015			131.4
Beginning balance, stockholders' equity at Dec. 31, 2015	1,336.4			$ 1.3	$ 1,735.1	$ 6.3	$ (406.3)
Increase (decrease) to stockholders' equity
Share-based compensation expense	3.8				3.8
Issuance of common stock, shares			0.1
Issuance of common stock	1.3				1.3
Reclassifications to state redeemable equity at redemption value	13.0				13.0
Net income	80.6					80.6
Other comprehensive income	19.9						19.9
Ending balance, stockholders' equity, shares at Jun. 30, 2016			131.5
Ending balance, stockholders' equity at Jun. 30, 2016	$ 1,455.0			$ 1.3	$ 1,753.2	$ 86.9	$ (386.4)

XML

Condensed consolidated statements of cash flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 80.6	$ 89.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	63.4	61.3
Net foreign currency remeasurement loss (gain)	3.8	(50.2)
Deferred income tax provision	11.9	31.0
Loss on extinguishment of debt	0.0	2.4
Share-based compensation expense	3.8	2.4
Other, net	4.0	6.7
Changes in working capital, net of business acquisitions:
Trade accounts receivable	(40.7)	(43.1)
Inventories	(25.0)	(12.0)
Accounts payable	22.6	6.0
Other assets and liabilities	(4.8)	2.8
Net cash provided by operating activities	119.6	97.1
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(45.0)	(44.6)
Capital expenditures	(29.8)	(16.5)
Other investing activities	0.0	1.9
Net cash used in investing activities	(74.8)	(59.2)
Cash flows from financing activities:
Proceeds from debt	363.7	1,188.9
Repayment of debt	(354.6)	(1,193.0)
Payments to Varietal under ITRA	(78.1)	(9.8)
Payment of debt issuance costs	0.0	(5.2)
Other financing activities	(1.7)	(0.6)
Net cash used in financing activities	(70.7)	(19.7)
Effect of exchange rate changes on cash	2.5	(6.3)
Net (decrease) increase in cash and cash equivalents	(23.4)	11.9
Cash and cash equivalents at beginning of period	136.3	118.0
Cash and cash equivalents at end of period	112.9	129.9
Supplemental disclosures of cash flow information:
Cash paid for interest	41.7	44.9
Cash paid for income taxes, net	$ 33.5	$ 19.7

XML

Nature of operations and basis of presentation (Notes)

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of operations and basis of presentation

(1) Nature of Operations and Basis of Presentation

We are a leading global independent provider of product and service solutions to laboratory and production customers. We have significant market positions in Europe and North America. We also have operations in Asia-Pacific and other key emerging markets to support our multinational customers across the globe. We serve a critical role in connecting customer sites with laboratory product suppliers across multiple industries and geographies. We offer a broad portfolio of branded and private label laboratory products. We also offer a full range of value-added services, including custom manufacturing, to meet our customers’ needs. These services represent a growing but currently small portion of our overall net sales. We offer a wide selection of unique products and have developed an extensive global infrastructure including thousands of sales and service-focused professionals. We deliver value to our customers by improving the costs, efficiency and effectiveness of their research laboratories and production operations. We deliver value to our suppliers by providing them with cost-effective channel access to a global and diverse customer base.

The following describes our corporate organization at June 30, 2016:

• Varietal — Following a 2007 merger, Varietal was our only stockholder until our IPO in October 2014 and since then had been our majority stockholder through March 2016. Private equity funds managed by Madison Dearborn Partners hold a controlling interest in Varietal. Our condensed consolidated balance sheets reflect significant amounts of goodwill and other intangible assets as a result of the 2007 merger.

In April 2016, Varietal completed a sale of our common stock that caused it to no longer hold a majority ownership interest in us. As a result, we experienced a change in control under U.S. federal tax regulations which may impact (i) the amount and timing of the utilization of our net operating loss carryforwards; (ii) the timing of payments under an ITRA with Varietal (see Note 11); and (iii) the amount of cash taxes we expect to pay in future periods.

• VWR Funding and its wholly-owned subsidiaries — VWR Funding is our wholly-owned subsidiary and the sole issuer of our debt. Certain of those debt agreements restrict its ability to make distributions to us.

Basis of Presentation

We report financial results on the basis of two segments organized by geographic region: the Americas and EMEA-APAC.

We have prepared these condensed consolidated financial statements without audit pursuant to the rules and regulations of the SEC. Certain information normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to such rules and regulations. 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, to which there have been no material changes.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of VWR Corporation and the redeemable equity of Varietal, each after the elimination of intercompany balances and transactions.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue, expense, income and loss during the reporting period. Actual results could differ significantly from those estimates.

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New accounting standards (Notes)

6 Months Ended

Jun. 30, 2016

Accounting Changes and Error Corrections [Abstract]

New accounting standards

(2) New Accounting Standards

In March 2016, the FASB issued new guidance to simplify several aspects of accounting and presentation for share-based compensation. The new guidance is effective for us beginning in the first quarter of 2017, with early adoption permitted. We expect to early adopt the guidance in the fourth quarter of 2016 and do not expect that the standard will result in a material change to our financial statements.

In February 2016, the FASB issued comprehensive new guidance about leases. Under the new guidance, most leases will be recognized on our consolidated balance sheet as liabilities with corresponding right-of-use assets. The new guidance is effective for us beginning in the first quarter of 2019, with early adoption permitted. The guidance must be adopted using a modified retrospective approach. We are continuing to evaluate the impact of this new guidance.

In May 2014, the FASB issued comprehensive revenue recognition guidance. The new guidance provides a single model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard also requires expanded qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for us beginning in the first quarter of 2018. The standard may be adopted using either a full retrospective or a modified retrospective approach. We are continuing to evaluate the impact of this pronouncement and the method by which we will adopt it.

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Earnings per share (Notes)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Earnings per share

(3) Earnings per Share

The following table presents the reconciliation of weighted average shares outstanding used to calculate basic and diluted earnings per share (in millions):

	Three months ended June 30,		Six months ended June 30,
	2016	2015	2016	2015
Weighted average shares outstanding, basic	131.4	131.4	131.4	131.4
Dilutive effect of share-based instruments	0.3	0.7	0.2	0.6
Weighted average shares outstanding, diluted	131.7	132.1	131.6	132.0

For the three and six months ended June 30, 2016, 2.8 million and 3.7 million, respectively, of anti-dilutive share-based instruments were excluded from the calculation of diluted earnings per share.

