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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 March 31, 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: (331) 777-6000
__________________________________________________________ 
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 filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
At April 29, 2022, 169,231,806 shares of the registrant’s common stock, $0.01 par value, were outstanding.

Univar Solutions Inc.
Form 10-Q
For the quarterly period ended March 31, 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 March 31,
(in millions, except per share data)20222021
Net sales$2,882.6 $2,155.4 
Cost of goods sold (exclusive of depreciation)2,153.1 1,613.0 
Operating expenses:
Outbound freight and handling$115.9 $91.4 
Warehousing, selling and administrative294.3 268.8 
Other operating expenses, net15.7 44.2 
Depreciation32.9 43.8 
Amortization11.8 13.1 
Total operating expenses$470.6 $461.3 
Operating income$258.9 $81.1 
Other (expense) income:
Interest income$1.1 $0.4 
Interest expense(22.2)(27.0)
Gain on sale of business— 0.6 
Other income, net 7.7 28.7 
Total other (expense) income$(13.4)$2.7 
Income before income taxes$245.5 $83.8 
Income tax expense64.7 17.6 
Net income $180.8 $66.2 
Income per common share:
Basic income per common share$1.07 $0.39 
Diluted income per common share$1.06 $0.39 
Weighted average common shares outstanding:
Basic169.6 169.3 
Diluted171.3 170.1 













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 March 31,
(in millions)20222021
Net income$180.8 $66.2 
Other comprehensive income, net of tax:
Foreign currency translation$17.2 $0.8 
Pension and other postretirement benefits adjustment, net of tax of $— and $0.5
(0.1)(2.4)
Derivative financial instruments, net of tax of $(12.5) and $(2.2)
36.4 6.6 
Total other comprehensive income, net of tax$53.5 $5.0 
Comprehensive income$234.3 $71.2 












































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)March 31,
2022		December 31,
2021
Assets
Current assets:
Cash and cash equivalents$245.4 $251.5 
Trade accounts receivable, net of allowance for doubtful accounts of $15.0 and $15.8 at March 31, 2022 and December 31, 2021, respectively
1,806.0 1,539.5 
Inventories1,105.5 932.2 
Prepaid expenses and other current assets198.2 169.1 
Total current assets$3,355.1 $2,892.3 
Property, plant and equipment, net$1,028.1 $1,031.0 
Goodwill2,321.8 2,310.4 
Intangible assets, net203.9 211.7 
Deferred tax assets26.5 29.4 
Other assets337.3 303.0 
Total assets$7,272.7 $6,777.8 
Liabilities and stockholders’ equity
Current liabilities:
Short-term financing$10.0 $— 
Trade accounts payable1,149.0 1,009.3 
Current portion of long-term debt40.4 41.5 
Accrued compensation92.3 196.4 
Other accrued expenses430.6 420.4 
Total current liabilities$1,722.3 $1,667.6 
Long-term debt$2,416.9 $2,223.5 
Pension and other postretirement benefit liabilities207.2 211.7 
Deferred tax liabilities86.3 56.1 
Other long-term liabilities323.2 326.4 
Total liabilities$4,755.9 $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 March 31, 2022 and December 31, 2021
$— $— 
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 172,037,131 and 171,199,938 shares issued at March 31, 2022 and December 31, 2021, respectively
1.7 1.7 
Additional paid-in capital3,062.5 3,048.5 
Treasury stock at cost, 2,563,449 and 1,832,385 shares at March 31, 2022 and December 31, 2021, respectively
(74.0)(50.0)
Accumulated deficit(164.2)(345.0)
Accumulated other comprehensive loss(309.2)(362.7)
Total stockholders’ equity$2,516.8 $2,292.5 
Total liabilities and stockholders’ equity$7,272.7 $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)
 Three months ended March 31,
(in millions)20222021
Operating activities:
Net income$180.8 $66.2 
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization44.7 56.9 
