Univar Solutions

Annual Report

Our Purpose

To Our Shareholders,

From the President and CEO

2021 ANNUAL REPORT

2021 proved to be an outstanding year thanks to our resilient business model and our 
global diverse workforce of 9,450 hard working, talented people who have transformed 
the business. Driven by solid commercial execution and centered on the customer 
experience, we delivered strong year-over-year organic and margin growth despite 
constrained supply, transport challenges and the ongoing pandemic. 

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(cid:82)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:88)(cid:81)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:15)(cid:3)(cid:72)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:81)(cid:3)
(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:17)(cid:3)(cid:53)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:86)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:87)(cid:85)(cid:68)(cid:81)(cid:86)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:72)(cid:909)(cid:82)(cid:85)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:72)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:72)(cid:71)(cid:3)(cid:68)(cid:81)(cid:3)(cid:36)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)(cid:40)(cid:37)(cid:918)(cid:55)(cid:39)(cid:36)1 
(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)25.5 percent to $798 million(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:81)(cid:3)(cid:36)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)
(cid:40)(cid:37)(cid:918)(cid:55)(cid:39)(cid:36)(cid:3)(cid:80)(cid:68)(cid:85)(cid:74)(cid:76)(cid:81)1(cid:3)(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)70 basis points to 8.4 
percent(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:76)(cid:82)(cid:85)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:89)(cid:72)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:3)(cid:76)(cid:86)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:3)(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:69)(cid:88)(cid:76)(cid:79)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:15)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:76)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:3)(cid:82)(cid:88)(cid:87)(cid:15)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:3)(cid:90)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:87)(cid:82)(cid:71)(cid:68)(cid:92)(cid:515)(cid:82)(cid:81)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)
(cid:68)(cid:3)(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:16)(cid:82)(cid:85)(cid:76)(cid:72)(cid:81)(cid:87)(cid:72)(cid:71)(cid:3)(cid:70)(cid:88)(cid:79)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:3)(cid:86)(cid:87)(cid:68)(cid:85)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:88)(cid:70)(cid:70)(cid:72)(cid:86)(cid:86)(cid:73)(cid:88)(cid:79)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:74)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:49)(cid:72)(cid:91)(cid:72)(cid:82)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:3)(cid:49)(cid:72)(cid:91)(cid:72)(cid:82)(cid:3)
(cid:76)(cid:81)(cid:87)(cid:72)(cid:74)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)(cid:88)(cid:83)(cid:74)(cid:85)(cid:68)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:3)(cid:73)(cid:82)(cid:82)(cid:87)(cid:83)(cid:85)(cid:76)(cid:81)(cid:87)(cid:15)(cid:3)

(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:85)(cid:76)(cid:89)(cid:68)(cid:87)(cid:72)(cid:3)(cid:87)(cid:85)(cid:68)(cid:81)(cid:86)(cid:83)(cid:82)(cid:85)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:565)(cid:72)(cid:72)(cid:87)(cid:15)(cid:3)(cid:68)(cid:88)(cid:74)(cid:80)(cid:72)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:68)(cid:79)(cid:72)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:3)(cid:70)(cid:82)(cid:89)(cid:72)(cid:85)(cid:68)(cid:74)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:88)(cid:83)(cid:86)(cid:78)(cid:76)(cid:79)(cid:79)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:87)(cid:72)(cid:70)(cid:75)(cid:81)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:70)(cid:68)(cid:83)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)(cid:68)(cid:3)(cid:69)(cid:85)(cid:82)(cid:68)(cid:71)(cid:72)(cid:81)(cid:72)(cid:71)(cid:3)
(cid:86)(cid:72)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)(cid:68)(cid:83)(cid:83)(cid:79)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:80)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:87)(cid:86)(cid:17)

(cid:58)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:72)(cid:87)(cid:72)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:80)(cid:76)(cid:74)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:68)(cid:3)(cid:86)(cid:76)(cid:81)(cid:74)(cid:79)(cid:72)(cid:15)(cid:3)(cid:80)(cid:82)(cid:71)(cid:72)(cid:85)(cid:81)(cid:3)(cid:54)(cid:92)(cid:86)(cid:87)(cid:72)(cid:80)(cid:3)
(cid:36)(cid:83)(cid:83)(cid:79)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:51)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:39)(cid:68)(cid:87)(cid:68)(cid:3)(cid:51)(cid:85)(cid:82)(cid:70)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:11)(cid:54)(cid:36)(cid:51)(cid:12)(cid:3)
(cid:86)(cid:82)(cid:73)(cid:87)(cid:90)(cid:68)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:80)(cid:72)(cid:85)(cid:76)(cid:70)(cid:68)(cid:86)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:90)(cid:72)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:89)(cid:72)(cid:3)(cid:80)(cid:68)(cid:78)(cid:72)(cid:86)(cid:3)(cid:88)(cid:86)(cid:3)
(cid:80)(cid:82)(cid:85)(cid:72)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:68)(cid:74)(cid:76)(cid:79)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)
(cid:81)(cid:72)(cid:72)(cid:71)(cid:86)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:3)(cid:73)(cid:68)(cid:70)(cid:87)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:71)(cid:82)(cid:81)(cid:72)(cid:3)(cid:71)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:72)(cid:83)(cid:87)(cid:75)(cid:86)(cid:3)
(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:50)(cid:57)(cid:918)(cid:39)(cid:16)(cid:20)(cid:28)(cid:3)(cid:83)(cid:68)(cid:81)(cid:71)(cid:72)(cid:80)(cid:76)(cid:70)(cid:3)(cid:71)(cid:72)(cid:80)(cid:82)(cid:81)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:85)(cid:72)(cid:68)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:92)(cid:15)(cid:3)
(cid:83)(cid:72)(cid:85)(cid:86)(cid:72)(cid:89)(cid:72)(cid:85)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:68)(cid:81)(cid:16)(cid:71)(cid:82)(cid:3)(cid:68)(cid:87)(cid:87)(cid:76)(cid:87)(cid:88)(cid:71)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:17)(cid:3)(cid:55)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)
(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:88)(cid:85)(cid:83)(cid:82)(cid:86)(cid:72)(cid:15)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:81)(cid:87)(cid:79)(cid:72)(cid:86)(cid:86)(cid:3)(cid:87)(cid:68)(cid:79)(cid:72)(cid:81)(cid:87)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:86)(cid:75)(cid:82)(cid:90)(cid:3)(cid:90)(cid:75)(cid:92)(cid:3)(cid:90)(cid:72)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:89)(cid:72)(cid:3)(cid:90)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:68)(cid:3)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:3)(cid:90)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:72)(cid:86)(cid:87)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:3)(cid:90)(cid:68)(cid:81)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:69)(cid:72)(cid:70)(cid:68)(cid:88)(cid:86)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:71)(cid:72)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:74)(cid:85)(cid:82)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:74)(cid:85)(cid:82)(cid:90)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:17)

(cid:39)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:21)(cid:19)(cid:21)(cid:20)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:83)(cid:88)(cid:87)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:87)(cid:85)(cid:68)(cid:81)(cid:86)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:71)(cid:76)(cid:86)(cid:83)(cid:79)(cid:68)(cid:92)(cid:3)
(cid:68)(cid:86)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:71)(cid:76)(cid:74)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)(cid:87)(cid:82)(cid:82)(cid:79)(cid:3)(cid:76)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:75)(cid:72)(cid:79)(cid:83)(cid:72)(cid:71)(cid:3)(cid:88)(cid:86)(cid:3)(cid:68)(cid:87)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:3)(cid:81)(cid:72)(cid:90)(cid:3)
(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:15)(cid:3)(cid:85)(cid:72)(cid:87)(cid:68)(cid:76)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:72)(cid:91)(cid:76)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:87)(cid:85)(cid:72)(cid:68)(cid:80)(cid:79)(cid:76)(cid:81)(cid:72)(cid:3)
(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:88)(cid:79)(cid:87)(cid:76)(cid:89)(cid:68)(cid:87)(cid:72)(cid:3)(cid:68)(cid:81)(cid:3)(cid:68)(cid:74)(cid:76)(cid:79)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:72)(cid:85)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)
(cid:82)(cid:85)(cid:76)(cid:72)(cid:81)(cid:87)(cid:72)(cid:71)(cid:3)(cid:70)(cid:88)(cid:79)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:72)(cid:81)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:76)(cid:72)(cid:81)(cid:70)(cid:72)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:90)(cid:72)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:89)(cid:72)(cid:3)(cid:74)(cid:76)(cid:89)(cid:72)(cid:86)(cid:3)(cid:88)(cid:86)(cid:3)(cid:68)(cid:3)(cid:71)(cid:76)(cid:86)(cid:87)(cid:76)(cid:81)(cid:70)(cid:87)(cid:3)
(cid:68)(cid:71)(cid:89)(cid:68)(cid:81)(cid:87)(cid:68)(cid:74)(cid:72)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:82)(cid:88)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:86)(cid:3)(cid:90)(cid:72)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:72)(cid:17)(cid:3)(cid:36)(cid:81)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)
(cid:68)(cid:3)(cid:74)(cid:79)(cid:82)(cid:69)(cid:68)(cid:79)(cid:15)(cid:3)(cid:71)(cid:72)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:918)(cid:81)(cid:74)(cid:85)(cid:72)(cid:71)(cid:76)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:9)(cid:3)(cid:54)(cid:83)(cid:72)(cid:70)(cid:76)(cid:68)(cid:79)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:11)(cid:918)(cid:9)(cid:54)(cid:12)(cid:3)(cid:74)(cid:82)(cid:16)(cid:87)(cid:82)(cid:16)
(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:15)(cid:3)(cid:90)(cid:72)(cid:519)(cid:89)(cid:72)(cid:3)(cid:74)(cid:85)(cid:82)(cid:90)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:79)(cid:76)(cid:72)(cid:85)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)
(cid:69)(cid:68)(cid:86)(cid:72)(cid:15)(cid:3)(cid:85)(cid:72)(cid:68)(cid:70)(cid:75)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)(cid:83)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:17)(cid:3)(cid:58)(cid:75)(cid:72)(cid:81)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:85)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:38)(cid:75)(cid:72)(cid:80)(cid:76)(cid:70)(cid:68)(cid:79)(cid:86)(cid:3)(cid:9)(cid:3)(cid:54)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)(cid:11)(cid:38)(cid:9)(cid:54)(cid:12)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:918)(cid:9)(cid:54)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:72)(cid:71)(cid:3)
(cid:68)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:72)(cid:85)(cid:3)(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:3)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:82)(cid:81)(cid:3)(cid:68)(cid:89)(cid:72)(cid:85)(cid:68)(cid:74)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:68)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:16)(cid:82)(cid:89)(cid:72)(cid:85)(cid:16)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)
(cid:74)(cid:85)(cid:82)(cid:86)(cid:86)(cid:3)(cid:83)(cid:85)(cid:82)(cid:564)(cid:87)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)28 percent(cid:15)(cid:3)(cid:69)(cid:88)(cid:87)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:38)(cid:9)(cid:54)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:3)
(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:72)(cid:71)(cid:3)(cid:68)(cid:81)(cid:3)(cid:76)(cid:80)(cid:83)(cid:85)(cid:72)(cid:86)(cid:86)(cid:76)(cid:89)(cid:72)(cid:3)(cid:71)(cid:82)(cid:88)(cid:69)(cid:79)(cid:72)(cid:16)(cid:71)(cid:76)(cid:74)(cid:76)(cid:87)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:16)(cid:82)(cid:89)(cid:72)(cid:85)(cid:16)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)
(cid:74)(cid:85)(cid:82)(cid:86)(cid:86)(cid:3)(cid:83)(cid:85)(cid:82)(cid:564)(cid:87)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)15 percent(cid:17)(cid:3)(cid:36)(cid:86)(cid:3)(cid:90)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:87)(cid:82)(cid:3)(cid:79)(cid:72)(cid:89)(cid:72)(cid:85)(cid:68)(cid:74)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:72)(cid:91)(cid:76)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:15)(cid:3)(cid:85)(cid:72)(cid:74)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:3)(cid:83)(cid:79)(cid:68)(cid:87)(cid:73)(cid:82)(cid:85)(cid:80)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:82)(cid:90)(cid:81)(cid:72)(cid:71)(cid:3)(cid:87)(cid:85)(cid:88)(cid:70)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:565)(cid:72)(cid:72)(cid:87)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:89)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:86)(cid:3)(cid:68)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:86)(cid:87)(cid:72)(cid:81)(cid:87)(cid:3)(cid:71)(cid:76)(cid:909)(cid:72)(cid:85)(cid:72)(cid:81)(cid:87)(cid:76)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3)(cid:70)(cid:85)(cid:72)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:88)(cid:81)(cid:76)(cid:87)(cid:92)(cid:3)
(cid:73)(cid:82)(cid:85)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:15)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:79)(cid:76)(cid:72)(cid:85)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:3)(cid:68)(cid:79)(cid:76)(cid:78)(cid:72)(cid:17)(cid:3)(cid:58)(cid:72)(cid:519)(cid:89)(cid:72)(cid:3)
(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:78)(cid:72)(cid:72)(cid:83)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:54)(cid:87)(cid:85)(cid:72)(cid:68)(cid:80)(cid:79)(cid:76)(cid:81)(cid:72)(cid:3)(cid:21)(cid:21)(cid:3)(cid:11)(cid:54)(cid:21)(cid:21)(cid:12)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)
(cid:69)(cid:92)(cid:3)(cid:71)(cid:76)(cid:89)(cid:72)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:81)(cid:82)(cid:81)(cid:16)(cid:70)(cid:82)(cid:85)(cid:72)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:3)(cid:85)(cid:72)(cid:71)(cid:88)(cid:70)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:79)(cid:72)(cid:89)(cid:72)(cid:85)(cid:68)(cid:74)(cid:72)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:21)(cid:17)(cid:24)(cid:91)(cid:3)(cid:68)(cid:75)(cid:72)(cid:68)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:70)(cid:75)(cid:72)(cid:71)(cid:88)(cid:79)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:69)(cid:72)(cid:79)(cid:82)(cid:90)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:21)(cid:19)(cid:21)(cid:20)(cid:3)(cid:87)(cid:68)(cid:85)(cid:74)(cid:72)(cid:87)(cid:3)
(cid:82)(cid:73)(cid:3)(cid:22)(cid:17)(cid:19)(cid:91)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:36)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)(cid:40)(cid:37)(cid:918)(cid:55)(cid:39)(cid:36)(cid:3)
(cid:80)(cid:68)(cid:85)(cid:74)(cid:76)(cid:81)(cid:3)(cid:87)(cid:82)(cid:90)(cid:68)(cid:85)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:28)(cid:3)(cid:83)(cid:72)(cid:85)(cid:70)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:68)(cid:85)(cid:74)(cid:72)(cid:87)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:85)(cid:72)(cid:87)(cid:88)(cid:85)(cid:81)(cid:3)(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)(cid:87)(cid:82)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:7)(cid:24)(cid:19)(cid:3)(cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:3)
(cid:85)(cid:72)(cid:83)(cid:88)(cid:85)(cid:70)(cid:75)(cid:68)(cid:86)(cid:72)(cid:86)(cid:3)(cid:71)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:82)(cid:88)(cid:85)(cid:87)(cid:75)(cid:3)(cid:84)(cid:88)(cid:68)(cid:85)(cid:87)(cid:72)(cid:85)(cid:17)

1(cid:49)(cid:82)(cid:81)(cid:16)(cid:42)(cid:36)(cid:36)(cid:51)(cid:3)(cid:564)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:17)(cid:3)(cid:54)(cid:72)(cid:72)(cid:3)(cid:522)(cid:48)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:519)(cid:86)(cid:3)(cid:39)(cid:76)(cid:86)(cid:70)(cid:88)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:36)(cid:81)(cid:68)(cid:79)(cid:92)(cid:86)(cid:76)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:38)(cid:82)(cid:81)(cid:71)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:53)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:50)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:523)(cid:3)(cid:76)(cid:81)(cid:3)(cid:918)(cid:87)(cid:72)(cid:80)(cid:3)(cid:26)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79)(cid:3)(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:81)(cid:3)(cid:41)(cid:82)(cid:85)(cid:80)(cid:3)(cid:20)(cid:19)(cid:16)(cid:46)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)
(cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:88)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:70)(cid:82)(cid:81)(cid:70)(cid:76)(cid:79)(cid:76)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:82)(cid:86)(cid:87)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:85)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:42)(cid:36)(cid:36)(cid:51)(cid:3)(cid:564)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:72)(cid:17)

1

Business Segments

T (cid:75)(cid:72)(cid:3)(cid:56)(cid:54)(cid:36)(cid:3)(cid:86)(cid:72)(cid:74)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:86)(cid:75)(cid:82)(cid:90)(cid:72)(cid:71)(cid:3)(cid:85)(cid:72)(cid:86)(cid:76)(cid:79)(cid:76)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:86)(cid:3)(cid:90)(cid:72)(cid:3)

(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3)(cid:36)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)(cid:40)(cid:37)(cid:918)(cid:55)(cid:39)(cid:36)1  26.7 percent to 
$498 million(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:71)(cid:72)(cid:79)(cid:76)(cid:89)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:68)(cid:81)(cid:3)(cid:36)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)(cid:40)(cid:37)(cid:918)(cid:55)(cid:39)(cid:36)(cid:3)
(cid:80)(cid:68)(cid:85)(cid:74)(cid:76)(cid:81)1(cid:3)(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)40 basis points to 8.3 
percent(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:76)(cid:82)(cid:85)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)(cid:3)(cid:50)(cid:88)(cid:85)(cid:3)(cid:79)(cid:82)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)

(cid:86)(cid:83)(cid:68)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:56)(cid:54)(cid:36)(cid:15)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:83)(cid:72)(cid:85)(cid:86)(cid:82)(cid:81)(cid:81)(cid:72)(cid:79)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:76)(cid:70)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:79)(cid:82)(cid:70)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:90)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)
(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:79)(cid:76)(cid:72)(cid:85)(cid:86)(cid:3)(cid:81)(cid:72)(cid:72)(cid:71)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:82)(cid:71)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:68)(cid:79)(cid:87)(cid:92)(cid:3)
(cid:70)(cid:75)(cid:72)(cid:80)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:74)(cid:85)(cid:72)(cid:71)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)(cid:53)(cid:72)(cid:68)(cid:71)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:3)(cid:68)(cid:74)(cid:76)(cid:79)(cid:72)(cid:15)(cid:3)
(cid:85)(cid:72)(cid:79)(cid:76)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:15)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:91)(cid:76)(cid:80)(cid:76)(cid:87)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:15)(cid:3)(cid:70)(cid:82)(cid:80)(cid:69)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)
(cid:82)(cid:88)(cid:85)(cid:3)(cid:76)(cid:81)(cid:86)(cid:87)(cid:68)(cid:79)(cid:79)(cid:72)(cid:71)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:15)(cid:3)(cid:87)(cid:85)(cid:68)(cid:81)(cid:86)(cid:83)(cid:82)(cid:85)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:70)(cid:68)(cid:83)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:15)(cid:3)(cid:71)(cid:76)(cid:74)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)
(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:86)(cid:15)(cid:3)(cid:72)(cid:91)(cid:87)(cid:72)(cid:81)(cid:86)(cid:76)(cid:89)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)(cid:78)(cid:81)(cid:82)(cid:90)(cid:79)(cid:72)(cid:71)(cid:74)(cid:72)(cid:15)(cid:3)(cid:72)(cid:81)(cid:71)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:87)(cid:76)(cid:86)(cid:72)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:38)(cid:72)(cid:81)(cid:87)(cid:72)(cid:85)(cid:86)(cid:15)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:72)(cid:71)(cid:3)(cid:88)(cid:86)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:82)(cid:88)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3) 
(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:3)(cid:68)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:68)(cid:71)(cid:89)(cid:68)(cid:81)(cid:87)(cid:68)(cid:74)(cid:72)(cid:17)

(cid:55)(cid:75)(cid:72)(cid:3)(cid:40)(cid:88)(cid:85)(cid:82)(cid:83)(cid:72)(cid:15)(cid:3)(cid:48)(cid:76)(cid:71)(cid:71)(cid:79)(cid:72)(cid:3)(cid:40)(cid:68)(cid:86)(cid:87)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:36)(cid:73)(cid:85)(cid:76)(cid:70)(cid:68)(cid:3)(cid:11)(cid:40)(cid:48)(cid:40)(cid:36)(cid:12)(cid:3)(cid:86)(cid:72)(cid:74)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)
(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3)(cid:36)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)(cid:40)(cid:37)(cid:918)(cid:55)(cid:39)(cid:36)1 19.6 percent to $171 million 
(cid:68)(cid:81)(cid:71)(cid:3)(cid:71)(cid:72)(cid:79)(cid:76)(cid:89)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:68)(cid:81)(cid:3)(cid:36)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)(cid:40)(cid:37)(cid:918)(cid:55)(cid:39)(cid:36)(cid:3)(cid:80)(cid:68)(cid:85)(cid:74)(cid:76)(cid:81)1(cid:3)(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:82)(cid:73)(cid:3)30 basis points to 8.7 percent(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:76)(cid:82)(cid:85)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)(cid:3)
(cid:58)(cid:72)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:72)(cid:71)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:82)(cid:71)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:68)(cid:79)(cid:87)(cid:92)(cid:3)(cid:70)(cid:75)(cid:72)(cid:80)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:76)(cid:81)(cid:74)(cid:85)(cid:72)(cid:71)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3)(cid:71)(cid:76)(cid:86)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:83)(cid:85)(cid:76)(cid:80)(cid:68)(cid:85)(cid:76)(cid:79)(cid:92)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:76)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:86)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:15)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:86)(cid:88)(cid:80)(cid:72)(cid:85)(cid:3)(cid:86)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:74)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:79)(cid:3)(cid:76)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:72)(cid:81)(cid:71)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:86)(cid:15)(cid:3)
(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:75)(cid:72)(cid:68)(cid:89)(cid:76)(cid:72)(cid:86)(cid:87)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:70)(cid:82)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:86)(cid:15)(cid:3)(cid:68)(cid:71)(cid:75)(cid:72)(cid:86)(cid:76)(cid:89)(cid:72)(cid:86)(cid:15)(cid:3)(cid:86)(cid:72)(cid:68)(cid:79)(cid:68)(cid:81)(cid:87)(cid:86)(cid:3)(cid:9)(cid:3)
(cid:72)(cid:79)(cid:68)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3)(cid:11)(cid:38)(cid:36)(cid:54)(cid:40)(cid:12)(cid:15)(cid:3)(cid:73)(cid:82)(cid:82)(cid:71)(cid:3)(cid:76)(cid:81)(cid:74)(cid:85)(cid:72)(cid:71)(cid:76)(cid:72)(cid:81)(cid:87)(cid:86)(cid:15)(cid:3)(cid:69)(cid:72)(cid:68)(cid:88)(cid:87)(cid:92)(cid:3)(cid:9)(cid:3)(cid:83)(cid:72)(cid:85)(cid:86)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)
(cid:70)(cid:68)(cid:85)(cid:72)(cid:15)(cid:3)(cid:83)(cid:75)(cid:68)(cid:85)(cid:80)(cid:68)(cid:70)(cid:72)(cid:88)(cid:87)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:76)(cid:81)(cid:74)(cid:85)(cid:72)(cid:71)(cid:76)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:75)(cid:82)(cid:80)(cid:72)(cid:70)(cid:68)(cid:85)(cid:72)(cid:3)(cid:9)(cid:3)(cid:76)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)
(cid:70)(cid:79)(cid:72)(cid:68)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:82)(cid:88)(cid:87)(cid:3)(cid:21)(cid:19)(cid:21)(cid:20)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:76)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3)
(cid:68)(cid:85)(cid:72)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:38)(cid:72)(cid:81)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:82)(cid:88)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:40)(cid:48)(cid:40)(cid:36)(cid:3)
(cid:85)(cid:72)(cid:74)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:70)(cid:72)(cid:81)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:79)(cid:79)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:79)(cid:82)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:51)(cid:68)(cid:85)(cid:76)(cid:86)(cid:15)(cid:3)
(cid:41)(cid:85)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:16)(cid:82)(cid:73)(cid:16)(cid:87)(cid:75)(cid:72)(cid:16)(cid:68)(cid:85)(cid:87)(cid:3)(cid:79)(cid:68)(cid:69)(cid:82)(cid:85)(cid:68)(cid:87)(cid:82)(cid:85)(cid:92)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:83)(cid:72)(cid:81)(cid:3)(cid:76)(cid:81)(cid:3)
(cid:40)(cid:86)(cid:86)(cid:72)(cid:81)(cid:15)(cid:3)(cid:42)(cid:72)(cid:85)(cid:80)(cid:68)(cid:81)(cid:92)(cid:3)(cid:71)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:564)(cid:85)(cid:86)(cid:87)(cid:3)(cid:75)(cid:68)(cid:79)(cid:73)(cid:3)(cid:82)(cid:73)(cid:3)(cid:21)(cid:19)(cid:21)(cid:21)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)
(cid:79)(cid:72)(cid:89)(cid:72)(cid:85)(cid:68)(cid:74)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:72)(cid:81)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:93)(cid:72)(cid:71)(cid:3)(cid:82)(cid:85)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:72)(cid:70)(cid:75)(cid:81)(cid:82)(cid:79)(cid:82)(cid:74)(cid:92)(cid:3)
(cid:86)(cid:92)(cid:86)(cid:87)(cid:72)(cid:80)(cid:86)(cid:15)(cid:3)(cid:85)(cid:68)(cid:90)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:86)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:88)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:79)(cid:82)(cid:74)(cid:76)(cid:86)(cid:87)(cid:76)(cid:70)(cid:86)(cid:15)(cid:3)(cid:85)(cid:82)(cid:88)(cid:87)(cid:72)(cid:3)
(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:79)(cid:76)(cid:72)(cid:85)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:75)(cid:76)(cid:83)(cid:86)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:81)(cid:72)(cid:564)(cid:87)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:72)(cid:70)(cid:82)(cid:81)(cid:82)(cid:80)(cid:76)(cid:72)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:70)(cid:68)(cid:79)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:76)(cid:72)(cid:81)(cid:70)(cid:72)(cid:17)

(cid:55)(cid:75)(cid:72)(cid:3)(cid:38)(cid:68)(cid:81)(cid:68)(cid:71)(cid:68)(cid:3)(cid:86)(cid:72)(cid:74)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3)(cid:36)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)(cid:40)(cid:37)(cid:918)(cid:55)(cid:39)(cid:36)1 16.2 
percent to $104 million(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:71)(cid:72)(cid:79)(cid:76)(cid:89)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:68)(cid:81)(cid:3)(cid:36)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)(cid:40)(cid:37)(cid:918)(cid:55)(cid:39)(cid:36)(cid:3)
(cid:80)(cid:68)(cid:85)(cid:74)(cid:76)(cid:81)1(cid:3)(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)310 basis points to 11.2 percent 
(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:76)(cid:82)(cid:85)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)(cid:3)(cid:58)(cid:76)(cid:87)(cid:75)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:82)(cid:71)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:68)(cid:79)(cid:87)(cid:92)(cid:3)(cid:70)(cid:75)(cid:72)(cid:80)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:74)(cid:85)(cid:72)(cid:71)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3)(cid:71)(cid:76)(cid:86)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:82)(cid:88)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:85)(cid:92)(cid:15)(cid:3)
(cid:90)(cid:72)(cid:3)(cid:88)(cid:87)(cid:76)(cid:79)(cid:76)(cid:93)(cid:72)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:81)(cid:72)(cid:87)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:82)(cid:73)(cid:3)(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:38)(cid:72)(cid:81)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:75)(cid:72)(cid:79)(cid:83)(cid:3)(cid:71)(cid:85)(cid:76)(cid:89)(cid:72)(cid:3)
(cid:81)(cid:72)(cid:90)(cid:3)(cid:76)(cid:81)(cid:81)(cid:82)(cid:89)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:82)(cid:88)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)(cid:3)(cid:55)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)(cid:40)(cid:68)(cid:86)(cid:87)(cid:72)(cid:85)(cid:81)(cid:3)
(cid:38)(cid:68)(cid:81)(cid:68)(cid:71)(cid:68)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:71)(cid:72)(cid:72)(cid:83)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)(cid:78)(cid:81)(cid:82)(cid:90)(cid:79)(cid:72)(cid:71)(cid:74)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:918)(cid:9)(cid:54)(cid:3)

2

2021 ANNUAL REPORT

(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:86)(cid:3)(cid:86)(cid:88)(cid:70)(cid:75)(cid:3)(cid:68)(cid:86)(cid:3)(cid:73)(cid:82)(cid:82)(cid:71)(cid:3)(cid:76)(cid:81)(cid:74)(cid:85)(cid:72)(cid:71)(cid:76)(cid:72)(cid:81)(cid:87)(cid:86)(cid:15)(cid:3)(cid:69)(cid:72)(cid:68)(cid:88)(cid:87)(cid:92)(cid:3)(cid:9)(cid:3)(cid:83)(cid:72)(cid:85)(cid:86)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:70)(cid:68)(cid:85)(cid:72)(cid:15)(cid:3)
(cid:83)(cid:75)(cid:68)(cid:85)(cid:80)(cid:68)(cid:70)(cid:72)(cid:88)(cid:87)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:76)(cid:81)(cid:74)(cid:85)(cid:72)(cid:71)(cid:76)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:564)(cid:81)(cid:76)(cid:86)(cid:75)(cid:72)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:86)(cid:15)(cid:3)(cid:38)(cid:36)(cid:54)(cid:40)(cid:15)(cid:3)
(cid:68)(cid:86)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)(cid:68)(cid:86)(cid:3)(cid:70)(cid:75)(cid:72)(cid:80)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:80)(cid:68)(cid:81)(cid:88)(cid:73)(cid:68)(cid:70)(cid:87)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:15)(cid:3)(cid:75)(cid:82)(cid:80)(cid:72)(cid:70)(cid:68)(cid:85)(cid:72)(cid:3)(cid:9)(cid:3)(cid:76)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)
(cid:70)(cid:79)(cid:72)(cid:68)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:80)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:82)(cid:3)(cid:75)(cid:72)(cid:79)(cid:83)(cid:3)(cid:72)(cid:81)(cid:75)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:17)(cid:3)(cid:918)(cid:81)(cid:3)(cid:58)(cid:72)(cid:86)(cid:87)(cid:72)(cid:85)(cid:81)(cid:3)(cid:38)(cid:68)(cid:81)(cid:68)(cid:71)(cid:68)(cid:15)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:87)(cid:76)(cid:86)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:72)(cid:86)(cid:87)(cid:85)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:72)(cid:81)(cid:72)(cid:85)(cid:74)(cid:92)(cid:3)(cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:72)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:69)(cid:85)(cid:82)(cid:68)(cid:71)(cid:3)(cid:82)(cid:909)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:86)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:76)(cid:81)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:85)(cid:92)(cid:17)(cid:3)

“ Ready to  

provide agile, 
reliable service...”

(cid:55)(cid:75)(cid:72)(cid:3)(cid:47)(cid:68)(cid:87)(cid:76)(cid:81)(cid:3)(cid:36)(cid:80)(cid:72)(cid:85)(cid:76)(cid:70)(cid:68)(cid:3)(cid:86)(cid:72)(cid:74)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3)(cid:36)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)(cid:40)(cid:37)(cid:918)(cid:55)(cid:39)(cid:36)1 
32.3 percent to $57 million(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:71)(cid:72)(cid:79)(cid:76)(cid:89)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:68)(cid:81)(cid:3)(cid:36)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)
(cid:40)(cid:37)(cid:918)(cid:55)(cid:39)(cid:36)(cid:3)(cid:80)(cid:68)(cid:85)(cid:74)(cid:76)(cid:81)1(cid:3)(cid:82)(cid:73)(cid:3)9.3 percent, (cid:68)(cid:3)(cid:71)(cid:72)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:3)(cid:82)(cid:73) 20 basis 
points(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:76)(cid:82)(cid:85)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:71)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:79)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:74)(cid:85)(cid:82)(cid:86)(cid:86)(cid:3)(cid:80)(cid:68)(cid:85)(cid:74)(cid:76)(cid:81)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:90)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:88)(cid:86)(cid:76)(cid:81)(cid:74)(cid:15)(cid:3)(cid:86)(cid:72)(cid:79)(cid:79)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:71)(cid:80)(cid:76)(cid:81)(cid:76)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)
(cid:11)(cid:58)(cid:54)(cid:9)(cid:36)(cid:12)(cid:3)(cid:70)(cid:82)(cid:86)(cid:87)(cid:86)(cid:17)(cid:3)(cid:58)(cid:76)(cid:87)(cid:75)(cid:3)(cid:71)(cid:76)(cid:86)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:38)(cid:72)(cid:81)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)
(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:82)(cid:88)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:74)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:80)(cid:72)(cid:72)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:81)(cid:72)(cid:72)(cid:71)(cid:86)(cid:3)
(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)(cid:68)(cid:3)(cid:87)(cid:72)(cid:68)(cid:80)(cid:3)(cid:82)(cid:73)(cid:3)(cid:70)(cid:75)(cid:72)(cid:80)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:86)(cid:68)(cid:79)(cid:72)(cid:86)(cid:15)(cid:3)
(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:79)(cid:92)(cid:3)(cid:70)(cid:75)(cid:68)(cid:76)(cid:81)(cid:3)(cid:83)(cid:85)(cid:82)(cid:73)(cid:72)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:86)(cid:3)
(cid:68)(cid:87)(cid:3)(cid:86)(cid:76)(cid:87)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:48)(cid:72)(cid:91)(cid:76)(cid:70)(cid:82)(cid:15)(cid:3)(cid:37)(cid:85)(cid:68)(cid:93)(cid:76)(cid:79)(cid:15)(cid:3)(cid:38)(cid:82)(cid:79)(cid:82)(cid:80)(cid:69)(cid:76)(cid:68)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:68)(cid:3)(cid:79)(cid:72)(cid:86)(cid:86)(cid:72)(cid:85)(cid:3)
(cid:72)(cid:91)(cid:87)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:86)(cid:76)(cid:68)(cid:16)(cid:51)(cid:68)(cid:70)(cid:76)(cid:564)(cid:70)(cid:3)(cid:85)(cid:72)(cid:74)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:58)(cid:76)(cid:87)(cid:75)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:39)(cid:72)(cid:70)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:21)(cid:19)(cid:21)(cid:20)(cid:3)
(cid:68)(cid:70)(cid:84)(cid:88)(cid:76)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:54)(cid:90)(cid:72)(cid:72)(cid:87)(cid:80)(cid:76)(cid:91)(cid:3)(cid:39)(cid:76)(cid:86)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:76)(cid:71)(cid:82)(cid:85)(cid:68)(cid:3)(cid:71)(cid:72)(cid:3)(cid:48)(cid:68)(cid:87)(cid:171)(cid:85)(cid:76)(cid:68)(cid:86)(cid:3)(cid:51)(cid:85)(cid:76)(cid:80)(cid:68)(cid:86)(cid:3)
(cid:918)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:76)(cid:68)(cid:76)(cid:86)(cid:3)(cid:47)(cid:87)(cid:71)(cid:68)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:73)(cid:82)(cid:82)(cid:71)(cid:3)(cid:76)(cid:81)(cid:74)(cid:85)(cid:72)(cid:71)(cid:76)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:36)(cid:54)(cid:40)(cid:3)(cid:83)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:3)(cid:76)(cid:81)(cid:3)(cid:37)(cid:85)(cid:68)(cid:93)(cid:76)(cid:79)(cid:3)(cid:87)(cid:82)(cid:3)(cid:75)(cid:72)(cid:79)(cid:83)(cid:3)(cid:69)(cid:72)(cid:87)(cid:87)(cid:72)(cid:85)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)
(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:80)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)
(cid:70)(cid:85)(cid:82)(cid:83)(cid:3)(cid:83)(cid:85)(cid:82)(cid:87)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:80)(cid:68)(cid:81)(cid:88)(cid:73)(cid:68)(cid:70)(cid:87)(cid:88)(cid:85)(cid:72)(cid:85)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:37)(cid:85)(cid:68)(cid:93)(cid:76)(cid:79)(cid:17)(cid:3)(cid:41)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:74)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)
(cid:86)(cid:88)(cid:70)(cid:70)(cid:72)(cid:86)(cid:86)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:82)(cid:88)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:70)(cid:72)(cid:81)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:909)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:86)(cid:3)
(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:72)(cid:71)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:82)(cid:71)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:68)(cid:79)(cid:87)(cid:92)(cid:3)(cid:70)(cid:75)(cid:72)(cid:80)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:76)(cid:81)(cid:74)(cid:85)(cid:72)(cid:71)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3)(cid:71)(cid:76)(cid:86)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:75)(cid:72)(cid:79)(cid:83)(cid:3)(cid:72)(cid:81)(cid:75)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)
(cid:76)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:88)(cid:80)(cid:72)(cid:85)(cid:3)(cid:86)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:72)(cid:81)(cid:71)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:86)(cid:17)

1(cid:49)(cid:82)(cid:81)(cid:16)(cid:42)(cid:36)(cid:36)(cid:51)(cid:3)(cid:564)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:17)(cid:3)(cid:54)(cid:72)(cid:72)(cid:3)(cid:522)(cid:48)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:519)(cid:86)(cid:3)(cid:39)(cid:76)(cid:86)(cid:70)(cid:88)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:36)(cid:81)(cid:68)(cid:79)(cid:92)(cid:86)(cid:76)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:38)(cid:82)(cid:81)(cid:71)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:53)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:50)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:523)(cid:3)(cid:76)(cid:81)(cid:3)(cid:918)(cid:87)(cid:72)(cid:80)(cid:3)(cid:26)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79)(cid:3)(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:81)(cid:3)(cid:41)(cid:82)(cid:85)(cid:80)(cid:3)(cid:20)(cid:19)(cid:16)(cid:46)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:88)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:85)(cid:72)(cid:70)(cid:82)(cid:81)(cid:70)(cid:76)(cid:79)(cid:76)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:82)(cid:86)(cid:87)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:85)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:42)(cid:36)(cid:36)(cid:51)(cid:3)(cid:564)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:72)(cid:17)

3

Serious About Safety

O (cid:88)(cid:85)(cid:3)(cid:21)(cid:19)(cid:21)(cid:20)(cid:3)(cid:564)(cid:86)(cid:70)(cid:68)(cid:79)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:71)(cid:3)(cid:68)(cid:81)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:3)