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Goodwill and other intangible assets, net (Notes)

6 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets, net

(4) Goodwill and Other Intangible Assets, net

The following tables present information about goodwill by segment (in millions):

	Americas		EMEA-APAC		Total
Balance at December 31, 2015	$	1,046.3	$	745.1	$	1,791.4
Acquisitions	15.8		12.1		27.9
Currency translation	5.3		12.1		17.4
Balance at June 30, 2016	$	1,067.4	$	769.3	$	1,836.7

	June 30, 2016						December 31, 2015
	Gross carrying amount		Accumulated impairment losses		Net carrying amount		Gross carrying amount		Accumulated impairment losses		Net carrying amount
Americas	$	1,274.0	$	206.6	$	1,067.4	$	1,252.9	$	206.6	$	1,046.3
EMEA-APAC	769.3		—		769.3		745.1		—		745.1
Total	$	2,043.3	$	206.6	$	1,836.7	$	1,998.0	$	206.6	$	1,791.4

The following table presents the components of other intangible assets (in millions):

	June 30, 2016						December 31, 2015
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Amortizable intangible assets:
Customer relationships	$	1,435.3	$	626.3	$	809.0	$	1,402.2	$	581.4	$	820.8
Other	34.6		19.1		15.5		30.3		15.2		15.1
Total	1,469.9		645.4		824.5		1,432.5		596.6		835.9
Indefinite-lived intangible assets:
Trademarks and tradenames	627.6		—		627.6		619.7		—		619.7
Other intangible assets	$	2,097.5	$	645.4	$	1,452.1	$	2,052.2	$	596.6	$	1,455.6

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Debt (Notes)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Debt

(5) Debt

The following table presents information about debt (dollars in millions):

	June 30, 2016					December 31, 2015
	Interest terms	Rate		Amount
Accounts receivable securitization facility	LIBOR plus 1.15%	1.60	%	$	74.1	$	38.0
Senior credit facility:
Term A loan, net of discount of $5.5 and $6.1	LIBOR plus 2.00%	2.71	%	881.8		903.9
Term B loan, net of discount of $4.3 and $4.7	EURIBOR plus 3.25%	4.00	%	503.8		494.8
4.625% senior notes, net of discount of $7.8 and $8.4	Fixed rate	4.63	%	551.5		538.6
Other debt				13.7		13.7
Total debt				$	2,024.9	$	1,989.0
Classification on consolidated balance sheets:
Current portion of debt				$	129.1	$	92.8
Debt, net of current portion				1,895.8		1,896.2
Total debt				$	2,024.9	$	1,989.0

In the table above, discounts include unamortized original issue discounts and debt issuance costs. EURIBOR is subject to a floor of 0.75% and other debt includes capital lease obligations and subsidiary loans from local banks. Borrowings under the accounts receivable securitization facility and the multi-currency revolving credit facility, if any, are included in the current portion of debt because we frequently borrow from and repay them to satisfy short term cash requirements.

In April 2016, we entered into two interest rate swaps that exchange LIBOR for fixed rates on a portion of our term A loan. See Note 6.

The following table presents availability under credit facilities at June 30, 2016 (in millions):

	Accounts receivable securitization facility			Multi-currency revolving loan facility			Total
Maximum availability	$	175.0		$	250.0		$	425.0
Current availability	$	175.0		$	250.0		$	425.0
Undrawn letters of credit outstanding	(10.6		)	(0.8		)	(11.4		)
Outstanding borrowings	(74.1		)	—			(74.1		)
Unused availability	$	90.3		$	249.2		$	339.5

Current availability under the accounts receivable securitization facility depends upon maintaining a sufficient borrowing base of eligible trade accounts receivable.

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Financial instruments and fair value measurements (Notes)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Financial instruments and fair value measurements

(6) Financial Instruments and Fair Value Measurements

Our financial instruments include cash and cash equivalents, trade accounts receivable, accounts payable, debt and an amount due to Varietal under the ITRA. Except for the amount due to Varietal, these financial instruments are held or issued by a number of institutions, which reduces the risk of material non-performance.

Assets and Liabilities for which Fair Value is Only Disclosed

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

The following table presents the carrying amounts and fair values of debt instruments (in millions):

	June 30, 2016				December 31, 2015
	Carrying amount		Fair value		Carrying amount		Fair value
Accounts receivable securitization facility	$	74.1	$	74.1	$	38.0	$	38.0
Senior credit facility:
Term A loan	881.8		870.1		903.9		901.5
Term B loan	503.8		508.8		494.8		500.5
4.625% senior notes	551.5		565.2		538.6		536.5
Other debt	13.7		13.7		13.7		13.7

The fair values of debt instruments are based on quoted market prices and standard pricing models that take into account the present value of future cash flows, which are Level 2 measurements.

At June 30, 2016 and December 31, 2015, the amount due to Varietal under the ITRA (see Note 11) had carrying amounts of $85.0 million and $163.1 million, respectively, and fair values of $71.7 million and $147.6 million, respectively. The fair values were estimated using a combination of observable and unobservable inputs following an income-based approach, a Level 3 measurement.

Recurring Fair Value Measurements with Significant Unobservable Inputs

Certain of the business acquisitions we completed entitle the sellers to contingent consideration if earnings targets are met during a period of time following the acquisition.

The following table presents changes in contingent consideration liabilities (in millions):

	Six months ended June 30, 2016
Beginning balance	$	21.0
Acquisitions	10.8
Loss from changes to estimated fair value	0.2
Settlements in cash	(2.5		)
Currency translation	(0.5		)
Ending balance	$	29.0

We estimate the fair value of contingent consideration using the average of probability-weighted potential earn-out payments specified in the purchase agreements, a Level 3 measurement, ranging in the aggregate from approximatelyzero to $37 million for all open earn-outs at June 30, 2016. The significant assumptions used in these calculations include forecasted results and the estimated likelihood for each performance scenario.

Derivative Instruments and Hedging Activities

We engage in hedging activities to reduce our exposure to changes in variable interest rates and foreign currency exchange 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:

• Cash flow hedging — We hedge the variable base interest rate of a portion of our term A loan using interest rate swaps;

• Net investment hedging — We hedge a portion of our net investment in euro-denominated foreign operations using our 4.625% senior notes and a portion of our term B loan;

• Economic hedge — We experience opposite foreign currency exchange rate effects related to a euro-denominated intercompany loan and the unhedged portion of our term B loan. The currency effects for these non-derivative instruments are recorded through earnings in the period of change and substantially offset one another; and

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

Cash Flow Hedging

We have entered into two interest rate swaps that we designated as cash flow hedges of the variable LIBOR rate on our term A loan. Beginning April 2016, we swapped LIBOR for a 1.00% fixed rate on $375.0 million of our term A loan. Beginning September 2016, we will swap LIBOR for a 1.05% fixed rate on an additional $125.0 million of our term A loan. Both interest rate swaps mature on September 28, 2020. These hedges have been and are expected to continue to be fully effective. As a result, changes to the fair value of the interest rate swaps, which otherwise would be recognized in earnings, are deferred to AOCI.

