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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 September 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 October 31, 2022, 163,166,503 shares of the registrant’s common stock were outstanding.


Univar Solutions Inc.
Form 10-Q
For the quarterly period ended September 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 September 30,Nine months ended September 30,
(in millions, except per share data)2022202120222021
Net sales$2,983.5 $2,487.9 $8,882.7 $7,037.4 
Cost of goods sold (exclusive of depreciation)2,277.4 1,871.5 6,711.1 5,276.1 
Operating expenses:
Outbound freight and handling121.7 105.8 363.3 295.0 
Warehousing, selling and administrative324.8 299.7 937.8 875.7 
Other operating expenses, net5.7 17.7 26.7 91.8 
Depreciation32.8 36.7 97.9 117.8 
Amortization12.0 12.4 35.8 38.7 
Impairment charges0.3 0.9 0.3 3.0 
Total operating expenses497.3 473.2 1,461.8 1,422.0 
Operating income208.8 143.2 709.8 339.3 
Other (expense) income:
Interest income0.8 1.5 2.9 2.6 
Interest expense(27.6)(23.7)(74.1)(77.1)
Gain on sale of business   88.2 
Other income, net 0.6 1.1 11.0 33.1 
Total other (expense) income(26.2)(21.1)(60.2)46.8 
Income before income taxes182.6 122.1 649.6 386.1 
Income tax expense52.6 37.7 175.9 82.3 
Net income $130.0 $84.4 $473.7 $303.8 
Income per common share:
Basic$0.78 $0.49 $2.82 $1.79 
Diluted$0.78 $0.49 $2.79 $1.78 
Weighted average common shares outstanding:
Basic165.9 170.9 167.9 170.1 
Diluted167.2 171.9 169.5 170.9 










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 September 30,Nine months ended September 30,
(in millions)2022202120222021
Net income$130.0 $84.4 $473.7 $303.8 
Other comprehensive (loss) income, net of tax:
Foreign currency translation(79.9)(29.2)(118.0)9.7 
Pension and other postretirement benefits adjustment, net of tax of $ and $0.1 for the three and nine months ended September 30, 2022, respectively, and $ and $0.5 for the three and nine months ended September 30, 2021, respectively
(0.2)(0.1)(0.5)(2.7)
Derivative financial instruments, net of tax of $(10.4) and $(29.6) for the three and nine months ended September 30, 2022, respectively, and $(1.7) and $(4.4) for the three and nine months ended September 30, 2021, respectively
30.1 3.7 85.8 11.8 
Total other comprehensive (loss) income, net of tax(50.0)(25.6)(32.7)18.8 
Comprehensive income$80.0 $58.8 $441.0 $322.6 






































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 and per share data)September 30,
2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents$276.3 $251.5 
Trade accounts receivable, net of allowance for doubtful accounts of $12.0 and $15.8 at September 30, 2022 and December 31, 2021, respectively
1,733.4 1,539.5 
Inventories1,165.6 932.2 
Prepaid expenses and other current assets212.2 169.1 
Total current assets3,387.5 2,892.3 
Property, plant and equipment, net1,016.3 1,031.0 
Goodwill2,277.4 2,310.4 
Intangible assets, net177.0 211.7 
Deferred tax assets24.3 29.4 
Other assets386.4 303.0 
Total assets$7,268.9 $6,777.8 
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable$1,042.3 $1,009.3 
Current portion of long-term debt38.5 41.5 
Accrued compensation162.7 196.4 
Other accrued expenses393.5 420.4 
Total current liabilities1,637.0 1,667.6 
Long-term debt2,466.0 2,223.5 
Pension and other postretirement benefit liabilities184.6 211.7 
Deferred tax liabilities107.7 56.1 
Other long-term liabilities309.2 326.4 
Total liabilities4,704.5 4,485.3 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 200,000,000 shares authorized, none issued
  
