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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________ 
Form 10-Q
_________________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission File Number 001-37443
__________________________________________________________ 
Univar Solutions Inc.
(Exact name of registrant as specified in its charter)
__________________________________________________________ 
Delaware 26-1251958
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
3075 Highland Parkway, Suite 200 Downers Grove,Illinois 60515
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (331777-6000
__________________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock ($0.01 par value)UNVRNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
At July 21, 2022, 166,794,124 shares of the registrant’s common stock, $0.01 par value, were outstanding.


Univar Solutions Inc.
Form 10-Q
For the quarterly period ended June 30, 2022
TABLE OF CONTENTS
 
Page



PART I.
FINANCIAL INFORMATION

Item 1.    Financial Statements
Univar Solutions Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
 Three months ended June 30,Six months ended June 30,
(in millions, except per share data)2022202120222021
Net sales$3,016.6 $2,394.1 $5,899.2 $4,549.5 
Cost of goods sold (exclusive of depreciation)2,280.6 1,791.6 4,433.7 3,404.6 
Operating expenses:
Outbound freight and handling$125.7 $97.8 $241.6 $189.2 
Warehousing, selling and administrative318.7 307.2 613.0 576.0 
Other operating expenses, net5.3 29.9 21.0 74.1 
Depreciation32.2 37.3 65.1 81.1 
Amortization12.0 13.2 23.8 26.3 
Impairment charges 2.1  2.1 
Total operating expenses$493.9 $487.5 $964.5 $948.8 
Operating income$242.1 $115.0 $501.0 $196.1 
Other (expense) income:
Interest income$1.0 $0.7 $2.1 $1.1 
Interest expense(24.3)(26.4)(46.5)(53.4)
Gain on sale of business 87.6  88.2 
Other income, net 2.7 3.3 10.4 32.0 
Total other (expense) income$(20.6)$65.2 $(34.0)$67.9 
Income before income taxes$221.5 $180.2 $467.0 $264.0 
Income tax expense58.6 27.0 123.3 44.6 
Net income $162.9 $153.2 $343.7 $219.4 
Income per common share:
Basic income per common share$0.97 $0.90 $2.03 $1.29 
Diluted income per common share$0.96 $0.90 $2.02 $1.29 
Weighted average common shares outstanding:
Basic168.4 169.9 169.0 169.6 
Diluted169.7 170.9 170.5 170.4 











The accompanying notes are an integral part of these condensed consolidated financial statements.
1

Univar Solutions Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Net income$162.9 $153.2 $343.7 $219.4 
Other comprehensive (loss) income, net of tax:
Foreign currency translation$(55.3)$38.1 $(38.1)$38.9 
Pension and other postretirement benefits adjustment, net of tax of $0.1 for the three months ended and $0.1 for the six months ended June 30, 2022 and $0.0 for the three months ended and $0.5 for the six months ended June 30, 2021
(0.2)(0.2)(0.3)(2.6)
Derivative financial instruments, net of tax of $(6.7) for the three months ended and $(19.2) for the six months ended June 30, 2022 and $(0.5) for the three months ended and $(2.7) for the six months ended June 30, 2021
19.3 1.5 55.7 8.1 
Total other comprehensive (loss) income, net of tax$(36.2)$39.4 $17.3 $44.4 
Comprehensive income$126.7 $192.6 $361.0 $263.8 






































The accompanying notes are an integral part of these condensed consolidated financial statements.
2

Univar Solutions Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions, except share data)June 30,
2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents$234.8 $251.5 
Trade accounts receivable, net of allowance for doubtful accounts of $13.5 and $15.8 at June 30, 2022 and December 31, 2021, respectively
1,824.6 1,539.5 
Inventories1,205.7 932.2 
Prepaid expenses and other current assets223.0 169.1 
Total current assets$3,488.1 $2,892.3 
Property, plant and equipment, net$1,018.0 $1,031.0 
Goodwill2,303.3 2,310.4 
Intangible assets, net188.4 211.7 
Deferred tax assets25.3 29.4 
Other assets353.5 303.0 
Total assets$7,376.6 $6,777.8 
Liabilities and stockholders’ equity
Current liabilities:
Short-term financing$3.3 $ 
Trade accounts payable1,145.3 1,009.3 
Current portion of long-term debt38.7 41.5 
Accrued compensation132.3 196.4 
Other accrued expenses394.4 420.4 
Total current liabilities$1,714.0 $1,667.6 
Long-term debt$2,484.2 $2,223.5 
Pension and other postretirement benefit liabilities200.1 211.7 
Deferred tax liabilities83.7 56.1 
Other long-term liabilities315.6 326.4 
Total liabilities$4,797.6 $4,485.3 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 200,000,000 shares authorized, no shares issued or outstanding at June 30, 2022 and December 31, 2021
$ $ 
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 172,453,073 and 171,199,938 shares issued at June 30, 2022 and December 31, 2021, respectively
1.7 1.7 
Additional paid-in capital3,078.7 3,048.5 
Treasury stock at cost, 5,319,870 and 1,832,385 shares at June 30, 2022 and December 31, 2021, respectively
(154.6)(50.0)
Accumulated deficit(1.3)(345.0)
Accumulated other comprehensive loss(345.5)(362.7)
Total stockholders’ equity$2,579.0 $2,292.5 
Total liabilities and stockholders’ equity$7,376.6 $6,777.8 



