10-Q Filing

AVANTOR, INC. CIK: 1722482 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001722482-23-000100`
Period End Date	20230331
Filing Date	20230428
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	avtr-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 34 Cash Flow Statement 60 Comprehensive Income 18

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, net of allowances of $31.2 and $28.2	`AllowanceForDoubtfulAccountsReceivableCurrent`	$28.20M	USD	Point-in-time
Accounts receivable, net of allowances of $31.2 and $28.2	`AllowanceForDoubtfulAccountsReceivableCurrent`	$31.20M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$518.40M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$541.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$294.60M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$372.90M	USD	Point-in-time
Accounts receivable, net of allowances of $31.2 and $28.2	`AccountsReceivableNetCurrent`	$1.22B	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	674.30M	shares	Point-in-time
Accounts receivable, net of allowances of $31.2 and $28.2	`AccountsReceivableNetCurrent`	$1.28B	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	675.10M	shares	Point-in-time
Inventory	`InventoryNet`	$904.00M	USD	Point-in-time
Inventory	`InventoryNet`	$913.50M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$151.50M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$153.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.66B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.63B	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $541.2 and $518.4	`PropertyPlantAndEquipmentNet`	$736.50M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $541.2 and $518.4	`PropertyPlantAndEquipmentNet`	$727.00M	USD	Point-in-time
Other intangible assets, net (see note 6)	`OtherIntangibleAssetsNet`	$4.13B	USD	Point-in-time
Other intangible assets, net (see note 6)	`OtherIntangibleAssetsNet`	$4.08B	USD	Point-in-time
Goodwill	`Goodwill`	$5.68B	USD	Point-in-time
Goodwill	`Goodwill`	$5.65B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$293.50M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$272.50M	USD	Point-in-time
Total assets	`Assets`	$13.46B	USD	Point-in-time
Total assets	`Assets`	$13.40B	USD	Point-in-time
Current portion of debt	`LongTermDebtCurrent`	$364.20M	USD	Point-in-time
Current portion of debt	`LongTermDebtCurrent`	$325.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$765.70M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$758.20M	USD	Point-in-time
Employee-related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$124.60M	USD	Point-in-time
Employee-related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$122.40M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$49.90M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$39.40M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$364.10M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$414.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.66B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.67B	USD	Point-in-time
Debt, net of current portion	`LongTermDebtNoncurrent`	$5.74B	USD	Point-in-time
Debt, net of current portion	`LongTermDebtNoncurrent`	$5.92B	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$695.70M	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$731.40M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$300.10M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$295.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.61B	USD	Point-in-time
Total liabilities	`Liabilities`	$8.40B	USD	Point-in-time
Commitments and contingencies (see note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (see note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock including paid-in capital, 675.1 and 674.3 shares issued and outstanding	`CommonStocksIncludingAdditionalPaidInCapital`	$3.79B	USD	Point-in-time
Common stock including paid-in capital, 675.1 and 674.3 shares issued and outstanding	`CommonStocksIncludingAdditionalPaidInCapital`	$3.79B	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$1.17B	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$1.29B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-89.70M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-100.30M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-43.20M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-69.30M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.86B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.99B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.36B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.20B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$13.40B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$13.46B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$1.78B	USD	1 Quarter
Net sales	`Revenues`	$1.95B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.16B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.26B	USD	1 Quarter
Gross profit	`GrossProfit`	$689.90M	USD	1 Quarter
Gross profit	`GrossProfit`	$624.80M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$393.60M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$382.90M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$231.20M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$307.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$73.70M	USD	1 Quarter
Interest expense	`InterestExpense`	$64.80M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-1.80M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-2.30M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$600.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$1.40M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$155.80M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$241.80M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$51.40M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$34.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$190.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$121.50M	USD	1 Quarter
Accumulation of yield on preferred stock	`PreferredStockDividendsIncomeStatementImpact`	-	USD	1 Quarter
Accumulation of yield on preferred stock	`PreferredStockDividendsIncomeStatementImpact`	$16.10M	USD	1 Quarter
Net income available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$174.30M	USD	1 Quarter
Net income available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$121.50M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.18	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.29	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.18	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.28	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	610.10M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	674.70M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	681.30M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	678.10M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$190.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$121.50M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$114.50M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$101.10M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$12.70M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$10.70M	USD	1 Quarter
Provision for accounts receivable and inventory	`ProvisionForAccountsReceivableAndInventory`	$15.90M	USD	1 Quarter
Provision for accounts receivable and inventory	`ProvisionForAccountsReceivableAndInventory`	$12.50M	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-26.40M	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-22.30M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$3.40M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$4.40M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-1.80M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-2.30M	USD	1 Quarter
Foreign currency remeasurement loss (gain)	`ForeignCurrencyTransactionGainLossBeforeTax`	$1.80M	USD	1 Quarter
Foreign currency remeasurement loss (gain)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.80M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$52.20M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$137.30M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-7.10M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$46.40M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$600.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$73.20M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-10.50M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-10.00M	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$46.20M	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-44.10M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-1.50M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-5.30M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$219.50M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$152.20M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$24.50M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.00M	USD	1 Quarter
Cash paid for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Cash paid for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$15.30M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-300.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-700.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.30M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-39.50M	USD	1 Quarter
Debt repayments	`RepaymentsOfLongTermDebt`	$269.50M	USD	1 Quarter
Debt repayments	`RepaymentsOfLongTermDebt`	$111.90M	USD	1 Quarter
Payments of dividends on preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$16.10M	USD	1 Quarter
Payments of dividends on preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	-	USD	1 Quarter
Proceeds received from exercise of stock options	`ProceedsFromStockOptionsExercised`	$5.70M	USD	1 Quarter
Proceeds received from exercise of stock options	`ProceedsFromStockOptionsExercised`	$2.60M	USD	1 Quarter
Shares repurchased to satisfy employee tax obligations for vested stock-based awards	`ProceedsFromPaymentsForOtherFinancingActivities`	$-4.90M	USD	1 Quarter
Shares repurchased to satisfy employee tax obligations for vested stock-based awards	`ProceedsFromPaymentsForOtherFinancingActivities`	$-8.10M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-275.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-127.20M	USD	1 Quarter
Effect of currency rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-4.20M	USD	1 Quarter
Effect of currency rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.80M	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-78.00M	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-18.70M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$396.90M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$308.40M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$318.90M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$327.10M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$396.90M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$308.40M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$318.90M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$327.10M	USD	Point-in-time

Comprehensive Income 18 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$190.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$121.50M	USD	1 Quarter
Foreign currency translation unrealized gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax`	$-27.00M	USD	1 Quarter
Foreign currency translation unrealized gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax`	$16.90M	USD	1 Quarter
Unrealized loss	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax`	$-100.00K	USD	1 Quarter
Unrealized loss	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax`	$-300.00K	USD	1 Quarter
Reclassification of gain into earnings	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax`	$6.50M	USD	1 Quarter
Reclassification of gain into earnings	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax`	$200.00K	USD	1 Quarter
Activity related to defined benefit plans	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax`	$4.50M	USD	1 Quarter
Activity related to defined benefit plans	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax`	$-4.90M	USD	1 Quarter
Other comprehensive income (loss) before income taxes	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$5.40M	USD	1 Quarter
Other comprehensive income (loss) before income taxes	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-23.00M	USD	1 Quarter
Income tax effect	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$-5.20M	USD	1 Quarter
Income tax effect	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$3.10M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-26.10M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$10.60M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$132.10M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$164.30M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.