Net Investment Hedging

We have designated €410.0 million of our term B loan and all €503.8 million of our 4.625% senior notes as hedges to protect a portion of our net investment in foreign operations from the impact of changes in the euro to U.S. dollar exchange rate. As a result of these hedge designations, the net unrealized foreign currency remeasurement gain or loss on the hedging instruments, which otherwise would be recognized in earnings, is deferred to AOCI and equally offsets the net unrealized gain or loss from the translation of the hedged portion of our net investment in foreign operations. These hedges have no other impact to our financial position, financial performance or cash flows.

Tabular Disclosures

The following table presents the balance sheet classification and fair values of instruments in hedging relationships, all of which are Level 2 measurements (in millions):

	Balance sheet classification	June 30, 2016		December 31, 2015
Cash flow hedging:
$375.0 interest rate swap	Other liabilities	$	3.7	$	—
$125.0 interest rate swap	Other liabilities	1.3		—
Net investment hedging:
Portion of term B loan	Debt, net of current portion	455.8		402.6
4.625% senior notes	Debt, net of current portion	565.2		536.5

The following table presents the net unrealized gain (loss) deferred to AOCI resulting from instruments in hedging relationships and hedged items (in millions):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Cash flow hedging:
$375.0 interest rate swap	$	(4.1	)	$	—		$	(4.1	)	$	—
$125.0 interest rate swap	(1.3		)	—			(1.3		)	—
Net investment hedging:
Portion of net investment in foreign operations	(24.7		)	19.5			21.1			22.2
Portion of term B loan	10.5			—			(8.9		)	—
4.625% senior notes	14.2			(19.5		)	(12.2		)	(22.2		)

All of our hedges were fully effective for the periods presented.

The following table presents the net gain (loss) reclassified from AOCI into interest expense as a result of hedging activities (in millions):

	Three months ended June 30,					Six months ended June 30,
	2016			2015		2016			2015
$375.0 interest rate swap	$	(0.4	)	$	—	$	(0.4	)	$	—

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Commitments and contingencies (Notes)

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

(7) Commitments and Contingencies

Our business involves risk of product liability, patent infringement and other claims in the ordinary course of business arising from the products that we source from various manufacturers or produce ourselves, as well as from the services we provide. Our exposure to such claims may increase as we seek to increase the geographic scope of our sourcing activities and sales of private label products and to the extent that we expand our manufacturing operations or service offerings. We maintain insurance policies, including product liability insurance, and in many cases the manufacturers of the products we distribute have indemnified us against such claims. We cannot assure you that our insurance coverage or indemnification agreements with manufacturers will be available 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 manufacturers and our manufacturers’ insurers, as well as legal enforcement under the local laws governing the arrangements. In particular, as we seek to expand our sourcing from manufacturers in the Asia-Pacific region and other developing locations, we expect that we will increase our exposure to potential defaults under the related indemnification arrangements. Insurance coverage in general or coverage for certain types of liabilities, such as product liability or patent infringement in these developing markets may not be readily available for purchase or cost-effective for us to purchase. Furthermore, insurance for liability relating to asbestos, lead and silica exposure is not available, and we do not maintain insurance for product recalls. Accordingly, we could be subject to uninsured and unindemnified future liabilities, and an unfavorable result in a case for which adequate insurance or indemnification is not available could result in a material adverse effect on our business, financial condition and results of operations.

We are also involved in various disputes, litigation and regulatory matters incidental to our business, including employment matters, commercial disputes, government contract compliance matters, disputes regarding environmental clean-up costs, and other matters arising out of the normal conduct of our business. We intend to vigorously defend ourselves in such matters. From time to time, we are named as a defendant in cases as a result of our distribution of laboratory supplies, including litigation resulting from the alleged prior distribution of products containing asbestos by certain of our predecessors or acquired companies. While the impact of these disputes or litigation has historically been immaterial, and we believe the range of reasonably possible loss from current matters continues to be immaterial, there can be no assurance that the impact of the pending and any future claims will not be material to our business, financial condition or results of operations in the future.

Employment Agreements

The employment agreements with our executive officers include provisions for the payment of severance and continuing health benefits following termination without cause or resignation for good reason, as those terms are defined in the employment agreements. The aggregate of potential payments for all executive officers under these provisions was $10.3 million at June 30, 2016.

Registration Rights Agreement

We are party to a registration rights agreement with Varietal that could require us to pay securities registration costs in future periods. Under the registration rights agreement, Varietal is entitled to request that we register (i) any shares of our common stock that it held at October 7, 2014 and (ii) any shares held by Madison Dearborn Partners. Should we register such common stock, we would be required to pay costs related to the registration as well as Varietal’s expenses in connection with its exercise of these rights.

During the three and six months ended June 30, 2016, we incurred expenses of $0.4 million and $0.8 million, respectively, pursuant to the registration rights agreement. See Note 11.

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Share-based compensation (Notes)

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based compensation

(8) Share-Based Compensation

The following table presents the components of share-based compensation expense, a component of selling, general and administrative expenses (in millions):

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
2014 Plan	$	2.3	$	1.1	$	3.6	$	2.2
Other	0.1		0.2		0.2		0.2
Total	$	2.4	$	1.3	$	3.8	$	2.4

At June 30, 2016, remaining share-based compensation expense of $29.6 million related to unvested awards will be recognized over a weighted average period of 3.5 years.

2014 Plan

The 2014 Plan authorized up to 11.5 million shares of common stock to be issued in the form of stock options, stock appreciation rights, restricted stock or other stock-based awards. At June 30, 2016, 5.6 million shares were available for future issuance. No award shall be granted pursuant to the 2014 Plan on or after September 9, 2024.

The following table presents information about stock options under the 2014 Plan (in millions, except per option amounts and years):

	Six months ended June 30, 2016
	Number of stock options		Weighted average exercise price per option		Aggregate intrinsic value		Weighted average remaining term in years
Outstanding at beginning of period	3.2		$	21.03
Granted	2.8		24.63
Forfeited	(0.1	)	21.35
Outstanding at end of period	5.9		22.74		$	36.2	5.9
Expected to vest	5.5		22.74		34.0		5.9
Exercisable	0.1		21.00		1.0		5.3

In 2016, we granted stock options to management under the 2014 Plan. The stock options vest 25% on the first anniversary of the date of grant and 6.25% quarterly thereafter through the fourth anniversary of the date of grant and have a seven-year term.