The accompanying notes are an integral part of these condensed consolidated financial statements.
3


Univar Solutions Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Six months ended June 30,
(in millions)20222021
Operating activities:
Net income$343.7 $219.4 
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization88.9 107.4 
Impairment charges 2.1 
Amortization of deferred financing fees and debt discount2.9 3.4 
Gain on sale of business (88.2)
Gain on sale of property, plant and equipment(2.2)(3.1)
Deferred income taxes12.5 (2.0)
Stock-based compensation expense21.7 9.2 
Fair value adjustment for warrants  (33.8)
Other0.8 1.4 
Changes in operating assets and liabilities:
Trade accounts receivable, net(317.4)(321.0)
Inventories(288.4)(122.6)
Prepaid expenses and other current assets(37.4)(42.7)
Trade accounts payable157.5 207.4 
Other, net
(68.8)54.5 
Net cash used by operating activities$(86.2)$(8.6)
Investing activities:
Purchases of property, plant and equipment$(64.8)$(38.9)
Purchases of businesses, net of cash acquired(3.8) 
Proceeds from sale of property, plant and equipment and other assets3.2 8.5 
Proceeds from sale of business 136.3 
Other (2.3)
Net cash (used) provided by investing activities$(65.4)$103.6 
Financing activities:
Proceeds from issuance of long-term debt, net$ $995.0 
Payments on long-term debt and finance lease obligations(68.0)(1,330.0)
Proceeds under revolving credit facilities925.6 1,352.2 
Payments under revolving credit facilities(609.5)(1,326.7)
Taxes paid related to net share settlements of stock-based compensation awards(7.5)(2.5)
Purchases of treasury stock(104.6) 
Stock option exercises16.0 7.8 
Proceeds from the exercise of warrants 27.1 
Other2.7 7.4 
Net cash provided (used) by financing activities$154.7 $(269.7)
Effect of exchange rate changes on cash and cash equivalents$(19.8)$(4.9)
Net decrease in cash and cash equivalents(16.7)(179.6)
Cash and cash equivalents at beginning of period251.5 386.6 
Cash and cash equivalents at end of period$234.8 $207.0 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Income taxes$120.3 $35.2 
Interest, net of capitalized interest37.5 46.0 
Non-cash activities:
Additions of property, plant and equipment included in trade accounts payable and other accrued expenses$3.0 $5.3 
Additions of property, plant and equipment under a finance lease obligation9.3 8.0 
Additions of assets under an operating lease obligation42.1 25.8 




The accompanying notes are an integral part of these condensed consolidated financial statements.
4

Univar Solutions Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited)
(in millions)Common
stock outstanding
(shares)
Common
stock
Additional
paid-in
capital
Treasury StockAccumulated
deficit
Accumulated
other
comprehensive
loss
Total
Balance, January 1, 2022169.4 $1.7 $3,048.5 $(50.0)$(345.0)$(362.7)$2,292.5 
Net income— — — — 343.7 — 343.7 
Other comprehensive income, net of tax— — — — — 17.3 17.3 
Restricted stock units vested0.8 — — — — — — 
Tax withholdings related to net share settlements of stock-based compensation awards(0.3)— (7.5)— — — (7.5)
Stock option exercises0.7 — 16.0 — — — 16.0 
Employee stock purchase plan— — 0.8 — — — 0.8 
Stock-based compensation expense— — 21.7 — — — 21.7 
Purchases of treasury stock(3.5)— — (104.6)— — (104.6)
Other— — (0.9)— — — (0.9)
Balance, June 30, 2022167.1 $1.7 $3,078.6 $(154.6)$(1.3)$(345.4)$2,579.0 
(in millions)Common
stock outstanding
(shares)
Common
stock
Additional
paid-in
capital
Treasury StockAccumulated
deficit
Accumulated
other
comprehensive
loss
Total
Balance, April 1, 2022169.5 $1.7 $3,062.5 $(74.0)$(164.2)$(309.2)$2,516.8 
Net income— — — — 162.9 — 162.9 
Other comprehensive income, net of tax— — — — — (36.2)(36.2)
Restricted stock units vested— — — — — — — 
Tax withholdings related to net share settlements of stock-based compensation awards— — (0.3)— — — (0.3)
Stock option exercises0.4 — 7.6 — — — 7.6 
Employee stock purchase plan— — 0.8 — — — 0.8 
Stock-based compensation expense— — 7.8 — — — 7.8 
Purchases of treasury stock(2.8)— — (80.6)— — (80.6)
Other— — 0.2 — — — 0.2 
Balance, June 30, 2022167.1 $1.7 $3,078.6 $(154.6)$(1.3)$(345.4)$2,579.0 