Amortization of deferred financing fees and debt discount1.4 1.8 
Gain on sale of business— (0.6)
Gain on sale of property, plant and equipment(0.9)(1.1)
Deferred income taxes19.1 2.0 
Stock-based compensation expense13.9 5.9 
Fair value adjustment for warrants — (25.6)
Other2.6 (1.5)
Changes in operating assets and liabilities:
Trade accounts receivable, net(270.5)(220.9)
Inventories(168.9)(70.8)
Prepaid expenses and other current assets(15.9)(34.3)
Trade accounts payable140.3 138.1 
Other, net
(81.0)(8.4)
Net cash used by operating activities$(134.4)$(92.3)
Investing activities:
Purchases of property, plant and equipment$(32.5)$(16.3)
Purchases of businesses, net of cash acquired(3.8)— 
Proceeds from sale of property, plant and equipment and other assets1.8 5.3 
Other— (1.2)
Net cash used by investing activities$(34.5)$(12.2)
Financing activities:
Payments on long-term debt and finance lease obligations(12.0)(56.2)
Proceeds under revolving credit facilities491.4 603.0 
Payments under revolving credit facilities(294.3)(684.0)
Taxes paid related to net share settlements of stock-based compensation awards(7.2)(2.1)
Purchases of treasury stock(24.0)— 
Stock option exercises8.4 1.5 
Other8.5 4.1 
Net cash provided (used) by financing activities$170.8 $(133.7)
Effect of exchange rate changes on cash and cash equivalents$(8.0)$(7.0)
Net decrease in cash and cash equivalents(6.1)(245.2)
Cash and cash equivalents at beginning of period251.5 386.6 
Cash and cash equivalents at end of period$245.4 $141.4 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Income taxes$17.3 $15.5 
Interest, net of capitalized interest11.9 18.6 
Non-cash activities:
Additions of property, plant and equipment included in trade accounts payable and other accrued expenses$2.5 $4.7 
Additions of property, plant and equipment under a finance lease obligation5.4 4.9 
Additions of assets under an operating lease obligation33.3 16.2 








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— — — — 180.8 — 180.8 
Other comprehensive income, net of tax— — — — — 53.5 53.5 
Restricted stock units vested0.8 — — — — — — 
Tax withholdings related to net share settlements of stock-based compensation awards(0.3)— (7.2)— — — (7.2)
Stock option exercises0.3 — 8.4 — — — 8.4 
Stock-based compensation expense— — 13.9 — — — 13.9 
Purchases of treasury stock(0.7)— — (24.0)— — (24.0)
Other— — (1.1)— — — (1.1)
Balance, March 31, 2022169.5 $1.7 $3,062.5 $(74.0)$(164.2)$(309.2)$2,516.8 

(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— — — — 66.2 — 66.2 
Other comprehensive income, net of tax— — — — — 5.0 5.0 
Restricted stock units vested0.3 — — — — — — 
Tax withholdings related to net share settlements of stock-based compensation awards(0.1)— (2.1)— — — (2.1)
Stock option exercises0.1 — 1.5 — — — 1.5 
Stock-based compensation— — 5.9 — — — 5.9 
Other— — 0.2 — — — 0.2 
Balance, March 31, 2021169.6 $1.7 $2,988.8 $— $(739.4)$(382.1)$1,869.0 





















The accompanying notes are an integral part of these condensed consolidated financial statements.
5
Univar Solutions Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
1. Nature of operations
Headquartered in Downers Grove, Illinois, Univar Solutions Inc. (“Univar Solutions,” “Company,” “we,” “our” and “us”) is a leading global commodity and specialty chemical and ingredient distributor and provider of value-added services to customers across a wide range of diverse industries. The Company’s operations are structured into four reportable segments that represent the geographic areas under which the Company operates and manages its business:
•Univar Solutions USA (“USA”)
•Univar Solutions Europe and the Middle East and Africa (“EMEA”)
•Univar Solutions Canada (“Canada”)
•Univar Solutions Latin America (“LATAM”)
LATAM includes certain developing businesses in Latin America and the Asia-Pacific region.