The following table presents information about the fair value of stock options granted in 2016:

Weighted average grant date fair value	$	6.69
Expected stock price volatility	30		%
Risk free interest rate	1.16		%
Expected dividend rate	nil
Expected life of options in years	4.6

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Benefit plans (Notes)

6 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Benefit plans

(9)    Benefit Plans

The following tables present the components of net periodic pension (income) cost (in millions):

	U.S. Retirement Plan						German, French and UK Plans
	Three months ended June 30,						Three months ended June 30,
	2016			2015			2016			2015
Service cost	$	0.2		$	0.2		$	0.3		$	0.4
Interest cost	1.7			1.9			1.1			1.3
Expected return on plan assets	(3.3		)	(3.5		)	(1.2		)	(1.2		)
Recognized net actuarial loss	—			—			0.8			0.9
Net periodic pension (income) cost	$	(1.4	)	$	(1.4	)	$	1.0		$	1.4

	U.S. Retirement Plan						German, French and UK Plans
	Six months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Service cost	$	0.4		$	0.4		$	0.7		$	0.8
Interest cost	3.4			3.8			2.3			2.6
Expected return on plan assets	(6.6		)	(7.1		)	(2.4		)	(2.4		)
Recognized net actuarial loss	—			—			1.7			1.8
Net periodic pension (income) cost	$	(2.8	)	$	(2.9	)	$	2.3		$	2.8

During the six months endedJune 30, 2016, we made no contributions to the U.S. Retirement Plan and $0.1 million of aggregate contributions to the German, French and UK Plans. For the remainder of 2016, we expect to make no contributions to the U.S. Retirement Plan and aggregate contributions of $5.3 million to the German, French and UK Plans.

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Comprehensive income or loss (Notes)

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Comprehensive income or loss

(10) Comprehensive Income or Loss

The following table presents changes in the components of AOCI, net of tax (in millions):

	Foreign currency translation			Derivative instruments			Defined benefit plans			Total
Balance at December 31, 2015	$	(365.3	)	$	2.0		$	(43.0	)	$	(406.3	)
Net unrealized gain (loss) arising during the period	22.6			(3.1		)	—			19.5
Reclassification of net (gain) loss into earnings	—			(0.8		)	1.2			0.4
Balance at June 30, 2016	$	(342.7	)	$	(1.9	)	$	(41.8	)	$	(386.4	)

The following table presents information about the reclassification of net (gain) loss from AOCI into earnings (in millions):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Derivative instruments:
Cost of goods sold	$	(0.1	)	$	—		$	(1.2	)	$	(0.4	)
Interest expense	0.4			0.1			0.4			0.2
Loss on extinguishment of debt	—			0.1			—			0.3
Income tax provision	(0.2		)	—			—			0.1
Net income	$	0.1		$	0.2		$	(0.8	)	$	0.2
Defined benefit plans:
Selling, general and administrative expenses	$	0.9		$	0.9		$	1.7		$	1.9
Income tax provision	(0.3		)	(0.3		)	(0.5		)	(0.6		)
Net income	$	0.6		$	0.6		$	1.2		$	1.3

The following table presents the income tax effects of the components of comprehensive income or loss (in millions):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Foreign currency translation:
Net unrealized income tax (provision) benefit arising during the period	$	(9.6	)	$	8.7		$	8.2		$	8.7
Derivative instruments:
Net unrealized income tax benefit (provision) arising during the period	1.8			—			2.2			(0.1		)
Reclassification of net income tax (benefit) provision into earnings	(0.2		)	—			—			0.1
Defined benefit plans:
Reclassification of net income tax benefit into earnings	(0.3		)	(0.3		)	(0.5		)	(0.6		)

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Related party transactions (Notes)

6 Months Ended

Jun. 30, 2016

Related Party Transactions [Abstract]

Related party transactions

(11) Related Party Transactions

Due to Varietal — ITRA

We are party to an ITRA with Varietal. The ITRA provides for the payment of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax realized as a result of utilizing net operating losses that were generated in periods prior to the IPO. As noted previously, Madison Dearborn Partners owns a controlling interest in Varietal.

The timing of payments under the ITRA corresponds to the year subsequent to the year in which the net operating loss carryforwards are claimed on our tax return. We made a payment under the ITRA of $78.1 million during the six months endedJune 30, 2016. At June 30, 2016, the remaining amount due to Varietal under the ITRA was $85.0 million, $29.2 million of which is classified as current and represents our estimate of the payment that will become due in March 2017.

Registration Rights Agreement

During the six months endedJune 30, 2016, Varietal completed registered sales of 17.2 million shares of our common stock. We received no proceeds from these sales and issued no additional shares of our common stock. Pursuant to our registration rights agreement with Varietal (see Note 7), we incurred expenses of $0.4 million and $0.8 million related to the registered sales during the three and six months ended June 30, 2016, respectively.

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Segment financial information (Notes)

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segment financial information

(12) Segment Financial Information

The following table presents segment financial information (in millions):

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
Net sales:
Americas	$	694.9	$	651.8	$	1,361.6	$	1,257.1
EMEA-APAC	454.6		429.4		886.2		853.7
Total	$	1,149.5	$	1,081.2	$	2,247.8	$	2,110.8
Operating income:
Americas	$	43.6	$	41.2	$	87.0	$	76.9
EMEA-APAC	41.0		36.4		77.3		74.5
Total	$	84.6	$	77.6	$	164.3	$	151.4

Inter-segment activity has been eliminated; therefore, net sales for each segment are all from external customers. We determined that disclosing net sales for each group of similar customers, products and services would be impracticable.

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Nature of operations and basis of presentation (Policies)

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of presentation

Basis of Presentation

We report financial results on the basis of two segments organized by geographic region: the Americas and EMEA-APAC.

We have prepared these condensed consolidated financial statements without audit pursuant to the rules and regulations of the SEC. Certain information normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to such rules and regulations. 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, to which there have been no material changes.

Principles of consolidation

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of VWR Corporation and the redeemable equity of Varietal, each after the elimination of intercompany balances and transactions.

Use of estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue, expense, income and loss during the reporting period. Actual results could differ significantly from those estimates.