5

(in millions)Common
stock outstanding
(shares)
Common
stock
Additional
paid-in
capital
Treasury StockAccumulated
deficit
Accumulated
other
comprehensive
loss
Total
Balance, January 1, 2021169.3 $1.7 $2,983.3 $ $(805.6)$(387.1)$1,792.3 
Net income— — — — 219.4 — 219.4 
Other comprehensive income, net of tax— — — — — 44.4 44.4 
Common stock issued upon the exercise of warrants1.0 — 26.8 — — — 26.8 
Restricted stock units vested0.4 — — — — — — 
Tax withholdings related to net share settlements of stock-based compensation awards(0.1)— (2.5)— — — (2.5)
Stock option exercises0.3 — 7.8 — — — 7.8 
Employee stock purchase plan— — 0.8 — — — 0.8 
Stock-based compensation expense— — 9.2 — — — 9.2 
Other— — 0.4 — — — 0.4 
Balance, June 30, 2021170.9 $1.7 $3,025.8 $ $(586.2)$(342.7)$2,098.6 
(in millions)Common
stock outstanding
(shares)
Common
stock
Additional
paid-in
capital
Treasury StockAccumulated
deficit
Accumulated
other
comprehensive
loss
Total
Balance, April 1, 2021169.6 $1.7 $2,988.8 $ $(739.4)$(382.1)$1,869.0 
Net income— — — — 153.2 — 153.2 
Other comprehensive income, net of tax— — — — — 39.4 39.4 
Common stock issued upon the exercise of warrants1.0 — 26.8 — — — 26.8 
Restricted stock units vested0.1 — — — — — — 
Tax withholdings related to net share settlements of stock-based compensation awards— — (0.4)— — — (0.4)
Stock option exercises0.2 — 6.3 — — — 6.3 
Employee stock purchase plan— — 0.8 — — — 0.8 
Stock-based compensation expense— — 3.3 — — — 3.3 
Other— — 0.2 — — — 0.2 
Balance, June 30, 2021170.9 $1.7 $3,025.8 $ $(586.2)$(342.7)$2,098.6 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

Univar Solutions Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
1. Significant accounting policies
Basis of presentation
The unaudited interim condensed consolidated financial statements of Univar Solutions Inc. (the “Company,” “we,” “our” and “us”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) have been condensed or omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
In the opinion of management, the unaudited interim condensed consolidated financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full year.
Proceeds and repayments under the revolving credit facilities for 2021, previously reported net in our interim condensed consolidated statement of cash flows, are now presented separately to conform to the current period presentation. Additionally, certain other immaterial amounts in the prior period interim condensed consolidated financial statements and notes have been reclassified to conform to the current period presentation.
Accounting pronouncements issued and not yet adopted
In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-08 “Business Combinations” (Topic 805) – “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This ASU requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 (Revenue from Contracts with Customers). The Company expects to adopt this guidance effective January 1, 2023 and it is not expected to have a material impact upon the Company's consolidated financial statements.
In November 2021, the FASB issued ASU 2021-10 “Government Assistance” (Topic 832) – “Disclosures by Business Entities about Government Assistance,” which aims to increase the transparency of government assistance and grants. The ASU requires additional annual disclosures pertaining to the types of received government assistance, accounting for the transactions and the related impacts on the reported financial results. The Company expects to adopt this guidance effective December 31, 2022 and is currently determining the impacts of the guidance on its consolidated financial statements and disclosures.
7