2. Significant accounting policies
Basis of consolidation and presentation
The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as applicable to interim financial reporting. These condensed consolidated financial statements, in the Company’s opinion, include all adjustments consisting of normal recurring accruals necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, comprehensive income, cash flows and changes in stockholders’ equity. The results of operations for the periods presented are not necessarily indicative of the operating results that may be expected for the full year. The accompanying condensed consolidated financial statements of Univar Solutions include the combined results of all directly and indirectly controlled companies, which have been adjusted to account for the elimination of intercompany balances and transactions.
The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates. These condensed consolidated financial statements and related footnotes are unaudited and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Proceeds and repayments under the revolving credit facilities for 2021, previously reported net in our condensed consolidated statement of cash flows, are now presented separately to conform to the current period’s presentation. Additionally, certain other immaterial amounts in the prior period’s condensed consolidated financial statements and notes have been reclassified to conform to the current period’s presentation.
Accounting pronouncements issued and not yet adopted
In October 2021, the 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 is currently determining the impacts of the guidance on its 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.
3. 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, inclusive of $32.5 million of cash paid (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 acquisition of Sweetmix significantly enhances the
6
Company’s specialty food ingredients offering in Latin America and also enhances the Company’s position in the local CASE market.
As of March 31, 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 AdjustmentsMarch 31, 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 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.
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— (0.1)4.5 8.0 12.4 
Balance, March 31, 2022$1,812.6 $7.3 $435.9 $66.0 $2,321.8 
Intangible assets, net
 March 31, 2022December 31, 2021
(in millions)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer relationships$945.6 $(745.7)$199.9 $940.1 $(732.8)$207.3 
Other169.2 (165.2)4.0 168.9 (164.5)4.4 
Total intangible assets$1,114.8 $(910.9)$203.9 $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.
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The estimated annual amortization expense in each of the next five years is as follows:
(in millions) 
2022$47.9 
202342.6 
202433.3 
202529.5 
202624.5 
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.
The following tables disaggregate external customer net sales by major stream:
Three months ended March 31,
(in millions)20222021
USA
Chemical distribution$1,777.1 $1,222.2 
Services66.1 70.8 
Total external customer net sales$1,843.2 $1,293.0 
EMEA
Chemical distribution$562.2 $505.7 
Services— 0.2 
Total external customer net sales$562.2 $505.9 
Canada
Chemical distribution$293.4 $218.7 
Services— 4.0 
Total external customer net sales$293.4 $222.7 
LATAM
Chemical distribution$180.7 $132.0 
Services3.1 1.8 
Total external customer net sales$183.8 $133.8 
Consolidated
Chemical distribution$2,813.4 $2,078.6 
Services69.2 76.8 
Total external customer net sales$2,882.6 $2,155.4 
Deferred revenue
Deferred revenues are recognized as contract liabilities when customers provide the Company with consideration prior to the Company satisfying the performance obligations and are recognized in revenue when the performance obligations are met. Deferred revenues relate to revenues that are expected to be recognized within one year and are recorded within the other accrued expenses line items of the condensed consolidated balance sheets. Deferred revenues as of March 31, 2022 and December 31, 2021 were $6.4 million and $17.6 million, respectively.
Revenue recognized through the three months ended March 31, 2022 and 2021 from amounts included in contract liabilities at the beginning of the period were $3.4 million and $4.3 million, respectively.