(cid:86)(cid:68)(cid:73)(cid:72)(cid:87)(cid:92)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:86)(cid:3)(cid:90)(cid:72)(cid:3)(cid:85)(cid:72)(cid:70)(cid:82)(cid:85)(cid:71)(cid:72)(cid:71)(cid:3)
(cid:68)(cid:3)(cid:55)(cid:82)(cid:87)(cid:68)(cid:79)(cid:3)(cid:38)(cid:68)(cid:86)(cid:72)(cid:3)(cid:918)(cid:81)(cid:70)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:53)(cid:68)(cid:87)(cid:72)(cid:3)(cid:11)(cid:55)(cid:38)(cid:918)(cid:53)(cid:12)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:19)(cid:17)(cid:23)(cid:19)(cid:15)(cid:3)(cid:86)(cid:88)(cid:85)(cid:83)(cid:68)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:21)(cid:19)(cid:21)(cid:20)(cid:3)(cid:87)(cid:68)(cid:85)(cid:74)(cid:72)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:19)(cid:17)(cid:25)(cid:27)(cid:17)(cid:3)(cid:54)(cid:68)(cid:73)(cid:72)(cid:87)(cid:92)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:3)(cid:70)(cid:82)(cid:85)(cid:72)(cid:3)(cid:83)(cid:85)(cid:76)(cid:81)(cid:70)(cid:76)(cid:83)(cid:79)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:76)(cid:86)(cid:3)
(cid:72)(cid:80)(cid:69)(cid:72)(cid:71)(cid:71)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:72)(cid:89)(cid:72)(cid:85)(cid:92)(cid:87)(cid:75)(cid:76)(cid:81)(cid:74)(cid:3)(cid:90)(cid:72)(cid:3)(cid:71)(cid:82)(cid:3)(cid:68)(cid:87)(cid:3)(cid:56)(cid:81)(cid:76)(cid:89)(cid:68)(cid:85)(cid:3)(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:86)(cid:3)(cid:72)(cid:89)(cid:76)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:68)(cid:73)(cid:72)(cid:87)(cid:92)(cid:3)(cid:85)(cid:72)(cid:70)(cid:82)(cid:85)(cid:71)(cid:17)(cid:3)(cid:50)(cid:88)(cid:85)(cid:3)(cid:86)(cid:68)(cid:73)(cid:72)(cid:87)(cid:92)(cid:3)
(cid:85)(cid:72)(cid:70)(cid:82)(cid:85)(cid:71)(cid:3)(cid:76)(cid:86)(cid:3)(cid:86)(cid:82)(cid:80)(cid:72)(cid:87)(cid:75)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:79)(cid:76)(cid:72)(cid:85)(cid:86)(cid:3)(cid:85)(cid:72)(cid:79)(cid:92)(cid:3)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:75)(cid:72)(cid:79)(cid:83)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:71)(cid:76)(cid:909)(cid:72)(cid:85)(cid:72)(cid:81)(cid:87)(cid:76)(cid:68)(cid:87)(cid:72)(cid:3)(cid:88)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:86)(cid:3)
(cid:68)(cid:85)(cid:72)(cid:3)(cid:68)(cid:70)(cid:75)(cid:76)(cid:72)(cid:89)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)(cid:68)(cid:3)(cid:70)(cid:88)(cid:79)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:76)(cid:86)(cid:3)(cid:54)(cid:72)(cid:85)(cid:76)(cid:82)(cid:88)(cid:86)(cid:3)(cid:36)(cid:69)(cid:82)(cid:88)(cid:87)(cid:3)
(cid:54)(cid:68)(cid:73)(cid:72)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:68)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:68)(cid:70)(cid:75)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:85)(cid:68)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:71)(cid:88)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:3)(cid:68)(cid:86)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)(cid:68)(cid:86)(cid:3)(cid:80)(cid:68)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:81)(cid:72)(cid:70)(cid:72)(cid:86)(cid:86)(cid:68)(cid:85)(cid:92)(cid:3)(cid:76)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:76)(cid:81)(cid:87)(cid:82)(cid:3)(cid:80)(cid:68)(cid:76)(cid:81)(cid:87)(cid:68)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:88)(cid:83)(cid:74)(cid:85)(cid:68)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)

TCIR History

(cid:82)(cid:88)(cid:85)(cid:3)(cid:73)(cid:68)(cid:70)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:86)(cid:87)(cid:85)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:83)(cid:85)(cid:82)(cid:74)(cid:85)(cid:68)(cid:80)(cid:86)(cid:3)
(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:82)(cid:81)(cid:79)(cid:92)(cid:3)(cid:75)(cid:72)(cid:79)(cid:83)(cid:3)(cid:88)(cid:86)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:15)(cid:3)(cid:69)(cid:88)(cid:87)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)
(cid:72)(cid:91)(cid:87)(cid:72)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:87)(cid:82)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:79)(cid:92)(cid:3)(cid:70)(cid:75)(cid:68)(cid:76)(cid:81)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:71)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:68)(cid:71)(cid:75)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:72)(cid:86)(cid:87)(cid:3)(cid:76)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:92)(cid:3)(cid:86)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:68)(cid:86)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)(cid:68)(cid:86)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:72)(cid:89)(cid:72)(cid:79)(cid:82)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:86)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:69)(cid:92)(cid:3)
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(cid:82)(cid:88)(cid:87)(cid:85)(cid:72)(cid:68)(cid:70)(cid:75)(cid:3)(cid:87)(cid:82)(cid:3)(cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:92)(cid:3)(cid:68)(cid:86)(cid:86)(cid:82)(cid:70)(cid:76)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:17)(cid:3)(cid:58)(cid:76)(cid:87)(cid:75)(cid:3)
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(cid:90)(cid:82)(cid:85)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:72)(cid:81)(cid:89)(cid:76)(cid:85)(cid:82)(cid:81)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:17)

4

2021 ANNUAL REPORT

5

Our Environmental, Social  
and Governance Journey

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™

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6

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(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:85)(cid:88)(cid:72)(cid:3)(cid:82)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:88)(cid:81)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:70)(cid:87)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:85)(cid:74)(cid:68)(cid:81)(cid:76)(cid:93)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:75)(cid:68)(cid:86)(cid:15)(cid:3)
(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:86)(cid:72)(cid:79)(cid:89)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:3)(cid:73)(cid:82)(cid:85)(cid:70)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:74)(cid:82)(cid:82)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:564)(cid:74)(cid:75)(cid:87)(cid:3)(cid:68)(cid:74)(cid:68)(cid:76)(cid:81)(cid:86)(cid:87)(cid:3)(cid:70)(cid:79)(cid:76)(cid:80)(cid:68)(cid:87)(cid:72)(cid:3)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:17)

“ Target to reach 

net-zero direct  
emissions by 
2050…”

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(cid:90)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:3)(cid:86)(cid:87)(cid:85)(cid:82)(cid:81)(cid:74)(cid:3)(cid:74)(cid:82)(cid:89)(cid:72)(cid:85)(cid:81)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:73)(cid:85)(cid:68)(cid:80)(cid:72)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:81)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)
(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:75)(cid:82)(cid:90)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:68)(cid:71)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:71)(cid:72)(cid:79)(cid:76)(cid:89)(cid:72)(cid:85)(cid:3)(cid:82)(cid:81)(cid:3)
(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:17)(cid:3)(cid:55)(cid:75)(cid:76)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:86)(cid:3)(cid:74)(cid:68)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:81)(cid:72)(cid:90)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:79)(cid:76)(cid:72)(cid:85)(cid:3)
(cid:68)(cid:88)(cid:87)(cid:75)(cid:82)(cid:85)(cid:76)(cid:93)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:86)(cid:88)(cid:86)(cid:87)(cid:68)(cid:76)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)
(cid:86)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:86)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)(cid:68)(cid:86)(cid:3)(cid:69)(cid:72)(cid:76)(cid:81)(cid:74)(cid:3)(cid:81)(cid:68)(cid:80)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:49)(cid:72)(cid:90)(cid:86)(cid:90)(cid:72)(cid:72)(cid:78)(cid:3)
(cid:80)(cid:68)(cid:74)(cid:68)(cid:93)(cid:76)(cid:81)(cid:72)(cid:519)(cid:86)(cid:3)(cid:36)(cid:80)(cid:72)(cid:85)(cid:76)(cid:70)(cid:68)(cid:519)(cid:86)(cid:3)(cid:48)(cid:82)(cid:86)(cid:87)(cid:3)(cid:53)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:76)(cid:72)(cid:86)(cid:3)(cid:21)(cid:19)(cid:21)(cid:21)(cid:3)
(cid:79)(cid:76)(cid:86)(cid:87)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:68)(cid:70)(cid:75)(cid:76)(cid:72)(cid:89)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:75)(cid:72)(cid:79)(cid:83)(cid:72)(cid:71)(cid:3)(cid:79)(cid:72)(cid:68)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:71)(cid:3)
(cid:72)(cid:91)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:85)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:86)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:40)(cid:70)(cid:82)(cid:57)(cid:68)(cid:71)(cid:76)(cid:86)(cid:15)(cid:3)(cid:48)(cid:54)(cid:38)(cid:918)(cid:15)(cid:3)(cid:54)(cid:88)(cid:86)(cid:87)(cid:68)(cid:76)(cid:81)(cid:68)(cid:79)(cid:92)(cid:87)(cid:76)(cid:70)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:918)(cid:81)(cid:86)(cid:87)(cid:76)(cid:87)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:3)(cid:54)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)(cid:11)(cid:918)(cid:54)(cid:54)(cid:12)(cid:3)(cid:52)(cid:88)(cid:68)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:54)(cid:70)(cid:82)(cid:85)(cid:72)(cid:17)

2021 ANNUAL REPORT

Global ESG Goals to 2025

Climate Action
(cid:918)(cid:80)(cid:83)(cid:79)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:72)(cid:70)(cid:75)(cid:81)(cid:82)(cid:79)(cid:82)(cid:74)(cid:92)(cid:15)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:88)(cid:79)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:77)(cid:82)(cid:88)(cid:85)(cid:81)(cid:72)(cid:92)(cid:3)
(cid:87)(cid:82)(cid:90)(cid:68)(cid:85)(cid:71)(cid:3)(cid:68)(cid:3)(cid:81)(cid:72)(cid:87)(cid:16)(cid:93)(cid:72)(cid:85)(cid:82)(cid:3)(cid:70)(cid:68)(cid:85)(cid:69)(cid:82)(cid:81)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:17)

Serious About Safety
(cid:46)(cid:72)(cid:72)(cid:83)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:15)(cid:3)(cid:89)(cid:72)(cid:81)(cid:71)(cid:82)(cid:85)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3)(cid:86)(cid:68)(cid:73)(cid:72)(cid:3)(cid:68)(cid:87)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)
(cid:86)(cid:68)(cid:73)(cid:72)(cid:87)(cid:92)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3)(cid:70)(cid:88)(cid:79)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:68)(cid:70)(cid:87)(cid:76)(cid:70)(cid:72)(cid:86)(cid:17)

Resource Use
(cid:39)(cid:85)(cid:76)(cid:89)(cid:72)(cid:3)(cid:86)(cid:88)(cid:86)(cid:87)(cid:68)(cid:76)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:85)(cid:72)(cid:86)(cid:82)(cid:88)(cid:85)(cid:70)(cid:72)(cid:3)(cid:88)(cid:86)(cid:72)(cid:3)
(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)(cid:72)(cid:80)(cid:69)(cid:72)(cid:71)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:76)(cid:81)(cid:70)(cid:76)(cid:83)(cid:79)(cid:72)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:70)(cid:76)(cid:85)(cid:70)(cid:88)(cid:79)(cid:68)(cid:85)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:79)(cid:79)(cid:72)(cid:81)(cid:70)(cid:72)(cid:17)

Release Prevention
(cid:54)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:75)(cid:68)(cid:81)(cid:71)(cid:79)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:86)(cid:3)(cid:68)(cid:70)(cid:85)(cid:82)(cid:86)(cid:86)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:86)(cid:88)(cid:83)(cid:83)(cid:79)(cid:92)(cid:3)(cid:70)(cid:75)(cid:68)(cid:76)(cid:81)(cid:17)

Sustainable Sourcing
(cid:39)(cid:85)(cid:76)(cid:89)(cid:72)(cid:3)(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:71)(cid:3)(cid:86)(cid:88)(cid:86)(cid:87)(cid:68)(cid:76)(cid:81)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3) 
(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:80)(cid:76)(cid:81)(cid:76)(cid:80)(cid:88)(cid:80)(cid:3) 
(cid:86)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:68)(cid:70)(cid:85)(cid:82)(cid:86)(cid:86)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:71)(cid:76)(cid:89)(cid:72)(cid:85)(cid:86)(cid:72)(cid:3) 
(cid:86)(cid:88)(cid:83)(cid:83)(cid:79)(cid:76)(cid:72)(cid:85)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:17)

Sustainable Solutions
(cid:47)(cid:72)(cid:89)(cid:72)(cid:85)(cid:68)(cid:74)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:88)(cid:86)(cid:87)(cid:68)(cid:76)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)
(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:86)(cid:15)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:86)(cid:15)(cid:3)(cid:83)(cid:85)(cid:68)(cid:70)(cid:87)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:87)(cid:72)(cid:70)(cid:75)(cid:81)(cid:82)(cid:79)(cid:82)(cid:74)(cid:76)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3) 
(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:519)(cid:3)(cid:86)(cid:88)(cid:86)(cid:87)(cid:68)(cid:76)(cid:81)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:77)(cid:82)(cid:88)(cid:85)(cid:81)(cid:72)(cid:92)(cid:86)(cid:17)

Diversity, Equity & Inclusion
(cid:918)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:3)(cid:71)(cid:76)(cid:89)(cid:72)(cid:85)(cid:86)(cid:72)(cid:3)(cid:85)(cid:72)(cid:83)(cid:85)(cid:72)(cid:86)(cid:72)(cid:81)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:87)(cid:3)
(cid:79)(cid:72)(cid:68)(cid:71)(cid:72)(cid:85)(cid:86)(cid:75)(cid:76)(cid:83)(cid:3)(cid:79)(cid:72)(cid:89)(cid:72)(cid:79)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:85)(cid:72)(cid:68)(cid:87)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:82)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:88)(cid:81)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:88)(cid:79)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)
(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)(cid:68)(cid:88)(cid:87)(cid:75)(cid:72)(cid:81)(cid:87)(cid:76)(cid:70)(cid:3)
(cid:86)(cid:72)(cid:79)(cid:89)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:17)

Community Engagement
(cid:39)(cid:72)(cid:80)(cid:82)(cid:81)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:75)(cid:72)(cid:79)(cid:83)(cid:3)(cid:78)(cid:72)(cid:72)(cid:83)(cid:3)(cid:86)(cid:82)(cid:70)(cid:76)(cid:72)(cid:87)(cid:92)(cid:3)(cid:75)(cid:72)(cid:68)(cid:79)(cid:87)(cid:75)(cid:92)(cid:15)(cid:3)(cid:73)(cid:72)(cid:71)(cid:15)(cid:3) 
(cid:70)(cid:79)(cid:72)(cid:68)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:68)(cid:73)(cid:72)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)(cid:564)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3) 
(cid:76)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:3) 
(cid:76)(cid:81)(cid:89)(cid:82)(cid:79)(cid:89)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:88)(cid:81)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3) 
(cid:76)(cid:81)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:90)(cid:72)(cid:3)(cid:79)(cid:76)(cid:89)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:17)

7

Driving Advancements in  
Diversity, Equity and Inclusion

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(cid:83)(cid:82)(cid:83)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:79)(cid:72)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:85)(cid:72)(cid:70)(cid:85)(cid:88)(cid:76)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:83)(cid:82)(cid:87)(cid:72)(cid:81)(cid:87)(cid:76)(cid:68)(cid:79)(cid:17)

8

Growing Together

2021 ANNUAL REPORT

2021

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Foward-Looking Statements

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(cid:918)(cid:81)(cid:3)(cid:68)(cid:71)(cid:71)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:75)(cid:76)(cid:86)(cid:87)(cid:82)(cid:85)(cid:76)(cid:70)(cid:68)(cid:79)(cid:15)(cid:3)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:90)(cid:68)(cid:85)(cid:71)(cid:16)(cid:79)(cid:82)(cid:82)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:86)(cid:88)(cid:86)(cid:87)(cid:68)(cid:76)(cid:81)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:16)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:80)(cid:68)(cid:92)(cid:3)(cid:69)(cid:72)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)
(cid:82)(cid:81)(cid:3)(cid:86)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:85)(cid:82)(cid:74)(cid:85)(cid:72)(cid:86)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:86)(cid:87)(cid:76)(cid:79)(cid:79)(cid:3)(cid:71)(cid:72)(cid:89)(cid:72)(cid:79)(cid:82)(cid:83)(cid:76)(cid:81)(cid:74)(cid:15)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:89)(cid:82)(cid:79)(cid:89)(cid:72)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:86)(cid:86)(cid:88)(cid:80)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:86)(cid:88)(cid:69)(cid:77)(cid:72)(cid:70)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:17)

9

Board of Directors

Christopher D. Pappas 
(cid:38)(cid:75)(cid:68)(cid:76)(cid:85)(cid:80)(cid:68)(cid:81)(cid:15)(cid:3)(cid:56)(cid:81)(cid:76)(cid:89)(cid:68)(cid:85)(cid:3)(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:918)(cid:81)(cid:70)(cid:17)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:41)(cid:82)(cid:85)(cid:80)(cid:72)(cid:85)(cid:3) 
(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)(cid:15)(cid:3)(cid:55)(cid:85)(cid:76)(cid:81)(cid:86)(cid:72)(cid:82)

Rhonda Germany (cid:21)  
(cid:41)(cid:82)(cid:85)(cid:80)(cid:72)(cid:85)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:57)(cid:76)(cid:70)(cid:72)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)
(cid:54)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:3)(cid:9)(cid:3)(cid:48)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)(cid:15)(cid:3)(cid:43)(cid:82)(cid:81)(cid:72)(cid:92)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)

David C. Jukes 
(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)(cid:15)(cid:3) 
(cid:56)(cid:81)(cid:76)(cid:89)(cid:68)(cid:85)(cid:3)(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:918)(cid:81)(cid:70)(cid:17)

Varun Laroyia 
(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:57)(cid:76)(cid:70)(cid:72)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)
(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)(cid:15)(cid:3)(cid:47)(cid:46)(cid:52)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)

Joan A. Braca  
(cid:41)(cid:82)(cid:85)(cid:80)(cid:72)(cid:85) (cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)(cid:15)(cid:3) 
(cid:45)(cid:82)(cid:75)(cid:81)(cid:86)(cid:82)(cid:81)(cid:3)(cid:48)(cid:68)(cid:87)(cid:87)(cid:75)(cid:72)(cid:92)(cid:519)(cid:86)(cid:3)(cid:38)(cid:79)(cid:72)(cid:68)(cid:81)(cid:3)(cid:36)(cid:76)(cid:85)(cid:3)(cid:54)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)

Stephen D. Newlin  
(cid:41)(cid:82)(cid:85)(cid:80)(cid:72)(cid:85)(cid:3)(cid:38)(cid:75)(cid:68)(cid:76)(cid:85)(cid:80)(cid:68)(cid:81)(cid:15)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3) 
(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)(cid:15)(cid:3)(cid:56)(cid:81)(cid:76)(cid:89)(cid:68)(cid:85)(cid:3)(cid:918)(cid:81)(cid:70)(cid:17)

Mark J. Byrne  
(cid:41)(cid:82)(cid:85)(cid:80)(cid:72)(cid:85)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)(cid:15)(cid:3) 
(cid:56)(cid:81)(cid:76)(cid:89)(cid:68)(cid:85)(cid:3)(cid:37)(cid:68)(cid:86)(cid:76)(cid:70)(cid:3)(cid:38)(cid:75)(cid:72)(cid:80)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)

Kerry J. Preete  
(cid:41)(cid:82)(cid:85)(cid:80)(cid:72)(cid:85)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:57)(cid:76)(cid:70)(cid:72)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)
(cid:54)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:3)(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)(cid:15)(cid:3)(cid:48)(cid:82)(cid:81)(cid:86)(cid:68)(cid:81)(cid:87)(cid:82)(cid:3)(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)

Daniel P. Doheny(cid:1149)  
(cid:41)(cid:82)(cid:85)(cid:80)(cid:72)(cid:85)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:38)(cid:75)(cid:68)(cid:76)(cid:85)(cid:80)(cid:68)(cid:81)(cid:15)(cid:3)(cid:53)(cid:72)(cid:92)(cid:72)(cid:86)(cid:3)(cid:43)(cid:82)(cid:79)(cid:71)(cid:76)(cid:81)(cid:74)(cid:86)(cid:3)(cid:47)(cid:47)(cid:38)(cid:519)(cid:86)(cid:3)
(cid:42)(cid:85)(cid:72)(cid:68)(cid:87)(cid:3)(cid:47)(cid:68)(cid:78)(cid:72)(cid:86)(cid:3)(cid:38)(cid:82)(cid:70)(cid:68)(cid:16)(cid:38)(cid:82)(cid:79)(cid:68)(cid:3)(cid:39)(cid:76)(cid:86)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:37)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)

Robert L. Wood(cid:22)  
(cid:41)(cid:82)(cid:85)(cid:80)(cid:72)(cid:85)(cid:3)(cid:38)(cid:75)(cid:68)(cid:76)(cid:85)(cid:80)(cid:68)(cid:81)(cid:15)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3) 
(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)(cid:15)(cid:3)(cid:38)(cid:75)(cid:72)(cid:80)(cid:87)(cid:88)(cid:85)(cid:68)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)(cid:17)

Richard P. Fox  
(cid:41)(cid:82)(cid:85)(cid:80)(cid:72)(cid:85)(cid:3)(cid:48)(cid:68)(cid:81)(cid:68)(cid:74)(cid:76)(cid:81)(cid:74)(cid:3)(cid:51)(cid:68)(cid:85)(cid:87)(cid:81)(cid:72)(cid:85)(cid:15)(cid:3)(cid:40)(cid:85)(cid:81)(cid:86)(cid:87)(cid:3)(cid:9)(cid:3)(cid:60)(cid:82)(cid:88)(cid:81)(cid:74)(cid:3)(cid:47)(cid:47)(cid:51)

Jennifer A. McIntyre  
(cid:54)(cid:72)(cid:81)(cid:76)(cid:82)(cid:85)(cid:3)(cid:57)(cid:76)(cid:70)(cid:72)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)(cid:51)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3) 
(cid:38)(cid:88)(cid:79)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)

Noelle J. Perkins  
(cid:54)(cid:72)(cid:81)(cid:76)(cid:82)(cid:85)(cid:3)(cid:57)(cid:76)(cid:70)(cid:72)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:42)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:79)(cid:3)(cid:38)(cid:82)(cid:88)(cid:81)(cid:86)(cid:72)(cid:79)(cid:15)(cid:3)(cid:54)(cid:72)(cid:70)(cid:85)(cid:72)(cid:87)(cid:68)(cid:85)(cid:92)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)(cid:53)(cid:76)(cid:86)(cid:78)(cid:3)(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)

Nicholas Powell  
(cid:54)(cid:72)(cid:81)(cid:76)(cid:82)(cid:85)(cid:3)(cid:57)(cid:76)(cid:70)(cid:72)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:40)(cid:88)(cid:85)(cid:82)(cid:83)(cid:72)(cid:15)(cid:3) 
(cid:48)(cid:76)(cid:71)(cid:71)(cid:79)(cid:72)(cid:3)(cid:40)(cid:68)(cid:86)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:36)(cid:73)(cid:85)(cid:76)(cid:70)(cid:68)(cid:3)(cid:9)(cid:3)(cid:36)(cid:86)(cid:76)(cid:68)(cid:3)(cid:51)(cid:68)(cid:70)(cid:76)(cid:564)(cid:70)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3) 
(cid:918)(cid:81)(cid:74)(cid:85)(cid:72)(cid:71)(cid:76)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:9)(cid:3)(cid:54)(cid:83)(cid:72)(cid:70)(cid:76)(cid:68)(cid:79)(cid:87)(cid:76)(cid:72)(cid:86)

Leadership

David C. Jukes 
(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)

Nicholas W. Alexos  
(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:57)(cid:76)(cid:70)(cid:72)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3) 
(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)

Jorge C. Buckup  
(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:47)(cid:68)(cid:87)(cid:76)(cid:81)(cid:3)(cid:36)(cid:80)(cid:72)(cid:85)(cid:76)(cid:70)(cid:68)

James B. Holcomb  
(cid:54)(cid:72)(cid:81)(cid:76)(cid:82)(cid:85)(cid:3)(cid:57)(cid:76)(cid:70)(cid:72)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:49)(cid:82)(cid:85)(cid:87)(cid:75)(cid:3)(cid:36)(cid:80)(cid:72)(cid:85)(cid:76)(cid:70)(cid:68)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3) 
(cid:38)(cid:75)(cid:72)(cid:80)(cid:76)(cid:70)(cid:68)(cid:79)(cid:86)(cid:3)(cid:9)(cid:3)(cid:54)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:86)

Patrick M. Jerding  
(cid:54)(cid:72)(cid:81)(cid:76)(cid:82)(cid:85)(cid:3)(cid:57)(cid:76)(cid:70)(cid:72)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3) 
(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)(cid:918)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:50)(cid:605)(cid:70)(cid:72)(cid:85)

1 Audit Committee Chair
2 Governance and Corporate Responsibility Committee Chair
3 Compensation Committee Chair

10

Table of Contents 

UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 __________________________________________________________ 

Form 10-K 
  __________________________________________________________ 

☒ 

☐ 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the fiscal year ended December 31, 2021  
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 
(State or other jurisdiction of 
incorporation or organization) 

26-1251958 
(I.R.S. Employer 
Identification No.) 

3075 Highland Parkway, Suite 200   Downers Grove,  Illinois  60515 

(Zip Code) 
(Address of principal executive offices)  
Registrant’s telephone number, including area code: (331) 777-6000 
 __________________________________________________________  

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class 
Common Stock ($0.01 par value)  

Trading symbol(s) 
UNVR 

Name of each exchange on which registered 
New York Stock Exchange 

Securities registered pursuant to Section 12(g) of the Act: None 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  �    No  � 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  �   No  � 
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. 
�  Accelerated filer 
Large 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control 
over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued 
its audit report. � 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes �    No � 
Aggregate market value of common stock held by non-affiliates of registrant on June 30, 2021: $4.1 billion (see Item 12, under Part III hereof), based on a 
closing price of registrant’s Common Stock of $24.38 per share. 

At February 10, 2022, 169,640,362 shares of the registrant’s common stock, $0.01 par value, were outstanding. 

Certain portions of the registrant’s Proxy Statement for the Annual Meeting of Stockholders to be held May 5, 2022 and to be filed within 120 days after the 
registrant’s fiscal year ended December 31, 2021 (hereinafter referred to as “Proxy Statement”) are incorporated by reference into Part III. 

Documents Incorporated by Reference 

 
 
 
 
 
 
 
 
Univar Solutions Inc. 

Form 10-K 

TABLE OF CONTENTS 

Table of Contents 

Part I 

Item 1. 
Item 1A. 
Item 1B. 
Item 2. 
Item 3. 
Item 4. 

Business 
Risk Factors 
Unresolved Staff Comments 
Properties 
Legal Proceedings 
Mine Safety Disclosures 

Part II 

Item 5. 

Item 6. 
Item 7. 
Item 7A. 
Item 8. 
Item 9. 
Item 9A. 
Item 9B. 
Item 9C. 

Part III 

Item 10. 
Item 11. 
Item 12. 

Item 13. 
Item 14. 

Part IV 

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer 
Purchases of Equity Securities 
[Reserved] 
Management’s Discussion and Analysis of Financial Condition and Results of Operations 
Quantitative and Qualitative Disclosures About Market Risk 
Financial Statements and Supplementary Data 
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 
Controls and Procedures 
Other Information 
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 

Directors, Executive Officers and Corporate Governance 
Executive Compensation 
Security Ownership of Certain Beneficial Owners and Management and Related 
Stockholder Matters 
Certain Relationships and Related Transactions, and Director Independence 
Principal Accounting Fees and Services 

Item 15. 
Item 16. 

Exhibits 
Form 10-K Summary 

Signatures 

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5 
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25 
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SUPPLEMENTAL INFORMATION 

In this Annual Report on Form 10-K, “Univar Solutions,” “Company,” “we,” “our” and “us” refer to Univar Solutions Inc., a 
Delaware corporation, and its subsidiaries included in the consolidated financial statements, except as otherwise indicated or as 
the context otherwise requires. Our fiscal year ends on December 31, and references to “fiscal” when used in reference to any 
twelve-month period ended December 31, refer to our fiscal years ended December 31. The term “GAAP” refers to accounting 
principles generally accepted in the United States of America. 

 ____________________________________  

Forward-looking statements and information 

Certain  parts  of  this  annual  report  on  Form  10-K  contain  forward-looking  statements  within  the  meaning  of  the  Private 
Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words such as “believes,” 
“expects,” “may,” “will,” “should,” “could,” “seeks,” “intends,” “plans,” “estimates,” “anticipates” or other comparable terms. 
All forward-looking statements made in this Annual Report on Form 10-K are qualified by these cautionary statements. 

Any  forward-looking  statements  represent  our  views  only  as  of  the  date  of  this  report  and  should  not  be  relied  upon  as 
representing our  views  as of  any  subsequent date,  and we  undertake no  obligation,  other  than  as may be  required by  law,  to 
update  any  forward-looking  statement.  We  caution  you  that  forward-looking  statements  are  not  guarantees  of  future 
performance  and  that  our  actual  performance  may differ materially  from  those  made in  or  suggested  by  the  forward-looking 
statements  contained  in  this  Annual  Report  on  Form  10-K.  Forward-looking  statements  include,  but  are  not  limited  to, 
statements about:  

• 

• 
• 
• 
• 
• 

• 

demand  for  products,  systems  and  services  that  meet  growing  customer  sustainability  standards,  expectations  and 
preferences and our ability to provide such products, systems and services to maintain our competitive position; 
our ability to solve customer technical challenges and accelerate product development cycles; 
our ability to sell specialty products at higher profit; 
our liquidity outlook and the funding thereof, and cash requirements and adequacy of resources to fund them; 
the impact of ongoing tax guidance and interpretations; 
the  impact  of  the  coronavirus  (COVID-19) pandemic, weather  events  and  economic  conditions on our  end  markets, 
operations, financial condition and operating results; 
our expense control and cost reduction plans and other strategic plans and initiatives; 
our human capital management strategies; 
significant factors that may adversely affect us and our industry;  
the outcome and effect of ongoing and future legal proceedings; 

• 
• 
• 
• 
•  market conditions and outlook; 
• 
• 

return of capital to shareholders; 
future  contributions  to,  and  withdrawal  liability  in  connection  with,  our  pension  plans  and  cash  payments  for 
postretirement benefits; and 
future capital expenditures and investments. 

Potential factors that could affect such forward-looking statements include, among others: 

• 

• 

• 
• 
• 
• 
• 

• 

• 
• 
• 

• 

general  economic  conditions,  particularly  fluctuations  in  industrial  production  and  consumption  and  the  timing  and 
extent of economic downturns;  
the ongoing and evolving COVID-19 pandemic, including impacts on the global economy, our employees, customers, 
vendors and suppliers, and our business, results of operations and financial condition; 
significant changes in the business strategies of producers or in the operations of our customers; 
increased competitive pressures, including as a result of competitor consolidation;  
potential supply chain disruptions; 
significant changes in the pricing, demand and availability of chemicals;  
our indebtedness, the restrictions imposed by, and costs associated with, our debt instruments, and our ability to obtain 
additional financing;  
the broad spectrum of laws and regulations that we are subject to, including extensive environmental, health and safety 
laws and regulations and changes in tax laws;  
potential cybersecurity incidents, including security breaches;  
an inability to generate sufficient working capital; 
transportation related challenges, including increases in transportation and fuel costs, changes in our relationship with 
third party transportation providers, and ability to attract and retain qualified drivers;  
accidents, safety failures, environmental damage, product quality issues, delivery failures or hazards and risks related 
to our operations and the hazardous materials we handle;  

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• 
• 
• 
• 
• 
• 

• 
• 
• 
• 

potential inability to obtain adequate insurance coverage;  
ongoing litigation, potential product liability claims and recalls, and other environmental, legal and regulatory risks;  
challenges associated with international operations;  
exposure to interest rate and currency fluctuations;  
possible impairment of goodwill and intangible assets; 
an inability to integrate the business and systems of companies we acquire, including failure to realize the anticipated 
benefits of such acquisitions;  
negative developments affecting our pension plans and multi-employer pensions;  
labor disruptions associated with the unionized portion of our workforce; 
our ability to attract or retain a qualified and diverse workforce; and 
the other factors described in “Risk Factors” in Item 1A of this Annual Report on Form 10-K.  

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ITEM 1. BUSINESS 

General 

PART I 

In  1924,  George  Van  Waters  and  Nat  Rogers  opened  a  brokerage  business  in  Seattle,  Washington,  buying  and  selling  naval 
supplies, paint, raw materials and cotton linters. Over 90 years later and after many different incarnations of the business, we 
closed our initial public offering in 2015. In 2019, we acquired Nexeo Solutions, Inc. (“Nexeo”), a leading global chemicals and 
plastics distributor. The acquisition expanded and strengthened our presence in North America and provided the opportunity to 
create the largest North American sales force in chemical and ingredients distribution. 

Today  we  are  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.  We  purchase  chemicals  and  ingredients  from  thousands  of 
producers  worldwide  to  warehouse,  repackage,  blend,  dilute,  transport  and  sell  those  materials  safely  to  more  than  100,000 
customer locations across approximately 115 countries. We provide application development and technical advice to customers 
formulating new products and have a network of Solution Centers to support customer development activities. We operate an 
extensive worldwide chemical and ingredient distribution network, comprised of approximately 600 facilities, serviced by: over 
3,700 tractors, tankers and trailers; and approximately 2,500 railcars, 120 rail and barge terminals and 15 deep sea terminals, 
focused on timely and safe delivery to a spectrum of customers, large and small. Our purpose is to help keep our communities 
healthy, fed, clean and safe. 

Chemical  and  ingredient  producers  rely  on  us  to  safely  warehouse,  repackage,  transport  and  sell  their  products  as  a  way  to 
expand their market access, enhance their geographic reach, lower their cost to serve and grow their business. Customers who 
purchase products and services from us benefit from a lower total cost of ownership, as they are able to simplify their sourcing 
process  by  outsourcing  functions  to us, such  as  “just-in-time delivery,” product  availability  and selection,  packaging, mixing 
and blending. They also rely on us for safe and secure delivery and off-loading of chemicals, compliant with increasing local 
and  federal  regulations.  Additionally,  customers  and  suppliers  depend  on  our  deep  end  market  knowledge  and  technical 
expertise to provide formulation and recipe development services to help meet the latest market trends and adhere to regulatory 
requirements across our global network of Solution Centers. 

The effects of market conditions on our operations are discussed in Part II, Item 7, “Management’s Discussion and Analysis of 
Financial Condition and Results of Operations.” 

Recent Developments 

In December 2021, we acquired Sweetmix Distribuidora de Materias Primas Industriais Ltda (“Sweetmix”), a food ingredients 
and coatings, adhesives, sealants, and elastomers (“CASE”) specialty chemical distribution company in Brazil. 

In  December  2020,  we  acquired  a  business  of  Zhuhai Techi  Chem  Silicone  Industry  Corporation  (“Techi  Chem”),  a  leading 
distributor of specialty silicone solutions used primarily for the CASE market within the China marketplace. 

In April 2021, we sold the Distrupol business within our EMEA segment. 

At  the  beginning  of  the  fourth  quarter  of  2020,  we  decided  to  wind  down  our  Canadian Agriculture  wholesale  distribution 
business, which was operationally completed by December 31, 2020. 

In November 2020, we sold our Canadian Agriculture services business and in September 2020, we sold our industrial spill and 
emergency response businesses. 

See “Note 3: Business combinations” and “Note 4: Discontinued operations and dispositions” in Item 8 of this Annual Report 
on Form 10-K for additional information.  

Segments 

Our  business  is  organized  and  managed  in  four  geographical  segments:  Univar  Solutions  USA  (“USA”),  Univar  Solutions 
Europe and the Middle East and Africa (“EMEA”), Univar Solutions Canada (“Canada”), and Univar Solutions Latin America 
(“LATAM”), which includes developing businesses in Latin America and the Asia-Pacific region. For additional information on 
our geographical segments, see “Note 23: Segments” in Item 8 of this Annual Report on Form 10-K. 

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Table of Contents 

The  following  charts  reflect  the  breakdown  by  segment  of  2021  net  sales  of  $9.5 billion  and  gross  profit  (exclusive  of 
depreciation) of $2.4 billion. 

* 

See  definition  of  gross  profit  (exclusive  of  depreciation)  under  “Non-GAAP  Financial  Measures”  in  Item  7  of  this Annual  Report  on  Form  10-K  for 
more information. 

USA 

We are the largest commodity and specialty chemical and ingredient distributor in the United States (“US”). Our locations span 
the US, with personnel strategically located where customers and suppliers need them, ready to provide agile, reliable support 
for our customers' businesses. We blend, mix and repackage bulk chemicals for shipment by our transportation fleet, as well as 
common carriers, and utilize our network of terminal and supply locations to optimize bulk shipment deliveries. In the US, we 
use  centralized  shared  information  technology  systems,  raw  materials  procurement,  logistics,  route  operations  and  producer 
relationship management in an effort to benefit from economies of scale and improve cost efficiency.  

In  addition  to  our  broad  commodity  and  specialty  chemicals  and  services  offerings,  we  distribute  ingredients  and  provide 
specialties  expertise.  Leveraging  our  Solution  Centers,  we  provide  value-added  technical  services  such  as  formulation  and 
recipe  development,  benchmark  prototyping,  product  performance  testing,  chemical  analysis,  custom  blending  and  other 
technical services.  

Our offerings service a majority of the Industrial and Consumer Solutions sectors in the US and specific end markets, which are 
discussed  further  below.  Our  sales  force  is  deployed  across  the  various  markets  through  specialized  account  management 
systems  to  serve  our  customers  and  end  markets  with  the  products  and  services  they  require.  Our  bulk  and  local  chemical 
distribution customers are serviced by regional teams and our ingredients and specialty chemicals customers are serviced by our 
globally focused teams. 

We believe our close proximity to customers, installed asset base, transportation and digital assets, and our extensive product 
knowledge  and  end market expertise,  all  serve  as  competitive  advantages  and  provide  sustainable  value  to our  suppliers  and 
customers. 

EMEA 

We maintain a strong presence in the United Kingdom and continental Europe with sales offices in 21 countries. This segment 
also  includes  2  sales  offices  in  the  Middle  East  and Africa.  Within  this  segment  and  where  possible  globally,  we  leverage 
centralized  or  shared  information  technology  systems,  raw  materials  procurement,  logistics,  route  operations  and  producer 
relationships management to benefit from economies of scale and improve cost efficiency.  

We support commodity and specialty chemical and ingredient distribution to customers primarily in our Industrial Solutions, 
Consumer  Solutions  and  General  Industrial  end  markets,  with  the  heaviest  focus  in  the  CASE,  food  ingredients,  beauty  and 
personal care, pharmaceutical, and homecare and industrial cleaning submarkets. These strategies and customers are supported 
by Solution Centers throughout the EMEA region, with key centers of excellence locations in Paris, France and a state of the art 
formulation laboratory expected to open in Essen, Germany during the first half of 2022.  

Our  technical  sales  force  supports  customers  at  a  country  level  through  strong  end  market  expertise  and  key  account 
management  capabilities.  We  believe  our  scale  and  focused  regional,  industry  and  product  expertise  provide  competitive 
advantages and sustainable value to our suppliers and customers.  

Canada 

We have distribution sites and Solutions Centers located in all key geographies throughout Canada supporting the commodity 
and specialty chemical and ingredient distribution across customers in our General Industrial, Industrial Solutions, Refining & 
Chemical Processing and Consumer Solutions end markets.  