2. Business combinations
Sweetmix Distribuidora de Materias Primas Industriais Ltda (“Sweetmix”)
On December 1, 2021, the Company acquired Sweetmix, a food ingredients and coatings, adhesives, sealants and elastomers (“CASE”) specialty chemical distribution company in Brazil. The acquisition price, including 2022 measurement period adjustments, was $53.0 million, with $32.5 million of which was paid in cash (net of cash acquired of $1.2 million) upon closing, with the remaining $19.3 million to be paid over the next five years. The Company believes that the acquisition of Sweetmix significantly enhances the Company’s specialty food ingredients product offering in Latin America and also enhances the Company's position in the local CASE market.
During the first six months of 2022, the Company updated the purchase price allocation to reflect intangible asset fair value adjustments, purchase price adjustments and the deferred tax impacts of the recognized adjustments. The preliminary values and measurement period adjustments related to the significant assets and liabilities are shown below:
(in millions)December 1, 2021Measurement Period AdjustmentsJune 30, 2022
Cash and cash equivalents$1.2 $— $1.2 
Trade accounts receivable, net15.6 — 15.6 
Inventories8.5 — 8.5 
Prepaid expenses and other current assets2.6 — 2.6 
Goodwill33.8 (1.0)32.8 
Intangible assets, net13.3 1.7 15.0 
Trade accounts payable(16.6)— (16.6)
Deferred tax liabilities(4.5)(0.6)(5.1)
Other non-significant assets and liabilities, net(1.0)— (1.0)
Purchase consideration$52.9 $0.1 $53.0 
Less: Cash and cash equivalents(1.2)— (1.2)
Purchase consideration, net of cash$51.7 $0.1 $51.8 
The goodwill is included in the Latin America (“LATAM”) segment and is not deductible for income tax purposes. The identified intangible assets relate to customer relationships and will be amortized over a period of eight years. The initial accounting for this acquisition is preliminary and subject to additional measurement period adjustments related to taxes.
3. Dispositions
On April 1, 2021, the Company completed the sale of its Distrupol business within the Europe and the Middle East and Africa (“EMEA”) segment for total cash proceeds of $136.7 million. In the second quarter of 2021, the Company recorded a $87.6 million pre-tax gain on sale of business in the condensed consolidated statement of operations, net of a release of cumulative foreign currency translation losses of $18.1 million. The Company recorded $3.9 million income before income taxes for the six months ended June 30, 2021 attributable to Distrupol.
4. Goodwill and intangibles, net
Goodwill
The following is a summary of the activity in goodwill by segment.
(in millions)USAEMEACanadaLATAMTotal
Balance, January 1, 2022$1,812.6 $7.4 $431.4 $59.0 $2,310.4 
Purchase price adjustments   (1.0)(1.0)
Foreign exchange (0.7)(7.9)2.5 (6.1)
Balance, June 30, 2022$1,812.6 $6.7 $423.5 $60.5 $2,303.3 

8

Intangible assets, net
 June 30, 2022December 31, 2021
(in millions)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer relationships$933.6 $(748.6)$185.0 $940.1 $(732.8)$207.3 
Other167.3 (163.9)3.4 168.9 (164.5)4.4 
Total intangible assets$1,100.9 $(912.5)$188.4 $1,109.0 $(897.3)$211.7 
Other intangible assets consist of intellectual property trademarks, trade names, producer relationships and contracts, non-compete agreements and exclusive distribution rights.
The estimated annual amortization expense in each of the next five years is as follows:
(in millions) 
2022$47.4 
202342.3 
202432.3 
202528.9 
202624.0 
5. Revenue
The Company disaggregates revenues from contracts with customers by both geographic reportable segments and revenue contract types. Geographic reportable segmentation is pertinent to understanding the Company's revenues, as it aligns to how the Company reviews the financial performance of its operations. Revenue contract types are differentiated by the type of good or service the Company offers customers, since the contractual terms necessary for revenue recognition are unique to each of the identified revenue contract types.
9

The following tables disaggregate external customer net sales by major stream:
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
USA
Chemical distribution$1,900.2 $1,428.7 $3,677.3 $2,650.9 
Services70.0 71.5 136.1 142.3 
Total external customer net sales$1,970.2 $1,500.2 $3,813.4 $2,793.2 
EMEA
Chemical distribution$547.1 $504.0 $1,109.3 $1,009.7 
Services0.1  0.1 0.2 
Total external customer net sales$547.2 $504.0 $1,109.4 $1,009.9 
Canada
Chemical distribution$