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 172,489,238 and 171,199,938 shares issued at September 30, 2022 and December 31, 2021, respectively
1.7 1.7 
Additional paid-in capital3,084.3 3,048.5 
Treasury stock at cost, 9,336,213 and 1,832,385 shares at September 30, 2022 and December 31, 2021, respectively
(254.9)(50.0)
Retained earnings (accumulated deficit)128.7 (345.0)
Accumulated other comprehensive loss(395.4)(362.7)
Total stockholders’ equity2,564.4 2,292.5 
Total liabilities and stockholders’ equity$7,268.9 $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)
 Nine months ended September 30,
(in millions)20222021
Operating activities:
Net income$473.7 $303.8 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization133.7 156.5 
Impairment charges0.3 3.0 
Amortization of deferred financing fees and debt discount4.3 4.9 
Gain on sale of business (88.2)
Gain on sale of property, plant and equipment(2.3)(6.3)
Deferred income taxes27.2 15.8 
Stock-based compensation expense26.9 16.0 
Fair value adjustment for warrants  (33.8)
Other6.3 2.3 
Changes in operating assets and liabilities:
Trade accounts receivable, net(251.4)(364.2)
Inventories(266.7)(184.8)
Prepaid expenses and other current assets(16.0)(24.5)
Trade accounts payable73.9 207.1 
Other, net
(39.1)107.5 
Net cash provided by operating activities170.8 115.1 
Investing activities:
Purchases of property, plant and equipment(103.7)(68.9)
Purchases of businesses, net of cash acquired(16.5) 
Proceeds from sale of property, plant and equipment3.6 13.7 
Proceeds from sale of business 136.5 
Other1.0 (2.3)
Net cash (used) provided by investing activities(115.6)79.0 
Financing activities:
Proceeds from issuance of long-term debt, net 995.0 
Payments on long-term debt and finance lease obligations(77.3)(1,389.0)
Proceeds under revolving credit facilities1,422.4 2,006.3 
Payments under revolving credit facilities(1,128.3)(1,992.8)
Taxes paid related to net share settlements of stock-based compensation awards(7.7)(2.6)
Purchases of treasury stock(204.9) 
Stock option exercises16.5 8.5 
Proceeds from the exercise of warrants 27.1 
Other(2.0)0.1 
Net cash provided (used) by financing activities18.7 (347.4)
Effect of exchange rate changes on cash and cash equivalents(49.1)(12.5)
Net increase (decrease) in cash and cash equivalents24.8 (165.8)
Cash and cash equivalents at beginning of period251.5 386.6 
Cash and cash equivalents at end of period$276.3 $220.8 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Income taxes$161.1 $56.3 
Interest, net of capitalized interest56.8 61.5 
Non-cash activities:
Additions of property, plant and equipment included in trade accounts payable and other accrued expenses$6.8 $5.0 
Additions of property, plant and equipment under a finance lease obligation24.7 14.0 
Additions of assets under an operating lease obligation46.7 43.5 




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 stockRetained earnings (accumulated
deficit)
Accumulated
other
comprehensive
loss
Total
Balance as of June 30, 2022167.1 $1.7 $3,078.6 $(154.6)$(1.3)$(345.4)$2,579.0 
Net income— — — — 130.0 — 130.0 
Other comprehensive loss, net of tax— — — — — (50.0)(50.0)
Restricted stock units vested0.1 — — — — — — 
Tax withholdings related to net share settlements of stock-based compensation awards— — (0.2)— — — (0.2)
Stock option exercises— — 0.5 — — — 0.5 
Stock-based compensation expense— — 5.2 — — — 5.2 
Purchases of treasury stock(4.0)— — (100.3)— — (100.3)
Other— — 0.2 — — — 0.2 
Balance as of September 30, 2022163.2 $1.7 $3,084.3 $(254.9)$128.7 $(395.4)$2,564.4 
(in millions)Common
stock outstanding
(shares)
Common
stock
Additional
paid-in
capital
Treasury stockAccumulated
deficit
Accumulated
other
comprehensive
loss
Total
Balance as of June 30, 2021170.9 $1.7 $3,025.8 $ $(586.2)$(342.7)$2,098.6 
Net income— — — — 84.4 — 84.4 
Other comprehensive loss, net of tax— — — — — (25.6)(25.6)
Tax withholdings related to net share settlements of stock-based compensation awards— — (0.1)— — — (0.1)
Stock option exercises0.1 — 0.7 — — — 0.7 
Stock-based compensation expense— — 6.8 — — — 6.8 
Other— — (0.1)— — — (0.1)
Balance as of September 30, 2021171.0 $1.7 $3,033.1 $ $(501.8)$(368.3)$2,164.7 