6 

 
 
 
 
 
 
 
 
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More  specifically,  in  Eastern  Canada,  we  have  deep  product  knowledge  in  submarkets  such  as  food  ingredients,  beauty  and 
personal  care,  pharmaceutical  ingredients  &  finished  products,  CASE,  chemical  manufacturing,  homecare  and  industrial 
cleaning and mining. In Western Canada, our submarket expertise in forestry and energy (e.g., midstream gas pipeline, oil sands 
processing and oil refining) further complements our broad offerings within the country. 

Our sales force is deployed through specialized account management across Canada to serve our focused customer end markets 
within ingredients and specialty chemicals, and through a geographic sales district model to support the bulk and local chemical 
distribution end markets. We leverage shared information systems and technology within Canada and with Company resources 
globally. 

LATAM  

Our  LATAM  operations  are  regionally  focused  with  distribution  sites  and  Solutions  Centers  located  principally  in  Brazil, 
Mexico and Columbia. We work to meet the needs of our customers through a team of chemical sales, product management and 
supply  chain  professionals.  As  previously  noted,  our  presence  in  Brazil  grew  in  December  2021  with  the  acquisition  of 
Sweetmix. 

Our  offerings  support  commodity  and  specialty  chemical  and  ingredient  distribution  customers  primarily  in  our  General 
Industrial,  Industrial  Solutions  and  Consumer  Solutions  end  markets,  with  submarkets  largely  focused  on  CASE,  chemical 
manufacturing and beauty and personal care. We also provide formulation services for crop protection manufacturers in Brazil. 

Product and End Markets 

We source and inventory commodity and specialty chemicals and ingredients in large quantities such as barge loads, railcars or 
full truck loads directly from producers and break down the bulk quantities to repackage, sell and distribute smaller quantities 
to our customers. 

In  addition  to  selling  and  distributing  commodity  and  specialty  chemicals  and  ingredients,  we  use  our  transportation  and 
warehousing  infrastructure,  along  with  our  broad  knowledge  of  chemicals  and  hazardous  materials  handling  to  provide 
important  distribution  and  specialized  services  for  our  producers  and  our  customers.  We  also  have  state-of-the-art  Solution 
Centers at locations across the globe, consisting of formulation labs, development and research centers, and taste kitchens, with 
specialized  industry  expertise  and  innovative  technical  capabilities  to  help  solve  our  customers'  technical  challenges  and 
accelerate product development cycles. At the heart of our business model are our technically trained professionals with deep 
industry experience. 

Chemicals and Services  

Chemicals  and  Services  represent  the  largest  portion  of  our  business  by  sales,  volume  and  gross  profit  (exclusive  of 
depreciation).  Our  product  portfolio  principally  includes  a  wide  range  of  organic  and  inorganic  chemistries,  surfactants, 
inorganic  compounds  and  general  chemicals  which  are  used  extensively  throughout  most  end  markets.  Investments  in 
salesforce effectiveness systems are focused on a customer centric selling model, which coupled with our facility, transportation 
and digital asset bases, and our extensive supplier partnerships, all support growth within the chemicals distribution landscape.  

Ingredients and Specialty Chemicals 

Ingredients and Specialty Chemicals represent a more value added, higher-growth portion of the market tailored to specific end 
market  requirements.  In  each  Ingredients  and  Specialty  Chemicals  market,  we  have  dedicated  sales,  marketing  product 
management  and  technical  professionals  with  deep  market  knowledge  of  individual  submarkets  like  food  ingredients  or 
pharmaceuticals,  serving  approximately  400  premier  specialty  chemical  suppliers  and  more  than  30,000  customers.  These 
specialty products are typically sold in lower volumes, but at a higher gross profit (exclusive of depreciation) than commodity 
products.  We  believe  growth  can  be  achieved  by  leveraging  salesforce  effectiveness,  delivering  solutions  through  industry 
expertise, technical capabilities, formulation support and our comprehensive supply chain infrastructure. 

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Table of Contents 

The  following  charts  reflect  the  breakdown  of  2021  net  sales  and  gross  profit  (exclusive  of  depreciation)  for  Chemicals  and 
Services as compared to Ingredients and Specialty Chemicals. 

* 

See  definition  of  gross  profit  (exclusive  of  depreciation)  under  “Non-GAAP  Financial  Measures”  in  Item  7  of  this Annual  Report  on  Form  10-K  for 
more information. 

Our collective product portfolio serves the following end markets: Industrial Solutions, Consumer Solutions, General Industrial, 
Services & Other Markets and Refining & Chemical Processing. A further description of these end markets, and the respective 
submarkets, is as follows: 

Industrial Solutions 

•  Coating,  adhesives,  sealants  and  elastomers  ("CASE"  as  previously  defined).  We  sell  resins,  pigments,  solvents, 
thickeners, dispersants and other additives used to make paints, inks, and coatings. Our product line includes epoxy 
resins, polyurethanes, titanium dioxide, fumed silica, esters, plasticizers, silicones and specialty amines. 

•  Homecare  &  industrial  cleaning.  We  offer  an  extensive  range  of  quality  ingredients  for  cleaners,  detergents,  and 
disinfectant products. We distribute chemicals manufactured by many of the industry’s leading producers of enzymes, 
surfactants, solvents, dispersants, thickeners, bleaching aides, builders, sealants, acids, alkalis and other chemicals that 
are used as ingredients and processing aids in the manufacturing of cleaning and sanitation products.  

• 

Lubricants  &  metalworking.  Our  broad  and  diverse  range  of  products  include  base  stocks,  performance-enhancing 
additives for both lubricants and metalworking fluids. 

Consumer Solutions 

•  Beauty  &  personal  care.  We  are  a  full-line  distributor  in  the  beauty  and  personal  care  industry,  providing  a  wide 

variety of specialty and basic chemicals and ingredients used in skin and hair care products.  

•  Food  ingredients. We  distribute  a  diverse  portfolio  of  commodity  and  specialty  products  that  are  sold  into  the  food 
industry. The major food and beverage markets we serve are meat processing, baked goods, dairy, grain mill products, 
processed foods, carbonated soft drinks, fruit drinks and alcoholic beverages.  

•  Pharmaceutical  ingredients  &  finished  products.  Our  portfolio  includes  products  along  the  medicinal  production 
chain,  where  we  offer  a  broad  portfolio  of  excipients,  solvents,  reactants,  active  pharmaceutical  ingredients  and 
intermediates to pharmaceutical ingredient producers. 

General Industrial 

•  Chemical  manufacturing.  We  distribute  a  full  suite  of  chemical  products  in  support  of  the  chemical  manufacturing 

industry (organic, inorganic and polymer chemistries). 

• 

Industrial  &  municipal  water  treatment.  We  provide  the  chemistries  and  products  used  to  sanitize,  balance  and 
supplement municipal and industrial water.  

•  Forestry, lumber & paper. We serve the forest industry in the US and Canada, supplying a complete range of chemical 

products for use at all stages of production, from sap stain prevention to pulp and paper manufacturing. 

•  Mining. Within  the  mining  industry  in  the  US  and  Canada  we  provide  the  chemistries  necessary  to  leach  ore  body, 

mitigate dust, as well as balance and manage tailing ponds and mining water sources. 

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Services & Other Markets 

•  Chemical  waste  removal.  Our  ChemCare  waste  management  business  collects  both  hazardous  and  non-hazardous 
waste products at customer locations in the US and Canada, and then works with select vendors in the waste disposal 
business to safely transport these materials to licensed third party treatment, storage and disposal facilities. 

• 

Specialized  Formulation  and  Blending.  Leveraging  our  technical  expertise,  we  are  able  to  utilize  our  blending  and 
mixing  capabilities  to  create  specialty  chemical  formulations  to  meet  specific  customer  performance  demands  for 
products. 

Refining & Chemical Processing 

•  Midstream & downstream. We provide chemicals to midstream pipeline and downstream refinery operators primarily 

in the US and Canada.  

•  Upstream oil & gas. We provide chemicals and services to offshore production as well as the Canadian Oil Sands, and 

shale hydraulic-fracturing sector by delivering various chemistries which aid in oil extraction and waste management. 

Suppliers 

We  source  materials  from  thousands  of  producers  around  the  globe  and  we  typically  maintain  relationships  with  multiple 
producers in order to protect against disruption in supply and distribution logistics, as well as to ensure competitive pricing of 
our  supply.  For  the  year  ended  December  31,  2021,  our  10  largest  producers  accounted  for  approximately  40%  of  our  total 
chemical purchases. 

Distribution Channels 

We  have  multiple  channels  to  market,  including  both  warehouse  delivery  and  direct-to-consumer  delivery.  The  principal 
determinants of the way a customer is serviced include the size, scale and level of customization of a particular order, the nature 
of the product and the customer, and the location of the product inventories. Our logistics and supply chain expertise allows us 
to  service  a  wide  range  of  customers  by  offering  multiple  package  sizes  and  assistance  with  unique  special  handling 
requirements, safety and quality specifications. 

Warehouse distribution 

Our  warehouse  distribution  infrastructure  is  the  core  of  our  operations  and  connects  large  producers  with  smaller  volume 
customers  whose  consumption  patterns  tend  to  make  them  uneconomical  to  be  served  directly  by  producers.  Thus,  the  core 
customer  serviced  via  our  warehouses  is  a  small  or  medium-volume  consumer  of  chemicals  and  ingredients.  We  purchase 
chemicals and ingredients in truck load or larger quantities from producers based on contracted demands of our customers and 
our estimates of anticipated customer purchases. Once received, products are stored in one or more of our distribution facilities 
for sale and distribution in smaller, less-than-truckload quantities to our customers. Our warehouses have various facilities for 
services  such  as  repackaging,  blending  and  mixing  to  create  specialized  solutions  needed  by  our  customers  in  ready-to-use 
formulations. 

Direct distribution 

In direct distribution, we sell and service large quantity purchases that are shipped directly from producers through our logistics 
infrastructure,  which  provides  our  customers  with  sourcing  and  logistics  support  services  for  inventory  management  and 
delivery. 

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Competition 

The chemical and ingredient distribution and service markets are highly competitive. Most of the products that we distribute are 
made  to  standard  specifications  and  are  either  produced  by  or  available  from  multiple  sources.  Furthermore,  chemical  and 
ingredient distribution itself is a fragmented market in which only a small number of competitors have substantial international 
operations. Our principal international competitors are Brenntag, IMCD, Barentz and Azelis, each of which have differentiating 
strengths across regions and not all of whom have the ability to serve all of the end markets in which we operate. Many other 
chemical and ingredient distributors focus on a more limited geographic region or smaller subset of products, building strong 
relationships with local producers and customers that may give them a competitive advantage in their local market.  

Chemical  and  ingredient  producers  may  also  sell  their  products  through  a  direct  sales  force,  digital  marketplace  or  multiple 
chemical  distributors,  limiting  their  use  of  third  party  distributors,  particularly  with  respect  to  higher  margin  products,  or 
partnering with other chemical and ingredient producers for distribution. Each of which could impact our competitive position. 

We  compete  on  the  basis  of  service,  on-time  delivery,  packaging  type,  product  breadth  and  availability,  product  and  market 
knowledge  and  insights,  safety  and  environmental  compliance,  global  reach,  product  price,  as  well  as  our  ability  to  provide 
certain additional value-added services through our comprehensive suite of solution-based offerings. 

Human Capital Resources 

We recognize that our people represent our most important asset. As part of our effort to drive continued growth and increased 
profitability, we are intently focused on building a place that attracts and retains top talent and develops the skills necessary to 
drive  differentiation  for  our  business.  The  below  data  provides  a  snapshot  of  our  employee,  management  and  Board 
demographics as of December 31, 2021: 

Employees* 
USA 
EMEA 
Canada 
LATAM 
Total 

Male 
Female 
Elected to not self-identify gender 

5,297   
2,135   
716   
1,302   
9,450   

 64 %  
 35 %  
<1%  

People Managers* 

Male 
Female 
Elected to not self-identify gender  
Ethnically Diverse (US only) 

Executive Officers* 

Male  
Female 

Labor force covered by a collective 
bargaining agreement  

US 
Europe  
Canada 

1,586 
 67 % 
 33 % 
<1% 
 19 % 

 78 % 
 22 % 

 12 % 
 47 % 
 23 % 

(*) 

Information based on self-identification data. 

We have developed key recruitment and retention strategies that guide our human capital management approach as part of the 
overall management of our business. These strategies are advanced through a number of programs and initiatives as outlined 
below: 

Employee Compensation  

Our compensation programs are designed to align the compensation of our employees with their performance and to provide 
the  proper  incentives  to  attract,  retain  and  motivate  employees  to  achieve  superior  results. We  engage  nationally  recognized 
outside compensation and benefits consulting firms to independently evaluate the effectiveness of our executive compensation 
and benefit programs and to provide benchmarking against our peers within the industry. Our executive compensation programs 
blend  base  salary,  short-term  cash  incentives  and  long-term  equity  awards  in  a  structure  that  encourages  alignment  with 
shareholder  interests.  We  provide  employee  wages  that  are  competitive  and  consistent  with  employee  positions,  skill  levels, 
experience, knowledge and geographic location. Full-time US employees are eligible for health, dental and vision insurance, 
paid  and  unpaid  leaves,  401(K)  plan,  life  and  disability/accident  coverage.  Employees  outside  of  the  US  are  eligible  for  a 
variety of supplemental benefits based on local markets practices and all employees worldwide are eligible for an Employee 
Assistance Program. 

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Training and Development 

Employees have access to on-demand learning resources for their own professional development on a range of diverse topics 
such as digital transformation skills, professional effectiveness, diversity, equity and inclusion, business skills, productivity and 
collaboration tools to leadership development. Our internal programs range from multi-day, instructor-led trainings to short, on-
demand eLearning programs. As appropriate, additional training hours are delivered and monitored locally, often focusing on 
material handling and safety for specific roles. The Company's guiding principles and cultural values are incorporated into our 
Code Handbook, to which all employees certify annually. 

Employee Engagement 

We regularly conduct confidential employee engagement surveys and focus groups, and use individual feedback to guide our 
decision-making and strategic imperatives. In 2021, at least 83% of our global employee population participated in one or more 
of these feedback channels, sharing their sentiments on key aspects of working at the Company. The engagement survey results 
are shared in aggregate with managers, who are then tasked with taking action based on employee feedback. In doing so, our 
goal  is  to  drive  year-over-year  improvement  in  employee  engagement,  which  we  believe  will  deliver  qualitative  and 
quantitative benefits for our Company. 

Health and Safety 

We  are  serious  about  safety  and  this  is  embedded  in  our  global  operations.  Specific  initiatives  include,  among  others,  data 
driven and causality-based accident prevention work, improved process and facility controls, mandatory general education and 
role specific safety training, joint management-worker health and safety committees, safety audits, incident investigation and 
improvement measures. 2021 was our safest year on record with a Total Case Incident Rate, the rate of recordable injuries per 
200,000 hours worked, of 0.40, significantly below our global target of 0.68. 

With respect to the COVID-19 pandemic, we continue to take steps to promote employee safety in our distribution centers and 
other  worksites  and  strongly  encourage  employee  vaccination  where  available.  For  office-based  employees,  we  continue  to 
execute  hybrid  working  arrangements  that  are  designed  to  strike  an  appropriate  balance  between  our  need  to  have  certain 
personnel working from a Company office and employees’ desires to have the flexibility to work from a remote location. For 
the foreseeable future we expect to provide many of our employees with flexibility in where they choose to work (whether in a 
Company office or from a proximate but remote location). We continue to use enhanced sanitation and hygiene practices at our 
office and branch locations. 

Diversity, Equity & Inclusion  

We  are  committed  to  fostering  a  safe,  collaborative,  supporting  and  respectful  environment  that  values  diverse  perspectives, 
mitigates unconscious bias and enables a culture where employees are able to bring their authentic self to work. In the past year 
we maintained our score of 100 on the Human Rights Campaign Corporate Equality Index, increased the favorability rating of 
our inclusive culture amongst our salaried employee population, increased the number of female people leaders globally, and 
increased  the  number  of  ethnically  diverse  people  leaders  in  the  USA.  We  use  our  global  inclusion  councils  to  help  hold 
ourselves  accountable  for  progress  and  drive  decision-making  for  the  unique  needs  of  our  diverse  employee  groups. 
Additionally,  we  have  been  able  to  drive  greater  employee  engagement,  create  education  opportunities,  and  instill  a  greater 
sense of community through the efforts of our eight Employee Resource Networks. 

We are committed to fostering equality and equity across our Company and have a zero-tolerance policy on discrimination and 
harassment. As such, we strive to recruit and hire employees based on qualifications and fit for a job and without regard to race, 
religion, nationality, gender, age, disability, sexual orientation or any other status protected by law. We also have systems under 
which employees can report incidents confidentially or anonymously without fear of reprisal. 

Regulatory Matters 

We operate in a number of jurisdictions and are subject to numerous international, federal, state and local laws and regulations 
covering a wide variety of subject matters. We are subject to extensive environmental, health and safety laws and regulations in 
multiple  jurisdictions  because  we  blend,  manage,  handle,  store,  sell,  transport  and  arrange  for  the  disposal  of  chemicals, 
hazardous materials and hazardous waste. These include, without limitation, laws regulating discharges of hazardous substances 
into the soil, air and water, blending, managing, handling, storing, selling, transporting and disposing of hazardous substances, 
investigation and remediation of contaminated properties and protecting the safety of our employees and others. Some of these 
laws  and  regulations  include  the  Comprehensive  Environmental  Response,  Compensation  and  Liability  Act  (CERCLA  or 
Superfund),  the Toxic  Substances  Control Act  (TSCA),  the  Resource  Conservation  and  Recovery Act  (RCRA),  Registration, 
Evaluation, Authorization and Restriction of Chemicals (REACH), among others. Some of our operations are required to hold 
environmental permits and licenses to be compliant and certain of our services businesses are also impacted by these laws.  

In addition to environmental laws and regulations, we are subject to various other laws and regulations around the world. For 
example,  our  business  is  subject  to  competition  laws  in  the  various  jurisdictions  where  we  operate,  including  the  Sherman 

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Antitrust Act and related federal and state antitrust laws in the US, as well as similar foreign laws and regulations. These laws 
and  regulations  generally  prohibit  competitors  from  fixing  prices,  boycotting  competitors,  or  engaging  in  other  conduct  that 
unreasonably restrains competition, and such laws and regulations may impact potential business relationships or transactions 
with third parties in the future. We are also required to comply with increasingly complex and changing laws and regulations 
enacted to protect business and personal data in Europe, the US and other jurisdictions regarding privacy, data protection and 
data  security,  including  those  related  to  the  collection,  storage,  use,  transmission  and  protection  of  personal  information  and 
other  consumer,  customer,  vendor  or  employee  data.  Further,  an  increasing  number  of  laws  and  regulations  focused  on 
hazardous  products  and  substances  could  also  impact  our  ability  to  distribute  and  sell  certain  products  or  require  significant 
capital  expenditures  to  meet  regulatory  requirements. With  respect  to  the  laws  and  regulations  noted  above,  as  well  as  other 
applicable laws and regulations, our compliance programs may under certain circumstances involve material investments in the 
form of additional processes, training, personnel, information technology and capital. 

Information  related  to  government  regulation  applicable  to  our  business  is  included  in  this  Annual  Report  on  Form  10-K, 
including: (i) Part I, Item 1A - Risk Factors; (ii) Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition 
and Results of Operations” and (iii) “Note 2: Significant accounting policies” and “Note 21: Commitments and contingencies” 
in Item 8 of this Annual Report on Form 10-K. 

Sustainability 

We  expect  that  there will  be a  continued  increase  in  demand for products,  systems  and  services  that meet  growing customer 
sustainability standards, expectations and preferences. We recognize that our ability to continue to provide these products and 
services requires our business to further advance environmentally and socially responsible means of operating, reflecting the 
challenges and opportunities presented through increased legal requirements, climate parameters and market developments. 

We demonstrate our commitment through our global sustainability goals, which help us focus on reducing our contribution to 
global climate change while addressing remediation. In 2018, we became a signatory to the United Nations Global Compact, 
reaffirming our ongoing commitments to responsible business, and in 2019 adopted ‘Advancing a Circular Economy’ as a goal 
to 2021. In 2021, we developed and shared longer term Environmental, Social and Governance (“ESG”) goals to 2025, 2030 
and 2050. 

We  continue  to  implement  the  principles  set  out  in  our  Global  Sustainability  Policy,  working  together  in  the  spirit  of  our 
guiding principles to minimize environmental impacts and promote resource conservation. 

We  continue  to  improve  ESG  initiatives  and  disclosures  throughout  our  business.  In  conjunction  with  support  from 
management, we incorporate ESG initiatives into our business values and priorities of safety, sustainability and value creation. 
We  continually  strive  to  improve  our  industry  leading  safety  record,  reduce  our  environmental  impact,  and  increase 
transparency.  In  2021,  we  demonstrated  our  ongoing  commitment  to  ESG  practices  and  our  purpose  to  help  keep  our 
communities healthy, fed, clean and safe with net sales of 7% related to food ingredients and products, 7% related to homecare 
and  industrial  cleaning,  5%  related  to  pharmaceutical  ingredients  and  finished  products  and  4%  related  to  industrial  and 
municipal water treatment. 

Intellectual Property 

We  consider  intellectual  property, particularly  trade  secrets  and proprietary  technology,  as  important to our  success. We hold 
some  patents  and  own  numerous  trademarks  in  multiple  jurisdictions.  Further,  we  have  various  patent  and  trademark 
applications pending in jurisdictions worldwide. Although we consider our patents, trademarks, copyrights and trade secrets to 
constitute  valuable  assets,  we  do  not  regard  any  of  our  businesses  as  being  materially  dependent  upon  an  individual  patent, 
trademark, copyright or trade secret. 

Significant Customers 

No single customer accounted for more than 10% of net sales in any of the years presented. 

Other 

No material part of our business is subject to renegotiation of profits or termination of contracts or subcontracts at the election 
of any government. 

Information about our Executive Officers 

See Part III, Item 10, Directors, Executive Officers and Corporate Governance. 

Available Information 

We  maintain  a  website  at  www.univarsolutions.com  and make  available  free of  charge  at  this  website  our Annual Report  on 
Form  10-K,  quarterly  reports  on  Form  10-Q,  current  reports  on  Form  8-K  and  all  amendments  to  those  reports  as  soon  as 
reasonably practicable after they are electronically filed with or furnished to the SEC. Our Corporate Governance Guidelines, 

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our Code Handbook, our Officers Code of Ethics and the charters of the Audit, Compensation and Governance & Corporate 
Responsibility  Committees  of  our  Board  of  Directors  also  are  available  on  our  website,  where  they  can  be  printed  free  of 
charge. The information on our website is not, and will not be deemed to be, a part of this Annual Report on Form 10-K, or 
incorporated into any of our other filings with the SEC, except where we expressly incorporated such information. If you wish 
to receive a paper copy of any exhibit to our reports filed with or furnished to the SEC, the exhibit may be obtained by writing 
to: Corporate Secretary, Univar Solutions Inc., 3075 Highland Parkway Suite 200, Downers Grove, Illinois 60515. 

Dissemination of Company Information 

We  intend  to make future  announcements regarding  Company developments  and financial  performance  through our  website, 
www.univarsolutions.com, as well as through press releases, filings with the Securities and Exchange Commission, conference 
calls and webcasts. 

Item 1A. RISK FACTORS 

The  following  are  certain risk factors  that could  affect our business, financial  condition  and results of operations. These  risk 
factors should be considered along with the forward-looking statements contained in this Annual Report on Form 10-K because 
these factors could cause our actual results or financial condition to differ materially from those projected in forward-looking 
statements. Although  the  risks  are  organized  by  headings,  and  each  risk  is  discussed  separately,  many  are  interrelated.  The 
following discussion is not an all-inclusive listing of risks, although we believe these are the more material risks that we face. If 
any of the following occur, our business, financial condition and results of operations could be adversely affected. 

Business and Economic Risks 

We are affected by general economic conditions, particularly fluctuations in industrial production and consumption, and an 
economic downturn could adversely affect business, financial condition and results of operations. 

We sell chemicals that are used in manufacturing processes and as components of or ingredients in other products. Our sales are 
correlated with and affected by fluctuations in the levels of industrial production, manufacturing output, and general economic 
activity. Producers of commodity and specialty chemicals are likely to reduce their output in periods of significant contraction 
in industrial and consumer demand, while demand for the products we distribute depends largely on trends in demand in the 
end  markets  our  customers  serve.  A  majority  of  our  sales  are  in  North  America  and  Europe  and  our  business  is  therefore 
susceptible to downturns in those economies, as well as, to a lesser extent, the economies in the rest of the world. 

The increasing focus on the potential effects of climate change could result in the delay or cancellation of drilling programs or 
development or production activities by fossil-fuel providers, which would curtail the supply of various organic chemicals that 
we  distribute  to  a  broad  array  of  end  markets. Any  adopted  future  climate  change  regulations  could  negatively  impact  our 
ability  to  compete  with  companies  situated  in  geographies  not  subject  to  such  limitations.  Even  without  such  regulation, 
increased public awareness and adverse publicity about potential impacts on climate change emanating from us or our industry 
could  harm  us.  In  addition,  costs  associated  with  our  sustainability  journey  may  be  higher  than  anticipated  due  to  supply  or 
development constraints. 

Our  profit  margins,  as  well  as  overall  demand  for  our  products  and  services,  could  decline  as  a  result  of  a  large  number  of 
factors outside our control, including the impact of the COVID-19 pandemic, economic recessions, reduced customer demand 
(whether due to changes in production processes, consumer preferences, the industries in which the customer operates, laws and 
regulations affecting the chemicals industry and the manner in which they are enforced, or other factors), inflation, fluctuations 
in interest and currency exchange rates, and changes in the fiscal or monetary policies of governments in the regions in which 
we  operate.  For  example,  the  COVID-19  pandemic  caused  growth  in  certain  of  our  end  markets  such  as  in  homecare  and 
industrial cleaning and pharmaceuticals, while other end markets such as the upstream refining market, were depressed. 

General economic conditions and macroeconomic trends, as well as the creditworthiness of our customers, could affect overall 
demand for chemicals. Any overall decline in the demand for chemicals could significantly reduce our sales and profitability. If 
the  creditworthiness  of  our  customers  declines,  we  would  face  increased  credit  risk.  In  addition,  volatility  and  disruption  in 
financial markets could adversely affect our sales and results of operations by limiting our customers’ ability to obtain financing 
necessary to maintain or expand their own operations. 

A  historical  feature  of  past  economic  weakness  has  been  significant  destocking  of  inventories,  including  inventories  of 
chemicals  used  in  industrial  and  manufacturing  processes.  It  is  possible  that  an  improvement  in  our  net  sales  in  a  particular 
period may be attributable in part to restocking of inventories by our customers and represent a level of sales or sales growth 
that will not be sustainable over the longer term. Further economic weakness could lead to insolvencies among our customers 
or producers, as well as among financial institutions that are counterparties on financial instruments or accounts that we hold. 
Any of these developments could have a material adverse effect on our business, financial condition and results of operations. 

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The  ongoing  and  evolving  COVID-19  pandemic  could  adversely  impact  our  business,  financial  condition  and  results  of 
operations.  

The  COVID-19  pandemic  has  created  and  may  continue  to  create  significant  volatility,  uncertainty  and  economic  and 
operational disruption globally, including for the Company, its employees, customers, vendors and suppliers. As the pandemic 
continues, the Company may continue to experience disruptions that may severely impact our business such as facility closures, 
employee  relations  issues,  challenges  associated  with  hybrid  working  arrangements,  shifting  health  and  safety  regulatory 
requirements, travel restrictions, production delays and capacity limitations; disruptions in our supply chain and reductions in 
the availability of products; strain on our supply chain as a result of increased demand for certain of our products; reduction in 
the  demand  for  certain  of  our  products;  increased  working  capital  needs;  disruptions  in  the  transport  of  products  from  our 
supply chain; restricting our operations and sales, marketing and distribution efforts; affecting employee hiring, retention and 
satisfaction; and delaying the implementation of our strategic plans and initiatives. The impact of the COVID-19 pandemic may 
also exacerbate other risks discussed in this Item 1A, any of which could have a material effect on our business. For additional 
disclosures on the effect of the pandemic on our business, see “Market Conditions and Outlook” in Item 7 of this Annual Report 
on Form 10-K. 

The  potential  duration  and  impact  of  the  pandemic  on  the  global  economy  and  on  our  business  are  difficult  to  predict  and 
cannot be estimated with any degree of certainty. We might not be able to predict or respond to all impacts on a timely basis to 
prevent near- or long-term adverse impact to our results. 

Significant changes in the business strategies of producers or in the operations of our customers could adversely affect our 
business, financial condition and results of operations. 

Significant changes in the business strategies of producers could disrupt our supply. Large chemical manufacturers may elect to 
sell certain products (or products in certain regions) directly to customers or utilize digital marketplaces, bypassing distributors 
such  as  us.  While  we  do  not  believe  that  our  results  depend  materially  on  access  to  any  individual  producer’s  products,  a 
reversal  of  the  trend  toward  more  active  use  of  distributors  would  likely  result  in  increasing  margin  pressure  or  products 
becoming unavailable to us.  

In  addition,  unpredictable  events  may  have  a  significant  impact  on  the  industries  in  which  many  of  our  customers  operate, 
reducing  demand  for  products  that  we  normally  distribute  in  significant  volumes.  Significant  disruptions  of  supply  and 
disruptions  in  customer  industries  could  have  a  material  adverse  effect  on  our  business,  financial  condition  and  results  of 
operations. 

The markets in which we operate are highly competitive and we may not be able to compete successfully. 

The chemical and ingredient distribution and services market is highly competitive. Chemicals can be purchased from a variety 
of  sources,  including  traders,  brokers,  wholesalers  and  other  distributors,  as  well  as  directly  from  producers.  Many  of  the 
products  we  distribute  or  finish  are  essentially  fungible  with  products  offered  by  our  competition,  including  emerging 
competitors. The competitive pressure we face is particularly strong in sectors and markets where local competitors have strong 
positions  or  where  new  competitors  can  easily  enter.  Increased  competition  from  distributors  of  products  similar  to  or 
competitive with ours could result in price reductions, reduced margins and a loss of market share. 

We expect to continue to experience significant and increasing levels of competition in the future. We must also compete with 
smaller  companies  that  have  been  able  to  develop  strong  local  or  regional  customer  bases.  In  certain  countries,  some  of  our 
competitors are more established, benefit from greater name recognition and have greater resources within those countries than 
we do. 

Consolidation  of  our  competitors  in  the  markets  in  which  we  operate  could  place  us  at  a  competitive  disadvantage  and 
reduce our profitability. 

We  operate  in  an  industry,  which  is  highly  fragmented  on  a  global  scale,  but  in  which  there  has  been  a  trend  toward 
consolidation in recent years. Consolidation of our competitors may also further enhance their financial position, provide them 
with  the  ability  to  offer  more  competitive  prices  to  customers  for  whom  we  compete,  and  allow  them  to  achieve  increased 
efficiencies in their consolidated operations that enable them to more effectively compete for customers. This may jeopardize 
the strength of our positions in one or more of the markets in which we operate and any advantages we currently enjoy due to 
the  comparative  scale  of  our  operations.  Losing  some  of  those  advantages  could  adversely  affect  our  business,  financial 
condition and results of operations, as well as our growth potential. 

Disruption of our supply chain due to various acute or severe causes could have an adverse effect on our business, financial 
condition and results of operations. 

In coordination with our suppliers, our ability to move and sell products is critical to our success. Damage or disruption to our 
collective  supply  or  distribution  capabilities  resulting  directly  or  indirectly  from  the  COVID-19  pandemic,  labor  shortages, 
border closures, weather events and natural disasters, lack of transportation capacity, increased fuel expenses, global trade flow 

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disruption, increased airport and shipping port congestion, climate change, plant downtime (whether our own or others’), power 
outages, explosions, information technology system and/or network disruptions, terrorism, strikes or other labor unrest, or other 
reasons could seriously harm our operations, as well as the operations of our customers and suppliers.  Failure to take adequate 
steps to reduce the likelihood or mitigate the potential impact of any of these events, or to effectively manage such events if 
they occur, could have a negative impact on our business, results of operations, financial condition, and cash flows.  

Some of the foregoing examples are hypothetical but others have been or are being experienced by the Company.  For example, 
during 2020 and 2021, the COVID-19 pandemic, weather events, and supply constraints impacted, and we expect will continue 
to  impact, our operations. The  combination  of  the  severe winter  and  tropical  storms  in  the US  Gulf  region  in 2021,  supplier 
shut-downs,  port  congestion  and  acute  pandemic  recovery  demand  resulted  in  sustained  supply  chain  constraints,  product 
shortages and chemical price inflation. In some instances, we have placed certain of our products on allocation due to limited 
supplies. We continue to actively monitor the COVID-19 pandemic and its impact on our supply chain and operations; however, 
we  are  unable  to  accurately  predict  the  future  impact  that  the  COVID-19  pandemic  will  have  due  to  various  uncertainties, 
including the number, duration, and severity of waves of outbreaks, the number and severity of virus variants, actions that may 
be  taken  by  governmental  authorities,  including  vaccine  mandates  and  testing  requirements,  the  availability  and  adoption  of 
effective treatments and vaccines, and changes in consumer behaviors.  

The prices and costs of the products we purchase may be subject to large and significant price increases. We might not be 
able to pass such cost increases through to our customers. We could experience financial losses if our inventories of one or 
more chemicals exceed our sales and the price of those chemicals decreases significantly while in our inventories or if our 
inventories fall short of our sales and the purchase price of those chemicals increases significantly. 

We purchase and sell a wide variety of chemicals, the price and availability of which may fluctuate, and may be subject to large 
and significant price increases. Many of our contracts with producers include chemical prices that are not fixed or are tied to an 
index, which allows our producers to change the prices of the chemicals we purchase as the price of the chemicals fluctuates in 
the market. Changes in chemical prices affect our net sales and cost of goods sold, as well as our working capital requirements, 
levels of debt and financing costs. We might not always be able to reflect increases in our chemical costs, transportation costs 
and  other  costs  in  our  own  pricing. Any  inability  to  pass  cost  increases  onto  customers  may  adversely  affect  our  business, 
financial condition and results of operations. 

In order to meet customer demand, we typically maintain significant inventories, and we are therefore subject to a number of 
risks associated with our inventory levels, including the following: 

• 
• 

• 
• 
• 
• 

declines in the prices of chemicals that are held by us; 
the  need  to  maintain  a  significant  inventory  of  chemicals  that  may  be  in  limited  supply  and  therefore  difficult  to 
procure; 
buying chemicals in bulk for the best pricing and thereby holding excess inventory; 
responding to the fluctuating demand for chemicals; 
cancellation of customer orders; and 
responding to customer requests for rapid delivery. 

In  order  to  manage  our  inventories  successfully,  we  must  estimate  demand  from  our  customers  and  purchase  chemicals  that 
substantially correspond to that demand. If we overestimate demand and purchase too much of a particular chemical, we face a 
risk that the price of that chemical will fall, leaving us with inventory that we cannot sell profitably or have to write down such 
inventory from its recorded value. If we underestimate demand and purchase insufficient quantities of a particular chemical and 
prices of that chemical rise, we could be forced to purchase that chemical at a higher price and forego profitability in order to 
meet  customer  demand.  Our  business,  financial  condition  and  results  of  operations  could  suffer  a  material  adverse  effect  if 
either or both of these situations occur frequently or in large volumes. 

We require significant working capital, and we expect our working capital needs to increase in the future, which could result 
in having lower cash available for, among other things, capital expenditures and acquisition financing. 

We require significant working capital to purchase chemicals from chemical producers and distributors and sell those chemicals 
efficiently and profitably to our customers. Our working capital needs may increase if the price of products we purchase and 
inventory  increase.  Our  working  capital  needs  also  increase  at  certain  times  of  the  year,  as  our  customers’  requirements  for 
chemicals  increase. We  need  inventory  on  hand  to  have  product  available  to  ensure  timely  delivery  to  our  customers.  If  our 
working capital requirements increase and we are unable to finance our working capital on terms and conditions acceptable to 
us, we may not be able to obtain chemicals to respond to customer demand, which could result in a loss of sales. 

In addition, the amount of working capital we require to run our business is expected to increase in the future due to expansions 
in our business activities. If our working capital needs increase, the amount of free cash we have at our disposal to devote to 
other uses will decrease. A decrease in free cash could, among other things, limit our flexibility, including our ability to make 
capital expenditures and to acquire suitable acquisition targets that we have identified. If increases in our working capital occur 

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and have the effect of decreasing our free cash, it could have a material adverse effect on our business, financial condition and 
results of operations. 

We depend on transportation assets, some of which we do not own, in order to deliver products to our customers. 

Although we maintain a significant portfolio of owned and leased transportation assets, including trucks, trailers and rail cars, 
we  also  rely on  transportation  and  warehousing  provided by  third parties  (including  common  carriers  and rail  companies)  to 
deliver products to our customers. Our access to third party transportation is not guaranteed, and we may be unable to transport 
chemicals  at  economically  attractive  rates  in  certain  circumstances,  particularly  in  cases  of  adverse  market  conditions  or 
disruptions to transportation infrastructure. In addition, we could face a challenge with attracting and retaining qualified drivers 
primarily due to intense market competition, which may subject us to increased payments for driver compensation. If we are 
unable to continue to attract and retain a sufficient number of drivers, we could face difficulty meeting customer orders or be 
forced to forego business that would otherwise be available to us, which could adversely affect our profitability and ability to 
maintain  or  grow  our  business.  We  are  also  subject  to  increased  costs  that  we  may  not  always  be  able  to  recover  from  our 
customers,  including  fuel  prices,  as  well  as  charges  imposed  by  common  carriers,  leasing  companies  and  other  third  parties 
involved in transportation.  

Accidents, safety failures, environmental damage, product quality issues, delivery failures or hazards and risks relate to our 
operations  and  the  hazardous  materials  we  blend,  manage,  handle,  store,  sell,  transport  or  dispose  of  could  damage  our 
reputation and result in substantial damages or remedial obligations. 

Our  business  depends  to  a  significant  extent  on  our  customers’  and  producers’  trust  in  our  reputation  for  reliability,  quality, 
safety  and  environmental  responsibility.  Actual  or  alleged  instances  of  safety  deficiencies,  mistaken  or  incorrect  deliveries, 
inferior product quality, exposure to hazardous materials resulting in illness, injury or other harm to persons, property or natural 
resources,  or  of  damage  caused  by  us  or  our  products,  could  damage  our  reputation  and  lead  to  customers  and  producers 
curtailing the volume of business they do with us. Also, there may be safety, personal injury or other environmental risks related 
to our products which are not known today. Any of these events, outcomes or allegations could also subject us to substantial 
legal  claims,  and  we  could  incur  substantial  expenses,  including  legal  fees  and  other  costs,  in  defending  such  legal  claims, 
which could materially impact our financial position and results of operations. 

