XML 67 R55.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Data - Operating Results by Segment (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Segment Reporting Information [Line Items]          
Net sales $ 1,026 $ 1,009 $ 2,091 $ 1,950  
Adjusted EBITDA 63 53 111 105  
Total assets 3,526 4,190 3,526 4,190 $ 3,361
Net income (loss) attributable to Covetrus [1] 54 (10) 20 (23)  
Plus: Depreciation and amortization 41 41 82 71  
Plus: Interest expense, net 13 14 27 25  
Plus: Income tax expense 6 5 4 1  
Earnings before interest, taxes, depreciation, and amortization 114 50 133 74  
Plus: Share-based compensation 10 10 19 25  
Plus: Strategic consulting 5   9    
Plus: Transaction costs     6    
Plus: Separation programs and executive severance 1   2    
Plus: IT infrastructure   2 2 2  
Plus: Formation of Covetrus 7 6 14 14  
Plus: Capital structure 1   1 5  
Other Operating Income (Expense), Net (75) (15) (75) (15)  
Adjusted EBITDA 63 53 111 105  
Corporate          
Segment Reporting Information [Line Items]          
Net sales 0 0 0 0  
Adjusted EBITDA (13) (13) (31) (16)  
Total assets 1,145 872 1,145 872  
Adjusted EBITDA (13) (13) (31) (16)  
Eliminations          
Segment Reporting Information [Line Items]          
Net sales (3) (3) (5) (6)  
Adjusted EBITDA 0 0 0 0  
Total assets (1,452) (935) (1,452) (935)  
Adjusted EBITDA 0 0 0 0  
North America          
Segment Reporting Information [Line Items]          
Net sales 602 552 1,152 1,049  
North America | Operating Segments          
Segment Reporting Information [Line Items]          
Net sales 602 552 1,152 1,049  
Adjusted EBITDA 55 43 96 78  
Total assets 3,066 3,265 3,066 3,265  
Adjusted EBITDA 55 43 96 78  
Europe          
Segment Reporting Information [Line Items]          
Net sales 342 370 764 731  
Europe | Operating Segments          
Segment Reporting Information [Line Items]          
Net sales 342 370 764 731  
Adjusted EBITDA 16 19 34 35  
Total assets 635 797 635 797  
Adjusted EBITDA 16 19 34 35  
APAC & Emerging Markets          
Segment Reporting Information [Line Items]          
Net sales 85 90 180 176  
APAC & Emerging Markets | Operating Segments          
Segment Reporting Information [Line Items]          
Net sales 85 90 180 176  
Adjusted EBITDA 5 4 12 8  
Total assets 132 191 132 191  
Adjusted EBITDA $ 5 $ 4 $ 12 $ 8  
[1]
(a) Net income earned from January 1, 2019 through February 7, 2019 is attributed to the Former Parent as it was the sole shareholder prior to February 7, 2019.