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Earnings per share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Schedule of earnings per share

The following table presents the reconciliation of weighted average shares outstanding used to calculate basic and diluted earnings per share (in millions):

	Three months ended June 30,		Six months ended June 30,
	2016	2015	2016	2015
Weighted average shares outstanding, basic	131.4	131.4	131.4	131.4
Dilutive effect of share-based instruments	0.3	0.7	0.2	0.6
Weighted average shares outstanding, diluted	131.7	132.1	131.6	132.0

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Goodwill and other intangible assets, net (Tables)

6 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The following tables present information about goodwill by segment (in millions):

	Americas		EMEA-APAC		Total
Balance at December 31, 2015	$	1,046.3	$	745.1	$	1,791.4
Acquisitions	15.8		12.1		27.9
Currency translation	5.3		12.1		17.4
Balance at June 30, 2016	$	1,067.4	$	769.3	$	1,836.7

	June 30, 2016						December 31, 2015
	Gross carrying amount		Accumulated impairment losses		Net carrying amount		Gross carrying amount		Accumulated impairment losses		Net carrying amount
Americas	$	1,274.0	$	206.6	$	1,067.4	$	1,252.9	$	206.6	$	1,046.3
EMEA-APAC	769.3		—		769.3		745.1		—		745.1
Total	$	2,043.3	$	206.6	$	1,836.7	$	1,998.0	$	206.6	$	1,791.4

Schedule of components of other intangible assets, amortizable

The following table presents the components of other intangible assets (in millions):

	June 30, 2016						December 31, 2015
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Amortizable intangible assets:
Customer relationships	$	1,435.3	$	626.3	$	809.0	$	1,402.2	$	581.4	$	820.8
Other	34.6		19.1		15.5		30.3		15.2		15.1
Total	1,469.9		645.4		824.5		1,432.5		596.6		835.9
Indefinite-lived intangible assets:
Trademarks and tradenames	627.6		—		627.6		619.7		—		619.7
Other intangible assets	$	2,097.5	$	645.4	$	1,452.1	$	2,052.2	$	596.6	$	1,455.6

Schedule of components of other intangible assets, indefinite-lived

The following table presents the components of other intangible assets (in millions):

	June 30, 2016						December 31, 2015
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Amortizable intangible assets:
Customer relationships	$	1,435.3	$	626.3	$	809.0	$	1,402.2	$	581.4	$	820.8
Other	34.6		19.1		15.5		30.3		15.2		15.1
Total	1,469.9		645.4		824.5		1,432.5		596.6		835.9
Indefinite-lived intangible assets:
Trademarks and tradenames	627.6		—		627.6		619.7		—		619.7
Other intangible assets	$	2,097.5	$	645.4	$	1,452.1	$	2,052.2	$	596.6	$	1,455.6

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Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of information about debt

The following table presents information about debt (dollars in millions):

	June 30, 2016					December 31, 2015
	Interest terms	Rate		Amount
Accounts receivable securitization facility	LIBOR plus 1.15%	1.60	%	$	74.1	$	38.0
Senior credit facility:
Term A loan, net of discount of $5.5 and $6.1	LIBOR plus 2.00%	2.71	%	881.8		903.9
Term B loan, net of discount of $4.3 and $4.7	EURIBOR plus 3.25%	4.00	%	503.8		494.8
4.625% senior notes, net of discount of $7.8 and $8.4	Fixed rate	4.63	%	551.5		538.6
Other debt				13.7		13.7
Total debt				$	2,024.9	$	1,989.0
Classification on consolidated balance sheets:
Current portion of debt				$	129.1	$	92.8
Debt, net of current portion				1,895.8		1,896.2
Total debt				$	2,024.9	$	1,989.0

Schedule of availability under credit facilities

The following table presents availability under credit facilities at June 30, 2016 (in millions):

	Accounts receivable securitization facility			Multi-currency revolving loan facility			Total
Maximum availability	$	175.0		$	250.0		$	425.0
Current availability	$	175.0		$	250.0		$	425.0
Undrawn letters of credit outstanding	(10.6		)	(0.8		)	(11.4		)
Outstanding borrowings	(74.1		)	—			(74.1		)
Unused availability	$	90.3		$	249.2		$	339.5

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Financial instruments and fair value measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of carrying amounts and fair values of debt instruments

The following table presents the carrying amounts and fair values of debt instruments (in millions):

	June 30, 2016				December 31, 2015
	Carrying amount		Fair value		Carrying amount		Fair value
Accounts receivable securitization facility	$	74.1	$	74.1	$	38.0	$	38.0
Senior credit facility:
Term A loan	881.8		870.1		903.9		901.5
Term B loan	503.8		508.8		494.8		500.5
4.625% senior notes	551.5		565.2		538.6		536.5
Other debt	13.7		13.7		13.7		13.7

Schedule of changes in recurring fair value measurements

The following table presents changes in contingent consideration liabilities (in millions):

	Six months ended June 30, 2016
Beginning balance	$	21.0
Acquisitions	10.8
Loss from changes to estimated fair value	0.2
Settlements in cash	(2.5		)
Currency translation	(0.5		)
Ending balance	$	29.0

Schedule of fair value and balance sheet classification of instruments in hedging relationships

The following table presents the balance sheet classification and fair values of instruments in hedging relationships, all of which are Level 2 measurements (in millions):

	Balance sheet classification	June 30, 2016		December 31, 2015
Cash flow hedging:
$375.0 interest rate swap	Other liabilities	$	3.7	$	—
$125.0 interest rate swap	Other liabilities	1.3		—
Net investment hedging:
Portion of term B loan	Debt, net of current portion	455.8		402.6
4.625% senior notes	Debt, net of current portion	565.2		536.5

Schedule of effects on accumulated other comprehensive income or loss resulting from instruments in hedging relationships

The following table presents the net unrealized gain (loss) deferred to AOCI resulting from instruments in hedging relationships and hedged items (in millions):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Cash flow hedging:
$375.0 interest rate swap	$	(4.1	)	$	—		$	(4.1	)	$	—
$125.0 interest rate swap	(1.3		)	—			(1.3		)	—
Net investment hedging:
Portion of net investment in foreign operations	(24.7		)	19.5			21.1			22.2
Portion of term B loan	10.5			—			(8.9		)	—
4.625% senior notes	14.2			(19.5		)	(12.2		)	(22.2		)

All of our hedges were fully effective for the periods presented.

The following table presents the net gain (loss) reclassified from AOCI into interest expense as a result of hedging activities (in millions):

	Three months ended June 30,					Six months ended June 30,
	2016			2015		2016			2015
$375.0 interest rate swap	$	(0.4	)	$	—	$	(0.4	)	$	—

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Share-based compensation (Tables)

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of components of share-based compensation expense

The following table presents the components of share-based compensation expense, a component of selling, general and administrative expenses (in millions):

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
2014 Plan	$	2.3	$	1.1	$	3.6	$	2.2
Other	0.1		0.2		0.2		0.2
Total	$	2.4	$	1.3	$	3.8	$	2.4

Schedule of information about stock options

The following table presents information about stock options under the 2014 Plan (in millions, except per option amounts and years):

	Six months ended June 30, 2016
	Number of stock options		Weighted average exercise price per option		Aggregate intrinsic value		Weighted average remaining term in years
Outstanding at beginning of period	3.2		$	21.03
Granted	2.8		24.63
Forfeited	(0.1	)	21.35
Outstanding at end of period	5.9		22.74		$	36.2	5.9
Expected to vest	5.5		22.74		34.0		5.9
Exercisable	0.1		21.00		1.0		5.3

Schedule of information about the fair value of stock options granted

The following table presents information about the fair value of stock options granted in 2016:

Weighted average grant date fair value	$	6.69
Expected stock price volatility	30		%
Risk free interest rate	1.16		%
Expected dividend rate	nil
Expected life of options in years	4.6

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Benefit plans (Tables)

6 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule of components of net periodic pension income or cost

The following tables present the components of net periodic pension (income) cost (in millions):

	U.S. Retirement Plan						German, French and UK Plans
	Three months ended June 30,						Three months ended June 30,
	2016			2015			2016			2015
Service cost	$	0.2		$	0.2		$	0.3		$	0.4
Interest cost	1.7			1.9			1.1			1.3
Expected return on plan assets	(3.3		)	(3.5		)	(1.2		)	(1.2		)
Recognized net actuarial loss	—			—			0.8			0.9
Net periodic pension (income) cost	$	(1.4	)	$	(1.4	)	$	1.0		$	1.4

	U.S. Retirement Plan						German, French and UK Plans
	Six months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Service cost	$	0.4		$	0.4		$	0.7		$	0.8
Interest cost	3.4			3.8			2.3			2.6
Expected return on plan assets	(6.6		)	(7.1		)	(2.4		)	(2.4		)
Recognized net actuarial loss	—			—			1.7			1.8
Net periodic pension (income) cost	$	(2.8	)	$	(2.9	)	$	2.3		$	2.8

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Comprehensive income or loss (Tables)

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Schedule of changes in components of accumulated other comprehensive income or loss

The following table presents changes in the components of AOCI, net of tax (in millions):

	Foreign currency translation			Derivative instruments			Defined benefit plans			Total
Balance at December 31, 2015	$	(365.3	)	$	2.0		$	(43.0	)	$	(406.3	)
Net unrealized gain (loss) arising during the period	22.6			(3.1		)	—			19.5
Reclassification of net (gain) loss into earnings	—			(0.8		)	1.2			0.4
Balance at June 30, 2016	$	(342.7	)	$	(1.9	)	$	(41.8	)	$	(386.4	)

Schedule of reclassifications from accumulated other comprehensive income or loss into earnings

The following table presents information about the reclassification of net (gain) loss from AOCI into earnings (in millions):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Derivative instruments:
Cost of goods sold	$	(0.1	)	$	—		$	(1.2	)	$	(0.4	)
Interest expense	0.4			0.1			0.4			0.2
Loss on extinguishment of debt	—			0.1			—			0.3
Income tax provision	(0.2		)	—			—			0.1
Net income	$	0.1		$	0.2		$	(0.8	)	$	0.2
Defined benefit plans:
Selling, general and administrative expenses	$	0.9		$	0.9		$	1.7		$	1.9
Income tax provision	(0.3		)	(0.3		)	(0.5		)	(0.6		)
Net income	$	0.6		$	0.6		$	1.2		$	1.3

Schedule of income tax effects of the components of comprehensive income or loss

The following table presents the income tax effects of the components of comprehensive income or loss (in millions):

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Foreign currency translation:
Net unrealized income tax (provision) benefit arising during the period	$	(9.6	)	$	8.7		$	8.2		$	8.7
Derivative instruments:
Net unrealized income tax benefit (provision) arising during the period	1.8			—			2.2			(0.1		)
Reclassification of net income tax (benefit) provision into earnings	(0.2		)	—			—			0.1
Defined benefit plans:
Reclassification of net income tax benefit into earnings	(0.3		)	(0.3		)	(0.5		)	(0.6		)

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Segment financial information (Tables)

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Schedule of segment financial information

The following table presents segment financial information (in millions):

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
Net sales:
Americas	$	694.9	$	651.8	$	1,361.6	$	1,257.1
EMEA-APAC	454.6		429.4		886.2		853.7
Total	$	1,149.5	$	1,081.2	$	2,247.8	$	2,110.8
Operating income:
Americas	$	43.6	$	41.2	$	87.0	$	76.9
EMEA-APAC	41.0		36.4		77.3		74.5
Total	$	84.6	$	77.6	$	164.3	$	151.4

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Nature of operations and basis of presentation (Details)	6 Months Ended
	Jun. 30, 2016 Segment
Number of reportable segments	2
Varietal
Ownership percentage	41.00%
Public investors
Ownership percentage	59.00%

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Earnings per share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Weighted average shares outstanding, basic	131.4	131.4	131.4	131.4
Dilutive effect of share-based instruments	0.3	0.7	0.2	0.6
Weighted average shares outstanding, diluted	131.7	132.1	131.6	132.0
Anti-dilutive instruments excluded from calculation	2.8		3.7

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Goodwill and other intangible assets, net - Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Changes in goodwill
Beginning balance	$ 1,791.4
Acquisitions	27.9
Currency translation	17.4
Ending balance	1,836.7
Components of goodwill
Gross carrying amount		$ 2,043.3	$ 1,998.0
Accumulated impairment losses		206.6	206.6
Net carrying amount	1,791.4	1,836.7	1,791.4
Americas
Changes in goodwill
Beginning balance	1,046.3
Acquisitions	15.8
Currency translation	5.3
Ending balance	1,067.4
Components of goodwill
Gross carrying amount		1,274.0	1,252.9
Accumulated impairment losses		206.6	206.6
Net carrying amount	1,046.3	1,067.4	1,046.3
EMEA-APAC
Changes in goodwill
Beginning balance	745.1
Acquisitions	12.1
Currency translation	12.1
Ending balance	769.3
Components of goodwill
Gross carrying amount		769.3	745.1
Accumulated impairment losses		0.0	0.0
Net carrying amount	$ 745.1	$ 769.3	$ 745.1

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Goodwill and other intangible assets, net - Amortizable intangible assets (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Amortizable intangible assets
Gross carrying amount	$ 1,469.9	$ 1,432.5
Accumulated amortization	645.4	596.6
Net carrying amount	824.5	835.9
Customer relationships
Amortizable intangible assets
Gross carrying amount	1,435.3	1,402.2
Accumulated amortization	626.3	581.4
Net carrying amount	809.0	820.8
Other
Amortizable intangible assets
Gross carrying amount	34.6	30.3
Accumulated amortization	19.1	15.2
Net carrying amount	$ 15.5	$ 15.1

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Goodwill and other intangible assets, net - Other intangible assets (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Gross carrying amount
Amortizable intangible assets	$ 1,469.9	$ 1,432.5
Indefinite-lived intangible assets	627.6	619.7
Other intangible assets	2,097.5	2,052.2
Net carrying amount
Amortizable intangible assets	824.5	835.9
Indefinite-lived intangible assets	627.6	619.7
Other intangible assets	$ 1,452.1	$ 1,455.6