8
6. Supplemental financial information
Other operating expenses, net
Other operating expenses, net consisted of the following:
 Three months ended March 31,
(in millions)20222021
Acquisition and integration related expenses$— $16.4 
Stock-based compensation expense13.9 5.9 
Other employee severance costs— 2.9 
Multi-employer pension plan exit liability— 18.4 
Gain on sale of property, plant and equipment(0.9)(1.1)
Other2.7 1.7 
Total other operating expenses, net$15.7 $44.2 
Other income, net
Other income, net consisted of the following:
 Three months ended March 31,
(in millions)20222021
Foreign currency transactions$4.3 $(1.8)
Foreign currency denominated loan revaluations(3.8)(0.1)
Undesignated foreign currency derivative instruments0.9 (1.7)
Undesignated interest rate and cross currency swap contracts4.1 1.3 
Non-operating retirement benefits 2.6 6.7 
Fair value adjustment for warrants — 25.6 
Other(0.4)(1.3)
Total other income, net$7.7 $28.7 
Cash and cash equivalents
Certain of the Company’s subsidiaries participate in a multi-currency, notional cash pooling arrangement with a third-party bank provider in order to help manage global liquidity requirements (the “Notional Cash Pool”). Under the Notional Cash Pool, cash deposited by participating subsidiaries is pledged as security against the overdraft balances of other participating subsidiaries, providing legal rights of offset. As a result, the balances are presented on a net basis within cash and cash equivalents in the condensed consolidated balance sheets. As of March 31, 2022, the net cash position of the Notional Cash Pool was $78.0 million, which consisted of a gross cash balance of $120.6 million less a bank overdraft balance of $42.6 million. As of December 31, 2021, the net cash position of the Notional Cash Pool was $43.2 million, which consisted of a gross cash balance of $146.0 million less a bank overdraft balance of $102.8 million.
Allowance for doubtful accounts
The allowance for doubtful accounts reflects the Company’s current estimate of credit losses expected to be incurred over the life of the trade accounts receivable. Collectability of the trade accounts receivable balance is assessed on an ongoing basis and determined based on the delinquency of customer accounts, the financial condition of individual customers, past collections experience and future economic expectations. The change in the allowance for doubtful accounts is as follows:
(in millions)
Balance, January 1, 2022$15.8 
Provision for credit losses(0.1)
Write-offs(0.9)
Foreign exchange0.2 
Balance, March 31, 2022$15.0 
9
Property, plant and equipment, net
(in millions)March 31, 2022December 31, 2021
Property, plant and equipment, at cost$2,262.0 $2,238.8 
Less: accumulated depreciation(1,233.9)(1,207.8)
Property, plant and equipment, net$1,028.1 $1,031.0 
Other accrued expenses
As of March 31, 2022, other accrued expenses that were greater than five percent of total current liabilities consisted of current tax liabilities of $119.5 million, comprised primarily of VAT, income and local indirect taxes payable. As of December 31, 2021, there were no other components within other accrued expenses that were greater than five percent of total current liabilities.
7. Employee benefit plans
The following table summarizes the components of net periodic benefit (income) cost recognized in the condensed consolidated statements of operations related to defined benefit plans:
DomesticForeign
 Three months ended March 31,Three months ended March 31,
(in millions)2022202120222021
Service cost (1)
$— $— $0.3 $0.5 
Interest cost (2)
5.2 4.8 2.9 2.5 
Expected return on plan assets (2)
(7.6)(7.3)(3.0)(3.8)
Prior service (credit) cost (2)
— — (0.1)(2.9)
Net periodic benefit (income) cost$(2.4)$(2.5)$0.1 $(3.7)
(1)Service cost is included in warehouse, selling and administrative expenses.
(2)These amounts are included in other income, net, and represent non-operating retirement benefits.
Multi-employer pension plan withdrawal liability
As of December 31, 2021, the Company recognized its best estimate of a withdrawal liability of $31.2 million, related to triggering events at all eight sites of the Central States, Southeast and Southwest Areas Pension Plan (“Central States Pension Fund”), culminating in the Company ceasing to participate in the Central States Pension Fund. Upon an agreed final funding assessment with the Central States Pension Fund, the Company will recognize any differences between the estimated and actual withdrawal liability. The Company estimates its cash obligation to be approximately $1.9 million annually for each of the next 20 years. The net present value of the withdrawal liability was determined using a risk-free interest rate. Amounts associated with the withdrawal liability are included in other operating expenses, net in the condensed consolidated statements of operations and other accrued expenses and other long-term liabilities in the condensed consolidated balance sheets.