Actual or alleged accidents or other incidents at our facilities or that otherwise involve our personnel or operations could also 
subject us to claims for damages by third parties. Because many of the chemicals that we handle are dangerous, we are subject 
to the ongoing risk of hazards, including leaks, spills, releases, explosions and fires, which may cause property damage, illness, 
physical  injury  or  death.  We  sell  products  used  in  hydraulic  fracturing,  a  process  that  involves  injecting  water,  sand  and 
chemicals into subsurface rock formations to release and capture oil and natural gas. The use of such hydraulic fracturing fluids 
by our customers may result in releases that could impact the environment and third parties. Several of our distribution facilities 
are located near, and our transportation routes could take us through, high-density population centers. If any such events occur, 
whether through our own fault, through preexisting conditions at our facilities, through the fault of a third party or through a 
natural disaster, terrorist incident or other event outside our control, our reputation could be damaged significantly. We could 
also  become  responsible,  as  a  result  of  environmental  or  other  laws  or  by  court  order,  for  substantial  monetary  damages  or 
expensive investigative or remedial obligations related to such events, including but not limited to those resulting from third 
party lawsuits or environmental investigation and cleanup obligations on and off-site. The amount of any costs, including fines, 
damages and/or investigative and remedial obligations, that we may become obligated to pay under such circumstances could 
substantially exceed any insurance we have to cover such losses. 

Any of these risks, if they materialize, could have a material adverse effect on our business, financial condition and results of 
operations. 

Our business exposes us to significant risks, not all of which are covered by insurance. 

Because  we  are  engaged  in  the  blending,  managing,  handling,  storing,  selling,  transporting  and  disposing  of  chemicals, 
chemical waste products and other hazardous materials, product liability, health impacts, fire damage, safety, cyber security and 
environmental  risks  are  significant  concerns  for  us. We  are  also  exposed  to  present  and  future  chemical  exposure  claims  by 
employees,  contractors  on  our  premises,  other  persons  located  nearby,  as  well  as  related  workers'  compensation  claims. 
Although we carry insurance to protect us against many risks involved in the conduct of our business, we do not insure against 
all such risks and the insurance we carry is subject to limitations, including exclusions, deductibles and coverage limits. Due to 
the  variable  condition  of  the  insurance  market,  we  have  experienced  and  may  experience  in  the  future,  increased  deductible 
retention  levels  and  increased  premiums.  We  also  may  be  unable  to  obtain  at  commercially  reasonable  rates  in  the  future 
adequate  insurance  coverage  for  the  risks  we  currently  insure  against,  and  certain  risks  are  or  could  become  completely 
uninsurable or eligible for coverage only to a reduced extent.  Increased insurance premiums or the occurrence of significant 
uncovered losses could have a material adverse effect on our business, financial condition and results of operations. 

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Changes in tax laws may materially adversely affect our business, prospects, financial condition and operating results. 

New income, sales, use, product or other tax laws, statutes, rules, regulations or ordinances could be enacted at any time, which 
could  adversely  affect  our  business,  financial  condition  and  results  of  operations.  Further,  existing  tax  laws,  statutes,  rules, 
regulations or ordinances could be interpreted, changed, modified or applied adversely to us. Recently enacted changes to the 
US federal  tax  regime  could impact our  tax  liability  and  cash  tax payments. Most notably,  in July 2022  excise  taxes  will  be 
imposed on a number of commodity chemical products impacting our overall costs. 

Our  businesses  are  subject  to  income  taxation  in  the  US  as  well  as  internationally. The  Company’s  operations  are  subject  to 
multiple,  and  sometimes  conflicting  tax  laws  and  regulations.  Recently,  many  countries  have  adopted,  or  are  considering 
revisions  to  their  existing  tax  laws  based  on  recommendations  issued  by  the  Organization  for  Economic  Co-operation  and 
Development (“OECD”)/G20 Base Erosion and Profit Shifting (“BEPS”) Project. These changes could materially impact our 
tax liability because of our organizational structure and significant international operations.   

Our  balance  sheet  includes  significant  goodwill  and  intangible  assets,  the  impairment  of  which  could  affect  our  future 
financial condition and results of operations. 

We carry significant goodwill and intangible assets on our balance sheet. As of December 31, 2021, our goodwill and intangible 
assets  totaled  $2,310.4  million  and  $211.7  million,  respectively.  At  least  annually,  the  Company  assesses  goodwill  for 
impairment. If testing indicates that goodwill is impaired, the carrying value is written down based on fair value with a charge 
against  earnings.  Where  the  Company  utilizes  a  discounted  cash  flow  methodology  in  determining  fair  value,  weakened 
demand for a specific product line or business could result in an impairment. Intangible assets are amortized for book purposes 
over their respective useful lives and are tested for impairment if any event occurs or circumstances change that indicates that 
carrying  value  may  not  be  recoverable.  Accordingly,  any  determination  requiring  the  write-off  of  a  significant  portion  of 
goodwill or intangible assets could negatively impact the Company's financial condition and results of operations. See “Note 
15: Goodwill and intangible assets” in Item 8 of this Annual Report on Form 10-K for a discussion of our 2021 impairment 
review. 

We  have  in  the  past  and  may  in  the  future  make  acquisitions,  ventures  and  strategic  investments,  some  of  which  may  be 
significant in size and scope, which have involved in the past and will likely involve in the future numerous risks. We may 
not be able to address these risks without substantial expense, delay or other operational or financial problems. 

Acquisitions or investments have involved in the past and will likely involve in the future various risks, such as: 

• 
• 
• 
• 
• 
• 
• 

• 

• 

integrating the technologies, operations and personnel of any acquired business; 
the potential disruption of our ongoing business, including the diversion of management attention; 
the possible inability to obtain the desired financial and strategic benefits from the acquisition or investment; 
customer attrition arising from preferences to maintain redundant sources of supply; 
producer attrition arising from overlapping or competitive products; 
assumption of contingent or unanticipated liabilities or regulatory liabilities; 
dependence on the retention and performance of existing management and work force of acquired businesses for the 
future performance of these businesses; 
regulatory risks associated with acquired businesses (including the risk that we may be required for regulatory reasons 
to dispose of a portion of our existing or acquired businesses); and 
the risks inherent in entering geographic or product markets in which we have limited prior experience. 

Future acquisitions and investments may need to be financed in part through additional financing from banks, through public 
offerings or private placements of debt or equity securities or through other arrangements, and could result in substantial cash 
expenditures.  The  necessary  acquisition  financing  may  not  be  available  to  us  on  acceptable  terms  if  and  when  required, 
particularly if our debt leverage levels make it difficult or impossible for us to secure additional financing for acquisitions. 

Risks Related to Technology 

Our business could be seriously impacted by cybersecurity incidents, including security breaches. 

Cyber-attacks or security breaches could compromise confidential, business critical information, private information including 
without limitation the personally identifiable information (PII) of our employees or business partners, cause a disruption in the 
Company’s  operations  or  harm  the  Company’s  reputation.  During  the  normal  course  of  business,  we  have  experienced  and 
expect  to  continue  to  experience  attempts  to  compromise  our  information  technology  and  control  systems,  network 
infrastructure and other assets. To date, no cybersecurity incident or attack has had a material impact on our business or results 
of  operations. Additionally,  the  increase  in  remote  working  as  a  result  of  the  COVID-19  pandemic  has  resulted  in  increased 
cyber-security  and  fraud  risks. There  can  be  no  assurance  that  the  Company's  cyber-security  programs,  procedures,  controls, 
and intelligence will be sufficient to prevent security breaches from occurring. Moreover such programs are costly to maintain 
and it is expected that such costs will increase over time. If any security breaches were to occur, they could lead to losses of 

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sensitive  information  (including  without  limitation  PII),  critical  infrastructure  or  capabilities  essential  to  our  operations  and 
could have a material adverse effect on our reputation, financial position, results of operations or cash flows, and could result in 
claims being brought against us. 

Risks Related to Our Indebtedness 

Our indebtedness may adversely affect our business, financial condition and results of operations. 

As of December 31, 2021, we had $2,265.0 million of total debt. Our indebtedness may have material adverse effects on our 
business, financial condition and operating results. The amount of our debt, as well as any additional debt or other obligations 
that we may incur in the future, could have important consequences for holders of our common stock, including, but not limited 
to: 

• 

• 

• 

our  ability  to  satisfy  obligations  to  lenders  or  note  holders  may  be  impaired,  resulting  in  possible  defaults  on  and 
acceleration of our indebtedness; 
our  ability  to  obtain  additional  financing  for  refinancing  of  existing  indebtedness,  working  capital,  capital 
expenditures, product  and  service development,  acquisitions, general  corporate purposes  and other purposes  may be 
impaired; 
our assets that currently serve as collateral for our debt may be insufficient, or may not be available, to support future 
financings; 
a substantial portion of our cash flow from operations could be used to repay the principal and interest on our debt; 

• 
•  we may be increasingly vulnerable to economic downturns and increases in interest rates; 
• 

our  flexibility in planning  for  and reacting to  changes  in our  business and  the markets  in which we operate may be 
limited; and 

•  we  may  be  placed  at  a  competitive  disadvantage  relative  to  other  companies  in  our  industry  with  less  debt  or 

comparable debt at more favorable interest rates. 

The  agreements  governing  our  indebtedness  contain  operating  covenants  and  restrictions  that  limit  our  operations  and 
could lead to adverse consequences if we fail to comply with them. 

The agreements governing our indebtedness contain certain operating covenants and other restrictions relating to, among other 
things,  limitations  on  indebtedness  (including  guarantees  of  additional  indebtedness)  and  liens,  mergers,  consolidations  and 
dissolutions,  sales  of  assets,  investments  and  acquisitions,  dividends  and  other  restricted  payments,  repurchase  of  shares  of 
capital  stock  and  options  to  purchase  shares  of  capital  stock  and  certain  transactions  with  affiliates.  In  addition,  our  North 
American ABL Facility and Euro ABL Facility include certain financial covenants.  

Failure to comply with these financial and operating covenants could result from, among other things, changes in our results of 
operations, the incurrence of additional indebtedness, the pricing of our products, our success at implementing cost reduction 
initiatives, our ability to successfully implement our overall business strategy or changes in general economic conditions, which 
may be beyond our control. The breach of any of these covenants or restrictions could result in a default under the agreements 
that govern these facilities that would permit the lenders to declare all amounts outstanding thereunder to be due and payable, 
together with accrued and unpaid interest. If we are unable to repay such amounts, lenders having secured obligations could 
proceed against the collateral securing these obligations. This could have serious consequences on our financial condition and 
results of operations and could cause us to become bankrupt or otherwise insolvent. In addition, these covenants may restrict 
our ability to engage in transactions that we believe would otherwise be in the best interests of our business and stockholders. 
We may also incur future debt obligations that might subject us to additional restrictive covenants that could affect our financial 
and operational flexibility. 

Increases in interest rates would increase the cost of servicing our debt and could reduce our profitability. 

Certain of our outstanding debt bears interest at variable rates. As a result, increases in interest rates would increase the cost of 
servicing our debt and could materially reduce our profitability and cash flows. As of December 31, 2021, approximately 73% 
percent of our debt is indexed to LIBOR as a benchmark for establishing the rate and we may hold other operational contracts, 
including leases, that are also indexed to LIBOR.  

On March 5, 2021, the UK Financial Conduct Authority (FCA) announced that: (i) all Swiss Franc and Euro LIBOR settings, 
the 1 Week and 2 Months US dollar LIBOR settings, and the Overnight/Spot Next, 1 Week, 2 Months and 12 Months British 
Pound  and  Japanese Yen  LIBOR  settings  will  cease  immediately  after  December  31,  2021;  and  (ii)  the  Overnight,  and  12-
Months US dollar LIBOR settings will cease immediately after June 30, 2023. As a result, the Company has transitioned from 
the 1 Week US dollar LIBOR setting to the 1 Month US dollar LIBOR setting. The potential consequences from the reform of 
LIBOR  as  it  converts  and  is  replaced  with  the  Secured  Overnight  Financing  Rate  (SOFR),  implementation  of  alternative 
reference rates, and any interest rate transition process may affect the cost of servicing our debt under the Senior Secured Term 
Loan  Facility  and  the  ABL  Credit  Facility.  For  additional  information  on  our  indebtedness,  debt  service  obligations  and 

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sensitivity  to  interest  rate  fluctuations,  see  “Qualitative  and  Quantitative  Disclosures About  Market  Risk”  in  Item  7A  of  this 
Annual Report on Form 10-K. 

We may have future capital needs and may not be able to obtain additional financing on acceptable terms, or at all. 

We have historically relied on debt financing to fund our operations, capital expenditures and expansion. The macroeconomic 
conditions that affect the markets in which we operate and our credit ratings could have a material adverse effect on our ability 
to  secure  financing  on  acceptable  terms,  if  at  all.  The  terms  of  additional  financing  may  limit  our  financial  and  operating 
flexibility,  and  if  financing  is  not  available  when  needed,  or  is  not  available  on  acceptable  terms,  we  may  be  unable  to  take 
advantage of business opportunities or respond to competitive pressures, any of which could have a material adverse effect on 
our business, financial condition and results of operations. 

If we raise additional funds through further issuances of equity, convertible debt securities or other securities convertible into 
equity, our existing stockholders could suffer significant dilution in their percentage ownership of our company, and any new 
securities we issue could have rights, preferences and privileges senior to those of holders of our common stock. 

Litigation, Environmental and Regulatory Risk 

As  a  result  of  our  current  and  past  operations,  we  are  subject  to  extensive  environmental,  health  and  safety  laws  and 
regulations,  which  expose  us  to  risks  that  could  have  a  material  adverse  effect  on  our  business,  financial  condition  and 
results of operations. 

We are subject to extensive environmental, health and safety laws and regulations in multiple jurisdictions because we blend, 
manage, handle, store, sell, transport and arrange for the disposal of chemicals, hazardous materials and hazardous waste. These 
include laws and regulations governing our management, storage, transportation and disposal of chemicals; product regulation; 
air, water and soil contamination; activities related to climate change; and the investigation and cleanup of contaminated sites, 
including any spills or releases that may result from our management, handling, storage, sale, or transportation of chemicals and 
other products. Compliance with these laws and regulations, and with the permits and licenses we hold, requires that we expend 
significant amounts for ongoing compliance, investigation and remediation. If we fail to comply with such laws, regulations, 
permits or licenses, we may be subject to fines, damages and other civil, administrative or criminal sanctions and investigations, 
including the revocation of permits and licenses necessary to continue our business activities.  In addition, future changes in 
laws  and  regulations,  or  the  interpretation  of  existing  laws  and  regulations,  could  have  an  adverse  effect  on  us  by  adding 
restrictions, reducing our ability to do business, increasing our costs of doing business, reducing our profitability or reducing 
the demand for our products. 

Previous operations, including those of acquired companies, have resulted in contamination at a number of current and former 
sites,  which  must  be  investigated  and  remediated.  We  have  ongoing  investigations  and  remediation  activities,  or  are 
contributing to cleanup costs, at approximately 106 currently or formerly owned, operated or used sites or other sites impacted 
by our operations. We have spent substantial sums on such investigation and remediation and we expect to continue to incur 
such expenditures in the future. We may incur losses in connection with investigation and remediation obligations that exceed 
our  environmental  reserve.  There  is  no  guarantee  that  our  estimates  will  be  accurate,  that  new  contamination  will  not  be 
discovered or that new environmental laws or regulations will not require us to incur additional costs. Any such inaccuracies, 
discoveries  or  new  laws  or  regulations,  or  the  interpretation  of  existing  laws  and  regulations,  could  have  a  material  adverse 
effect on our business, financial condition and results of operations.  

We could be held liable for the costs to investigate, remediate or otherwise address contamination at any real property we have 
ever owned, leased, operated or used or other sites impacted by our operations. Some environmental laws could impose on us 
the entire cost of cleanup of contamination present at a site even though we did not cause all of the contamination. These laws 
often identify parties who can be strictly and jointly and severally liable for remediation. The discovery of previously unknown 
contamination  at  current  or  former  sites  or  the  imposition  of  other  environmental  liabilities  or  obligations  in  the  future, 
including additional investigation or remediation obligations with respect to contamination that has impacted other properties, 
could lead to additional costs or the need for additional reserves that have a material adverse effect on our business, financial 
condition and results of operations. In addition, we may be required to pay damages or civil judgments related to third party 
claims, including those relating to personal injury (including exposure to hazardous materials or chemicals we blend, handle, 
store, sell, transport or dispose of), product quality issues, property damage or contribution to remedial obligations. We have 
been identified as a potentially responsible party at certain third party sites at which we have arranged for the disposal of our 
hazardous  wastes.  We  may  be  identified  as  a  potentially  responsible  party  at  additional  sites  beyond  those  for  which  we 
currently  have  financial  obligations.  Such  developments  could  have  a  material  adverse  effect  on  our  business,  financial 
condition and results of operations.  

Societal concerns regarding the safety of chemicals in commerce and their potential impact on the environment have resulted in 
a  growing  trend  towards  increasing  levels  of  product  safety  and  environmental  protection  regulations. These  concerns  could 
influence  public  perceptions,  impact  the  commercial  viability  of  the  products  we  sell  and  increase  the  costs  to  comply  with 

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increasingly  complex  regulations,  which  could  have  a  negative  impact  on  our  business,  financial  condition  and  results  of 
operations. Additional  findings  by  government  agencies  that  chemicals  pose  significant  environmental,  health  or  safety  risks 
may lead to their prohibition in some or all of the jurisdictions in which we operate. 

Our business exposes us to potential product liability claims and recalls, which could adversely affect our business, financial 
condition and results of operations. 

The repackaging, blending, mixing, manufacturing, sale and distribution of chemical products by us, including products used 
for  food,  pharmaceutical  and  nutritional  supplement  applications,  involve  an  inherent  risk  of  exposure  to  product  liability 
claims,  product  recalls,  product  seizures  and  related  adverse  publicity  and  reputational  harm.  A  product  liability  claim, 
judgment or recall against our customers could also result in substantial and unexpected expenditures for us, affect confidence 
in  our  products  or  services  and  divert  management’s  attention  from  other  responsibilities.  Although  we  maintain  product 
liability insurance, there can be no assurance that the type or level of coverage is adequate or that we will be able to continue to 
maintain our existing insurance or obtain comparable insurance at a reasonable cost, if at all. A product recall or a partially or 
completely uninsured judgment against us could have a material adverse effect on our business, financial condition and results 
of operation. 

Many of the products we sell have “long-tail” exposures, giving rise to liabilities many years after their sale and use. Insurance 
purchased at the time of sale may not be available when costs arise in the future and producers may no longer be available to 
provide indemnification. 

International Market Risk 

Our results of operations could suffer if we are unable to expand into new geographic markets or manage the various risks 
related to our international activities. 

Our profitability and longer-term success may be adversely affected if we fail to continue to expand our penetration in certain 
foreign markets and to enter new and emerging foreign markets. The profitability of our international operations will largely 
depend on our continued success in the following areas: 

• 
• 

• 
• 
• 

securing key producer relationships to help establish our presence in international markets; 
hiring and training personnel capable of supporting producers and our customers and managing operations in foreign 
countries; 
localizing our business processes to meet the specific needs and preferences of foreign producers and customers; 
building our reputation and awareness of our services among foreign producers and customers; and     
implementing  new  financial,  management  information  and  operational  systems,  procedures  and  controls  to  monitor 
our  operations  in  new  markets  effectively,  without  causing  undue  disruptions  to  our  operations  and  customer  and 
producer relationships. 

In addition, we are subject to risks associated with operating in foreign countries, including: 

• 

• 
• 
• 

• 

• 
• 
• 

• 
• 
• 

• 

varying  and  often  unclear  legal  and  regulatory  requirements  that  may  be  subject  to  inconsistent  or  disparate 
enforcement,  particularly  regarding  environmental,  health  and  safety  issues  and  security  or  other  certification 
requirements, as well as other laws and business practices that favor local competitors, such as exposure to possible 
expropriation, nationalization, restrictions on investments by foreign companies or other governmental actions; 
less stable supply sources; 
regional conflicts that may result in supply chain disruptions; 
competition from existing market participants that may have a longer history in and greater familiarity with the foreign 
markets where we operate; 
tariffs,  export  duties,  quotas  and  other  barriers  to  trade;  as  well  as  possible  limitations  on  the  conversion  of  foreign 
currencies into US dollars or remittance of dividends and other payments by our foreign subsidiaries; 
divergent labor regulations and cultural expectations regarding employment and agency; 
different cultural expectations regarding industrialization, international business and business relationships; 
foreign taxes and related regulations, including foreign taxes that we may not be able to offset against taxes imposed 
upon us in the US, and foreign tax and other laws limiting our ability to repatriate earnings to the US; 
extended payment terms and challenges in our ability to collect accounts receivable; 
changes in a specific country’s or region’s political or economic conditions; 
compliance with anti-bribery laws such as the US Foreign Corrupt Practices Act, the UK Bribery Act and similar anti-
bribery laws in other jurisdictions, the violation of which could expose us to severe criminal or civil sanctions; and 
compliance  with  anti-boycott,  privacy,  economic  sanctions,  anti-dumping,  antitrust,  import  and  export  laws  and 
regulations  by  our  employees  or  intermediaries  acting  on  our  behalf,  the  violation  of  which  could  expose  us  to 
significant fines, penalties or other sanctions. 

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Fluctuations in currency exchange rates may adversely affect our results of operations. 

We  have  sizable  sales  and  operations  in  Canada,  Europe,  Middle  East,  Africa,  Asia  and  Latin  America.  We  report  our 
consolidated results in US dollars and the results of operations and the financial position of our local operations are generally 
reported in the relevant local currencies and then translated into US dollars at the applicable exchange rates. As a result, our 
financial  performance  is  impacted  by  currency  fluctuations.  For  additional  details  on  our  currency  exposure  and  risk 
management practices, see “Quantitative and Qualitative Disclosures About Market Risk” in Item 7A of this Annual Report on 
Form 10-K. 

Employee and Benefit Plan Risk 

Negative developments affecting our pension and multi-employer pension plans in which we participate may occur. 

We operate a number of pension plans for our employees and have obligations with respect to several multi-employer pension 
plans sponsored by labor unions in the US. The terms of these plans vary from country to country. The recognition of costs and 
liabilities associated with the Company's pension plans are affected by assumptions made by management and used by actuaries 
engaged by us to calculate the benefit obligations and the expenses recognized for these plans. The inputs used in developing 
the required estimates are calculated using a number of assumptions, which represent management’s best estimate of the future. 
The  assumptions  that  have  the  most  significant  impact  on  costs  and  liabilities  are  the  discount  rate,  the  estimated  long-term 
return  on  plan  assets  for  the  funded  plans,  retirement  rates  and  mortality  rates.  Changes  to  the  funded  status  of  our  pension 
plans  as  a  result  of  updates  to  actuarial  assumptions  and  actual  experience  that  differs  from  our  estimates  are  recognized  as 
gains  or  losses  in  the  period  incurred  under  our  “mark  to  market”  accounting  policy,  and  could  result  in  a  requirement  for 
additional funding.  

As of December 31, 2021, our pension plans were underfunded by $122.3 million. In recent years, declining interest rates have 
negatively impacted the funded status of our pension plans. When interest rates decline, funding requirements for our pension 
plans may become more significant. If our cash flows and capital resources are insufficient to fund our obligations under these 
pension  plans,  we  could  be  forced  to  reduce  or  delay  investments  and  capital  expenditures,  seek  additional  capital,  or  incur 
indebtedness. The Central States, Southeast and Southwest Areas union sponsored multi-employer pension plans in which we 
participated  until  2021  are  also  underfunded.  While  we  have  estimated  and  recorded  the  substantial  withdrawal  liability 
associated  with  leaving  this  plan,  changes  to  that  estimate  could  force  us  to  reduce  or  delay  investments  and  capital 
expenditures, seek additional capital, or incur indebtedness. 

A portion of our workforce is unionized and labor disruptions could decrease our profitability. 

As of December 31,  2021,  approximately 24%  of our  labor  force  is  covered by  a  collective  bargaining  agreement,  including 
approximately 12%, 47% and 23% of our labor force in the US, Europe and Canada, respectively. Approximately 2% of our 
labor force is covered by a collective bargaining agreement that will expire within one year. These arrangements grant certain 
protections to employees and subject us to employment terms that are similar to collective bargaining agreements. We cannot 
guarantee that we will be able to negotiate these or other collective bargaining agreements or arrangements with works councils 
on the same or more favorable terms as the current agreements or arrangements, or at all, and without interruptions, including 
labor stoppages at the facility or facilities subject to any particular agreement or arrangement. A prolonged labor dispute, which 
could  include  a  work  stoppage,  could  have  a  material  adverse  effect  on  our  business,  financial  condition  and  results  of 
operations. 

Risks Related to Our Common Stock 

Anti-takeover provisions in our charter documents and Delaware law could discourage, delay or prevent a change in control 
of our company and may affect the trading price of our common stock. 

Our Certificate of Incorporation and Bylaws include a number of provisions that may discourage, delay or prevent a change in 
our management or control over us that stockholders may consider favorable. For example, our Certificate of Incorporation and 
By-laws currently: 

• 

• 
• 

authorize  the  issuance  of  “blank  check”  preferred  stock  that  could  be  issued  by  our  Board  of  Directors  to  thwart  a 
takeover attempt; 
limit the ability of stockholders to act by written consent or call a special meeting; and 
establish advance notice requirements for nominations for election to our Board of Directors or for proposing matters 
that can be acted upon by stockholders at stockholder meetings. 

These  provisions  may  prevent  our  stockholders  from  receiving  the  benefit  from  any  premium  to  the  market  price  of  our 
common  stock  offered  by  a  bidder  in  a  takeover  context.  Even  in  the  absence  of  a  takeover  attempt,  the  existence  of  these 
provisions may adversely affect the prevailing market price of our common stock if the provisions are viewed as discouraging 
takeover attempts in the future. These provisions may also facilitate management entrenchment that may delay, deter, render 
more difficult or prevent a change in our control, which may not be in the best interests of our stockholders. 

21 

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General Risk Factors 

Our  business  is  subject  to  additional  general  regulatory  requirements,  which  increase  our  cost  of  doing  business,  could 
result in claims and enforcement actions, and could restrict our business in the future. 

Our general business operations are subject to a broad spectrum of international, federal, state, and local laws and regulations, 
including, without limitation, those relating to antitrust, environmental, food and drug, labor and human resources, tax, trade 
compliance, unclaimed property, transportation, anti-bribery, banking and treasury, privacy and data protection (including the 
European Union's General Data Protection Regulation), among others. These laws and regulations add cost to our conduct of 
business and could, in some instances, result in claims or enforcement actions or could reduce our ability to pursue business 
opportunities. Any changes in the laws and regulations applicable to us, the enactment of any additional laws or regulations, or 
the  failure  to  comply  with,  or  increased  enforcement  activity  of,  such  laws  and  regulations,  could  significantly  impact  our 
products  and  services  and  have  a  material  adverse  effect  on  our  business,  financial  condition  and  results  of  operations. 
Additionally, governmental agencies may refuse to grant or renew our operating licenses and permits. 

We are exposed to litigation and other legal and regulatory actions and risks in the ordinary course of our business, and we 
could incur significant liabilities and substantial legal fees. 

Especially because of the nature of our business, we are subject to the risk of litigation, other legal claims and proceedings, and 
regulatory enforcement actions in the ordinary course of our business. Also, there may be safety or personal injury risks related 
to  our  products  which  are  not  known  today.  The  results  of  legal  proceedings  cannot  be  predicted  with  certainty.  We  cannot 
guarantee that the results of current or future legal proceedings will not materially harm our business, reputation or brand, nor 
can we guarantee that we will not incur losses in connection with current or future legal proceedings that exceed any provisions 
we may have set aside in respect of such proceedings or that exceed any applicable insurance coverage. The occurrence of any 
of these events could have a material adverse effect on our business, financial condition or results of operations. 

We may be unable to attract or retain a qualified and diverse workforce. 

We  depend  upon  the  ability  and  experience  of  a  number  of  our  executive  management  and  other  key  personnel  who  have 
substantial experience with our operations, the chemicals and chemical distribution industries and the selected markets in which 
we operate. The loss of the services of one or a combination of our senior executives or key employees could have a material 
adverse  effect  on  our  results  of  operations.  We  also  might  suffer  an  additional  impact  on  our  business  if  one  of  our  senior 
executives or key employees is hired by a competitor. 

In addition, our ability to achieve our operating goals depends upon our ability to recruit, hire, retain and develop qualified and 
diverse  personnel  to  operate  and  expand  our  businesses.  We  compete  with  other  companies  both  within  and  outside  of  our 
industry for talented personnel. If we fail to hire, retain and develop a sufficient number of qualified and diverse employees to 
operate and expand our businesses, our businesses, financial condition, results of operations and cash flows could be harmed. 
During the COVID-19 pandemic, certain of our businesses have experienced and we expect will continue to experience labor 
shortages, resulting in our inability to meet consumer demand for certain of our products, which have negatively impacted, and 
we  expect  will  continue  to  negatively  impact,  our  businesses,  financial  condition,  results  of  operations  and  cash  flows.  We 
could  also  experience  workforce  disruptions  in  reaction  to  governmental  restrictions  or  requirements,  if  such  restrictions  or 
requirements become effective. 

ITEM 1B. UNRESOLVED STAFF COMMENTS 

None. 

ITEM 2. PROPERTIES 

Our principal executive office is located in Downers Grove, Illinois under a lease expiring in June 2024. As of December 31, 
2021, we had 299 locations in the US in 47 states and 286 locations outside of the US in 30 countries. Our warehouse facilities 
are  nearly  equally  comprised  of  owned,  leased  and  third  party  warehouses  and  our  office  space  is  generally  leased.  Our 
facilities  focus  on  the  storing,  repackaging  and  blending  of  chemicals  and  ingredients  for  distribution.  Such  facilities  do  not 
require  substantial  investments  in  equipment,  can  be  opened  fairly  quickly  and  replaced  with  little  disruption. As  such,  we 
believe that none of our facilities on an individual basis is material to the operation of our business. 

ITEM 3. LEGAL PROCEEDINGS 

See “Note 21: Commitments and contingencies” in Item 8 of this Annual Report on Form 10-K for information regarding legal 
proceedings, the content of which is incorporated by reference to this Item 3. 

ITEM 4. MINE SAFETY DISCLOSURES 

Not applicable. 

22 

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ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND 

PART II 

ISSUER PURCHASES OF EQUITY SECURITIES 

Market Information for Common Stock 

Our common stock is listed on the New York Stock Exchange under the symbol UNVR.  

Holders of Record 

As  of  December 31,  2021,  based  on  the  number  of  participants  reflected  in  a  security  position  listing  provided  to  us  by  the 
Equiniti  Trust  Company  (“EQ”),  there  were  10  holders  of  record  of  our  Common  Stock.  Because  such  EQ  participants  are 
brokers and other institutions holding shares of our Common Stock on behalf of their customers, we do not know the actual 
number of unique shareholders represented by these record holders.  

Issuer Purchases of Equity Securities 

Information on our purchases of equity securities during the fourth quarter of 2021 was as follows: 

Total Number of 
Shares 
Purchased 

Average Price 
Paid per Share 

Total Number of 
Shares 
Purchased as 
Part of a 
Publicly 
Announced Plan 
or Program 

Maximum 
Approximate 
Dollar Value of 
Shares that may 
yet be Purchased 
Under the Plan 
or Program 
(millions) 

—   $ 
—    
1,832,385    
1,832,385   $ 

—   $ 
—    
27.29    
27.29    

—   $ 
—    
1,832,385    
1,832,385     

500.0  
500.0  
450.0  

Period 

October 1-31, 2021 

November 1-30, 2021 

December 1-31,2021 

Total 

On November 1, 2021, the Company announced that the Board of Directors had approved a share repurchase program of up to 
$500.0 million of our outstanding common stock (“shares”), which expires on October 27, 2026. The program does not require 
the  repurchase  of  any  minimum  number  of  shares  and  may  be  suspended,  modified  or  discontinued  at  any  time  at  our 
discretion.  Under  the  share repurchase program,  we  may  purchase  shares  from  time-to-time  at  the discretion of  management 
through open market purchases, privately negotiated transactions, block trades, accelerated or other structured share repurchase 
programs, or other means. The manner, timing, pricing and amount of any share repurchase transactions will be based upon a 
variety of factors, including market conditions, applicable legal requirements and alternative opportunities that we may have for 
the use or investment of capital. 

Stock Performance  

The following graph shows a comparison of cumulative total shareholder return, calculated on a dividend reinvested basis, for 
the Company, the S&P 500 and the S&P 500 Chemical Index from December 31, 2016 through December 31, 2021. The graph 
assumes  $100  was  invested  in  each  of  the  Company's  common  stock,  the  S&P  500  and  S&P  500  Chemical  Index  as  of  the 
market  close  on  December  31,  2016.  Note  that  historic  stock  price  performance  is  not  necessarily  indicative  of  future  stock 
price performance.  

23 

 
 
 
 
   
   
   
   
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2016 

2017 

December 31, 

2018 

2019 

2020 

2021 

Univar Solutions Inc. 
S&P 500 
S&P 500 Chemical Index 

  $ 

100    $ 
100     
100     

109    $ 
122     
127     

63    $ 
116     
112     

85    $ 
153     
137     

67    $ 
181     
161     

100  
233  
203  

Dividend Policy 

We did not pay a cash dividend in 2021, 2020 or 2019 on our common stock. We may consider declaring and paying dividends 
in the future; however, there can be no assurance that we will do so. Additionally, our credit facilities contain certain limitations 
on our ability to pay dividends. 

ITEM 6. [Reserved] 

24 

 
 
 
 
 
 
 
 
 
 
   
   
 
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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF 

OPERATIONS 

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is based on financial 
data  derived  from  the  financial  statements  prepared  in  accordance  with  US  GAAP  and  certain  other  financial  data  that  is 
prepared using non-GAAP measures. For a reconciliation of each non-GAAP financial measure to its most comparable GAAP 
measure,  see the  “Analysis  of  Segment  Results” and  “Non-GAAP  Financial  Measures”  sections  within  this  Item.  Refer  to 
“Non-GAAP Financial Measures” within this Item for more information about our use of Non-GAAP financial measures.  

Our  MD&A  is  provided  in  addition  to  the  accompanying  consolidated  financial  statements  and  notes  to  assist  readers  in 
understanding our results of operations, financial condition and cash flow. This section of this Annual Report on Form 10-K 
discusses  year-to-year  comparisons  between  2021  and  2020.  For  discussions  of  year-to-year  comparisons  between  2020  and 
2019  that  are  not  included  in  this Annual  Report  on  Form  10-K,  please  refer  to  “Management's  Discussion  and Analysis  of 
Financial Condition and Results of Operations” in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year 
ended December 31, 2020, filed with the SEC on February 25, 2021. 

Overview 

Univar Solutions Inc. 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. We purchase chemicals and ingredients from thousands 
of producers worldwide and safely warehouse, repackage, blend, dilute, transport and sell those products to more than 100,000 
customer locations across approximately 115 countries.  

Our  operations  are  structured  into  four  reportable  segments  that  represent  the  geographic  areas  under  which  we  operate  and 
manage  our  business.  As  previously  defined  within  Item  1  of  this  Annual  Report  on  Form  10-K,  our  segments  are  USA, 
Canada, EMEA and LATAM, which includes developing businesses in Latin America and the Asia-Pacific region.  

Comparability of Results 

Acquisitions and Divestitures 

In December 2021, we acquired Sweetmix, a food ingredients and CASE specialty chemical distribution company in Brazil. 

In December 2020, we acquired a business of Techi Chem, a leading distributor of specialty silicone solutions used primarily 
for the CASE market within the China marketplace. 

In April 2021, we sold the Distrupol business within our EMEA segment. The sale of the business did not meet the criteria to be 
classified as a discontinued operations in the Company's financial statements. 

At  the  beginning  of  the  fourth  quarter  of  2020,  we  decided  to  wind  down  our  Canadian Agriculture  wholesale  distribution 
business, which was operationally completed by December 31, 2020. 

In November 2020, we sold our Canadian Agriculture services business and in September 2020, we sold our industrial spill and 
emergency response businesses. The sale of these businesses did not meet the criteria to be classified as discontinued operations 
in the Company's financial statements. 

Constant Currency 

We  believe  providing  non-GAAP  constant  currency  provides  valuable  supplemental  information  regarding  our  results  of 
operations, consistent with how we evaluate our performance. Currency impacts on consolidated and segment results have been 
derived by translating current period financial results in local currency using the average exchange rate for the prior period to 
which the financial information is being compared. 

Market Conditions and Outlook 

We  sell  commodity  and  specialty  chemicals  and  ingredients  that  are  used  in  manufacturing  processes  and  as  components  in 
other  products.  Our  sales  are  correlated  with  and  affected  by  seasonal  fluctuations  and  cycles  in  the  levels  of  industrial 
production, manufacturing output and general economic activity.  

The current business environment in the markets in which we operate consists of unusual dynamics. The combination of the 
severe  winter  and  tropical  storms  in  the  US  Gulf  region  in  2021,  supplier  shut-downs,  port  congestion  and  acute  pandemic 
recovery  demand,  has  resulted  in  sustained  supply  chain  constraints,  product  shortages  and  chemical  price  inflation  that  is 
atypical in magnitude and unknown in duration.  

25 

 
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Shortages  across  a  range  of  chemicals  and  ingredients  have  generally  led  to  fluctuations  in  chemical  prices  globally,  with 
corresponding  impacts  to  sales  and  interim  profits.  These  market  factors  have  also  impacted  the  transportation  market  and, 
coupled with rising fuel prices, driver shortages and inflation overall, have resulted in higher operating costs. Investments in 
working capital to bridge supply disruption and account for higher chemical prices may impact our ability to achieve forecasted 
cash flows in the short-term.  

We believe our value as a distributor is heightened in challenging times such as these when we work to orderly meet demand 
requirements through our extensive network, installed asset base, transportation and digital assets, and supplier partnerships. 

We continue to monitor the impact of the COVID-19 pandemic on our global business. The continuing and future effects of the 
pandemic will depend on infection rates, the emergence of new virus variants, effectiveness of vaccination programs, regulatory 
changes and the scope of government restrictions. Continuing on efforts initiated in 2020, our global, cross-functional response 
team closely monitors the impact to our people and organization, with the goal of ensuring the well-being of Univar Solutions’ 
employees,  customers  and  suppliers,  while  minimizing  disruptions  and  providing  for  the  safe  and  reliable  supply  of  our 
chemicals and ingredients.  

We continue to take steps to promote employee safety in our distribution centers and other worksites and strongly encourage 
employee vaccination, where available. For office-based employees, we continue to work under a hybrid working arrangement, 
designed  to  strike  an  appropriate  balance  between  the  need  to  have  certain  personnel  working  from  a  Company  office  and 
employees’ desires to have the flexibility to work from a remote location. 

Governments across the globe are considering tax legislation to help fund the cost of the COVID-19 pandemic response. We 
continue to monitor these plans and assess the impact on the Company. 

In such a dynamic environment, remaining connected with our customers to understand demand and supply impacts on their 
operations including temporary changes due to weather events, the ongoing pandemic and supply constraints is critical to our 
success. A summary of our end market performance as of December 31, 2021 and impacts from current economic events are as 
follows (percentages represent 2021 Consolidated Net Sales by End Market): 

Industrial Solutions (34%) – Robust growth in CASE, coupled with renewed demand in our household cleaner business 
and  strong  results  in  our  lubricants  and  metalworking  business,  delivered  revenue  growth  for  Industrial  Solutions 
throughout 2021. 

Consumer Solutions (20%) – All submarkets experienced strong growth, led by personal care and food. Personal care saw 
especially  strong  revenue  growth  in  perfumes  and  extracts  as  we  continue  to  grow  our  portfolio.  Our  new  supplier 
partnerships  in  food  strengthened  our  value  proposition  with  customers,  along  with  strong  demand  as  the  economy 
reopened.  