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Debt - Components (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Information about debt
Current portion of debt	$ 129.1	$ 92.8
Debt, net of current portion	1,895.8	1,896.2
Debt	$ 2,024.9	1,989.0
Accounts receivable securitization facility
Information about debt
Interest terms	LIBOR plus 1.15%
Interest rate, variable margin	1.15%
Interest rate	1.60%
Debt	$ 74.1	38.0
Senior credit facility | Term A loan
Information about debt
Discount	$ 5.5	6.1
Interest terms	LIBOR plus 2.00%
Interest rate, variable margin	2.00%
Interest rate	2.71%
Debt	$ 881.8	903.9
Senior credit facility | Term B loan
Information about debt
Discount	$ 4.3	4.7
Interest terms	EURIBOR plus 3.25%
Interest rate, variable margin	3.25%
Interest rate, variable basis, minimum	0.75%
Interest rate	4.00%
Debt	$ 503.8	494.8
Senior notes | 4.625%
Information about debt
Discount	$ 7.8	8.4
Interest terms	Fixed rate
Interest rate	4.63%
Debt	$ 551.5	538.6
Other debt
Information about debt
Debt	$ 13.7	$ 13.7

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Debt - Availability under credit facilities (Details) $ in Millions	Jun. 30, 2016 USD ($)
Information about debt
Maximum availability	$ 425.0
Current availability	425.0
Undrawn letters of credit outstanding	(11.4)
Outstanding borrowings	(74.1)
Unused availability	339.5
Accounts receivable securitization facility
Information about debt
Maximum availability	175.0
Current availability	175.0
Undrawn letters of credit outstanding	(10.6)
Outstanding borrowings	(74.1)
Unused availability	90.3
Senior credit facility | Multi-currency revolving loan facility
Information about debt
Maximum availability	250.0
Current availability	250.0
Undrawn letters of credit outstanding	(0.8)
Outstanding borrowings	0.0
Unused availability	$ 249.2

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Financial instruments and fair value measurements - Assets and liabilities for which fair value is only disclosed (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Assets and liabilities for which fair value is only disclosed:
Carrying amount	$ 2,024.9	$ 1,989.0
Income tax receivable agreement
Assets and liabilities for which fair value is only disclosed:
Carrying amount	85.0	163.1
Income tax receivable agreement | Level 3
Assets and liabilities for which fair value is only disclosed:
Fair value	71.7	147.6
Accounts receivable securitization facility
Assets and liabilities for which fair value is only disclosed:
Carrying amount	74.1	38.0
Accounts receivable securitization facility | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	74.1	38.0
Senior credit facility | Term A loan
Assets and liabilities for which fair value is only disclosed:
Carrying amount	881.8	903.9
Senior credit facility | Term A loan | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	870.1	901.5
Senior credit facility | Term B loan
Assets and liabilities for which fair value is only disclosed:
Carrying amount	503.8	494.8
Senior credit facility | Term B loan | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	508.8	500.5
Senior notes | 4.625%
Assets and liabilities for which fair value is only disclosed:
Carrying amount	551.5	538.6
Senior notes | 4.625% | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	565.2	536.5
Other debt
Assets and liabilities for which fair value is only disclosed:
Carrying amount	13.7	13.7
Other debt | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	$ 13.7	$ 13.7

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Financial instruments and fair value measurements - Recurring fair value measurements with significant unobservable inputs (Details) - Recurring - Level 3 - Contingent consideration $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($)
Changes in fair value measurements:
Beginning balance	$ 21.0
Acquisitions	10.8
Loss from changes to estimated fair value	0.2
Settlements in cash	(2.5)
Currency translation	(0.5)
Ending balance	29.0
Information about contingent consideration:
Range of outcomes, low	0.0
Range of outcomes, high	$ 37.0

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Financial instruments and fair value measurements - Derivative instruments and hedging activities (Details) - Designated as hedge € in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 EUR (€)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Cash flow hedging | Interest rate swap
Derivative instruments and hedging activities:
Number of instruments held	2			2
Cash flow hedging | Interest rate swap | $375.0 million
Derivative instruments and hedging activities:
Fixed rate of derivative	1.00%			1.00%
Notional amount	$ 375.0			$ 375.0
Net unrealized gain (loss) recognized in AOCI	(4.1)	$ 0.0		(4.1)	$ 0.0
Cash flow hedging | Interest rate swap | $375.0 million | Interest expense
Derivative instruments and hedging activities:
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	(0.4)	0.0		(0.4)	0.0
Cash flow hedging | Interest rate swap | $375.0 million | Level 2 | Other liabilities
Derivative instruments and hedging activities:
Fair value	$ 3.7			$ 3.7		$ 0.0
Cash flow hedging | Interest rate swap | $125.0 million
Derivative instruments and hedging activities:
Fixed rate of derivative	1.05%			1.05%
Notional amount	$ 125.0			$ 125.0
Net unrealized gain (loss) recognized in AOCI	(1.3)	0.0		(1.3)	0.0
Cash flow hedging | Interest rate swap | $125.0 million | Level 2 | Other liabilities
Derivative instruments and hedging activities:
Fair value	1.3			1.3		0.0
Net investment hedging | Debt | Portion of term B loan
Derivative instruments and hedging activities:
Notional amount | €			€ 410.0
Net unrealized gain (loss) recognized in AOCI	10.5	0.0		(8.9)	0.0
Net investment hedging | Debt | Portion of term B loan | Level 2 | Debt, net of current portion
Derivative instruments and hedging activities:
Fair value	455.8			455.8		402.6
Net investment hedging | Debt | 4.625% senior notes
Derivative instruments and hedging activities:
Notional amount | €			€ 503.8
Net unrealized gain (loss) recognized in AOCI	14.2	(19.5)		(12.2)	(22.2)
Net investment hedging | Debt | 4.625% senior notes | Level 2 | Debt, net of current portion
Derivative instruments and hedging activities:
Fair value	565.2			565.2		$ 536.5
Net investment hedging | Portion of net investment in foreign operations
Derivative instruments and hedging activities:
Net unrealized gain (loss) recognized in AOCI	$ (24.7)	$ 19.5		$ 21.1	$ 22.2

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Commitments and contingencies (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)
Employment agreements
Commitments and contingencies:
Aggregate potential payments	$ 10.3	$ 10.3
Registration rights agreement | Varietal
Commitments and contingencies:
Expenses incurred	$ 0.4	$ 0.8