8. Income taxes
The income tax expense and effective income tax rate for the three months ended March 31, 2022 and 2021 were as follows:
Three months ended March 31,
(dollars in millions)20222021
Income tax expense$64.7 $17.6 
Effective income tax rate26.4 %21.0 %
The Company’s 2022 effective income tax rate was higher than the US federal statutory rate of 21.0%, primarily due to higher rates on foreign earnings, US tax on foreign earnings, US state income taxes and non-deductible employee costs. The Company’s 2021 effective income tax rate was also impacted by these items but offset by the impact of other discrete tax items.
10
9. Earnings per share
The following table presents the basic and diluted earnings per share computations:
 Three months ended March 31,
(in millions, except per share data)20222021
Net income$180.8 $66.2 
Weighted average common shares outstanding
Basic169.6 169.3 
Effect of dilutive securities: stock compensation plans1.7 0.8 
Diluted171.3 170.1 
Income per common share
Basic$1.07 $0.39 
Diluted$1.06 $0.39 
The shares that were not included in the computation of diluted earnings per share for those periods because their inclusion would be anti-dilutive were as follows:
 Three months ended March 31,
(in millions, common shares)20222021
Stock options— 3.8 
Restricted stock— 0.2 
Warrants— 7.6 

10. Accumulated other comprehensive income (loss)
The following tables present the changes in accumulated other comprehensive income (loss) by component, net of tax:
(in millions)Cash flow hedgesDefined benefit pensionCurrency translationTotal AOCI
Balance, December 31, 2021$(10.8)$16.7 $(368.6)$(362.7)
Other comprehensive income before reclassifications42.5 — 17.2 59.7 
Amounts reclassified from accumulated other comprehensive loss(6.1)(0.1)— (6.2)
Net current period other comprehensive income (loss)$36.4 $(0.1)$17.2 $53.5 
Balance, March 31, 2022$25.6 $16.6 $(351.4)$(309.2)
Balance, December 31, 2020$(32.7)$19.2 $(373.6)$(387.1)
Other comprehensive income before reclassifications14.9 — 0.8 15.7 
Amounts reclassified from accumulated other comprehensive loss(8.3)(2.4)— (10.7)
Net current period other comprehensive income (loss)$6.6 $(2.4)$0.8 $5.0 
Balance, March 31, 2021$(26.1)$16.8 $(372.8)$(382.1)
11
The following is a summary of the amounts reclassified from accumulated other comprehensive income (loss) to net income:
Statement of Operations ClassificationThree months ended March 31,
(in millions)
2022 (1)
2021 (1)
Amortization of defined benefit pension items:
Prior service creditOther income, net$(0.1)$(2.9)
Tax expenseIncome tax expense— 0.5 
Net of tax$(0.1)$(2.4)
Cash flow hedges:
Interest rate swap contractsInterest expense$2.6 $4.8 
Cross-currency swap contracts
Interest expense and other income, net
(10.7)(15.9)
Tax expenseIncome tax expense2.0 2.8 
Net of tax$(6.1)$(8.3)
Total reclassifications for the period, net of tax$(6.2)$(10.7)
(1)Amounts in parentheses indicate credits to net income in the condensed consolidated statements of operations.
11. Debt
Short-term financing
As of March 31, 2022, the Company had $10.0 million outstanding in short-term financing facilities. The Company had no outstanding balance as of December 31, 2021.
The Company had $138.5 million and $141.9 million of outstanding letters of credits as of March 31, 2022 and December 31, 2021, respectively.
Long-term debt
Long-term debt consisted of the following:
(in millions)March 31, 2022December 31, 2021
Senior Term Loan Facilities:
Term B-5 Loan due 2026, variable interest rate of 2.46% and 2.10% at March 31, 2022 and December 31, 2021, respectively
$391.0 $392.0 
Term B-6 Loan due 2028, variable interest rate of 2.21% and 2.10% at March 31, 2022 and December 31, 2021, respectively