General  Industrial  (29%)  –  Chemical  manufacturing  showed  strong  revenue  growth,  due  in  part  to  our  supply  chain 
capabilities that allow us to meet the needs of these critical manufacturers.  

Services & Other Markets (9%) – Our services business pulled back given ongoing supply constraints in the automotive 
sector, negatively affecting our waste business. 

Refining & Chemical Processing (8%) – We experienced strong growth in our upstream and downstream businesses, as 
higher  oil  prices  accelerated  reinvestment  within  the  industry.  Upstream  is  particularly  benefited  as  producers  look  to 
extract more value from existing wells until capital is approved for new projects. 

See  “Risk  Factors”  in  Part  I,  Item  1A  of  this  Annual  Report  on  Form  10-K  for  further  information  on  our  Business  and 
Economic risks. 

Executive Summary 

Driven  by  agile  commercial  execution,  chemical  price  inflation  and  growing  customer  demand,  Univar  Solutions  delivered 
strong year-over-year growth despite constrained inventory and supply and transportation challenges. With a focus on growth, 
we  are  continuing  to  realize  the  benefits  of  the  Nexeo  acquisition  and  Streamline  2022  program.  With  the  acquisition  and 
system migration completed, we look to continue to leverage our digital investments to drive organic growth through market 
share capture and margin gains through leverage of our cost structure. 

Management is focused on the following financial objectives: 

•  Organic growth in both the Chemicals and Services channel and the Ingredients and Specialty Chemicals channel; 
•  Consolidated Adjusted EBITDA growth and corresponding Adjusted EBITDA margin expansion; 
• 
•  Lower leverage ratio; and 
•  Capital return to shareholders. 

Improvement in net free cash flow conversion; 

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Achievement of these objectives are expected through the following operational initiatives: 

Solutions to support suppliers' and customers' ESG objectives; 

•  Application of a consistent global strategy, while driving local execution; 
•  Leverage of our global transportation and digital asset footprint; 
• 
•  Delivery of an effortless experience for customers that drives preference and retention, resulting in market growth; 
• 
•  Unlocking our global Solutions Centers' value for suppliers and customers; and 
•  Leverage and expansion of our key supplier relationships, leading to enhanced service to global key customers. 

Focus on technical and application development offerings; 

Results of Operations 

(in millions) 
Net sales 
Cost of goods sold (exclusive of 
depreciation) 
Operating expenses: 

Year ended December 31, 

2021 

2020 

$  9,535.5   

 100.0 %   $  8,265.0   

Favorable 
(unfavorable)    % Change 
 15.4 % 

1,270.5   

 100.0 %   $ 

7,142.3   

 74.9 %    

6,262.8   

 75.8 %    

(879.5)  

 14.0 % 

Outbound freight and handling 
Warehousing, selling and administrative 
Other operating expenses, net (1) 
Depreciation 
Amortization 
Impairment charges 
Total operating expenses 
Operating income 
Other (expense) income: 
Interest income 
Interest expense 
Gain (loss) on sale of business 
Loss on extinguishment of debt 
Other income (expense), net (1) 

Total other income (expense) 
Income before income taxes 
Income tax expense 
Net income 

$ 

403.7   
1,191.8   
107.5   
150.9   
52.5   
3.0   
$  1,909.4   
483.8   
$ 

$ 

$ 
$ 

$ 

4.3   
(101.5)  
88.2   
(2.3)  
112.7   
101.4   
585.2   
124.6   
460.6   

 4.2 %   $ 
 12.5 %    
 1.1 %    
 1.6 %    
 0.6 %    
 — %    

344.4   
1,022.3   
89.4   
162.9   
60.0   
40.2   
 20.0 %   $  1,719.2   
283.0   
 5.1 %   $ 

 — %   $ 
 (1.1) %    
 0.9 %    
 — %    
 1.2 %    
 1.1 %   $ 
 6.1 %   $ 
 1.3 %    
 4.8 %   $ 

2.1   
(114.5)  
(50.6)  
(1.8)  
(59.2)  
(224.0)  
59.0   
6.1   
52.9   

 4.2 %   $ 
 12.4 %    
 1.1 %    
 2.0 %    
 0.7 %    
 0.5 %    
 20.8 %   $ 
 3.4 %   $ 

 — %   $ 
 (1.4) %    
 (0.6) %    
 — %    
 (0.7) %    
 (2.7) %   $ 
 0.7 %   $ 
 0.1 %    
 0.6 %   $ 

(59.3)  
(169.5)  
(18.1)  
12.0   
7.5   
37.2   
(190.2)  
200.8   

2.2   
13.0   
138.8   
(0.5)  
171.9   
325.4   
526.2   
(118.5)  
407.7   

 17.2 % 
 16.6 % 
 20.2 % 
 (7.4) % 
 (12.5) % 
 (92.5) % 
 11.1  % 
 71.0 % 

 104.8 % 
 (11.4) % 
N/M 
 27.8 % 
N/M 
N/M 
 891.9 % 
 1,942.6 % 
 770.7 % 

(1) 

For  the  year  ended  December 31,  2020,  the  fair  value  adjustment  for  warrants  was  reclassified  to  other  income  (expense),  net,  from  other  operating 
expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” in Item 8 of this Annual Report on Form 
10-K for additional information. 

Net sales 

Net sales increased $1,270.5 million, or 15.4%, for the year ended December 31, 2021. On a constant currency basis, net sales 
increased by $1,152.5 million or  13.9%. The  increase  is primarily due to  chemical  price  inflation, operational  execution  and 
market share gains, partially offset by the impacts of the Canadian Agriculture wholesale distribution exit and the Distrupol and 
Canadian Agriculture services divestitures. Refer to the “Analysis of Segment Results” for additional information.  

Gross profit (exclusive of depreciation) 

Gross  profit  (exclusive  of  depreciation)  increased  $391.0 million,  or  19.5%,  to  $2,393.2 million  for  the  year  ended 
December 31, 2021. On a constant currency basis, gross profit (exclusive of depreciation) increased $362.2 million or 18.1%. 
The  increase  in  gross  profit  (exclusive  of  depreciation)  was  primarily  attributable  to  chemical  price  inflation,  operational 
execution and market share gains, partially offset by the effect of the Canadian Agriculture services and Distrupol divestitures. 
Gross margin increased from 24.2% for the year ended December 31, 2020 to 25.1% for the year ended December 31, 2021. 
Refer to the “Analysis of Segment Results” for additional information. 

27 

  
 
 
 
 
 
  
  
  
  
  
 
 
 
 
 
 
  
  
  
  
  
 
 
 
 
 
 
 
  
  
  
  
  
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Operating Expenses 

Outbound freight and handling 

Outbound  freight  and  handling  expenses  increased  $59.3  million,  or  17.2%,  for  the  year  ended  December 31,  2021.  On  a 
constant currency basis, outbound freight and handling expenses increased $54.5 million, or 15.8%. The increase was primarily 
due  to  higher  costs  to  deliver  caused  by  supply  chain  constraints.  Refer  to  the  “Analysis  of  Segment  Results”  for  additional 
information. 

Warehousing, selling and administrative 

Warehousing,  selling  and  administrative  expenses  ("WS&A")  increased  $169.5  million,  or  16.6%,  for  the  year  ended 
December 31,  2021.  On  a  constant  currency  basis,  WS&A  increased  $157.5  million  or  15.4%.  The  increase  is  primarily 
attributable  to  higher  variable  compensation  and  other  operating  costs,  partially  offset  by  Nexeo  net  synergies.  Refer  to  the 
“Analysis of Segment Results” for additional information. 

Other operating expenses, net 

Other  operating  expenses,  net  increased  $18.1  million,  or  20.2%,  for  the  year  ended  December 31,  2021.  The  increase  was 
primarily due to the withdrawal liability related to operating sites exiting the Central States multi-employer pension plan and 
higher  stock-based  compensation  expense,  partially  offset  by  lower  restructuring  charges.  Refer  to  “Note  6:  Other  operating 
expenses, net” in Item 8 of this Annual Report on Form 10-K for additional information. 

Depreciation and amortization 

Depreciation expense decreased $12.0 million, or 7.4%, for the year ended December 31, 2021, primarily due to certain assets 
reaching the end of their depreciable lives.  

Amortization  expense  decreased  $7.5  million,  or  12.5%,  for  the  year  ended  December 31,  2021,  primarily  due  to  certain 
intangibles reaching the end of their amortizable lives. 

Impairment charges 

Impairment  charges  of  $3.0 million  were  recorded  in  the  year  ended  December 31,  2021  related  to  property,  plant  and 
equipment  in  connection  with  the  announced  closure  of  certain  operating  facilities  within  the  USA  and  Canada  segments. 
Impairment  charges  of  $40.2  million  were  recorded  in  the  year  ended  December  31,  2020  related  to  property,  plant  and 
equipment  in  connection  with  our  decision  to  cease  further  investment  in,  and  seek  to  exit  a  contract  related  to,  certain 
technology assets within the Other segment as well as intangibles and property, plant and equipment in connection with the sale 
of  the  industrial  spill  and  emergency  response  businesses  within  the  USA  segment  and  the  announced  closure  of  certain 
production  facilities.  Refer  to  “Note  16:  Impairment  charges”  in  Item 8  of  this Annual  Report  on  Form  10-K  for  additional 
information. 

Other (expense) income 

Interest expense 

Interest  expense  decreased  $13.0  million,  or  11.4%,  for  the  year  ended  December 31,  2021,  primarily  due  to  lower  average 
outstanding borrowings, as well as lower interest rates. Refer to “Note 18: Debt” in Item 8 of this Annual Report on Form 10-K 
for additional information. 

Gain (loss) on sale of business 

A gain of $88.2 million was recorded in the year ended December 31, 2021 related to the sale of the Distrupol business. A loss 
of $50.6 million was recorded in the year ended December 31, 2020 related to the sale of the industrial spill and emergency 
response  businesses,  as  well  as  the  Canadian  Agriculture  services  business.  The  loss  also  related  to  a  working  capital 
adjustment on the sale of the Environmental Sciences business, which was completed on December 31, 2019. Refer to “Note 4: 
Discontinued operations and dispositions” in Item 8 of this Annual Report on Form 10-K for additional information. 

Loss on extinguishment of debt 

Loss  on  extinguishment  of  debt  of  $2.3  million  for  the  year  ended  December 31,  2021  was  driven  by  the  June  2021  debt 
refinancing and repayment activity and partial prepayment of the Canadian ABL Term Loan. Loss on extinguishment of debt of 
$1.8 million for the year ended December 31, 2020 was driven by the partial repayment of the Term B-3 Loan due 2024. Refer 
to “Note 18: Debt” in Item 8 of this Annual Report on Form 10-K for additional information. 

28 

Table of Contents 

Other income (expense), net 

Other income (expense), net changed $171.9 million, from an expense of $59.2 million for the year ended December 31, 2020 
to an income of $112.7 million for the year ended December 31, 2021. The change was primarily related to pension mark to 
market gains in the current year compared to losses in the prior year and the fair value adjustment on warrants. Refer to “Note 
8: Other income (expense), net” in Item 8 of this Annual Report on Form 10-K for additional information. 

Income tax expense 

Income  tax  expense  was  $124.6 million  for  the  year  ended  December 31,  2021,  resulting  in  an  effective  income  tax  rate  of 
21.3%. Our 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 offset by the favorable 
impact of the Distrupol divestiture. 

Income tax expense was $6.1 million for the year ended December 31, 2020, resulting in an effective income tax rate of 10.3%. 
Our effective income tax rate was lower than the US federal statutory rate primarily due to 2019 return to provision adjustments 
and  the  release  of  valuation  allowances  on  previously  non-deductible  interest  impacted  by  the  CARES  Act,  offset  by  US 
income tax on foreign earnings. 

Results of Reportable Business Segments 

Our  operations  are  structured  into  four  reportable  segments  that  represent  the  geographic  areas  under  which  we  operate  and 
manage  our  business.  Management  believes Adjusted  EBITDA  is  an  important  measure  of  operating  performance,  which  is 
used as the primary basis for the chief operating decision maker to evaluate the performance of each of our reportable segments. 

We  believe  certain  other  financial  measures  that  are  not  calculated  in  accordance  with  US  GAAP  provide  relevant  and 
meaningful information concerning our ongoing operating results. These financial measures include gross profit (exclusive of 
depreciation),  adjusted  gross  profit  (exclusive  of  depreciation),  gross  margin  and  adjusted  gross  margin.  Such  non-GAAP 
financial  measures  are  used  from  time  to  time  herein  but  should  not  be  viewed  as  a  substitute  for  GAAP  measures  of 
performance.  See  “Note  23:  Segments”  in  Item  8  of  this Annual  Report  on  Form  10-K  and  “Analysis  of  Segment  Results” 
within this Item for additional information. 

Analysis of Segment Results 

USA 

(in millions) 
Net sales: 

External customers 
Inter-segment 

Total net sales 

Cost of goods sold (exclusive of depreciation) 
Outbound freight and handling 
Warehousing, selling and administrative  

Adjusted EBITDA 

(in millions) 
Gross profit (exclusive of depreciation): 

Net sales 
Cost of goods sold (exclusive of depreciation) 

Gross profit (exclusive of depreciation) 

Year ended December 31,   

2021 

2020 

Favorable 
(unfavorable) 

% Change 

92.1     

$  6,024.0    $  5,006.2    $ 
81.2     
$  6,116.1    $  5,087.4    $ 
3,829.1     
239.3     
625.8     
393.2    $ 

4,578.6     
291.0     
748.3     
498.2    $ 

$ 

1,017.8   
10.9   
1,028.7   
(749.5)  
(51.7)  
(122.5)  
105.0   

 20.3 % 
 13.4 % 
 20.2 % 
 19.6 % 
 21.6 % 
 19.6 % 
 26.7 % 

Year ended December 31,   

2021 

2020 

Favorable 
(unfavorable) 

% Change 

$  6,116.1    $  5,087.4    $ 
3,829.1     
$  1,537.5    $  1,258.3    $ 

4,578.6     

1,028.7   
(749.5)  
279.2   

 20.2 % 
 19.6 % 
 22.2 % 

External  sales increased $1,017.8  million, or 20.3%, for  the year  ended December 31, 2021, primarily due  to  chemical  price 
inflation, operational execution and market share gains. 

Gross profit (exclusive of depreciation) increased $279.2 million, or 22.2%, for the year ended December 31, 2021, primarily 
due to chemical price inflation, operational execution and market share gains. Gross margin increased from 25.1% for the year 
ended December 31, 2020 to 25.5% for the year ended December 31, 2021, primarily due to chemical price inflation partially 
offset by input cost inflation. 

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Outbound freight and handling expenses increased $51.7 million, or 21.6%, for the year ended December 31, 2021, primarily 
due to higher costs to deliver caused by supply chain constraints. 

WS&A  increased  $122.5  million,  or  19.6%,  for  the  year  ended  December 31,  2021,  primarily  due  to  higher  variable 
compensation  and  other  operating  costs,  partially  offset  by  Nexeo  net  synergies.  WS&A  as  a  percentage  of  external  sales 
decreased from 12.5% for the year ended December 31, 2020 to 12.4% for the year ended December 31, 2021. 

Adjusted  EBITDA  increased  $105.0  million,  or  26.7%,  for  the  year  ended  December 31,  2021,  due  to  higher  gross  profit 
(exclusive of depreciation), partially offset by increased WS&A and costs to deliver. Adjusted EBITDA margin increased from 
7.9%  for  the  year  ended  December 31,  2020  to  8.3%  for  the  year  ended  December 31,  2021,  primarily  from  higher  gross 
margin. 

EMEA 

(in millions) 
Net sales: 

External customers 
Inter-segment 

Total net sales 

Cost of goods sold (exclusive of depreciation) 
Outbound freight and handling 
Warehousing, selling and administrative  

Adjusted EBITDA 

(in millions) 
Gross profit (exclusive of depreciation): 

Net sales 
Cost of goods sold (exclusive of depreciation) 

Gross profit (exclusive of depreciation) 

Year ended December 31,   

2021 

2020 

Favorable 
(unfavorable) 

% Change 

4.3     

$  1,971.1    $  1,697.1    $ 
3.1     
$  1,975.4    $  1,700.2    $ 
1,274.4     
56.5     
226.6     
142.7    $ 

1,488.6     
64.0     
252.2     
170.6    $ 

$ 

274.0   
1.2   
275.2   
(214.2)  
(7.5)  
(25.6)  
27.9   

 16.1 % 
 38.7 % 
 16.2 % 
 16.8 % 
 13.3 % 
 11.3  % 
 19.6 % 

Year ended December 31,   

2021 

2020 

Favorable 
(unfavorable) 

% Change 

$  1,975.4    $  1,700.2    $ 
1,274.4     
425.8    $ 

1,488.6     
486.8    $ 

$ 

275.2   
(214.2)  
61.0   

 16.2 % 
 16.8 % 
 14.3 % 

External  sales  increased  $274.0  million,  or  16.1%,  for  the  year  ended  December 31,  2021.  On  a  constant  currency  basis, 
external sales increased $233.7 million, or 13.8%, primarily due to chemical price inflation, operational execution and market 
share gains, partially offset by the impact of the Distrupol divestiture. 

Gross  profit  (exclusive  of  depreciation)  increased  $61.0  million,  or  14.3%,  for  the  year  ended  December 31,  2021.  On  a 
constant  currency basis, gross  profit  (exclusive  of  depreciation)  increased  $49.5 million, or 11.6%  primarily  due  to  chemical 
price inflation, operational execution and market share gains, partially offset by the impact of the Distrupol divestiture. Gross 
margin decreased from 25.1% for the year ended December 31, 2020 to 24.7% for the year ended December 31, 2021 primarily 
from unfavorable changes in pricing from certain essential end markets as compared to the prior year and input cost inflation 
that led to gross margin compression. 

Outbound  freight  and  handling  expenses  increased  $7.5  million,  or  13.3%,  for  the  year  ended  December 31,  2021.  On  a 
constant currency basis, outbound freight and handling expenses increased $5.5 million, or 9.7%, primarily due to higher costs 
to deliver caused by supply chain constraints.  

WS&A  increased  $25.6  million,  or  11.3%,  for  the  year  ended  December 31,  2021.  On  a  constant  currency  basis,  WS&A 
increased $20.9 million, or 9.2%, primarily due to higher variable compensation and other operating costs, partially offset by 
the  impact  of  the  Distrupol  divestiture.  WS&A  as  a  percentage  of  external  sales  decreased  from  13.4%  for  the  year  ended 
December 31, 2020 to 12.8% for the year ended December 31, 2021.  

Adjusted  EBITDA  increased  $27.9  million,  or  19.6%,  for  the  year  ended  December 31,  2021.  On  a  constant  currency  basis, 
Adjusted EBITDA increased $23.1 million, or 16.2%, due to higher gross profit (exclusive of depreciation), partially offset by 
increased WS&A and costs to deliver. Adjusted EBITDA margin increased from 8.4% for the year ended December 31, 2020 to 
8.7% for the year ended December 31, 2021, primarily from leverage on WS&A. 

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Canada 

(in millions) 
Net sales: 

External customers 
Inter-segment 

Total net sales 

Cost of goods sold (exclusive of depreciation) 
Outbound freight and handling 
Warehousing, selling and administrative  

Adjusted EBITDA 

(in millions) 
Gross profit (exclusive of depreciation): 

Net sales 
Cost of goods sold (exclusive of depreciation) 

Gross profit (exclusive of depreciation) 

Year ended December 31,   

2021 

2020 

Favorable 
(unfavorable) 

% Change 

$ 

$ 

$ 

4.4     

930.0    $  1,110.7    $ 
2.5     
934.4    $  1,113.2    $ 
898.1     
701.3     
38.9     
36.2     
86.5     
92.7     
89.7    $ 
104.2    $ 

(180.7)  
1.9   
(178.8)  
196.8   
2.7   
(6.2)  
14.5   

 (16.3) % 
 76.0 % 
 (16.1) % 
 (21.9) % 
 (6.9) % 
 7.2 % 
 16.2 % 

Year ended December 31,   

2021 

2020 

Favorable 
(unfavorable) 

% Change 

$ 

$ 

934.4    $  1,113.2    $ 
898.1     
701.3     
215.1    $ 
233.1    $ 

(178.8)  
196.8   
18.0   

 (16.1) % 
 (21.9) % 
 8.4 % 

External  sales  decreased  $180.7  million,  or  16.3%,  for  the  year  ended  December 31,  2021.  On  a  constant  currency  basis, 
external  sales  decreased  $241.2 million,  or  21.7%,  primarily  because  of  the  Canadian Agriculture  wholesale  distribution  exit 
and the Canadian Agriculture services divestiture, partially offset by increases due to chemical price inflation and operational 
execution. 

Gross profit (exclusive of depreciation) increased $18.0 million, or 8.4%, for the year ended December 31, 2021. On a constant 
currency  basis,  gross  profit  (exclusive  of  depreciation)  increased  $2.8 million,  or  1.3%,  primarily  due  to  chemical  price 
inflation  and  operational  execution,  partially  offset  by  the  impact  of  the  Canadian  Agricultural  services  divestiture.  Gross 
margin increased from 19.4% for the year ended December 31, 2020 to 25.1% for the year ended December 31, 2021, primarily 
due to the effects of the Canadian Agricultural wholesale distribution exit and favorable changes in product mix, partially offset 
by input cost inflation. 

Outbound freight and handling expenses decreased $2.7 million, or 6.9% for the year ended December 31, 2021. On a constant 
currency basis, outbound freight and handling expenses decreased $5.1 million, or 13.1%, primarily due to lower sales volumes 
from the effects of the Canadian Agriculture wholesale distribution exit and the Canadian Agriculture services divestiture.  

WS&A increased $6.2 million, or 7.2%, for the year ended December 31, 2021. On a constant currency basis, WS&A increased 
$0.2 million, or 0.2%. WS&A as a percentage of external sales increased from 7.8% for the year ended December 31, 2020 to 
10.0% for the year ended December 31, 2021. 

Adjusted  EBITDA  increased  $14.5  million,  or  16.2%,  for  the  year  ended  December 31,  2021.  On  a  constant  currency  basis, 
Adjusted EBITDA increased $7.7 million, or 8.6%, primarily from lower costs to deliver and higher gross profit (exclusive of 
depreciation). Adjusted  EBITDA  margin  increased  from  8.1%  for  the  year  ended  December 31,  2020  to  11.2%  for  the  year 
ended December 31, 2021, primarily from higher gross margin. 

LATAM 

(in millions) 
Net sales: 

External customers 
Inter-segment 
Total net sales (1) 

Cost of goods sold (exclusive of depreciation) 
Outbound freight and handling 
Warehousing, selling and administrative  
Brazil VAT charge  (1) 

Adjusted EBITDA (1) 

Year ended December 31,   

2021 

2020 

Favorable 
(unfavorable) 

% Change 

$ 

$ 

$ 

610.4    $ 
0.7     
611.1    $ 
475.3     
12.5     
66.4     
—     
56.9    $ 

451.0    $ 
—     
451.0    $ 
348.0     
9.7     
50.6     
0.3     
43.0    $ 

159.4   
0.7   
160.1   
(127.3)  
(2.8)  
(15.8)  
0.3   
13.9   

 35.3 % 
N/M 
 35.5 % 
 36.6 % 
 28.9 % 
 31.2 % 
 (100.0) % 
 32.3 % 

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(in millions) 
Gross profit (exclusive of depreciation): 

Net sales 
Cost of goods sold (exclusive of depreciation) 

Gross profit (exclusive of depreciation) (1) 

Brazil VAT charge (1) 

Adjusted gross profit (exclusive of depreciation) 

Year ended December 31,   

2021 

2020 

Favorable 
(unfavorable) 

% Change 

$ 

$ 

$ 

611.1    $ 
475.3     
135.8    $ 
—     
135.8    $ 

451.0    $ 
348.0     
103.0    $ 
0.4     
103.4    $ 

160.1   
(127.3)  
32.8   
(0.4)  
32.4   

 35.5 % 
 36.6 % 
 31.8 % 
 (100.0) % 
 31.3 % 

(1) 

In 2020, net sales and gross profit (exclusive of depreciation) includes a $0.4 million Brazil VAT charge. The charge of $0.3 million, net of associated 
fees, is excluded from Adjusted EBITDA in 2020.  

External  sales  increased  $159.4  million,  or  35.3%,  for  the  year  ended  December 31,  2021.  On  a  constant  currency  basis, 
external sales increased $142.2 million, or 31.5%, primarily due to chemical price inflation, operational execution, market share 
gains and higher industrial end market demand. 

Gross  profit  (exclusive  of  depreciation)  increased  $32.8 million,  or  31.8%,  for  the  year  ended  December 31,  2021.  On  a 
constant currency basis, gross profit (exclusive of depreciation) increased $30.8 million, or 29.9%, primarily due to chemical 
price  inflation,  operational  execution,  market  share  gains  and  higher  industrial  end  market  demand.  Gross  margin  decreased 
from 22.8% for the year ended December 31, 2020 to 22.2% for the year ended December 31, 2021, primarily from unfavorable 
changes in pricing from certain essential end markets as compared to the prior year and input cost inflation. 

Outbound  freight  and  handling  expenses  increased  $2.8  million,  or  28.9%,  for  the  year  ended  December 31,  2021.  On  a 
constant currency basis, outbound freight and handling expenses increased $2.4 million, or 24.7%, primarily due to higher sales 
volumes. 

WS&A  increased  $15.8  million,  or  31.2%,  for  the  year  ended  December 31,  2021.  On  constant  currency  basis,  WS&A 
increased $14.6 million, or 28.9%, primarily due to higher operating costs. As a percentage of external sales, WS&A decreased 
from 11.2% for the year ended December 31, 2020 to 10.9% for the year ended December 31, 2021. 

Adjusted  EBITDA  increased  $13.9  million,  or  32.3%,  for  the  year  ended  December 31,  2021.  On  a  constant  currency  basis, 
Adjusted EBITDA increased $13.5 million, or 31.4%, primarily due to higher gross profit (exclusive of depreciation), partially 
offset by higher WS&A. Adjusted EBITDA margin decreased from 9.5% to 9.3% for the year ended December 31, 2020 when 
compared to December 31, 2021, primarily from lower gross margin and increased WS&A. 

Liquidity and Capital Resources 

The  Company's  primary  source  of  liquidity  is  cash  generated  from  operations  and  borrowings  under  our  committed  North 
American  and  European  credit  facilities  (“facilities”).  As  of  December 31,  2021,  liquidity  for  the  Company  was  $1,021.2 
million,  comprised  of  $251.5  million  of  cash  and  cash  equivalents  and  $769.7  million  available  under  our  credit  facilities. 
These  facilities  are  guaranteed  by  certain  significant  subsidiaries  and  secured  by  such  parties’  eligible  trade  receivables  and 
inventory  with  the  maximum  borrowing  capacity  under  these  credit  facilities  of  $1.5  billion  and  €200  million.  Significant 
reductions  in  the  Company’s  trade  receivables  and  inventory  would  reduce  our  availability  to  access  liquidity  under  these 
facilities. The Company has no active financial maintenance covenants in its credit agreements, however, there is a springing 
fixed charge coverage ratio (“FCCR”) under the revolving credit facilities of 1.0x, applicable only if availability is less than or 
equal to 10% of the borrowing capacity. If the FCCR was applicable, the calculation would have been 6.1x as of December 31, 
2021. 

Our primary liquidity and capital resource needs are to service debt and to finance operating expenses, working capital, capital 
expenditures,  other  liabilities  including  environmental  remediation,  possible  business  acquisitions,  costs  of  integration,  share 
repurchases  and  general  corporate  purposes.  The  majority  of  the  Company’s  debt  obligations  mature  in  2026  and  beyond. 
Management continues to balance its focus on sales and earnings growth with continuing efforts in cost control and working 
capital management. 

Total debt as of December 31, 2021 was $2,265.0 million, consisting of senior term loans, senior unsecured notes, asset backed 
loans, finance lease obligations and short-term financing. Access to debt capital markets has historically provided the Company 
with  sources  of  liquidity  beyond  normal  operating  cash  flows. We  do  not  anticipate  having  difficulty  in  obtaining  financing 
from those markets in the future with our history of favorable results in the debt capital markets and strong relationships with 
global financial institutions. However, our ability to continue to access the debt capital markets with favorable interest rates and 
other terms will depend, to a significant degree, on maintaining our current ratings assigned by the credit rating agencies. 

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We  may  from  time  to  time  refinance  or  take  steps  to  reduce  debt  or  interest  cost.  The  amount  of  debt,  if  any,  that  may  be 
reduced  or  refinanced  will  depend  on  market  conditions,  trading  levels  of  our  debt,  our  cash  position,  compliance  with  debt 
covenants and other considerations. During 2021, we made a series of prepayments under the Canadian ABL Term Loan and 
fully extinguished the loan in October using the proceeds from the sale of the Canadian Agriculture services business and cash 
on  hand.  On  June  3,  2021,  the  Company  entered  into  the  Sixth Amendment  to  its  Credit Agreement,  which  provided  a  new 
Term B-6 Loan facility in an aggregate principal amount of $1.0 billion. The proceeds from the new Term B-6 Loan facility and 
an incremental borrowing under our existing North American ABL facility were used to repay in full the outstanding Term B-3 
Loan facility and satisfy related lending and refinancing fees. 

Our defined benefit pension plans had an underfunded status of $122.3 million and $228.9 million as of December 31, 2021 and 
2020, respectively. Based on current projections of minimum funding requirements, we expect to make cash contributions of 
$17.0 million to our defined benefit pension plans in 2022. The timing for any such requirement in future years is uncertain 
given  the  implicit  uncertainty  regarding  the  future  developments  of  the  “Risk  Factors”  described  in  Item 1A  of  this Annual 
Report on Form 10-K. 

We  expect  our  2022  capital  expenditures  for  maintenance,  safety  and  cost  improvements  and  investments  in  our  digital 
capabilities to be approximately $130 million to $140 million. Interest payments for 2022 are expected to be $85 million to $95 
million. We expect to fund our capital expenditures and our interest payments with cash from operations or cash on hand. 

We  believe funds provided by our  primary sources of  liquidity will be  adequate  to meet our  liquidity needs, debt repayment 
obligations,  and  capital  resource  and  share  repurchase  expectations  for  at  least  the  next  12  months  under  current  operating 
conditions. 

Cash Flows 

The following table presents a summary of our cash flow activity: 

(in millions) 
Net cash provided by operating activities 
Net cash provided (used) by investing activities 
Net cash used by financing activities 

Cash Provided by Operating Activities 

$ 

Year ended December 31, 
2020 
2021 

Inflow 
(Outflow) 

290.3    $ 
23.6     
(424.6)    

226.9    $ 
(41.3)    
(140.0)    

63.4  
64.9  
(284.6) 

Cash  provided  by  operating  activities increased $63.4  million  for  the  year  ended  December 31,  2021.  The  increase 
was primarily due to higher net income, exclusive of non-cash items, and changes in other, net, partially offset by changes in 
trade working capital. 

The  change  in  net  income,  exclusive  of  non-cash  items,  increased  $109.9  million  from  $390.5  million  for  the  year  ended 
December 31,  2020  to  $500.4  million  for  the  year  ended  December 31,  2021.  Cash  provided  by  other,  net,  increased  $254.1 
million as compared to the prior year, largely impacted by increased accrued compensation and multi-employer pension plan 
withdrawal liabilities in 2021, as well as timing differences in other assets and liabilities. 

Cash  used  by  trade  working  capital,  which  includes  trade  accounts  receivable,  net,  inventories  and  trade  accounts  payable, 
increased $264.4 million as compared to the prior year. The year-over-year increase in cash used by trade working capital is 
primarily due to higher trade accounts receivable from increased sales. 

Cash Provided (Used) by Investing Activities 

Investing cash flows in 2021 included the proceeds of $136.7 million from the sale of Distrupol business, proceeds of $29.0 
million from the sale of property, plant and equipment, cash paid of $28.7 million (net of cash acquired of $1.2 million) for the 
Sweetmix  acquisition  and  capital  expenditures  of  $110.9  million.  Investing  cash  flows  in  2020  included  proceeds  of  $39.3 
million from the sale of the Canadian Agriculture services business, proceeds of $46.5 million from the sale of property, plant 
and equipment and capital expenditures of $111.3 million. 

Cash Used by Financing Activities 

Financing  cash  flows  in  2021  included  long  term  debt  issuances  of  $995.0  million,  long-term  debt  repayments  of  $1,440.5 
million, share repurchases of $50.0 million, net proceeds under revolving credit facilities of $32.4 million and proceeds from 
the exercise of warrants of $27.1 million. Financing cash flows in 2020 included long-term debt repayments of $205.3 million 
and net proceeds under revolving credit facilities of $65.5 million. 

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Contractual Obligations and Commitments 

Our contractual obligations and commitments as of December 31, 2021 are as follows: 

Payment Due by Period 

(in millions) 
Finance leases(1) 
Long-term debt, including current maturities (2) 
Interest (3) 
Minimum operating lease payments(1) 
Estimated environmental liability payments 
Other (4) 

Total (5) 

Total 

2022 

$ 

110.7    $ 
2,184.9     
444.8     
201.9     
88.1     
116.3     
$  3,146.7    $ 

  2023 - 2024    2025 - 2026    Thereafter 
10.3  
30.2    $ 
1,445.0  
400.0     
72.7  
134.9     
54.5  
32.6     
19.7  
9.9     
18.3     
30.7  
625.9    $  1,632.9  

39.7    $ 
325.9     
158.8     
62.5     
19.2     
31.7     
637.8    $ 

30.5    $ 
14.0     
78.4     
52.3     
39.3     
35.6     
250.1    $ 

(1) 
(2) 
(3) 

(4) 
(5) 

See “Note 22: Leasing” in Item 8 of this Annual Report on Form 10-K for additional information.  
See “Note 18: Debt” in Item 8 of this Annual Report on Form 10-K for additional information.  
Interest payments on debt are calculated for future periods using interest rates in effect as of December 31, 2021 and obligations on that date. Projected 
interest payments include the related effects of interest rate swap agreements and cross currency swaps. Certain of these projected interest payments 
may differ in the future based on changes in floating interest rates, foreign currency fluctuations or other factors or events.  
Commitments related to purchase commitments, multi-employer plan withdrawal obligations and acquisitions. 
This  table  excludes  our  pension  and  postretirement  medical  benefit  obligations.  Based  on current  projections  of  minimum  funding  requirements,  we 
expect to make cash contributions of $17.0 million to our defined benefit pension plans in the year ended December 31, 2022. The timing for any such 
requirement  in  future  years  is  uncertain  given  the  implicit  uncertainty  regarding  the  future  developments  of  factors  described  in  “Risk  Factors”  in 
Item 1A of this Annual Report on Form 10-K and “Note 11: Employee benefit plans” in Item 8 of this Annual Report on Form 10-K. 

We expect that we will be able to fund our obligations and commitments with cash flows from operations. To the extent we are 
unable to fund these obligations and commitments with cash flows from operations, we intend to fund them with proceeds from 
available borrowing capacity under our ABL Facilities or under future financings. 

Off-Balance Sheet Arrangements 

With the exception of letters of credit, we had no material off-balance sheet arrangements as of December 31, 2021.  

Critical Accounting Estimates 

Preparation  of  our  financial  statements  requires  management  to  make  estimates  and  assumptions  that  affect  the  reported 
amounts of assets, liabilities, revenues and expenses. Actual results may differ from these estimates under different assumptions 
or conditions. 

Our significant accounting policies are described in “Note 2: Significant accounting policies” in Item 8 of this Annual Report 
on  Form  10-K.  We  consider  an  accounting  estimate  to  be  critical  if  that  estimate  requires  that  we  make  assumptions  about 
matters that are highly uncertain at the time we make that estimate and if different estimates that we could reasonably have used 
or  changes  in  accounting  estimates  that  are  reasonably  likely  to  occur  could  materially  affect  our  consolidated  financial 
statements. Our critical accounting estimates are as follows: 

Goodwill 

Total  goodwill  as  of  December 31,  2021  and  2020  was  $2,310.4  million  and  $2,270.4  million,  respectively.  We  perform  an 
annual impairment assessment of goodwill at the reporting unit level each year as of October 1, or more frequently if potential 
impairment  indicators  exist. The  analysis may  include both qualitative  and quantitative  factors  to  assess  the  likelihood  of  an 
impairment.  The  reporting  unit’s  carrying  value  used  in  an  impairment  test  represents  the  assignment  of  various  assets  and 
liabilities, including corporate allocations, based on the enterprise approach. See "Note 15: Goodwill and intangible assets" in 
Item 8 of this Annual Report on Form 10-K. 

Qualitative  factors  include  industry  and  market  considerations,  overall  financial  performance,  and  other  relevant  events  and 
factors affecting the reporting units. Additionally, as part of this assessment, we may perform a quantitative analysis to support 
the qualitative factors above by applying sensitivities to assumptions and inputs used in measuring a reporting unit’s fair value. 

Our quantitative impairment test considers both the income approach and the market approach to estimate a reporting unit’s fair 
value.  Significant  estimates  include  forecasted  EBITDA,  market  segment  growth  rates,  estimated  costs,  and  discount  rates 
based  on  a  reporting  unit's  weighted  average  cost  of  capital. The  use  of  different  assumptions,  estimates  or  judgments  could 
significantly impact the estimated fair value of a reporting unit, and therefore impact a reporting unit's fair value in excess of 
carrying value assessment. 

34 

  
 
 
 
 
 
 
 
 
  
  
  
  
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We test the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. In the 
current year, a quantitative assessment was performed on the Canada reporting unit due to the limited headroom of fair value 
above carrying value noted during the 2020 review. For the 2021 review, the calculated fair value of the Canada reporting unit 
exceeded its carrying value by a significant margin. 

Through qualitative assessments performed on the USA, EMEA, Latin America, and Asia-Pacific reporting units, we concluded 
that  it  was  more  likely  than  not  that  each  reporting  unit’s  fair  value  exceeded  its  carrying  value.  As  such,  quantitative 
assessments were not performed for these reporting units. 

Business Combinations 

We  allocate  the  purchase  price  paid  for  assets  acquired  and  liabilities  assumed  in  connection  with  our  acquisitions  based  on 
their estimated fair values at the time of acquisition. This allocation involves a number of assumptions, estimates and judgments 
in determining the fair value, as of the acquisition date, of the following: 

• 

• 
• 
• 

intangible  assets,  including  the  valuation  methodology,  estimations  of  future  cash  flows,  discount  rates,  recurring 
revenues attributed to customer relationships, and our assumed market segment share, as well as the estimated useful 
life of intangible assets; 
deferred tax assets and liabilities, uncertain tax positions, and tax-related valuation allowances; 
inventory; property, plant and equipment; pre-existing liabilities or legal claims; and 
goodwill as measured as the excess of consideration transferred over the net of the acquisition date fair values of the 
assets acquired and the liabilities assumed. 

Our assumptions and estimates are based upon comparable market data and information obtained from our management and the 
management  of  the  acquired  companies.  We  allocate  goodwill  to  the  reporting  units  that  are  expected  to  benefit  from  the 
business combination. 

Environmental Liabilities 

We recognize environmental liabilities for probable and reasonably estimable losses associated with environmental remediation. 
The  estimated  environmental  liability  includes  incremental  direct  costs  of  investigations,  remediation  efforts  and  post-
remediation monitoring. The total environmental reserve at December 31, 2021 and 2020 was $88.1 million and $79.6 million, 
respectively.  See “Note 21: Commitments and contingencies” in Item 8 of this Annual Report on Form 10-K. 