The accompanying notes are an integral part of these condensed consolidated financial statements.
5

(in millions)Common
stock outstanding
(shares)
Common
stock
Additional
paid-in
capital
Treasury stockRetained earnings (accumulated
deficit)
Accumulated
other
comprehensive
loss
Total
Balance as of December 31, 2021169.4 $1.7 $3,048.5 $(50.0)$(345.0)$(362.7)$2,292.5 
Net income— — — — 473.7 — 473.7 
Other comprehensive loss, net of tax— — — — — (32.7)(32.7)
Restricted stock units vested0.9 — — — — — — 
Tax withholdings related to net share settlements of stock-based compensation awards(0.3)— (7.7)— — — (7.7)
Stock option exercises0.7 — 16.5 — — — 16.5 
Employee stock purchase plan— — 0.8 — — — 0.8 
Stock-based compensation expense— — 26.9 — — — 26.9 
Purchases of treasury stock(7.5)— — (204.9)— — (204.9)
Other— — (0.7)— — — (0.7)
Balance as of September 30, 2022163.2 $1.7 $3,084.3 $(254.9)$128.7 $(395.4)$2,564.4 
(in millions)Common
stock outstanding
(shares)
Common
stock
Additional
paid-in
capital
Treasury stockAccumulated
deficit
Accumulated
other
comprehensive
loss
Total
Balance as of December 31, 2020169.3 $1.7 $2,983.3 $ $(805.6)$(387.1)$1,792.3 
Net income— — — — 303.8 — 303.8 
Other comprehensive income, net of tax— — — — — 18.8 18.8 
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)— (2.6)— — — (2.6)
Stock option exercises0.4 — 8.5 — — — 8.5 
Employee stock purchase plan— — 0.8 — — — 0.8 
Stock-based compensation expense— — 16.0 — — — 16.0 
Other— — 0.3 — — — 0.3 
Balance as of September 30, 2021171.0 $1.7 $3,033.1 $ $(501.8)$(368.3)$2,164.7 


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. Basis of presentation
Financial statement 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 statements 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 Accounting Standards Update ("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 standard is effective for public business entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company plans to adopt this guidance on a prospective basis effective January 1, 2023, which is not expected to have a material impact on the consolidated financial statements.
In November 2021, the FASB issued ASU 2021-10 “Government Assistance” (Topic 832) – “Disclosures by Business Entities about Government Assistance” to increase the transparency of disclosures for government assistance and grants. The ASU requires annual disclosures pertaining to the types of received government assistance, accounting for the transactions and the related impacts on the reported financial results. The standard is effective for annual periods beginning after December 15, 2021. The Company plans to adopt this guidance on a prospective basis in the fourth quarter of 2022, which is not expected to have an impact on the consolidated financial statements and disclosures as the Company has not received significant governmental assistance.
In September 2022, the FASB issued ASU 2022-04 “Liabilities – Supplier Finance Programs” (Subtopic 405-50) – “Disclosure of Supplier Finance Program Obligations” to enhance the transparency of disclosures regarding supplier finance programs. The ASU requires a buyer in a supplier finance program to disclose information about the program’s nature, activity during the period, changes from period to period and potential magnitude. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023. Retrospective application of the guidance is required for all disclosures except rollforward information, which requires prospective application. The Company has not yet determined the impact of the standard on its disclosures.
7