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Share-based compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based compensation
Expense recognized	$ 2.4	$ 1.3	$ 3.8	$ 2.4
Expense to be recognized	29.6		$ 29.6
Expense to be recognized, weighted average period of recognition			3 years 6 months
2014 Plan
Share-based compensation
Expense recognized	$ 2.3	1.1	$ 3.6	2.2
Number of shares authorized	11.5		11.5
Number of shares available for future issuance	5.6		5.6
2014 Plan | Stock options
Share-based compensation
Outstanding, aggregate intrinsic value	$ 36.2		$ 36.2
Outstanding, weighted average remaining term			5 years 10 months 24 days
Vesting period			4 years
Term			7 years
Rollforward of stock options, number
Outstanding at beginning of period			3.2
Granted			2.8
Forfeited			(0.1)
Outstanding at end of period	5.9		5.9
Rollforward of stock options, weighted average exercise price
Outstanding at beginning of period			$ 21.03
Granted			24.63
Forfeited			21.35
Outstanding at end of period	$ 22.74		$ 22.74
Expected to vest
Number of stock options	5.5		5.5
Weighted average exercise price per option	$ 22.74		$ 22.74
Aggregate intrinsic value	$ 34.0		$ 34.0
Weighted average remaining term in years			5 years 10 months 24 days
Exercisable
Number of stock options	0.1		0.1
Weighted average exercise price per option	$ 21.00		$ 21.00
Aggregate intrinsic value	$ 1.0		$ 1.0
Weighted average remaining term in years			5 years 3 months 18 days
Information about the fair value of stock options granted
Weighted average grant date fair value			$ 6.69
Expected stock price volatility			30.00%
Risk free interest rate			1.16%
Expected dividend rate			0.00%
Expected life of options in years			4 years 7 months 6 days
2014 Plan | Stock options | First anniversary
Share-based compensation
Vesting percentage			25.00%
2014 Plan | Stock options | Quarterly through fourth anniversary
Share-based compensation
Vesting percentage			6.25%
Other
Share-based compensation
Expense recognized	$ 0.1	$ 0.2	$ 0.2	$ 0.2

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Benefit plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
U.S. Retirement Plan
Net periodic pension cost (income):
Service cost	$ 0.2	$ 0.2	$ 0.4	$ 0.4
Interest cost	1.7	1.9	3.4	3.8
Expected return on plan assets	(3.3)	(3.5)	(6.6)	(7.1)
Recognized net actuarial loss	0.0	0.0	0.0	0.0
Net periodic pension (income) cost	(1.4)	(1.4)	(2.8)	(2.9)
Contributions paid			0.0
Expected contributions for remainder of year			0.0
German, French and UK Plans
Net periodic pension cost (income):
Service cost	0.3	0.4	0.7	0.8
Interest cost	1.1	1.3	2.3	2.6
Expected return on plan assets	(1.2)	(1.2)	(2.4)	(2.4)
Recognized net actuarial loss	0.8	0.9	1.7	1.8
Net periodic pension (income) cost	$ 1.0	$ 1.4	2.3	$ 2.8
Contributions paid			0.1
Expected contributions for remainder of year			$ 5.3

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Comprehensive income or loss - Changes in accumulated balances (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($)
Changes in AOCI, net of tax:
Beginning balance	$ (406.3)
Net unrealized gain (loss) arising during the period	19.5
Reclassification of net (gain) loss into earnings	0.4
Ending balance	(386.4)
Foreign currency translation
Changes in AOCI, net of tax:
Beginning balance	(365.3)
Net unrealized gain (loss) arising during the period	22.6
Reclassification of net (gain) loss into earnings	0.0
Ending balance	(342.7)
Derivative instruments
Changes in AOCI, net of tax:
Beginning balance	2.0
Net unrealized gain (loss) arising during the period	(3.1)
Reclassification of net (gain) loss into earnings	(0.8)
Ending balance	(1.9)
Defined benefit plans
Changes in AOCI, net of tax:
Beginning balance	(43.0)
Net unrealized gain (loss) arising during the period	0.0
Reclassification of net (gain) loss into earnings	1.2
Ending balance	$ (41.8)

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Comprehensive income or loss - Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Component of earnings:
Net sales	$ 1,149.5	$ 1,081.2	$ 2,247.8	$ 2,110.8
Cost of goods sold	(826.1)	(782.7)	(1,613.8)	(1,521.1)
Selling, general and administrative expenses	(238.8)	(220.9)	(469.7)	(438.3)
Interest expense	(20.7)	(28.4)	(39.9)	(55.6)
Other income (expense), net	0.1	(18.6)	(0.5)	51.7
Loss on extinguishment of debt	0.0	(0.6)	0.0	(2.4)
Income tax provision	(22.2)	(11.7)	(43.3)	(55.3)
Net income	41.8	18.3	80.6	89.8
Reclassification of (gain) loss from accumulated other comprehensive income or loss into earnings | Derivative instruments
Component of earnings:
Cost of goods sold	(0.1)	0.0	(1.2)	(0.4)
Interest expense	0.4	0.1	0.4	0.2
Loss on extinguishment of debt	0.0	0.1	0.0	0.3
Income tax provision	(0.2)	0.0	0.0	0.1
Net income	0.1	0.2	(0.8)	0.2
Reclassification of (gain) loss from accumulated other comprehensive income or loss into earnings | Defined benefit plans
Component of earnings:
Selling, general and administrative expenses	0.9	0.9	1.7	1.9
Income tax provision	(0.3)	(0.3)	(0.5)	(0.6)
Net income	$ 0.6	$ 0.6	$ 1.2	$ 1.3

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Comprehensive income or loss - Income tax effects (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Foreign currency translation:
Net unrealized income tax (provision) benefit arising during the period	$ (9.6)	$ 8.7	$ 8.2	$ 8.7
Derivative instruments:
Net unrealized income tax benefit (provision) arising during the period	1.8	0.0	2.2	(0.1)
Reclassification of net income tax (benefit) provision into earnings	(0.2)	0.0	0.0	0.1
Defined benefit plans:
Reclassification of net income tax benefit into earnings	$ (0.3)	$ (0.3)	$ (0.5)	$ (0.6)

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Related party transactions (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related party transactions
Payment to related party		$ 78.1	$ 9.8
Due to related party, current	$ 29.2	$ 29.2		$ 78.1
Varietal | Income tax receivable agreement
Related party transactions
Percentage of net operating losses payable		85.00%
Payment to related party		$ 78.1
Due to related party	85.0	85.0
Due to related party, current	29.2	$ 29.2
Varietal | Registration rights agreement
Related party transactions
Number of shares sold		17.2
Proceeds from issuance of shares		$ 0.0
Shares issued		0.0
Expenses incurred	$ 0.4	$ 0.8

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Segment financial information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment financial information
Net sales	$ 1,149.5	$ 1,081.2	$ 2,247.8	$ 2,110.8
Operating income	84.6	77.6	164.3	151.4
Americas
Segment financial information
Net sales	694.9	651.8	1,361.6	1,257.1
Operating income	43.6	41.2	87.0	76.9
EMEA-APAC
Segment financial information
Net sales	454.6	429.4	886.2	853.7
Operating income	$ 41.0	$ 36.4	$ 77.3	$ 74.5