Our environmental reserves are subject to numerous uncertainties that affect our ability to estimate our costs, or our share of 
costs if multiple parties are responsible. These uncertainties involve the legal, regulatory and enforcement parameters governing 
environmental  assessment  and  remediation,  the  nature  and  extent  of  contamination  at  these  sites,  the  extent  and  cost  of 
assessment  and  remediation  efforts  required,  our  insurance  coverage  for  these  sites  and,  in  the  case  of  sites  with  multiple 
responsible  parties,  the  number  and  financial  strength  of  those  parties.  In  addition,  our  determination  as  to  whether  a  loss  is 
probable may change, particularly as new facts emerge as to the causes of contamination. We evaluate each environmental site 
as new information and facts become available and make adjustments to reserves based upon our assessment of these factors, 
using technical experts, legal counsel and other specialists.    

Defined Benefit Pension and Other Postretirement Obligations 

We sponsor defined benefit pension plans in the US and other countries. The valuation for these plans depends on assumptions 
made by management, which are used by actuaries we engage to calculate the projected and accumulated benefit obligations 
and  the  annual  expense  recognized  for  these  plans.  These  assumptions  include  discount  rates,  expected  return  on  assets, 
mortality and retirement rates, and for certain plans, rates for compensation increases. Actual experience different from those 
estimated  assumptions  can  result  in  the  recognition  of  gains  and  losses  in  earnings,  as  our  accounting  policy  is  to  recognize 
changes in the fair value of plan assets and projected benefit obligation in the fourth quarter of each year (the “mark to market” 
adjustment),  unless  an  earlier  remeasurement  is  required.  We  recorded  a  mark  to  market  gain  of  $75.9  million  for  the  year 
ended December 31, 2021 and a mark to market loss of $52.6 million for the year ended December 31, 2020. See “Note 11: 
Employee benefit plans” in Item 8 of this Annual Report on Form 10-K for additional information. 

Due  to  the  phasing  out  of  benefits  under  our  postretirement  plans,  changes  in  assumptions  have  an  immaterial  effect  on  the 
obligation. 

A change in the assumed discount rate and return on plan assets rate would have the following effects: 

35 

Table of Contents 

(in millions) 
Discount rate 
Discount rate 
Expected return on plan assets 
Expected return on plan assets 

Income Taxes 

Percentage Change 
25 bps decrease 
25 bps increase 
100 bps decrease 
100 bps increase 

Increase (decrease) in 

2021 Pension Benefit 
Obligation 

  2022 Net Benefit Cost  
  $ 

(2.1)   $ 
1.9     
10.3   
(10.3)  

48.2  
(45.6) 
N/A 
N/A 

The Company is subject to income taxes in the jurisdictions in which it sells products and earns revenues. We record income 
taxes under  the  asset  and  liability  method. Under  this  method,  deferred tax  assets  and liabilities  are  recognized based on  the 
future  tax  consequences  to  temporary  differences  between  the  financial  statement  carrying  values  of  existing  assets  and 
liabilities  and  their  respective  tax  bases.  Deferred  tax  assets  and  liabilities  are  measured  using  enacted  tax  rates  expected  to 
apply in the years in which the temporary differences are expected to be recovered or paid. A reduction of the carrying values of 
deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such 
assets will not be realized. In evaluating our ability to realize deferred tax assets, in full or in part, we considered all available 
positive and negative evidence, including past operating results, forecasted and appropriate character of future taxable income, 
the  duration  of  statutory  carryforward  periods,  our  experience  with  operating  loss  and  tax  credit  carryforwards  not  expiring 
unused and feasible tax strategies. We have a valuation allowance on certain deferred tax assets, primarily related to foreign tax 
credits and net operating loss carry forwards. 

Recently Issued Accounting Pronouncements 

See “Note 2: Significant accounting policies” in Item 8 of this Annual Report on Form 10-K. 

Non-GAAP Financial Measures 

We monitor the results of our reportable segments separately for the purposes of making decisions about resource allocation and 
performance  assessment,  and  evaluate  performance  using  Adjusted  EBITDA.  Additionally,  the  Company  uses  Adjusted 
EBITDA  in  setting  performance  incentive  targets  to  align  management  compensation  measurement  with  operational 
performance.  

We  define  Adjusted  EBITDA  as  the  sum  of  consolidated  net  income  (loss),  net  income  from  discontinued  operations,  net 
interest expense, income tax expense, depreciation, amortization, impairment charges, (gain) loss on sale of business, loss on 
extinguishment of debt, other operating expenses, net, and other income (expense), net (see “Note 6: Other operating expenses, 
net”  and  “Note  8:  Other  income  (expense),  net”  in  Item  8  of  this Annual  Report  on  Form  10-K  for  additional  information). 
Adjusted  EBITDA  also  includes  an  adjustment  to  remove  a  Brazil  VAT  charge  for  2020  and  in  2019,  inventory  step-up 
adjustment and Brazil VAT recovery. For a reconciliation of the non-GAAP financial measures to its most comparable GAAP 
measure, see below and “Analysis of Segment Results” within this Item.  

We believe that other financial measures, as defined below, that do not comply with US GAAP provide relevant and meaningful 
Company.  
information 

concerning 

operating 

ongoing 

results 

future 

and 

the 

the 

of 

•  Adjusted  EBITDA  margin: Adjusted  EBITDA  divided  by  external  sales  on  a  segment  level  and  by  net  sales  on  a 

consolidated level; 

•  Gross profit (exclusive of depreciation): net sales less cost of goods sold (exclusive of depreciation); 
•  Adjusted  gross  profit  (exclusive  of  depreciation):  net  sales  less  cost  of  goods  sold  (exclusive  of  depreciation)  plus 

inventory step-up adjustment and Brazil VAT charge (recovery), as applicable; 

•  Gross margin: gross profit (exclusive of depreciation) divided by external sales on a segment level and by net sales on 

a consolidated level;  

•  Adjusted gross margin: adjusted gross profit (exclusive of depreciation) divided by external sales on a segment level 

and by net sales on a consolidated level; 

•  Net free cash flow conversion: net cash provided by operating activities, less capital expenditures divided by Adjusted 

EBITDA; 

•  Leverage Ratio: total net debt divided by last twelve months (“LTM”) Adjusted EBITDA; and 
•  Net Debt: total short-term and long-term debt plus short-term financing less cash and cash equivalents. 

The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency 
presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. 
The  Company  believes  providing  information  on  a  constant  currency  basis  provides  valuable  supplemental  information 
regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency 

36 

  
 
 
   
   
   
 
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percentages and other information by converting its financial results in local currency for a period using the average exchange 
rate for the prior period to which it is comparing. 

The non-GAAP financial measures noted above are not calculated in accordance with GAAP and should not be considered a 
substitute for net income or any other measure of financial performance presented in accordance with GAAP. They are included 
as  a  complement  to  results  provided  in  accordance  with  GAAP  because  management  believes  these  non-GAAP  financial 
measures help investors’ ability to analyze underlying trends in the Company’s business, evaluate its performance relative to 
other companies in its industry and provide useful information to both management and investors by excluding certain items 
that  may  not  be  indicative  of  the  Company’s  core  operating  results. Additionally,  other  companies  may  calculate  Adjusted 
EBITDA differently than we do, limiting its usefulness as a comparative measure. 

The  following  is  a  quantitative  reconciliation  of  Adjusted  EBITDA  to  the  most  directly  comparable  GAAP  financial 
performance measure, which is net income (loss): 

(in millions) 
Net income (loss) 

Net income from discontinued operations 
Depreciation 
Amortization 
Interest expense, net 
Income tax expense from continuing operations 

EBITDA 

Other operating expenses, net (1) 
Other (income) expense, net  (2) 
Impairment charges 
(Gain) loss on sale of business 
Loss on extinguishment of debt 
Brazil VAT charge (recovery) 
Inventory step-up adjustment 

Adjusted EBITDA 

2021 

Year ended December 31, 
2020 

2019 

$ 

$ 

$ 

460.6   $ 
—    
150.9    
52.5    
97.2    
124.6    
885.8   $ 
107.5    
(112.7)   
3.0    
(88.2)   
2.3    
—    
—    
797.7   $ 

52.9   $ 
—    
162.9    
60.0    
112.4    
6.1    
394.3   $ 
89.4    
59.2    
40.2    
50.6    
1.8    
0.3    
—    
635.8   $ 

(100.2) 
(5.4) 
155.0  
59.7  
139.5  
104.5  
353.1  
291.2  
77.5  
7.0  
(41.4) 
19.8  
(8.3) 
5.3  
704.2  

(1) 
(2) 

Refer to "Note 6: Other operating expenses, net" in Item 8 of this Annual Report on Form 10-K for more information. 
Refer to "Note 8: Other income (expense), net" in Item 8 of this Annual Report on Form 10-K for more information. 

The following is a quantitative reconciliation of gross profit (exclusive of depreciation): 

(in millions) 
Net sales 
Cost of goods sold (exclusive of depreciation) 

Gross profit (exclusive of depreciation) 

2021 

Year ended December 31, 
2020 

2019 

$ 

$ 

9,535.5    $ 
7,142.3     
2,393.2    $ 

8,265.0    $ 
6,262.8     
2,002.2    $ 

9,286.9  
7,146.1  
2,140.8  

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 

Financial Risk Management Objectives and Policies 

The principal risks arising from our financial instruments are interest rate and foreign currency risk. We use derivative financial 
instruments  to  reduce  exposure  to  fluctuations  in  foreign  exchange  rates  and  interest  rates  in  certain  limited  circumstances 
described below. We follow a strict policy that prohibits trading in financial instruments other than to acquire and manage these 
hedging  positions.  We  do  not  hold  or  issue  derivative  or  other  financial  instruments  for  speculative  purposes,  or  to  hedge 
translation risk.  

Interest Rate Risk 

Our exposure to market risk for changes in interest rates relates primarily to our long-term debt obligations. Under our hedging 
policy, we seek to maintain an appropriate amount of fixed-rate debt obligations, either directly or effectively through interest 
rate derivative contracts that fix the interest rate payable on all or a portion of our floating rate debt obligations. We assess the 
anticipated mix of the fixed versus floating amount of debt once a year, in connection with our annual budgeting process, with 
the purpose of hedging variability of interest expense and interest payments on our variable rate bank debt and maintaining a 
mix  of  both  fixed  and  floating  rate  debt.  As  of  December 31,  2021,  approximately  76%  of  our  debt  was  fixed  rate  after 
consideration of interest rate swap contracts. 

Below is a chart showing the sensitivity of both a 100 basis point and 200 basis point increase in interest rates (including the 
impact of derivatives), with other variables held constant on our earnings before tax. 

(in millions) 
100 basis point increase in variable interest rates 
200 basis point increase in variable interest rates 

Foreign Currency Risk 

Year ended December 
31, 2021 

$ 

5.4  
10.9  

Because  we  conduct  our  business  on  an  international  basis  in  multiple  currencies,  we  may  be  adversely  affected  by  foreign 
exchange  rate  fluctuations.  Although  we  report  financial  results  in  US  dollars,  a  substantial  portion  of  our  net  sales  and 
expenses  are  denominated  in  currencies  other  than  the  US  dollar,  particularly  the  euro,  the  Canadian  dollar  and  European 
currencies other than the euro, including the British pound sterling. Fluctuations in exchange rates could therefore significantly 
affect our reported results from period to period as we translate results in local currencies into US dollars. We have not used 
derivative instruments to hedge the translation risk related to earnings of foreign subsidiaries. 

Additionally, our investments in EMEA, Canada and LATAM are subject to foreign currency risk. Currency fluctuations result 
in  non-cash  gains  and  losses  that  do  not  impact  income  before  income  taxes,  but  instead  are  recorded  as  accumulated  other 
comprehensive loss in equity in our consolidated balance sheet. We do not hedge our investment in non-US entities because 
those investments are viewed as long-term in nature. 

The  majority  of  our  currency  risk  arising  on  cash,  accounts  receivable,  accounts  payable  and  loan  balances  denominated  in 
currencies other than those which we record the financial results for a business operation stem from exposures to the US dollar, 
euro or British pound sterling. The following table illustrates the sensitivity of our 2021 consolidated earnings before income 
taxes (including the impact of foreign currency derivative instruments), to a 10% increase in the value of the US dollar, euro, 
and British pound sterling with all other variables held constant. 

(in millions) 
10% strengthening of US dollar 
10% strengthening of euro 
10% strengthening of British pound sterling 

Year ended December 
31, 2021 

$ 

(2.3) 
3.2  
(1.1) 

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 

Reports of Independent Registered Public Accounting Firm  (PCAOB ID: 42) 
Consolidated Statements of Operations for the years ended December 31, 2021, 2020 and 2019 
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2021, 2020 and 
2019 
Consolidated Balance Sheets as of December 31, 2021 and 2020 
Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020 and 2019 
Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2021, 2020 
and 2019 
Notes to the Consolidated Financial Statements 
Note 1: Nature of operations 
Note 2: Significant accounting policies 
Note 3: Business combinations 
Note 4: Discontinued operations and dispositions 
Note 5: Revenue 
Note 6: Other operating expenses, net 
Note 7: Restructuring charges 
Note 8: Other expense, net 
Note 9: Income taxes 
Note 10: Earnings per share 
Note 11: Employee benefit plans 
Note 12: Stock-based compensation 
Note 13: Accumulated other comprehensive loss 
Note 14: Property, plant and equipment, net 
Note 15: Goodwill and intangible assets 
Note 16: Impairment charges 
Note 17: Other accrued expenses 
Note 18: Debt 
Note 19: Fair value measurements 
Note 20: Derivatives 
Note 21: Commitments and contingencies 
Note 22: Leasing 
Note 23: Segments 
Schedule II - Valuation and qualifying accounts 

Page 
40 
43 

44 

45 
46 

47 

48 
48 
48 
53 
55 
56 
58 
58 
59 
59 
62 
62 
68 
72 
73 
73 
74 
74 
75 
78 
78 
80 
82 
84 

86 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

To the Shareholders and Board of Directors of Univar Solutions Inc.  

Opinion on the Financial Statements  

We have audited the accompanying consolidated balance sheets of Univar Solutions Inc. (the Company) as of December 31, 
2021 and 2020, the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash 
flows for each of the three years in the period ended December 31, 2021, and the related notes and financial statement schedule 
listed  in  the  Index  at  Item  15(a)  (collectively  referred  to  as  the  “consolidated  financial  statements”).  In  our  opinion,  the 
consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 
2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 
2021, in conformity with U.S. generally accepted accounting principles. 

We also have audited,  in  accordance with  the  standards of  the  Public  Company Accounting  Oversight  Board (United  States) 
(PCAOB), the Company’s internal control over financial reporting as of December 31, 2021, based on criteria established in 
Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 
(2013 framework), and our report dated February 25, 2022 expressed an unqualified opinion thereon. 

Basis for Opinion  

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on 
the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are 
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable 
rules and regulations of the Securities and Exchange Commission and the PCAOB.  

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to 
error  or  fraud.  Our  audits  included  performing  procedures  to  assess  the  risks  of  material  misstatement  of  the  financial 
statements,  whether  due  to  error  or  fraud,  and  performing  procedures  that  respond  to  those  risks.  Such  procedures  included 
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included 
evaluating  the  accounting  principles  used  and  significant  estimates  made  by  management,  as  well  as  evaluating  the  overall 
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. 

Critical Audit Matter 

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that 
was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that 
are  material  to  the  financial  statements  and  (2)  involved  our  especially  challenging,  subjective,  or  complex  judgments.  The 
communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken 
as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit 
matter or on the accounts or disclosures to which it relates. 

Description of the 
Matter 

Environmental Liabilities 
At December 31, 2021, the Company’s environmental liability balance was $88.1 million. As discussed in 
Note 21 of the consolidated financial statements, the Company is subject to various federal, state and local 
environmental  laws  and  regulations  that  require  environmental  assessment  or  remediation  efforts 
(collectively  “environmental  remediation  work”)  at  approximately  127  locations.  In  determining  the 
appropriate  level  of  environmental  reserves,  the  Company  considers  several  factors  such  as  information 
obtained  from  investigatory  studies;  changes  in  the  scope  of  the  remediation;  the  interpretation, 
application  and  enforcement  of  laws  and  regulations;  changes  in  the  costs  of  remediation programs; the 
development  of  alternative  cleanup  technologies  and  methods;  and  the  relative  level  of  the  Company’s 
involvement at various sites for which the Company is allegedly associated. 

Auditing  management’s  accrual  for  environmental  liabilities  was  especially  challenging  because  it 
involves  judgmental  underlying  assumptions,  including  remediation  methods,  remediation  time  horizon 
and  remediation  cost  estimates.  These  assumptions  have  a  significant  effect  on  the  accrual  for 
environmental liabilities. 

40 

  
 
 
 
 
 
 
 
 
 
Table of Contents 

How we 
addressed the 
Matter in Our 
Audit 

We  tested  management’s  controls  that  address  the  risks  of  material  misstatement  relating  to  the 
measurement  and  valuation  of  the  environmental  liabilities.  For  example,  we  tested  controls  over 
management’s review of the environmental liability calculations and the significant assumptions and data 
inputs used by management. 

To test the accrual for environmental liabilities, we involved our specialist to assist us in evaluating the 
reasonableness of the Company’s calculation and underlying assumptions. We performed audit procedures 
that included, among others, assessing key methodologies and testing the significant assumptions and the 
underlying  data  used  by  management.  For  example,  we  tested  the  site’s  current  remediation  status  and 
remediation  strategy,  which  included  an  analysis  of  the  site’s  remediation  timeline,  regulatory 
requirements, remediation actions and related technologies and eligibility for discounting. In addition, we 
performed  a  search  of  various  data  sources  for  any  unidentified  environmental  liabilities  for  which  the 
Company may be liable. 

/s/ Ernst & Young LLP   
We have served as the Company’s auditor since 2010. 
Chicago, Illinois 
February 25, 2022 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

To the Shareholders and Board of Directors of Univar Solutions Inc.  

Opinion on Internal Control Over Financial Reporting 

We have audited Univar Solutions Inc.’s internal control over financial reporting as of December 31, 2021, based on criteria 
established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway 
Commission  (2013  framework)  (the  COSO  criteria).  In  our  opinion,  Univar  Solutions  Inc.  (the  Company)  maintained,  in  all 
material respects, effective internal control over financial reporting as of December 31, 2021, based on the COSO criteria. 

We also have audited,  in  accordance with  the  standards of  the  Public  Company Accounting  Oversight  Board (United  States) 
(PCAOB),  the  consolidated  balance  sheets  of  the  Company  as  of  December  31,  2021  and  2020,  the  related  consolidated 
statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for each of the three years in the 
period ended December 31, 2021, and the related notes and financial statement schedule listed in the Index at Item 15(a) and 
our report dated February 25, 2022 expressed an unqualified opinion thereon. 

Basis for Opinion 

The  Company’s  management  is  responsible  for  maintaining  effective  internal  control  over  financial  reporting  and  for  its 
assessment of the effectiveness of internal control over financial reporting included in the accompanying Management Report 
on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over 
financial  reporting  based  on  our  audit.  We  are  a  public  accounting  firm  registered  with  the  PCAOB  and  are  required  to  be 
independent  with  respect  to  the  Company  in  accordance  with  the  U.S.  federal  securities  laws  and  the  applicable  rules  and 
regulations of the Securities and Exchange Commission and the PCAOB. 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audit  to  obtain  reasonable  assurance  about  whether  effective  internal  control  over  financial  reporting  was  maintained  in  all 
material respects.   

Our  audit  included  obtaining  an  understanding  of  internal  control  over  financial  reporting,  assessing  the  risk  that  a  material 
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and 
performing  such  other  procedures  as  we  considered  necessary  in  the  circumstances.  We  believe  that  our  audit  provides  a 
reasonable basis for our opinion. 

Definition and Limitations of Internal Control Over Financial Reporting 

A  company’s  internal  control  over  financial  reporting  is  a  process  designed  to  provide  reasonable  assurance  regarding  the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted  accounting  principles. A  company’s  internal  control  over  financial  reporting  includes  those  policies  and  procedures 
that  (1)  pertain  to  the  maintenance  of  records  that,  in  reasonable  detail,  accurately  and  fairly  reflect  the  transactions  and 
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit 
preparation  of  financial  statements  in  accordance  with  generally  accepted  accounting  principles,  and  that  receipts  and 
expenditures  of  the  company  are  being  made  only  in  accordance  with  authorizations  of  management  and  directors  of  the 
company;  and (3) provide  reasonable assurance regarding  prevention or  timely detection of  unauthorized  acquisition,  use, or 
disposition of the company’s assets that could have a material effect on the financial statements. 

Because  of  its  inherent  limitations,  internal  control  over  financial  reporting  may  not  prevent  or  detect  misstatements. Also, 
projections  of  any  evaluation  of  effectiveness  to  future  periods  are  subject  to  the  risk  that  controls  may  become  inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

/s/ Ernst & Young LLP 
Chicago, Illinois 
February 25, 2022 

42 

  
 
 
 
 
 
 
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UNIVAR SOLUTIONS INC. 
CONSOLIDATED STATEMENTS OF OPERATIONS 

(in millions, except per share data) 
Net sales 
Cost of goods sold (exclusive of depreciation) 
Operating expenses: 

Outbound freight and handling 
Warehousing, selling and administrative 
Other operating expenses, net (1) 
Depreciation 
Amortization 
Impairment charges 
Total operating expenses 
Operating income 
Other income (expense): 

Interest income 
Interest expense 
Gain (loss) on sale of business 
Loss on extinguishment of debt 
Other income (expense), net (1) 

Total other income (expense) 
Income (loss) before income taxes 
Income tax expense from continuing operations 
Net income (loss) from continuing operations 
Net income from discontinued operations 
Net income (loss) 

Income (loss) per common share: 

Basic from continuing operations 
Basic from discontinued operations 
Basic income (loss) per common share 
Diluted from continuing operations 
Diluted from discontinued operations 
Diluted income (loss) per common share 

Weighted average common shares outstanding: 

Basic 
Diluted 

  $ 

  $ 

  $ 
  $ 

  $ 

  $ 
  $ 

  $ 
  $ 
  $ 

  $ 

  $ 
  $ 

  $ 

Year ended December 31, 
2020 

2021 

9,535.5    $ 
7,142.3     

8,265.0    $ 
6,262.8     

2019 

9,286.9  
7,146.1  

403.7    $ 
1,191.8     
107.5     
150.9     
52.5     
3.0     
1,909.4    $ 
483.8    $ 

4.3    $ 
(101.5)    
88.2     
(2.3)    
112.7     
101.4    $ 
585.2    $ 
124.6     
460.6    $ 
—    $ 
460.6    $ 

2.71    $ 
—     
2.71    $ 
2.69    $ 
—     
2.69    $ 

344.4    $ 
1,022.3     
89.4     
162.9     
60.0     
40.2     
1,719.2    $ 
283.0    $ 

2.1    $ 
(114.5)    
(50.6)    
(1.8)    
(59.2)    
(224.0)   $ 
59.0    $ 
6.1     
52.9    $ 
—    $ 
52.9    $ 

0.31    $ 
—     
0.31    $ 
0.31    $ 
—     
0.31    $ 

364.8  
1,068.8  
291.2  
155.0  
59.7  
7.0  
1,946.5  
194.3  

7.7  
(147.2) 
41.4  
(19.8) 
(77.5) 
(195.4) 
(1.1) 
104.5  
(105.6) 
5.4  
(100.2) 

(0.64) 
0.03  
(0.61) 
(0.64) 
0.03  
(0.61) 

170.2     
171.4     

169.0     
169.8     

164.1  
164.1  

(1) 

For the years ended December 31, 2020 and 2019, the fair value adjustment for warrants was reclassified to other income (expense), net, from other 
operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information. 

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

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UNIVAR SOLUTIONS INC. 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)  

(in millions) 
Net income (loss) 
Other comprehensive income (loss), net of tax: 
Impact due to adoption of ASU 2018-02(1) 
Foreign currency translation 
Pension and other postretirement benefits adjustment 
Derivative financial instruments 

Total other comprehensive income (loss), net of tax 
Comprehensive income (loss) 

Year ended December 31, 
2020 

2021 

2019 

460.6    $ 

52.9    $ 

(100.2) 

—    $ 
5.0     
(2.5)    
21.9     
24.4    $ 
485.0    $ 

—    $ 
(10.7)    
20.2     
(17.3)    
(7.8)   $ 
45.1    $ 

(3.2) 
22.8  
0.1  
(25.8) 
(6.1) 
(106.3) 

  $ 

  $ 

  $ 
  $ 

(1) 

Adjusted  due  to  the  adoption  of Accounting  Standards  Update  (“ASU”)  2018-02  “Reclassification  of  Certain  Tax  Effects  from Accumulated  Other 
Comprehensive Income” on January 1, 2019. 

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

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(in millions, except per share data) 
Assets 
Current assets: 

UNIVAR SOLUTIONS INC. 
CONSOLIDATED BALANCE SHEETS 

Cash and cash equivalents 
Trade accounts receivable, net of allowance for doubtful accounts of $15.8 and $17.2 at 
December 31, 2021 and 2020, respectively. 
Inventories 
Prepaid expenses and other current assets 

Total current assets 

Property, plant and equipment, net 
Goodwill 
Intangible assets, net 
Deferred tax assets 
Other assets 

Total assets 
Liabilities and stockholders’ equity 
Current liabilities: 

Short-term financing 
Trade accounts payable 
Current portion of long-term debt 
Accrued compensation 
Other accrued expenses 

Total current liabilities 
Long-term debt 
Pension and other postretirement benefit liabilities 
Deferred tax liabilities 
Other long-term liabilities 

Total liabilities 
Stockholders’ equity:(1) 
Common stock 
Additional paid-in capital 
Treasury Stock 
Accumulated deficit 
Accumulated other comprehensive loss 

Total stockholders’ equity 
Total liabilities and stockholders’ equity 

December 31, 

2021 

2020 

  $ 

251.5    $ 

386.6  

1,539.5     
932.2     
169.1     
2,892.3    $ 
1,031.0    $ 
2,310.4     
211.7     
29.4     
303.0     
6,777.8    $ 

—    $ 
1,009.3     
41.5     
196.4     
420.4     
1,667.6    $ 
2,223.5    $ 
211.7     
56.1     
326.4     
4,485.3    $ 

1.7    $ 
3,048.5     
(50.0)    
(345.0)    
(362.7)    
2,292.5    $ 
6,777.8    $ 

1,239.8  
674.0  
151.5  
2,451.9  
1,065.7  
2,270.4  
251.9  
29.6  
285.5  
6,355.0  

2.1  
765.1  
163.5  
102.2  
374.1  
1,407.0  
2,477.1  
308.8  
39.3  
330.5  
4,562.7  

1.7  
2,983.3  
—  
(805.6) 
(387.1) 
1,792.3  
6,355.0  

  $ 
  $ 

  $ 

  $ 

  $ 
  $ 

  $ 

  $ 

  $ 
  $ 

(1) 

Preferred  stock,  200.0 million  shares  authorized  at  $0.01  par  value  with  no  shares  issued  or  outstanding  as  of  December 31,  2021  and  2020, 
respectively. Common stock, 2.0 billion shares authorized at $0.01 par value with 169.4 million and 169.3 million shares outstanding at December 31, 
2021 and 2020, respectively. Shares outstanding are net of treasury stock of 1.8 million at December 31, 2021. 

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

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UNIVAR SOLUTIONS INC. 
CONSOLIDATED STATEMENTS OF CASH FLOWS 

(in millions) 
Operating activities: 
Net income (loss) 
Adjustments to reconcile net (loss) income to net cash provided by operating activities: 

Depreciation and amortization 
Impairment charges 
Amortization of deferred financing fees and debt discount 
(Gain) loss on sale of business 
Gain on sale of property, plant and equipment and other assets 
Pension mark to market (gain) loss 
Loss on extinguishment of debt 
Deferred income taxes 
Stock-based compensation expense 
Fair value adjustment for warrants (1) 
Other 
Changes in operating assets and liabilities: 

Trade accounts receivable, net 
Inventories 
Prepaid expenses and other current assets 
Trade accounts payable 
Other, net (1) 

Net cash provided by operating activities 
Investing activities: 

Purchases of property, plant and equipment 
Purchases of businesses, net of cash acquired 
Proceeds from sale of property, plant and equipment and other assets 
Proceeds from sale of business 
Other 

Net cash provided (used) by investing activities 
Financing activities: 

Proceeds from the issuance of long-term debt, net 
Payments on long-term debt and finance lease obligations 
Net proceeds under revolving credit facilities 
Financing fees paid 
Taxes paid related to net share settlements of stock-based compensation awards 
Reacquired shares 
Stock option exercises 
Proceeds from the exercise of warrants 
Other 

Net cash (used) provided by financing activities 
Effect of exchange rate changes on cash and cash equivalents 
Net (decrease) increase in cash and cash equivalents 
Cash and cash equivalents at beginning of period 
Cash and cash equivalents at end of period 
Supplemental disclosure of cash flow information: 

Cash paid during the period for: 

Income taxes 
Interest, net of capitalized interest 

Non-cash activities: 

Year ended December 31, 
2020 

2019 

2021 

  $ 

460.6    $ 

52.9    $ 

(100.2) 

203.4     
3.0     
6.2     
(88.2)    
(10.1)    
(75.9)    
2.3     
6.4     
25.4     
(33.8)    
1.1     

(328.6)    
(270.2)    
(35.0)    
255.1     
168.6     
290.3    $ 

(110.9)   $ 
(28.7)    
29.0     
136.5     
(2.3)    
23.6    $ 

995.0    $ 
(1,440.5)    
32.4     
(1.0)    
(2.6)    
(50.0)    
13.4     
27.1     
1.6     
(424.6)   $ 
(24.4)   $ 
(135.1)    
386.6     
251.5    $ 

222.9     
40.2     
6.5     
50.6     
(23.7)     
52.8     
1.8     
(32.4)     
14.5     
0.8     
3.6     

(66.0)     
126.0     
1.2     
(139.3)     
(85.5)     
226.9    $ 

(111.3)    $ 
(4.6)     
46.5     
37.3     
(9.2)     
(41.3)    $ 

—    $ 
(205.3)     
65.5     
—     
(2.9)     
—     
1.1     
—     
1.6     
(140.0)    $ 
10.7    $ 
56.3     
330.3     
386.6    $ 

214.7  
7.0  
8.9  
(41.4) 
(9.9) 
50.4  
13.1  
24.3  
25.1  
7.0  
3.0  

197.0  
69.0  
54.3  
(70.9) 
(87.5) 
363.9  

(122.5) 
(1,201.0) 
54.8  
838.3  
(2.7) 
(433.1) 

1,845.8  
(1,545.9) 
7.2  
(7.9) 
(2.8) 
—  
6.6  
—  
(7.8) 
295.2  
(17.3) 
208.7  
121.6  
330.3  

98.0    $ 
88.0     

51.3    $ 
104.7     

42.5  
146.1  

  $ 

  $ 

  $ 

  $ 

  $ 
  $ 

  $ 

  $ 

Fair value of common stock issued for acquisition of business 
Other liabilities related to the acquisition of business 
Additions of property, plant and equipment included in trade accounts payable and other accrued 
9.8  
expenses 
23.3  
Additions of property, plant and equipment under a finance lease obligation 
25.5  
Additions of assets under an operating lease obligation 
For the years ended December 31, 2020 and 2019, the amount included in fair value adjustment for warrants, which was previously included in other, 
net, is now presented separately to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information. 

5.5     
61.4     
62.1     

14.8     
31.8     
63.1     

613.8  
—  

—    $ 
23.0     

—    $ 
—     

  $ 

(1) 

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

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Common 
stock 

Additional 
paid-in 
capital 

Treasury 
Stock 

Accumulated 
deficit 

Accumulated 
other 
comprehensive 
income (loss) 

Table of Contents 

UNIVAR SOLUTIONS INC. 
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY 

(in millions) 
Balance, January 1, 2019 
Impact due to adoption of ASU (1) 
Net loss 
Foreign currency translation adjustment, net of tax $4.9 

Pension and other postretirement benefits adjustment, net of tax $0.0 

Derivative financial instruments, net of tax $7.0 
Common stock issued for the Nexeo acquisition 
Shares canceled 
Tax withholdings related to net share settlements of stock-based compensation 
awards 
Stock option exercises 
Employee stock purchase plan 
Stock-based compensation 
Other 
Balance, December 31, 2019 
Net income 
Foreign currency translation adjustment, net of tax $(4.7) 

Pension and other postretirement benefits adjustment, net of tax $(4.7) (2) 

Derivative financial instruments, net of tax $7.9 

Tax withholdings related to net share settlements of stock-based compensation 
awards 
Stock option exercises 
Employee stock purchase plan 
Stock-based compensation 
Other 
Balance, December 31, 2020 
Net Income 
Foreign currency translation adjustment 
Pension and other postretirement benefits adjustment, net of tax $0.6 

Derivative financial instruments, net of tax $(7.8) 
Common stock issued upon exercise of warrants 
Tax withholdings related to net share settlements of stock-based compensation 
awards 
Stock option exercises 
Employee stock purchase plan 
Stock-based compensation 
Reacquired shares 
Other 
Balance, December 31, 2021 
(1) 
(2) 
Supplemental share information 

$ 

$ 

$ 

$ 

1.4    $ 
—     
—     
—     
—     
—     
0.3     
—     
—     
—     
—     
—     
—     
1.7    $ 
—     
—     
—     
—     

—     
—     
—     
—     
—     
1.7    $ 
—     
—     
—     
—     
—     

—     
—     
—     
—     
—     
—     
1.7    $ 

2,325.0    $ 
—     
—     
—     
—     
—     
649.0     
(35.5)    

(2.8)    
6.6     
1.4     
25.1     
0.1     
2,968.9    $ 
—     
—     
—     
—     

(2.9)    
1.1     
1.5     
14.5     
0.2     
2,983.3    $ 
—     
—     
—     
—     
26.8     

(2.6)    
13.4     
1.5     
25.4     
—     
0.7     
3,048.5    $ 

—    $ 
—     
—     
—     
—     
—     
—     
—     
—     
—     
—     
—     
—     
—    $ 
—     
—     
—     
—     

—     
—     
—     
—     
—     
—    $ 
—     
—     
—     
—     
—     

—     
—     
—     
—     
(50.0)    
—     
(50.0)   $ 

(761.5)   $ 
3.2     
(100.2)    
—     
—     
—     
—     
—     
—     
—     
—     
—     
—     
(858.5)   $ 
52.9     
—     
—     
—     

—     
—     
—     
—     
—     
(805.6)   $ 
460.6     
—     
—     
—     
—     
—     
—     
—     
—     
—     
—     
(345.0)   $ 

2021 

December 31, 
2020 

Adjusted due to the adoption of ASU 2018-02 “Income Statement - Reporting Comprehensive Income” on January 1, 2019. 
Includes $25.0 million pre-tax adjustment related to plan amendment on the United Kingdom (UK) pension plan. 

Total 
1,191.7  
—  
(100.2) 
22.8  
0.1  
(25.8) 
649.3  
(35.5) 

(2.8) 
6.6  
1.4  
25.1  
0.1  
1,732.8  
52.9  
(10.7) 
20.2  
(17.3) 

(2.9) 
1.1  
1.5  
14.5  
0.2  
1,792.3  
460.6  
5.0  
(2.5) 
21.9  
26.8  

(2.6) 
13.4  
1.5  
25.4  
(50.0) 
0.7  
2,292.5  

(373.2)   $ 
(3.2)    
—     
22.8     
0.1     
(25.8)    
—     
—     
—     
—     
—     
—     
—     
(379.3)   $ 
—     
(10.7)    
20.2     
(17.3)    

—     
—     
—     
—     
—     
(387.1)   $ 
—     
5.0     
(2.5)    
21.9     
—     

—     
—     
—     
—     
—     
—     
(362.7)   $ 

2019 

Shares, beginning of year 
Stock option exercises 
Restricted stock units vested 
Employee stock purchase plan 
Shares issued for Nexeo acquisition 
Reacquired shares 
Common stock issued upon exercise of warrants 
Tax withholding related to net share settlements of stock-based 
compensation awards 
Shares canceled 
Shares, end of year 

  Treasury 
Stock 

Common 
Common 
Stock 
Stock 
—     168,704,215     
  169,254,336     
63,353     
—    
609,664     
558,092     
—    
424,091     
88,588     
—    
61,184     
—     
—     
—    
—     
—     (1,832,385)   
—     
—    
(159,912)    
—    
—     
—    
  171,199,938      (1,832,385)     169,254,336     

973,717     
(123,054)    
—     

Treasury 
Stock 

Common 
Stock 
—     141,689,155    
349,845    
—    
392,940    
—    
64,740    
—    
—    
27,861,629    
—     
—     
(129,094)   
—    
—    
(1,525,000)   
—      168,704,215     

Treasury 
Stock 

—  
—  
—  
—  
—  
—  
—  

—  
—  
—  

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

47 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  
 
 
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1.  Nature of operations  

UNIVAR SOLUTIONS INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
AS OF DECEMBER 31, 2021 AND 2020 AND 
FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 

Headquartered  in  Downers  Grove,  Illinois,  Univar  Solutions  is  a  leading  global  commodity  and  specialty  chemical  and 
ingredient distributor and provider of value-added services to customers across a wide range of industries. The Company’s four 
reportable segments, defined as USA, EMEA, Canada and LATAM, represent the geographic areas under which the Company 
operates  and  manages  its  business.  LATAM  includes  certain  developing  businesses  in  Latin  America  and  the  Asia-Pacific 
region. 

2.  Significant accounting policies  

Basis of consolidation and presentation 

The  consolidated  financial  statements  include  the  financial  statements  of  the  Company  and  its  majority-owned  subsidiaries. 
Subsidiaries  are  consolidated  if  the  Company  has  a  controlling  financial  interest,  which  may  exist  based  on  ownership  of  a 
majority of the voting interest, or based on the Company’s determination that it is the primary beneficiary of a variable interest 
entity  (“VIE”).  The  Company  does  not  have  any  material  interests  in  VIEs. All  intercompany  balances  and  transactions  are 
eliminated in consolidation. Unless otherwise indicated, all financial data presented in these consolidated financial statements 
are expressed in US dollars. 

Beginning in 2021, the Company recorded the change in the fair value of the warrants related to the 2019 Nexeo acquisition in 
other income (expense), net to properly reflect the non-operating nature of the warrant liability. The Company reclassified the 
change in the fair value of the warrants in the consolidated statement of operations for the years ended December 31, 2020 and 
2019  from  other  operating  expenses,  net  to  other  income  (expense),  net  to  conform  to  the  current  period  presentation.  In 
addition, on the Company's consolidated statement of cash flows for the years ended December 31, 2020 and 2019, the change 
in fair value adjustments for warrants is now presented separately as fair value adjustments for warrants, which was previously 
included in other, net, to conform to the current year presentation. As of December 31, 2021, the Company has no outstanding 
warrants. 

Certain other amounts in the prior years’ consolidated financial statements and notes have been reclassified to conform to the 
current year presentation. 

Use of estimates 

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and 
assumptions affecting the amounts reported and disclosed in the financial statements and accompanying notes. Actual results 
could differ materially from these estimates. 