2. Business combinations
Vicom Distribución Productos Quimicos, S.L. (“Vicom”)
On July 29, 2022, the Company acquired all of the outstanding equity interests in Vicom, a leading regional specialty chemical distributor in Spain and Portugal, for cash consideration of $14.5 million. The transaction was accounted for under the acquisition method of accounting and the results of operations are included in the Europe and the Middle East and Africa ("EMEA") segment. The preliminary purchase price allocation included $3.4 million in identified intangible assets related to customer relationships and $5.6 million in goodwill, which is included in the EMEA segment and is not deductible for income tax purposes.
Sweetmix Distribuidora de Materias Primas Industriais Ltda (“Sweetmix”)
On December 1, 2021, the Company acquired all of the outstanding equity interests in Sweetmix, a food ingredients and coatings, adhesives, sealants and elastomers (“CASE”) specialty chemical distribution company in Brazil. The purchase price, including measurement period adjustments, was $53.0 million, $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 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. The transaction was accounted for under the acquisition method of accounting and the results of operations are included in the Latin America ("LATAM") segment.
During the nine months ended September 30, 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 final purchase price allocation and measurement period adjustments are shown below:
(in millions)Initial Purchase Price AllocationMeasurement Period AdjustmentsFinal Purchase Price Allocation
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 (0.8)33.0 
Intangible assets, net13.3 1.7 15.0 
Trade accounts payable(16.6)— (16.6)
Deferred tax liabilities(4.5)(0.8)(5.3)
Other assets and liabilities, net(1.0)— (1.0)
Purchase consideration52.9 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 recognized is primarily attributable to synergies and the assembled workforce. The goodwill is included in the 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.
3. Dispositions
On April 1, 2021, the Company completed the sale of its Distrupol business within the 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 statements of operations, net of a release of cumulative foreign currency translation losses of $18.1 million. The Company recorded $3.9 million of income before income taxes for the nine months ended September 30, 2021 attributable to Distrupol.
8

4. Goodwill and intangibles, net
Goodwill
The following is a summary of the activity in goodwill by segment:
(in millions)USAEMEACanadaLATAMTotal
Balance as of December 31, 2021$1,812.6 $7.4 $431.4 $59.0 $2,310.4 
Acquisitions 5.6   5.6 
Purchase price adjustments   (0.8)(0.8)
Foreign currency translation (1.5)(37.2)0.9 (37.8)
Balance as of September 30, 2022$1,812.6 $11.5 $394.2 $59.1 $2,277.4 

Intangible assets, net
 September 30, 2022December 31, 2021
(in millions)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer relationships$919.9 $(745.8)$174.1 $940.1 $(732.8)$207.3 
Other165.2 (162.3)2.9 168.9 (164.5)4.4 
Total intangible assets$1,085.1 $(908.1)$177.0 $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$47.5 
202342.1 
202432.2 
202528.9 
202624.1 
9

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 with 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.
The following tables disaggregate external customer net sales by major stream:
Three months ended September 30,Nine months ended September 30,
(in millions)2022202120222021
USA
Chemical distribution$1,945.2 $1,548.5 $5,622.5 $4,199.4 
Services76.0 68.3 212.1 210.6 
Total external customer net sales$2,021.2 $1,616.8 $5,834.6 $4,410.0 
EMEA
Chemical distribution$486.5 $480.2 $1,595.8 $1,489.9 
Services 0.1 0.1 0.3 
Total external customer net sales$486.5 $480.3 $1,595.9 $1,490.2 
Canada
Chemical distribution$273.9 $222.1 $865.5 $674.7 
Services 1.2  9.9 
Total external customer net sales$273.9 $223.3 $865.5 $684.6 
LATAM
Chemical distribution$196.1 $163.4