Cash and cash equivalents 

Cash and cash equivalents include highly-liquid investments with an original maturity of three months or less that are readily 
convertible into known amounts of cash.  

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 its 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 consolidated balance sheets. 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. As of 
December 31, 2020, the net cash position of the Notional Cash Pool was $52.7 million, which consisted of a gross cash balance 
of $89.7 million less a bank overdraft balance of $37.0 million. 

Trade accounts receivable, net and allowance for doubtful accounts 

Trade  accounts  receivable  are  stated  at  the  invoiced  amount,  net  of  an  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.  

48 

 
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Changes in the allowance for doubtful accounts are as follows: 
(in millions) 
Balance as of January 1 

  $ 

Provision for credit losses 
Write-offs 
Recoveries 
Dispositions 
Foreign exchange 

Balance as of December 31 

Inventories 

  $ 

2021 

2020 

2019 

17.2    $ 
6.9     
(8.1)    
—     
—     
(0.2)    
15.8    $ 

12.9    $ 
9.3     
(4.4)    
0.1     
(0.5)    
(0.2)    
17.2    $ 

11.2  
5.1  
(3.4) 
0.4  
—  
(0.4) 
12.9  

Inventories  consist  primarily  of  products  purchased  for  resale  and  are  stated  at  the  lower  of  cost  or  net  realizable  value. 
Inventory  cost  is  determined  based  on  the  weighted  average  cost  method  and  includes  purchase  price  from  producers  net  of 
rebates received, inbound freight and handling, and direct labor and other costs incurred to blend and repackage product, but 
excludes depreciation expense.  

Property, plant and equipment, net 

Property,  plant  and  equipment  are  carried  at  historical  cost,  net  of  accumulated  depreciation.  Depreciation  is  recorded  on  a 
straight-line basis over the estimated useful life of each asset as follows: 

Buildings 
Main components of tank farms 
Containers 
Machinery and equipment 
Furniture, fixtures and others 
Information technology 

10-50 years 
5-40 years 
2-15 years 
5-20 years 
5-20 years 
3-10 years 

The Company evaluates the useful life and carrying value of property, plant and equipment for impairment if an event occurs or 
circumstances change that would indicate the carrying value may not be recoverable. If the carrying amount of the asset group 
is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent the asset group's carrying 
amount exceeds its estimated fair value. 

Goodwill and intangible assets 

Goodwill  represents  the  excess  of  the  aggregate  purchase  price  over  the  fair  value  of  the  net  assets  acquired  in  business 
combinations.  Goodwill  is  tested  for  impairment  annually  as  of  October 1,  or  between  annual  tests  if  an  event  occurs  or 
circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The 
Company’s reporting units are USA, EMEA, Canada, Latin America and Asia-Pacific. 

For each of the reporting units, the Company has the option to perform either the qualitative or the quantitative test. In the event 
a reporting unit fails the qualitative assessment, it is required to perform the quantitative test. The quantitative impairment test 
considers  both  the  income  approach  and  the  market  approach  to  estimate  a  reporting  unit’s  fair  value.  Significant  estimates 
include  forecasted  EBITDA,  market  segment  growth  rates,  estimated  costs,  and  discount  rates  based  on  a  reporting  unit's 
weighted average cost of capital. 

If the fair value of the reporting unit is less than its carrying value, the reporting unit will recognize an impairment for the lesser 
of either the amount by which the reporting unit's carrying amount exceeds the fair value of the reporting unit or the reporting 
unit’s goodwill carrying value. 

The  Company's  intangible  assets  have  finite  lives  and  are  amortized  over  their  respective  useful  lives  of  2  to  20  years. 
Intangible assets are tested for impairment if an event occurs or circumstances change that indicates the carrying value may not 
be recoverable. 

Short-term financing 

Short-term financing includes bank overdrafts and short-term lines of credit.  

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Income taxes 

Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and 
liabilities  and  are  measured  using  enacted  tax  rates  and  laws  that  are  expected  to  be  in  effect  when  the  differences  reverse. 
Deferred tax assets are also recognized for the estimated future effects of tax loss carryforwards. The effect on deferred taxes of 
changes in tax rates is recognized in the period in which the revised tax rate is enacted. 

The Company records valuation allowances to reduce deferred tax assets to the extent it believes it is more likely than not that 
such  assets  will  not  be  realized.  In  making  such  determinations,  the  Company  considers  all  available  positive  and  negative 
evidence,  including  scheduled  reversals  of  deferred  tax  liabilities,  forecasted  and  appropriate  character  of  future  taxable 
income, our experience with operating loss and tax credit carryforwards not expiring unused, tax planning strategies and the 
ability to carry back losses to prior years.  

The Company is subject to the global intangible low tax income (“GILTI”), which is a tax on foreign income in excess of a 
deemed  return  on  tangible  assets  of  foreign  corporations.  The  Company  treats  taxes  due  on  future  US  inclusions  in  taxable 
income related to GILTI as a current-period expense when incurred. 

The Company recognizes interest and penalties related to unrecognized tax benefits within interest expense and warehousing, 
selling  and  administrative,  respectively,  in  the  accompanying  consolidated  statements  of  operations.  Accrued  interest  and 
penalties are included in other accrued expenses and other long-term liabilities in the consolidated balance sheets. 

Defined benefit plans 

The  Company  sponsors  several  defined  benefit  plans  and  recognizes  actuarial  gains  or  losses,  known  as  “mark  to  market” 
adjustments,  as  of  the  December  31  measurement  date.  The  mark  to  market  adjustments  primarily  include  gains  and  losses 
resulting  from  changes  in  discount  rates  and  the  difference  between  the  expected  and  actual  rate  of  return  on  plan  assets.  
Settlement gains and losses are recognized in the period in which the settlement occurs. 

The fair value of plan assets is used to calculate the expected return on assets component of the net periodic benefit cost. 

Leases 

At the commencement date of a lease, the Company recognizes a liability to make lease payments and an asset representing the 
right to use the underlying asset during the lease term. The lease liability is measured at the present value of lease payments 
over  the  lease  term,  including  variable  fees  that  are  known  or  subject  to  a  minimum  floor. The  lease  liability  includes  lease 
component fees, while non-lease component fees are expensed as incurred for all asset classes. When a contract excludes an 
implicit rate, the Company utilizes an incremental borrowing rate based on information available at the lease commencement 
date including, lease term and geographic region. The initial valuation of the right-of-use asset includes the initial measurement 
of the lease liability, lease payments made in advance of the lease commencement date and initial direct costs incurred by the 
Company and excludes lease incentives. 

Leases  with  an  initial  term  of  12  months  or  less  are  classified  as  short-term  leases  and  are  not  recorded  on  the  consolidated 
balance sheets. The lease expense for short-term leases is recognized on a straight-line basis over the lease term. 

Legal costs 

Legal costs are expensed as incurred.  

Environmental liabilities 

Environmental  liabilities  are  recognized  for  probable  and  reasonably  estimable  losses  associated  with  environmental 
remediation. Incremental direct costs of the investigation, remediation effort and post-remediation monitoring are included in 
the  estimated  environmental  liabilities.  The  Company  discounts  environmental  liabilities  if  the  liability  and  the  respective 
payment streams are fixed or reliably determinable. Expected cash outflows related to environmental remediation for the next 
12  months  and  amounts  for  which  the  timing  is  uncertain  are  reported  as  current  within  other  accrued  expenses  in  the 
consolidated balance sheets. The long-term portion of environmental liabilities is reported within other long-term liabilities in 
the  consolidated  balance  sheets.  Environmental  remediation  expenses  are  included  within  warehousing,  selling  and 
administrative expenses in the consolidated statements of operations, unless associated with disposed operations, in which case 
such expenses are included in other operating expenses, net. 

Revenue recognition 

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring a good or 
providing  a  service.  Since  the  term  between  invoicing  and  payment  is  less  than  a  year,  the  Company  has  not  recognized  a 
significant  financing  component.  Revenue  for  bill-and-hold  arrangements  is  recognized  if  the  Company  has  a  substantive 
customer request, the materials are properly segregated and designated as belonging to the customer, materials are ready to be 
transferred to the customer and the Company is unable to direct the materials to service another customer.  

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Chemical Distribution  

Revenue is recognized when performance obligations under the terms of the contract are satisfied, which generally occurs when 
goods  are  transferred  to  a  customer  under  the  terms  of  the  sale.  Net  sales  include  product  sales  and  billings  for  freight  and 
handling  charges,  net of  discounts,  expected  returns,  customer  price  and volume  incentives  and  sales  or  other  revenue-based 
taxes.  The  Company  estimates  customer  price  and  volume  incentives  and  expected  customer  returns  based  on  historical 
experience.  

Services 

The Company generates revenue from services as they are performed and economic value is transferred to customers. Services 
provided to customers are primarily related to waste management services and warehousing services.  

Crop Sciences 

The  Company  generated  revenue  when  control  for  products  transferred  to  customers.  The  amount  of  consideration  recorded 
varied  due  to  price  movements  and  rights  granted  to  customers  to  return  product.  Customer  payment  terms  often  extended 
through a growing season, which was up to six months. 

Beginning  in  2021,  crop  sciences  is  no  longer  a  revenue  stream  due  to  actions  taken  by  the  Company  within  the  Canada 
segment in 2020. 

Foreign currency translation 

Assets and liabilities of foreign subsidiaries are translated into US dollars at period-end exchange rates. Income and expense 
accounts of foreign subsidiaries are translated into US dollars at the average exchange rates for the period. The net exchange 
gains and losses arising from translation are reflected as a component of currency translation within AOCI. 

Transaction  gains  and  losses  are  recognized  in  other  income  (expense),  net  in  the  consolidated  statements  of  operations. 
Transaction gains and losses relating to intercompany borrowings that are an investment in a foreign subsidiary are reflected as 
a component of currency translation within AOCI in stockholders’ equity. 

Stock-based compensation plans 

The Company measures the total amount of employee stock-based compensation expense based on the grant date fair value of 
each award. Expense is recognized for each separately vesting tranche on a straight-line basis over the requisite service period, 
which  is  the  shorter  of  the  service  period  of  the  award  or  the  period  until  the  employees'  retirement  eligibility  date.  The 
Company recognizes forfeitures when incurred. 

Share repurchases 

In  October  2021,  the  Company’s  Board  of  Directors  authorized  a  share  repurchase  program  of  up  to  $500.0 million  of  its 
outstanding  common  stock,  which  expires  in  October  2026.  During  the  fourth  quarter  of  2021,  the  Company  reacquired 
1,832,385 shares of its common stock, with $450.0 million remaining in its repurchase authorization at December 31, 2021.  

The Company records treasury stock purchases at cost. 

Fair value 

Certain assets and liabilities are required to be recorded at fair value. The estimated fair values of those assets and liabilities 
have been determined using market information and valuation methodologies. Observable inputs reflect market data obtained 
from  independent  sources,  while  unobservable  inputs  reflect  the  Company’s  market  assumptions.  There  are  three  levels  of 
inputs and a net asset value (“NAV”) practical expedient that may be used to measure fair value: 

Level 1 

Level 2 

Level 3 

NAV 

Quoted prices for identical instruments in active markets. 

Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments 
in markets that are not active; and model-derived valuation in which all significant inputs and significant 
value drivers are observable in active markets. 

Valuations derived from valuation techniques in which one or more significant inputs or significant value 
drivers are unobservable. 

As a practical expedient, certain investments are measured at fair value based on the NAV per share (or 
equivalent),  due  to  the  absence  of  readily  available  market  price,  and  are  excluded  from  the  fair  value 
hierarchy. 

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Derivatives 

The  Company  uses  derivative  financial  instruments  to  manage  risks  associated  with  foreign  currency  and  interest  rate 
fluctuations. We do not use derivative instruments for speculative trading purposes. The fair value of forward currency contracts 
is  calculated  by  reference  to  current  forward  exchange  rates  for  contracts  with  similar  maturity  profiles.  The  fair  value  of 
interest rate swaps is determined by estimating the net present value of amounts to be paid under the agreement offset by the net 
present value of the expected cash inflows based on market rates and associated yield curves. For derivative contracts with the 
same  counterparty  where  the  Company  has  a  master  netting  arrangement  with  the  counterparty,  the  fair  value  of  the 
asset/liability is presented on a net basis within the consolidated balance sheets. Changes in the fair value of derivative financial 
instruments  are  recognized  in  the  consolidated  statements  of  operations  within  interest  expense  or  other  expense,  net,  unless 
specific  hedge  accounting  criteria  are  met.  Cash  flows  associated  with  derivative  financial  instruments  are  recognized  in  the 
operating section of the consolidated statements of cash flows. 

For  derivatives  designated  as  cash  flow  hedges,  changes  in  the  fair  value  of  the  derivative  are  recorded  to  AOCI  and  are 
reclassified  to  earnings  when  the  underlying  forecasted  transaction  affects  earnings.  For  contracts  designated  as  cash  flow 
hedges,  the  Company  reassesses  the  probability  of  the  underlying  forecasted  transactions  occurring  on  a  quarterly  basis.  For 
derivatives not designated as hedging instruments, all changes in fair value are recorded to earnings in the current period. 

Earnings per share 

Basic earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted 
earnings  per  share  is  based  on  the  weighted  average  number  of  common  shares  and  dilutive  common  share  equivalents 
outstanding  during  each  period.  The  Company  reflects  common  share  equivalents  relating  to  stock  options,  non-vested 
restricted stock and non-vested restricted stock units in its computation of diluted weighted average shares outstanding, unless 
the effect of inclusion is anti-dilutive. The effect of dilutive securities is calculated using the treasury stock method.  

The Company considers restricted stock awards to be participating securities, since holders of such shares have non-forfeitable 
dividend rights in the event we declare a common stock dividend. 

Recently issued and adopted accounting pronouncements 

In January 2021, the Company adopted ASU 2019-12 “Income Taxes” (Topic 740) – “Simplifying the Accounting for Income 
Taxes,”  which  clarifies  and  simplifies  the  accounting  for  income  taxes  by  eliminating  certain  exceptions  for  intra-period  tax 
allocation  principles,  updating  the  methodology  for  calculating  income  tax  rates  in  an  interim  period  and  aligning  the 
recognition of deferred taxes for outside basis differences in an investment, among other updates. The adoption did not have a 
material impact to the Company’s financial statements and disclosures. 

In  March  2020,  the  FASB  issued  ASU  2020-04  “Reference  Rate  Reform”  (Topic  848)  –  “Facilitation  of  the  Effects  of 
Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions for applying US GAAP to 
contracts, hedging relationships, and other transactions affected by reference rate reform from currently referenced rates, such 
as  LIBOR,  to  alternative  rates.  In  January  2021,  the  FASB  issued ASU  2021-01  "Reference  Rate  Reform"  (Topic  848)  that 
clarifies the scope of ASU 2020-04. The Company adopted the ASU's in December 2021 with prospective application, which 
did not impact the current period financial results. 

Accounting pronouncements issued but 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. 

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3.  Business combinations  

The Company makes acquisitions of certain businesses from time to time that are aligned with its strategic intent with respect 
to,  among  other  factors,  growth  markets  and  adjacent  product  lines  or  technologies.  Goodwill  resulting  from  business 
combinations is largely attributable to the existing workforce of the acquired businesses and synergies expected to arise after 
the Company's acquisition of these businesses. 

Sweetmix Distribuidora de Materias Primas Industriais Ltda 

On December 1, 2021, the Company acquired Sweetmix, a food ingredients and CASE specialty chemical distribution company 
in Brazil. The acquisition price was $52.9 million, inclusive of $28.7 million of cash paid (net of cash acquired of $1.2 million) 
upon closing with the remaining $23.0 million to be paid over the next five years. The acquisition of Sweetmix significantly 
enhances the Company’s specialty food ingredients offering in Latin America and also enhances the Company’s position in the 
local CASE market. 

The Company recorded a preliminary purchase price allocation consisting of the following significant assets and liabilities: 

(in millions) 
Trade accounts receivable, net 
Inventories 
Prepaid expenses and other current assets 
Goodwill 
Intangible assets, net 
Trade accounts payable 
Deferred tax liabilities 
Other non-significant assets and liabilities, net 
Purchase consideration, net of cash 

December 1, 2021 

15.6  
8.5  
2.6  
33.8  
13.3  
(16.6) 
(4.5) 
(1.0) 
51.7  

  $ 

  $ 

The goodwill is included in the LATAM segment and is not expected to be deductible for income tax purposes. The identified 
intangible  assets  relate  to  customer  relationships  that  will  be  amortized  over  a  period  of  eight  years.  The  operating  results 
subsequent to the acquisition date did not have a significant impact on the consolidated financial statements of the Company. 
The initial accounting for this acquisition is preliminary and subject to valuation adjustments. 

Zhuhai Techi Chem Silicone Industry Corporation 

On December 18, 2020, the Company completed the acquisition of the specialty silicone solutions business of Techi Chem, a 
leading  distributor  of  specialty  silicone  solutions  used  primarily  for  the  CASE  market  within  the  China  marketplace.  The 
acquisition  of  Techi  Chem  enhances  the  Company’s  ability  to  bring  differential  value  to  customers  and  suppliers  within  the 
CASE market. 

The  purchase  price  of  $6.8 million  was  comprised  of  $4.6 million  cash  paid  and  $2.2 million  of  contingent  consideration 
liabilities. The Company acquired $2.7 million of intangible assets and $1.3 million of other insignificant assets and liabilities. 
The  acquisition  resulted  in  the  recognition  of  $2.8 million  of  goodwill,  inclusive  of  a  $0.7 million  goodwill  purchase  price 
adjustment  recognized  in  the  first  quarter  of  2021,  in  the  LATAM  segment.  The  recognized  goodwill  is  not  deductible  for 
income tax purposes. The identified intangible assets were related to customer relationships that will be amortized over a period 
of eight years. The operating results subsequent to the acquisition date did not have a significant impact on the consolidated 
financial statements of the Company. The accounting for this acquisition was complete as of March 31, 2021. 

Nexeo Solutions 

On  February  28,  2019,  the  Company  completed  the  acquisition  of  100%  of  the  equity  interest  of  Nexeo  Solutions,  Inc.,  a 
leading  global  chemicals  and  plastics  distributor.  The  acquisition  expanded  and  strengthened  Univar  Solutions’  presence  in 
North  America  and  provided  expanded  opportunities  to  create  the  largest  North  American  sales  force  in  chemical  and 
ingredients distribution and the broadest product offering. 

The  total  purchase  price  of  the  acquisition  was  $1,814.8  million,  comprised  of  $1,201.0  million  of  cash  paid  (net  of  cash 
acquired of $46.8 million) and $613.8 million of newly issued shares of Univar Solutions common stock, which represented 
approximately 26.4 million shares, based on Univar Solutions’ closing stock price of $23.29 on February 27, 2019. 

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The  cash  portion  of  the  purchase  price,  acquisition  related  costs  and  repayment  of  approximately  $936.3  million  of  Nexeo’s 
debt and other long-term liabilities were funded using the proceeds from the issuance of Term B Loans, borrowings under the 
New Senior ABL Facility and the ABL Term Loan issued on February 28, 2019. 

The final purchase price allocation is shown below: 

(in millions) 
Trade accounts receivable, net 
Inventories 
Prepaid expenses and other current assets 
Assets held for sale 
Property, plant and equipment, net 
Goodwill 
Intangible assets, net 
Other assets 
Trade accounts payable 
Other accrued expenses 
Liabilities held for sale 
Deferred tax liabilities 
Other long-term liabilities 
Purchase consideration, net of cash 

  $ 

  $ 

296.3  
150.2  
64.2  
888.2  
262.3  
562.7  
138.7  
37.0  
(137.7) 
(144.5) 
(221.5) 
(10.9) 
(70.2) 
1,814.8  

Assets and liabilities held for sale were related to the Nexeo plastics distribution business. Nexeo Plastics was not aligned with 
the Company’s strategic objectives and on March 29, 2019, the business was sold for total proceeds of $664.3 million, net of 
cash disposed. 

The  Company  recorded $562.7  million  of  goodwill,  consisting  of  $547.1  million  in  the  USA  segment,  $3.8  million  in  the 
Canada segment and $11.8 million in the LATAM segment. The Company expects approximately $76.0 million of goodwill to 
be  deductible  for  income  tax  purposes.  The  identified  intangible  assets  were  related  to  customer  relationships  which  have  a 
weighted-average amortization period of ten years. 

The Company assumed 50.0 million warrants, equivalent to 25.0 million Nexeo shares, with an estimated aggregate fair value 
of $26.0 million at the February 28, 2019 closing date. The warrants were converted into the right to receive, upon exercise, the 
merger consideration consisting of approximately 7.6 million shares of Univar Solutions common stock plus cash. During the 
second quarter of 2021, a portion of the outstanding warrants were exercised at a price of $27.80, resulting in the issuance of 
973,717 shares of common stock and the receipt of $27.1 million in cash proceeds. All remaining warrants expired on June 9, 
2021, resulting in the write-off of the warrants’ fair value within other income (expense), net. 

The  amount  of  net  sales  and  net  income  from  continuing  operations  related  to  the  Nexeo  chemical  distribution  business 
included in the Company’s consolidated statements of operations from March 1, 2019 to December 31, 2019 are as follows: 

(in millions) 
Net sales 
Net loss from continuing operations 

  $ 

1,489.3  
(12.1) 

The following unaudited pro forma financial information combines the unaudited results of operations as if the acquisition of 
Nexeo  had  occurred  at  the  beginning  of  the  periods  presented  below  and  exclude  the  results  of  operations  related  to  Nexeo 
Plastics,  as  this  divestiture  was  reflected  as  discontinued  operations.  Refer  to  “Note  4:  Discontinued  operations  and 
dispositions” for additional information. 

(in millions) 
Net sales 
Net loss from continuing operations 

  Three Months Ended 
December 31, 2019 

  Year ended December 
31, 2019 

  $ 

2,155.0    $ 
(54.8)    

9,612.9  
(94.3) 

The  pro  forma  financial  information  is  for  comparative  purposes  only  and  is  not  indicative  of  the  results  of  operations  that 
would have been achieved if the acquisition had taken place on January 1, 2018. 

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The unaudited pro forma information is based upon accounting estimates and judgments the Company believes are reasonable 
and  reflects  adjustments  directly  attributed  to  the  business  combination  including  amortization  on  acquired  intangible  assets, 
interest  expense,  transaction  and  acquisition  related  costs,  depreciation  related  to  purchase  accounting  fair  value  adjustments 
and the related tax effects. 

4.  Discontinued operations and dispositions  

Discontinued operations 

On  March  29,  2019,  the  Company  completed  the  sale  of  Nexeo  Plastics  to  an  affiliate  of  One  Rock  Capital  Partners,  LLC 
(“Buyer”)  for  total  proceeds  of  $664.3 million  (net  of  cash  disposed  of  $2.4 million),  including  $26.7 million  for  a  working 
capital  adjustment. The Nexeo  purchase price  allocation  is  inclusive of  these working  capital  adjustments.  Refer  to  “Note 3: 
Business combinations” for more information. 

The following table summarizes the operating results of the Company’s discontinued operations related to the sale described 
above for the year ended December 31, 2019, as presented in “Net income from discontinued operations” on the consolidated 
statements of operations. 

(in millions) 

External sales 
Cost of goods sold (exclusive of depreciation) 
Outbound freight and handling 
Warehousing, selling and administrative 
Other expenses 

Income from discontinued operations before income taxes 
Income tax expense from discontinued operations 
Net income from discontinued operations 

Year ended December 
31, 2019 

  $ 

  $ 

  $ 

156.9  
136.7  
3.5  
7.9  
1.4  
7.4  
2.0  
5.4  

There  were  no  significant  non-cash  operating  activities  from  the  Company’s  discontinued  operations  related  to  the  plastics 
distribution business. 

Dispositions 

None of the dispositions noted below met the criteria to be classified as a discontinued operation in the Company’s financial 
statements  since  the  dispositions  did  not  represent  a  strategic  shift  that  had,  or  will  have,  a  major  effect  on  the  Company’s 
operations and financial results. 

Distrupol Business 

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. The  Company recorded  an  $87.6 million  pre-tax  gain on  sale of business  in  the  consolidated  statement  of 
operations, net of a release of cumulative foreign currency translation losses of $18.1 million. The sale of the Distrupol business 
is exempt from tax under local country subsidiary participation exemptions. The impact of the sale on US income taxes was 
minimal. 

The following summarizes the income before income taxes attributable to the Distrupol business: 

(in millions) 
Income before income taxes 

2021 

Year ended December 31, 
2020 

2019 

  $ 

3.9    $ 

10.3    $ 

9.8  

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Canada Agriculture Services Business 

On  November  30,  2020,  the  Company  completed  the  sale  of  its  Canadian  Agriculture  services  business  for  total  net  cash 
proceeds of $39.3 million after closing transaction-related expenses. During 2020, the Company recorded a $31.5 million pre-
tax  loss  on  sale  of  business  in  the  consolidated  statements  of  operations.  In  2021,  the  Company  recognized  a  favorable 
adjustment of $0.7 million, decreasing the loss on sale recorded in 2020. 

The following summarizes the income before income taxes attributable to the Canadian Agriculture services business: 
Year ended December 31, 

(in millions) 
Income before income taxes 

Industrial Spill and Emergency Response Businesses  

2020 

2019 

  $ 

2.8    $ 

3.0  

On  September  1,  2020,  the  Company  completed  the  sale  of  its  industrial  spill  and  emergency  response  businesses  to 
EnviroServe Inc. for total net cash proceeds of $6.2 million after closing transaction-related expenses. In the third quarter of 
2020, the Company recorded a $9.3 million pre-tax loss on sale of business in the consolidated statements of operations. In the 
fourth quarter of 2020 and the first quarter of 2021, the Company recorded estimated and final net working capital adjustments 
of $1.2 million and $0.1 million, respectively, increasing the loss on sale initially recorded in the third quarter of 2020. 

The following summarizes the loss before income taxes attributable to these businesses: 

(in millions) 
Loss before income taxes 

Environmental Sciences Business 

Year ended December 31, 

2020 

2019 

  $ 

(26.9)   $ 

(7.2) 

On December 31, 2019, the Company completed the sale of the Environmental Sciences business to AEA Investors LP for total 
cash  proceeds  of  $174.0  million  (net  of  cash  disposed  of  $0.7  million  and  $5.9 million  of  transaction  expenses)  plus  a  $5.0 
million ($2.4 million present value) subordinated note receivable and recorded a pre-tax gain on sale of $41.4 million. In 2020, 
the  Company recorded  a  net  working  capital  adjustment of $8.2 million,  reducing  the proceeds  and  the gain on  sale  initially 
recorded in 2019. 

The following summarizes the income before income taxes attributable to the Environmental Sciences business: 

(in millions) 
Income before income taxes 

5.  Revenue  

Year ended December 
31, 2019 

  $ 

28.6  

The Company disaggregates revenues from contracts with customers by both geographic 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. 

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The following disaggregates external customer net sales by major stream: 

(in millions) 
USA 

Chemical distribution 
Services 
Total external customer net sales 
EMEA 

Chemical distribution 
Services 
Total external customer net sales 
Canada 

Chemical distribution 
Crop sciences 
Services 
Total external customer net sales 
LATAM 

Chemical distribution 
Services 
Total external customer net sales 
Consolidated 

Chemical distribution 
Crop sciences 
Services 
Total external customer net sales 

Deferred revenue 

Year ended December 31, 
2020 

2019 

2021 

  $ 

  $ 

  $ 

  $ 

  $ 

  $ 

  $ 

  $ 

  $ 

  $ 

5,743.2    $ 
280.8     
6,024.0    $ 

1,970.8    $ 
0.3     
1,971.1    $ 

919.2    $ 
—     
10.8     
930.0    $ 

598.5    $ 
11.9     
610.4    $ 

9,231.7    $ 
—     
303.8     
9,535.5    $ 

4,698.1    $ 
308.1     
5,006.2    $ 

1,695.8    $ 
1.3     
1,697.1    $ 

749.7    $ 
315.1     
45.9     
1,110.7    $ 

441.5    $ 
9.5     
451.0    $ 

7,585.1    $ 
315.1     
364.8     
8,265.0    $ 

5,507.2  
321.3  
5,828.5  

1,784.2  
1.3  
1,785.5  

852.8  
318.0  
47.0  
1,217.8  

443.7  
11.4  
455.1  

8,587.9  
318.0  
381.0  
9,286.9  

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  item  of  the  consolidated  balance  sheet.  Deferred  revenues  as  of  December 31,  2021  and  2020  were 
$17.6 million and $5.8 million, respectively. 

Revenue  recognized  for  the  years  ended  December 31,  2021  and  2020  from  amounts  included  in  contract  liabilities  at  the 
beginning of the period were $5.3 million and $65.0 million, respectively. The year-over-year decrease in revenue recognized 
from  contract  liabilities  is  primarily  due  to  the  prior  year  wind  down  of  the  Canadian  Agriculture  wholesale  distribution 
business, which was operationally completed by December 31, 2020. 

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6.  Other operating expenses, net  

Other operating expenses, net consisted of the following: 

(in millions) 

Acquisition and integration related expenses 
Stock-based compensation expense 
Restructuring charges 
Other employee severance costs 
Other facility closure costs 
Multi-employer pension plan exit liability 
Gain on sale of property, plant and equipment 
Saccharin legal settlement 
Other 

Total other operating expenses, net (1) 

Year ended December 31, 
2020 

2021 

2019 

  $ 

  $ 

55.8    $ 
25.4     
0.2     
8.7     
1.2     
31.2     
(10.1)    
—     
(4.9)    
107.5    $ 

62.4    $ 
14.5     
13.9     
14.8     
2.7     
—     
(23.7)    
—     
4.8     
89.4    $ 

152.1  
25.1  
2.6  
31.2  
7.1  
—  
(9.9) 
62.5  
20.5  
291.2  

(1) 

For the years ended December 31, 2020 and 2019, the fair value adjustment for warrants was reclassified to other income (expense), net, from other 
operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information. 

7.  Restructuring charges  

Restructuring charges relate to the implementation of several regional strategic initiatives aimed at streamlining the Company’s 
cost  structure  and  improving  its  operations.  These  actions  primarily  resulted  in  workforce  reductions  and  other  facility 
rationalization costs, with underlying plans substantially completed by December 31, 2020.  

The following table summarizes activity related to accrued liabilities associated with restructuring: 

(in millions) 
Restructuring liability, December 31, 2019 

Charge to earnings 
Cash paid 
Non-cash and other 

  $ 

Restructuring liability, December 31, 2020 

  $ 

Charge to earnings 
Cash paid 
Non-cash and other 

Restructuring liability, December 31, 2021 

  $ 

Employee 

Termination Costs    Facility Exit Costs    Other Exit Costs   

Total 

3.7    $ 
11.7     
(12.4)    
0.2     
3.2    $ 
0.2     
(4.3)    
1.2     
0.3    $ 

1.9    $ 
—     
(0.5)    
—     
1.4    $ 
—     
—     
(1.3)    
0.1    $ 

0.2    $ 
2.2     
—     
0.1     
2.5    $ 
—     
(2.3)    
(0.1)    
0.1    $ 

5.8  
13.9  
(12.9) 
0.3  
7.1  
0.2  
(6.6) 
(0.2) 
0.5  

Restructuring liabilities of $0.5 million and $6.6 million were classified as current in other accrued expenses in the consolidated 
balance sheets as of December 31, 2021 and 2020, respectively. The long-term portion of restructuring liabilities of $0.5 million 
was recorded in other long-term liabilities in the consolidated balance sheet as of December 31, 2020. 

The  cost  information  above  does  not  contain  any  estimates  for  programs  that  may  be  developed  and  implemented  in  future 
periods. While the Company believes the recorded restructuring liabilities are adequate, revisions to current estimates may be 
recorded in future periods based on new information as it becomes available.  

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8.  Other income (expense), net  

Other income (expense), net consisted of the following: 

(in millions) 

Pension mark to market gain (loss) 
Pension curtailment and settlement gains 
Non-operating retirement benefits 
Foreign currency transactions 
Foreign currency denominated loans revaluation 
Undesignated foreign currency derivative instruments 
Undesignated interest rate and cross currency swap contracts 
Debt refinancing costs 
Fair value adjustment for warrants (1) 
Other 

Total other income (expense), net 

Year ended December 31, 
2020 

2021 

2019 

  $ 

  $ 

75.9    $ 
0.3     
18.5     
(7.6)    
(8.3)    
2.8     
3.0     
(7.0)    
33.8     
1.3     
112.7    $ 

(52.8)   $ 
0.6     
8.5     
(6.9)    
0.1     
3.2     
(8.0)    
(0.1)    
(0.8)    
(3.0)    
(59.2)   $ 

(50.4) 
1.3  
2.2  
(10.1) 
17.5  
(23.7) 
(3.0) 
(1.2) 
(7.0) 
(3.1) 
(77.5) 

(1) 

For the years ended December 31, 2020 and 2019, the fair value adjustment for warrants was reclassified to other income (expense), net, from other 
operating expenses, net, to conform to the current year presentation. Refer to “Note 2: Significant accounting policies” for more information. 

9.  Income taxes  

For financial reporting purposes, income (loss) before income taxes includes the following components: 

(in millions) 
(Loss) income before income taxes 

US 
Foreign 

Total income (loss) before income taxes 

The expense for income taxes is summarized as follows: 

(in millions) 
Current: 

Federal 
State 
Foreign 
Total current 
Deferred: 
Federal 
State 
Foreign 
Total deferred 
Total income tax expense from continuing operations 

Year ended December 31, 
2020 

2021 

2019 

203.1    $ 
382.1     
585.2    $ 

(47.7)   $ 
106.7     
59.0    $ 

(194.5) 
193.4  
(1.1) 

Year ended December 31, 
2020 

2021 

2019 

44.4    $ 
15.2     
58.6     
118.2    $ 

0.3    $ 
(0.7)    
6.8     
6.4    $ 
124.6    $ 

(3.4)   $ 
(1.5)    
43.4     
38.5    $ 

(20.2)   $ 
(2.7)    
(9.5)    
(32.4)   $ 
6.1    $ 

33.9  
7.1  
39.2  
80.2  

12.2  
3.4  
8.7  
24.3  
104.5  

  $ 

  $ 

  $ 

  $ 

  $ 

  $ 
  $ 

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For  the  Company's  continuing  operations,  differences  between  actual  provisions  for  income  taxes  and  provisions  for  income 
taxes at the US federal statutory rate of 21.0% were as follows: 

(in millions) 
US federal statutory income tax expense (benefit) applied to (loss) income 
before income taxes 
State income taxes, net of federal benefit 
Foreign tax rate differential 
Effect of flow-through entities 
Distributions from foreign subsidiaries 
Global intangible low-taxed income 
Disposition of business 
Change in valuation allowance, net 
Foreign tax credit 
Non-deductible expenses 
Withholding and other taxes based on income 
Warrants 
Change in statutory income tax rates 
Unrecognized tax benefits 
Other 
Total income tax expense from continuing operations 
Effective income tax rate 

The consolidated deferred tax assets and liabilities are detailed as follows: 

(in millions) 
Deferred tax assets: 

Net operating loss carryforwards (“NOLs”) 
Environmental reserves 
Interest 
Tax credit and capital loss carryforwards 
Pension 
Compensation 
Inventory 
Lease liabilities 
Other temporary differences 

Gross deferred tax assets 
Valuation allowance 

Deferred tax assets, net of valuation allowance 
Deferred tax liabilities: 

Property, plant and equipment, net 
Intangible assets 
Right-of-use lease assets 
Other temporary differences 

Deferred tax liabilities 
Net deferred tax liability 

60 

Year ended December 31, 
2020 

2021 

2019 

  $ 

122.8 

   $ 

10.8 
10.5 
— 
— 
31.5 
(20.6)      
(11.3) 
(29.8)      
5.8 
— 
(7.1)      
5.1 
5.1 
1.8 
124.6 
 21.3 %  

   $ 

  $ 

   $ 
12.5 
(4.6)      
5.7 
— 
(9.9)      
12.9 
(5.0)      
(69.3)      
58.8 
2.6 
0.1 
0.2 
1.5 
0.5 
0.1 
6.1 
 10.3 %  

   $ 

(0.2)   
10.7 
8.7 
30.6 
31.9 
22.8 
12.9 
(18.8)   
(13.5)   
16.5 
1.7 
1.5 
(1.1)   
(0.3)   
1.1 
104.5 
 (9500.0) % 

December 31, 

2021 

2020 

  $ 

  $ 

  $ 

  $ 

  $ 
  $ 

22.8    $ 
22.1     
5.9     
4.9     
41.5     
36.8     
12.5     
42.0     
22.1     
210.6    $ 
(8.6)    
202.0    $ 

(102.5)   $ 
(83.2)    
(39.8)    
(3.2)    
(228.7)   $ 
(26.7)   $ 

34.3  
22.0  
16.2  
6.2  
64.1  
17.2  
6.0  
38.2  
19.6  
223.8  
(19.9) 
203.9  

(98.6) 
(75.3) 
(35.4) 
(4.3) 
(213.6) 
(9.7) 

  
 
 
 
 
   
    
 
   
    
    
 
   
    
    
 
   
    
 
   
    
    
 
   
 
   
    
   
    
   
    
    
 
   
    
    
 
   
    
 
   
    
    
   
    
    
   
    
    
 
 
 
  
 
 
 
  
  
   
   
   
   
   
   
   
   
   
   
   
   
   
   
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As  of  December 31,  2021,  the  Company  has  $22.8 million  (tax  effected)  of  NOLs,  of  which  $0.6 million  will  expire  in  the 
period 2022 through 2026, $3.9 million will expire in the period between 2027 and 2040, and the remaining $18.3 million has 
no expiration. Additionally, the Company has approximately $4.9 million of foreign tax credits and capital loss carryforwards. 
The  Company  does not  expect  future  earnings  of  the  appropriate  character  of  taxable  income  to  allow  it  to utilize  certain of 
these  tax  attributes  in  future  years.  Therefore,  the  Company  maintains  a  valuation  allowance  of  $8.6 million  on  these  tax 
attributes and other deferred tax assets. 

Foreign Tax Effects 

The Company earns a significant amount of its operating income outside of the US. As of December 31, 2021, the Company is 
indefinitely reinvested with respect to its US directly-owned subsidiary earnings. Therefore, the Company has not recognized a 
deferred tax liability on its investment in foreign subsidiaries. The Company is subject to US income tax on substantially all 
foreign earnings under the GILTI provisions of the 2017 Tax Cut and Jobs Act, while a significant portion of remaining foreign 
earnings are eligible for the new dividends received deduction. As a result, a portion of any future repatriation of $515.8 million 
of  undistributed  earnings  may  be  subject  to  US  income  tax,  as  well  as  state  and  local  income  taxes,  withholding  taxes  and 
currency  translation  gains  or  losses.  It  is  impracticable  to  calculate  the  exact  amount. Additionally,  gains  and  losses  on  any 
future taxable dispositions of US-owned foreign affiliates continue to be subject to US income tax. 

Tax Contingencies 

The changes in unrecognized tax benefits included in other long-term liabilities, excluding interest and penalties, are as follows: 

(in millions) 
Balance as of January 1 

Increase for tax positions of current year 
Increase for tax positions of prior years 
Decrease for tax positions of prior years 
Reductions due to the statute of limitations expiration 
Foreign exchange 

Balance as of December 31 

Year ended December 31, 

2021 

2020 

  $ 

  $ 

35.0    $ 
19.4     
0.9     
(14.4)    
(0.7)    
(0.1)    
40.1    $ 

1.1  
16.4  
17.8  
—  
(0.3) 
—  
35.0  

There were $40.1 million and $35.0 million of unrecognized tax benefits that if recognized would affect the annual effective tax 
rate  at  December 31,  2021  and  2020,  respectively.  The  Company  files  income  tax  returns  in  the  US  and  various  state  and 
foreign  jurisdictions.  Generally,  tax  years  are  open  for  review  by  taxing  authorities  for  a  period  of  three  years.  As  of 
December 31, 2021, the Company has limited audit activity for tax years back to 2007 and 2008, as well as for the periods 2012 
through 2020. The Company continues to believe its positions are supportable; however, due to uncertainties in any tax audit 
outcome, the Company’s estimates of the ultimate settlement of uncertain tax positions may change and the actual tax benefits 
may differ from the estimates. 

The Company recognized $0.1 million, $0.6 million and $0.5 million of interest and/or penalties related to income tax matters 
in  interest  expense  related  to  unrecognized  tax  benefits  in  the  consolidated  statements  of  operations  for  the  years  ended 
December 31,  2021,  2020  and  2019,  respectively.  The  Company  had  $2.0 million  and  $1.9 million  of  interest  and  penalties 
reflected within other long-term liabilities on the consolidated balance sheets as of December 31, 2021 and 2020, respectively. 

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10.  Earnings per share  

The following table presents the basic and diluted earnings per share computations: 

(in millions, except per share data) 
Net income (loss) from continuing operations 
Net income from discontinued operations 
Net income (loss) 

Weighted average common shares outstanding 

Basic 
Effect of dilutive securities: stock compensation plans 
Diluted 

Income (loss) per common share 
Basic 
Continuing operations 
Discontinued operations 
Income (loss) 

Diluted 
Continuing operations 
Discontinued operations 
Income (loss) 

Year ended December 31, 
2020 

2021 

2019 

  $ 

  $ 

460.6    $ 
—     
460.6    $ 

52.9    $ 
—     
52.9    $ 

(105.6) 
5.4  
(100.2) 

170.2     
1.2     
171.4     

169.0     
0.8     
169.8     

164.1  
—  
164.1  

  $ 

  $ 

  $ 

  $ 

2.71    $ 
—     
2.71    $ 

2.69    $ 
—     
2.69    $ 

0.31    $ 
—     
0.31    $ 

0.31    $ 
—     
0.31    $ 

(0.64) 
0.03  
(0.61) 

(0.64) 
0.03  
(0.61) 

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: 

(in millions, common shares) 
Stock options 
Restricted Stock 
Warrants 

11.  Employee benefit plans  

Defined benefit pension plans 

Year ended December 31, 
2020 

2021 

2019 

2.0     
—     
—     

4.3     
0.1     
7.6     

3.0  
0.8  
6.4  

The  Company  sponsors  defined  benefit  plans  that  provide  pension  benefits  for  employees  upon  retirement  in  certain 
jurisdictions  including  the  US,  Canada,  United  Kingdom  and  several  other  European  countries. The  US,  Canada  and  United 
Kingdom defined benefit pension plans are closed to new entrants. 

United Kingdom buy-in contract 

Continuing  the  Company’s  efforts  to  reduce  retirement  plan  risk  while  delivering  promised  benefits  to  plan  participants,  the 
Trustees  of  the  Univar  Pension  Scheme  (1978)  (“the  UK  Plan”)  executed  a  buy-in  contract  in  December  2021.  The  buy-in 
arrangement is a contract intended to provide the equivalent of all future benefit plan payments to all UK Plan participants. As 
such,  this  transaction  significantly  mitigates  volatility  by  removing  investment,  longevity,  interest  rate  and  inflation  risk. 
However, the primary benefit obligation remains with the Company.  

The buy-in contract, purchased for $457.9 million in December 2021, remains an asset of the UK Plan and is part of the UK 
Plan’s investment strategy. It transferred a majority of the Company’s UK pension plan assets to the insurer in exchange for an 
insurance contract at the effective date of the buy-in and is classified as a Level 3 investment as of December 31, 2021. The 
projected  benefit  obligation  of  the  UK  Plan  as  of  December  31,  2021  is  $361.6 million,  and  is  net  of  $22.6 million  of  prior 
service  credits  recorded  in  accumulated  other  comprehensive  income.  The  Company  expects  to  continue  to  consider  future 

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opportunities  to  prudently manage  costs  and  risks of  its global  retirement  plans.  Future  transactions could  result  in  non-cash 
settlement or mark to market charges which may impact earnings and could be material to a given reporting period.  

The following summarizes the Company’s defined benefit pension plans’ projected benefit obligations, plan assets and funded 
status: 

Domestic 

Foreign 
  Year ended December 31,   Year ended December 31,   Year ended December 31, 

Total 

(in millions) 
Change in projected benefit obligations: 
Actuarial present value of benefit obligations at 
beginning of year 
Service cost 
Interest cost 
Benefits paid 
Plan amendments 
Actuarial (gain) loss (1) 
Foreign exchange and other 

2021 

2020 

2021 

2020 

2021 

2020 

  $  774.9    $  722.4    $  649.8    $  614.0    $ 1,424.7    $ 1,336.4  
1.9  
1.8     
34.9  
10.0     
(84.4) 
(32.7)    
(25.0) 
(0.4)    
139.0  
(44.0)    
21.9  
(5.8)    

—     
19.3     
(36.0)    
—     
(26.6)    
—     

1.8     
29.3     
(68.7)    
(0.4)    
(70.6)    
(5.8)    

1.9     
11.7     
(49.5)    
(25.0)    
74.8     
21.9     

—     
23.2     
(34.9)    
—     
64.2     
—     

Actuarial present value of benefit obligations at end 
of year 

  $  731.6    $  774.9    $  578.7    $  649.8    $ 1,310.3    $ 1,424.7  

Change in the fair value of plan assets: 
Plan assets at beginning of year 
Actual return on plan assets 
Contributions by employer 
Benefits paid 
Foreign exchange and other 

Plan assets at end of year 
Funded status at end of year 

44.3     
12.8     
(36.0)    
—     

  $  541.8    $  495.2    $  654.0    $  606.8    $ 1,195.8    $ 1,102.0  
130.3  
5.6     
26.1  
4.5     
(84.4) 
(32.7)    
21.8  
(6.3)    
  $  562.9    $  541.8    $  625.1    $  654.0    $ 1,188.0    $ 1,195.8  
4.2    $  (122.3)   $  (228.9) 
46.4    $ 
  $  (168.7)   $  (233.1)   $ 

49.9     
17.3     
(68.7)    
(6.3)    

66.4     
8.5     
(49.5)    
21.8     

63.9     
17.6     
(34.9)    
—     

(1) 

The actuarial loss (gain) for the years ended 2021 and 2020 were primarily due to a change in the discount rate assumption utilized in measuring plan 
obligations. 

Net amounts related to the Company’s defined benefit pension plans recognized in the consolidated balance sheets consist of: 

(in millions) 
Overfunded net benefit obligation in other assets 
Current portion of net benefit obligation in other 
accrued expenses 
Long-term portion of net benefit obligation in 
pension and other postretirement benefit liabilities 
Net (liability) asset recognized at end of year 

Domestic 
December 31, 

Foreign 
December 31, 

Total 
December 31, 

2021 

2020 

2021 

2020 

2021 

2020 

  $ 

—    $ 

—    $ 

93.3    $ 

84.0    $ 

93.3    $ 

84.0  

(3.5)    

(3.5)    

(2.0)    

(2.1)    

(5.5)    

(5.6) 

(165.2)    

(229.6)    
  $  (168.7)   $  (233.1)   $ 

(44.9)    
46.4    $ 

(77.7)    

(307.3) 
(210.1)    
4.2    $  (122.3)   $  (228.9) 

The following table summarizes defined benefit pension plans with accumulated benefit obligations in excess of plan assets: 

(in millions) 
Accumulated benefit obligation 
Fair value of plan assets 

Domestic 
December 31, 

Foreign 
December 31, 

Total 
December 31, 

2021 

2020 

2021 

2020 

2021 

2020 

  $  731.6    $  774.9    $  179.7    $  215.8    $  911.3    $  990.7  
704.4  

143.3     

562.9     

706.2     

541.8     

162.6     

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The following table summarizes defined benefit pension plans with projected benefit obligations in excess of plan assets: 

Domestic 
December 31, 

Foreign 
December 31, 

Total 
December 31, 

2021 

2020 

2021 

2020 

2021 

2020 

(in millions) 
Projected benefit obligation 
Fair value of plan assets 

562.9     
The following table summarizes the components of net periodic benefit cost (income) recognized in the consolidated statements 
of operations related to defined benefit pension plans: 

143.3     

706.2     

541.8     

162.6     

  $  731.6    $  774.9    $  190.2    $  242.4    $  921.8    $ 1,017.3  
704.4  

(in millions) 
Service cost (1) 
Interest cost (2) 
Expected return on plan 
assets (2) 
Amortization of 
unrecognized prior service 
(credits) cost (2) 
Settlement (3) 
Curtailment (3) 
Actuarial (gain) loss (4) 

Net periodic benefit (income) 
cost 

Domestic 
Year ended December 31, 
2020 
  $  —    $  —    $  —    $ 
27.2     

23.2     

19.3     

2021 

2019 

Foreign 
Year ended December 31, 
2020 

2021 

2019 

Total 
Year ended December 31, 
2020 

2019 

2021 

1.8    $ 
10.0     

1.9    $ 
11.7     

2.4    $ 
15.6     

1.8    $ 
29.3     

1.9    $ 
34.9     

2.4  
42.8  

(29.2)    

(28.5)    

(25.1)    

(15.1)    

(14.8)    

(20.1)    

(44.3)    

(43.3)    

(45.2) 

    —     
    —     
    —     
(41.7)    

—     
—     
—     
28.9     

(3.5)    
—     
—     
(0.3)    
—      —     
(34.2)    

41.5     

(0.1)    
0.1     
(0.6)     —     
(1.3)    
—     
9.4     
23.7     

(0.1)    
(3.5)    
(0.3)    
(0.6)    
—      —     
52.6     

(75.9)    

0.1  
—  
(1.3) 
50.9  

  $  (51.6)   $  23.6    $  43.6    $  (41.3)   $  21.8    $ 

6.1    $  (92.9)   $  45.4    $  49.7  

(1) 
(2) 
(3) 
(4) 

Service cost is included in warehouse, selling and administrative expenses. 
These amounts are included in other income (expense), net, and represent non-operating retirement benefits. 
Settlements and curtailments are included in other income (expense), net. 
Actuarial  (gain)  loss,  or  mark  to  market,  includes  measurement  gains  and  losses  resulting  from  changes  since  the  prior  measurement  date  in 
assumptions and plan experience, as well as the difference between the expected and actual return on plan assets. These amounts are recorded in other 
income (expense), net. 

The following summarizes pre-tax amounts included in AOCI at December 31, 2021 related to pension plan amendments:  

(in millions) 
Net prior service credit 
Other postretirement benefit plan 

Defined benefit 
pension plans 

  $ 

22.2  

The  Company  previously  maintained  a  health  care  plan  for  retired  employees  in  the  US. The  obligation  associated  with  this 
plan as of December 31, 2021 and 2020 was $1.7 million and $1.6 million, respectively. 

Actuarial assumptions 

Defined benefit pension plans 

The significant weighted average actuarial assumptions used in determining the benefit obligations and net periodic benefit cost 
(income) for the Company’s defined benefit plans are as follows: 

Actuarial assumptions used to determine benefit 
obligations at end of period: 

Discount rate 
Expected annual rate of compensation increase 

Domestic 
December 31, 

Foreign 
December 31, 

2021 

2020 

2021 

2020 

 2.89 %  
N/A  

 2.55 %  
N/A  

 2.05 %  
 1.87 %  

 1.55 % 
 2.91 % 

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Domestic 
Year ended December 31, 
2020 

2021 

Foreign 
Year ended December 31, 
2020 

2019 

2019 

2021 

Actuarial assumptions used to determine net 
periodic benefit cost (income) for the period:    

Discount rate 
Expected rate of return on plan assets 
Expected annual rate of compensation 
increase 

 2.55 %  
 6.00 %  

 3.28 %  
 6.50 %  

 4.47 %  
 6.75 %  

 1.55 %  
 2.46 %  

 2.14 %  
 2.75 %  

 2.92 % 
 3.83 % 

N/A  

N/A  

N/A  

 2.91 %  

 2.85 %  

 2.85 % 

Discount rates are used to measure benefit obligations and the interest cost component of net periodic benefit cost (income). 
The  Company  selects  its  discount  rates  based  on  the  consideration  of  equivalent  yields  on  high-quality  fixed  income 
investments at each measurement date. Discount rates are based on a benefit cash flow-matching approach and represent the 
rates at which the Company’s benefit obligations could effectively be settled as of the measurement date. 

For domestic defined benefit plans, the discount rates are based on a hypothetical bond portfolio approach. The hypothetical 
bond portfolio is constructed to comprise AA-rated corporate bonds whose cash flow from coupons and maturities match the 
expected future plan benefit payments. 

The  discount  rate  for  the  foreign  defined  benefit  plans  are  based  on  a  yield  curve  approach.  For  plans  in  countries  with  a 
sufficient corporate bond market, the expected future benefit payments are matched with a yield curve derived from AA-rated 
corporate bonds, subject to minimum amounts outstanding and meeting other selection criteria. For plans in countries without a 
sufficient corporate bond market, the yield curve is constructed based on prevailing government yields and an estimated credit 
spread to reflect a corporate risk premium. The discount rate to value UK Plan liabilities continues to be set with reference to 
the yields on high quality corporate bonds. 

The expected long-term rate of return on plan assets reflects management’s expectations on long-term average rates of return on 
funds invested to provide for benefits included in the benefit obligations. The long-term rate of return assumptions are based on 
the outlook for equity and fixed income returns, with consideration of historical returns, asset allocations, investment strategies 
and premiums for active management when appropriate. Assumptions reflect the expected rates of return at the beginning of the 
year. 

Plan asset management 

Plan assets for defined benefit plans are invested in global equity, debt securities or insurance contracts through professional 
investment  managers  with  the  objective  to  achieve  targeted  risk  adjusted  returns  and  to  maintain  liquidity  sufficient  to  fund 
current benefit payments. Each funded defined benefit plan has an investment policy that is administered by plan trustees with 
the objective of meeting targeted asset allocations based on the circumstances of that particular plan.  

The investment strategy followed by the Company varies by country depending on the circumstances of the underlying plan. 
Less  mature  plan  benefit  obligations  are  funded  by  using  more  equity  securities  as  they  are  expected  to  achieve  long-term 
growth while exceeding inflation. More mature plan benefit obligations are funded using a higher allocation of fixed income 
securities as they are expected to produce current income with limited volatility.  

The Company has adopted a dynamic investment strategy whereby as the plan funded status improves, the investment strategy 
is migrated to more liability matching assets, and return seeking assets are reduced. Risk management practices include the use 
of  multiple  asset  classes  for  diversification  purposes.  Specific  guidelines  for  each  asset  class  and  investment  manager  are 
implemented and monitored. As noted above, the majority of the UK plan assets are within a buy-in contract as of December 
31, 2021, subsequent to the transaction executed in December 2021. 

The  weighted  average  target  asset  allocation  for  defined  benefit  pension  plans  in  the  year  ended  December 31,  2021  is  as 
follows: 

Asset category: 

Equity securities 
Debt securities 
Other 

Total 

Domestic 

Foreign 

 45.0 %  
 45.0 %  
 10.0 %  
 100.0 %  

 12.0 % 
 11.0  % 
 77.0 % 
 100.0 % 

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Plan asset valuation methodologies 
Fair value methodology 
Cash 

Description 
This  represents  cash  at  banks  at  fair  value,  reflected  within  Level  1  of  the  fair  value 
hierarchy. 

Investment funds 

Buy-in contract 

Insurance contracts 

Investments measured at NAV 

Fair values are based on the NAV of the units held at year end. The NAVs are based on the 
fair value of the underlying assets of the funds, less their liabilities, divided by the number 
of units outstanding at the valuation date. The funds are traded on private markets that are 
not active, with unit prices based on observable (Level 2) or unobservable (Level 3) market 
data based on the fund’s underlying assets. 

This represents the UK plan buy-in assets. Fair values are based on initial pricing adjusted 
for  changes  in  government  bond  yields  and  inflation,  and  as  such  are  considered  Level  3 
based on the significant unobservable inputs used in deriving the assets' fair values. 

Fair values are based on the present value of the accrued benefit, and as such are considered 
Level 3 based on the significant unobservable inputs used in deriving the asset's fair values. 

Investment  in  a  real  estate  fund,  which  invests  in  real  estate  assets.  The  investment  in 
properties  by  the  real  estate  fund  is  carried  at  fair  value,  which  is  estimated  based  on  the 
price that would be received to sell an asset in an orderly transaction between marketplace 
participants at the measurement date. The investment can be withdrawn quarterly, after a one 
hundred days notice period. 

Fair value of plan assets 

The following presents domestic plan assets categorized within the three-level fair value hierarchy: 

(in millions) 
Cash 
Investments funds (1) 

Subtotal 

Total 

  Level 1   

December 31, 2021 

  Level 1    Level 2    Level 3   
 $ 

4.3    $ 
4.3    $  —    $  —    $ 
27.6      530.6     
—      503.0     
4.3    $  503.0    $  27.6    $  534.9    $ 
28.0     
  $  562.9     

 $ 

December 31, 2020 
Level 2 

2.7    $ 
—     
2.7    $ 

—    $ 
539.1     
539.1    $ 

Total 

2.7  
539.1  
541.8  

Total 
(1) 

Investments measured at NAV 

—  
541.8  
This category includes investments in 21.8% and 26.1% in US equities, 17.9% and 25.5% in non-US equities, 41.9% and 43.3% in US corporate bonds, 
2.2% and 0.0% in non-US corporate bonds, and 16.2% and 5.1% in other investments as of December 31, 2021 and 2020, respectively. 

  $ 

The following presents foreign plan assets categorized within the three-level fair value hierarchy: 

December 31, 2021 

December 31, 2020 

(in millions) 
Cash 
Investments: 

Investment funds (1) 
Buy-in contract 
Insurance contracts 

Total investments 
Total 

  Level 1    Level 2    Level 3   
  $  18.8    $  —    $  —    $  18.8    $ 

Total 

  Level 1    Level 2    Level 3   

3.7    $  —    $  —    $ 

Total 

3.7  

—      147.4     
—     
—     

—      147.4     
—      436.1      436.1     
22.8     
22.8     
—     

—      623.7  
—  
—     
26.6  
26.6     
  $  —    $  147.4    $  458.9    $  606.3    $  —    $  623.7    $  26.6    $  650.3  
3.7    $  623.7    $  26.6    $  654.0  
  $  18.8    $  147.4    $  458.9    $  625.1    $ 

—      623.7     
—     
—     
—     
—     

(1) 

This  category  includes  investments  in  0.6%  and  3.8%  in  US  equities,  45.4%  and  11.4%  in  non-US  equities,  39.7%  and  12.9% in  non-US  corporate 
bonds, 5.4% and 70.4% in non-US government bonds and 8.9% and 1.5% in other investments as of December 31, 2021 and 2020, respectively. 

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Changes in the plan assets valued using significant unobservable inputs (Level 3): 

(in millions) 
Balance as of January 1 
Actual return to plan assets: 

Related to assets still held at year end 
Purchases, sales and settlements, net 
Transfer from Level 2 classification 

Balance as of December 31 

(in millions) 
Balance as of January 1 
Actual return to plan assets: 

Related to assets still held at year end 
Purchases, sales and settlements, net 
Foreign exchange 

Balance as of December 31 

Contributions 

Domestic 
Investment funds 
2021 

  $ 

  $ 

Foreign 
Buy-in and Insurance contracts 
2020 
2021 

 $ 

 $ 

26.6    $ 

(34.1)    
475.4     
(9.0)    
458.9    $ 

—  

—  
—  
27.6  
27.6  

22.2  

2.4  
(0.2) 
2.2  
26.6  

The Company expects to contribute approximately $13.8 million and $3.2 million to its domestic and foreign defined benefit 
pension plan funds in 2022, respectively, including direct payments to plan participants in unfunded plans.  

Benefit payments 

Benefit payments that are projected to be paid from plan assets: 

(in millions) 
2022 
2023 
2024 
2025 
2026 
2027 through 2031 

Defined contribution plans 

  $ 

Defined benefit pension plans 
Foreign 

Domestic 

Total 

38.7    $ 
39.5     
40.0     
40.7     
41.2     
207.1     

19.9    $ 
18.7     
20.1     
20.2     
20.8     
107.0     

58.6  
58.2  
60.1  
60.9  
62.0  
314.1  

The  Company  provides  defined  contribution  plans  and  had  contribution  expense  of  $51.4  million,  $43.8  million  and  $40.0 
million in the years ended December 31, 2021, 2020 and 2019, respectively. 

Multi-employer plans 

The  Company  contributes  to  several  multi-employer  pension  plans  based  on  obligations  arising  from  collective  bargaining 
agreements. The risks of participating in these multi-employer plans are different from single-employer plans in the following 
aspects: 

•  Assets contributed to the multi-employer plan by the Company may be used to provide benefits to employees of other 

• 

participating employers. 
If the Company stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining 
participating  employers.  Similarly,  the  Company  could  be  liable  for  underfunded  obligations  of  other,  departed 
employers. 

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• 

If the Company chooses to stop participating in some of its multi-employer plans, it may be required to pay those plans 
an amount based on the underfunded status of the plan, referred to as a withdrawal liability. A withdrawal liability will 
be recorded when it is probable that a liability exists and can be reasonably estimated. 

The Company’s participation in these plans for the annual period ended December 31, 2021 is outlined in the table below. The 
Pension Protection Act (“PPA”) zone status is the most recently available and is certified by the plan's actuary. Among other 
factors, plans in the “red zone” are less than 65 percent funded, plans in the “yellow zone” are less than 80 percent funded and 
plans in the “green zone” are at least 80 percent funded. The “FIP/RP status pending/implemented” column indicates plans for 
which  a  financial  improvement  plan  (“FIP”)  or  a  rehabilitation  plan  (“RP”)  is  either  pending  or  has  been  implemented.  In 
addition to regular plan contributions, the Company may be subject to a surcharge if the plan is in the red zone. The “Surcharge 
imposed”  column  indicates  whether  a  surcharge  has  been  imposed  on  contributions  to  the  plan.  The  last  column  lists  the 
expiration  date(s)  of  the  collective  bargaining  agreement(s)  (“CBA”)  to  which  the  plans  are  subject. There  are  no  minimum 
contributions required for future periods by the CBAs, statutory obligations or other contractual obligations. 

If the Company were to cease making contributions to these plans at one or more or all locations, it could trigger a withdrawal 
liability that could be material to the Company’s results of operations and cash flows. Calculating any such withdrawal liability 
depends on a number of factors that are out of the Company’s control and subject to change. Withdrawal liability represents an 
employer’s proportional share of the multi-employer plan’s unfunded vested benefits (“UVBs”). UVBs equal the value of non-
forfeitable benefits owed by the plan, less the value of the plan’s assets. The value of assets and liabilities are determined using 
actuarial assumptions that reflect the actuary’s best estimate of anticipated UVBs for that employer.  

A significant portion of the Company's exposure historically resided with the eight facilities in the Central States, Southeast and 
Southwest Areas  Pension  Plan  (“Central  States  Pension Fund”). 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, 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 obligations to the Central States Pension Fund 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 consolidated statement of operations 
and other accrued expenses and other long-term liabilities in the consolidated balance sheets. 

(in millions) 

EIN/Pens
ion plan 
number   

PPA zone status 
2020 
2021 

  FIP/RP status 
pending/impl
emented 

Contributions (a) 
Year ended December 31,   
2021    2020    2019   

Surcharge 
imposed   

Number of and 
expiration dates 
of collective 
bargaining 
agreement(s) 

Western Conference of 
Teamsters Pension Plan   

91-
6145047/
001 

Green as 
of January 
1, 2021   

Green as 
of January 
1, 2020 

Central States, Southeast 
and Southwest Areas 
Pension Plan 
New England Teamsters 
and Trucking Industry 
Pension Fund 
Total contributions 

36-
6044243/
001 
04-
6372430/
001 

Red as of 
January 1, 
2020 
Red as of 
October 1, 
2019 

Red as of 
January 1, 
2019 
Red as of 
October 1, 
2018 

No 

  $  1.4    $  1.5    $  1.5   

No 

January 31, 2022 
to July 31, 2025 

  Implemented    

0.7     

1.1     

1.1   

No 

  Implemented     —      —     

0.1   
  $  2.1    $  2.6    $  2.7    

No 

(b) 

(b) 

(a) 

(b) 

Plan contributions by the Company did not represent more than five percent of total contributions to the plans as indicated in the plans’ most recently 
available annual report. 
The Company either terminated the CBA or the Union voted to amend the CBA covered by this fund. As a result, the Company has withdrawn from the 
fund and recognized expense for its estimated withdrawal liability. 

12.  Stock-based compensation  

In  May  2020,  the  Company  replaced  and  succeeded  the  Univar  Inc.  2017  Omnibus  Equity  Incentive  Plan  (the  “2017  Plan”) 
with the Univar Solutions Inc. 2020 Omnibus Incentive Plan (the “2020 Plan”). The 2017 Plan had no further awards granted 
and any available reserves under the 2017 Plan were terminated and not transferred to the 2020 Plan. There were no changes to 
the  outstanding  awards  related  to  the  2017  Plan,  the  Univar  Inc.  2015  Stock  Incentive  Plan  and  Univar  Inc.  2011  Stock 
Incentive Plan (together with the 2017 Plan and the 2020 Plan, the “Plans”). 

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The  2020  Plan  allows  the  Company  to  issue  awards  to  employees,  consultants,  and  directors  of  the  Company  and  its 
subsidiaries. Awards may be made in the form of stock options, stock purchase rights, restricted stock, restricted stock units, 
performance  shares,  performance  units,  stock  appreciation  rights,  dividend  equivalents,  deferred  share  units  or  other  stock-
based awards. As of December 31, 2021, there were 10.8 million shares authorized under the Plans. The Company generally 
issues authorized but previously unissued shares to satisfy stock option exercises and stock award vestings.  

For  the  years  ended  December 31,  2021,  2020  and  2019,  the  Company  recognized  total  stock-based  compensation  expense 
within other operating expenses, net of $25.4 million, $14.5 million and $25.1 million, and a net tax benefit relating to stock-
based compensation expense of $2.2 million, $2.0 million and $2.4 million, respectively. 

Stock options 

Stock options expire ten years after the grant date and generally become exercisable over a three-year period or less, based on 
continued employment, with annual vesting. The exercise price of a stock option is determined based upon the fair value of the 
common stock at the time of each grant. Participants have no stockholder rights until the time of exercise.  

The following reflects stock option activity under the Plans: 

Outstanding at January 1, 2021 

Granted 
Exercised 
Forfeited 

Outstanding at December 31, 2021 

Exercisable at December 31, 2021 
Expected to vest after December 31, 2021 

Number of stock 
options 
4,254,653    $ 
—     
(609,664)    
(354,446)    
3,290,543    $ 
2,292,838    $ 
997,705    $ 

Weighted-
average 
exercise price 

Weighted-
average 
remaining 
contractual 
term (in years)   

Aggregate 
intrinsic value 
(in millions) 

23.79    
—    
21.95    
22.92    
24.22    
24.93   
22.60   

5.7   $ 
7.8   $ 

8.1  
5.7  

As of December 31, 2021, the Company has unrecognized stock-based compensation expense related to non-vested stock 
options of approximately $0.8 million, which will be recognized over a weighted-average period of 0.5 years. 

(in millions) 
Total intrinsic value of stock options exercised 
Fair value of stock options vested 

Restricted stock 

Year ended December 31, 
2020 

2021 

2019 

  $ 

2.3    $ 
6.1     

0.3    $ 
7.2     

0.9  
7.9  

Non-vested restricted stock primarily relates to awards for members of the Company’s Board of Directors which vest over 12 
months. The grant date fair value of restricted stock is based on the market price of the common stock on that date. Non-vested 
shares of restricted stock may not be sold or transferred and are subject to forfeiture until vesting. Both vested and non-vested 
shares of restricted stock are included in the Company’s shares outstanding. 

The following table reflects restricted stock activity under the Plans: 

Non-vested at January 1, 2021 

Granted 
Vested 
Forfeited 

Non-vested at December 31, 2021 

Number of restricted 
stock 

Weighted average 
grant-date fair value 
13.91  
24.29  
13.91  
—  
24.29  

43,135    $ 
23,056     
(43,135)    
—     
23,056    $ 

As of December 31, 2021, the Company has unrecognized stock-based compensation expense related to non-vested restricted 
stock awards of approximately $0.2 million, which will be recognized over a weighted-average period of 0.4 years. 

The weighted-average grant-date fair value of restricted stock was $13.91 and $21.34 in 2020 and 2019, respectively. 

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Restricted stock units (RSUs) 

RSUs awarded to employees generally vest in three or four equal annual installments, subject to continued employment. Each 
RSU converts into one share of Univar Solutions common stock on the applicable vesting date. RSUs may not be sold, pledged 
or otherwise transferred until they vest and are subject to forfeiture. The grant date fair value is based on the market price of 
Univar Solutions stock on that date. 

The following table reflects RSUs activity under the Plans: 

Non-vested at January 1, 2021 

Granted 
Vested 
Forfeited 

Non-vested at December 31, 2021 

Number of Restricted 
Stock Unit 

Weighted-average 
grant-date fair value 
22.22  
21.66  
23.40  
21.56  
21.61  

1,027,148    $ 
1,015,633     
(384,428)    
(104,862)    
1,553,491    $ 

As  of  December 31,  2021,  the  Company  has  unrecognized  stock-based  compensation  expense  related  to  non-vested  RSUs 
awards of approximately $12.7 million, which will be recognized over a weighted-average period of 1.0 years. 

Performance-based restricted stock units (PRSUs) 

The  Company  awards  performance  based  shares  to  certain  employees.  These  awards  vest  upon  the  passage  of  time  and  the 
achievement of performance criteria, which is generally over a three year period. The Company reviews progress toward the 
attainment of the performance criteria each quarter during the vesting period. When it is probable the minimum performance 
criteria  for  the  award  will  be  achieved,  the Company begins  recognizing  the  expense  equal  to  the  proportionate  share  of  the 
total fair value. The total expense recognized over the duration of performance awards will equal the date of grant multiplied by 
the number of shares ultimately awarded based on the level of attainment of the performance criteria.  

For grants with market performance criteria, the fair value is determined on the grant date by using a Monte Carlo simulation 
model, with a duration of three years. The PRSUs awarded may be subject to a downward or upward adjustment depending on 
the total shareholder return achieved by the Company during the particular performance period relative to the total shareholder 
return ranking among peer companies as specified in the respective PSU award agreement. The total expense recognized over 
the duration of the award will equal the fair value, regardless if the market performance criteria is met. 

The following table reflects PRSUs activity under the Plans: 

Non-vested at January 1, 2021 

Granted 
Vested 
Forfeited 

Non-vested at December 31, 2021 

Number of 
Performance-Based 
Restricted Stock Unit  

Weighted-average 
grant-date fair value 
23.66  
20.36  
27.05  
25.97  
21.77  

532,822    $ 
307,880     
(16,797)    
(114,645)    
709,260    $ 

As  of  December 31,  2021,  the  Company  has  unrecognized  stock-based  compensation  expense  related  to  non-vested  PRSUs 
awards of approximately $5.9 million, which will be recognized over a weighted-average period of 1.9 years. 

Fair value 

(in millions) 
Fair value of restricted stock, RSUs and PRSUs vested 
Employee stock purchase plan 

2021 

Year ended December 31, 
2020 

9.6    $ 

9.2    $ 

  $ 

2019 

8.6  

The Univar Solutions Inc. Employee Stock Purchase Plan, or ESPP, authorizing the issuances of up to 2.0 million shares of the 
Company’s common stock allows qualified participants to purchase the Company’s common stock at 95% of its market price 
during  the  last  day  of  two  offering  periods  in  each  calendar  year. The  first  offering  period  is  January  through  June,  and  the 
second from July through December. As of December 31, 2021, the total number of shares issued under the plan for the two 
offering periods in 2021 was 61,184 shares.  

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Stock-based compensation fair value assumptions 

The fair value of the Company’s stock that is factored into the fair value of stock options and utilized for restricted stock, RSUs 
and PRSUs with internally developed performance conditions is based on the grant date closing price on the New York Stock 
Exchange. 

The  Company  uses  the  Monte  Carlo  simulation  to  calculate  the  fair  value  of  PRSUs  with  market  conditions.  The  weighted 
average  grant-date  fair  value  of  PRSUs  with  market  conditions  was  $20.36  for  the  year  ended  December  31,  2021.  The 
weighted-average assumptions under the Monte Carlo simulation model were as follows: 

Risk-free interest rate (1) 
Expected dividend yield 
Expected volatility (2) 

Year ended 
December 31, 
2021 

 0.3 % 
— 
 53.8 % 

(1) 
(2) 

The risk-free interest rate is based on the US Treasury yield for a period in years equal to the remaining performance period from date of grant. 
The expected volatility for each grant is determined based on the historical weekly stock price returns of the Company's common stock over a period 
equal to the remaining term of the performance period from the date of grant. 

The Company uses the Black-Scholes-Merton option valuation model to calculate the fair value of stock options granted. No 
stock options were granted in 2021. The weighted average grant-date fair value of stock options was $6.17 and $6.31 for the 
years  ended  December 31,  2020  and  2019,  respectively.  The  weighted-average  assumptions  used  under  the  Black-Scholes-
Merton option valuation model were as follows: 

Risk-free interest rate (1) 
Expected dividend yield 
Expected volatility (2) 
Expected term (years) (3) 

Year ended December 31, 
2019 
2020 

 1.4 %  
— 
 24.4 %  
6.0  

 2.6 % 
— 
 23.7 % 
6.0 

(1) 
(2) 

(3) 

The risk-free interest rate is based on the US Treasury yield for a term consistent with the expected term of the stock options at the time of grant. 
As  the  Company  does  not  have  sufficient  historical  volatility  data,  the  expected  volatility  is  based  on  the  average  historical  data  of  a  peer  group  of 
public companies over a period equal to the expected term of the stock options. 
As the Company does not have sufficient historical exercise data under the Plans, the expected term is based on the average of the vesting period of 
each tranche and the original contract term of 10 years. 

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13.  Accumulated other comprehensive loss  

The following table presents the changes in accumulated other comprehensive loss by component, net of tax. 

(in millions) 
Balance as of January 1, 2019 

Impact due to adoption of ASU 2018-02 (1) 
Other comprehensive (loss) income before 
reclassifications 
Amounts reclassified from accumulated other 
comprehensive loss 

Net current period other comprehensive (loss) income 
Balance as of December 31, 2019 

  $ 
  $ 

Other comprehensive (loss) income before 
reclassifications (2) 
Amounts reclassified from accumulated other 
comprehensive loss 

Net current period other comprehensive (loss) income 
Balance as of December 31, 2020 

  $ 
  $ 

Other comprehensive income (loss) before 
reclassifications 
Amounts reclassified from accumulated other 
comprehensive loss 
Amounts reclassified related to dispositions (3) 
Net current period other comprehensive income (loss) 
Balance as of December 31, 2021 

  $ 
  $ 

Defined benefit 
pension 

Currency 
translation 

Total AOCI 

Cash flow hedges  
  $ 

8.9    $ 
1.5     

(23.6)    

(2.2)    
(24.3)   $ 
(15.4)   $ 

(1.1)   $ 
—     

(381.0)   $ 
(4.7)    

—     

22.8     

0.1     
0.1    $ 
(1.0)   $ 

—     
18.1    $ 
(362.9)   $ 

(45.6)    

20.3     

(10.7)    

28.3     
(17.3)   $ 
(32.7)   $ 

29.8     

(7.9)    
—     
21.9    $ 
(10.8)   $ 

(0.1)    
20.2    $ 
19.2    $ 

—     
(10.7)   $ 
(373.6)   $ 

0.4     

(13.1)    

(2.9)    
—     
(2.5)   $ 
16.7    $ 

—     
18.1     
5.0    $ 
(368.6)   $ 

(373.2) 
(3.2) 

(0.8) 

(2.1) 
(6.1) 
(379.3) 

(36.0) 

28.2  
(7.8) 
(387.1) 

17.1  

(10.8) 
18.1  
24.4  
(362.7) 

(1) 
(2) 
(3) 

Adjusted due to the adoption of ASU 2018-02 “Income Statement - Reporting Comprehensive Income” on January 1, 2019. 
Defined benefit pension includes $25.0 million pre-tax adjustment related to plan amendment on the UK pension plan.  
In conjunction with the sale of the Distrupol business, the Company released the associated cumulative foreign currency translation losses and reported 
such release as part of the net gain on sale of business.  

The following is a summary of the amounts reclassified from accumulated other comprehensive loss to net (loss) income. 

(in millions) 
Amortization of defined benefit pension items:    

Year ended December 31, 
2020 (1) 

2019 (1) 

2021 (1) 

Statement of Operations 
Classification 

Prior service (credits) costs 
Tax benefit 
Net of tax 
Cash flow hedges: 

Interest rate swap contracts 
Cross-currency swap contracts 

Tax (benefit) expense 
Net of tax 

Total reclassifications for the period 

  $ 

  $ 

  $ 

  $ 
  $ 

(3.5)   $ 
0.6     
(2.9)   $ 

17.9    $ 
(28.6) 

2.8     
(7.9)   $ 
(10.8)   $ 

(0.1)   $ 
—     
(0.1)   $ 

12.9    $ 
28.3  

(12.9)    
28.3    $ 
28.2    $ 

0.1    Other expense, net 
—    Income tax expense 
0.1    

(8.0)   Interest expense 
5.2  

Interest expense and other 
expense, net 
0.6    Income tax expense 
(2.2)   
(2.1)   

(1) 

Amounts in parentheses indicate credits to net income in the consolidated statement of operations. 

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14.  Property, plant and equipment, net  

Property, plant and equipment, net consisted of the following: 

(in millions) 

Land and buildings 
Tank farms 
Machinery, equipment and other 
Less: Accumulated depreciation 

Subtotal 

Work in progress 

Property, plant and equipment, net 

15.  Goodwill and intangible assets  

Goodwill 

The following is a summary of goodwill activity by segment. 
(in millions) 
Balance, January 1, 2020 

  $ 

Additions 
Purchase price adjustments 
Dispositions and other adjustments 
Foreign exchange 

Balance, December 31, 2020 

Additions 
Dispositions and other adjustments 
Foreign exchange 

Balance, December 31, 2021 

  $ 

  $ 

USA 
1,802.3    $ 
—     
7.0     
(4.3)    
—     
1,805.0    $ 
—     
7.6     
—     
1,812.6    $ 

December 31, 

2021 

2020 

  $ 

  $ 

  $ 

820.3    $ 
316.7     
1,015.3     
(1,207.8)    
944.5    $ 
86.5     
1,031.0    $ 

EMEA 

Canada 

LATAM 

8.4    $ 
—     
—     
—     
0.3     
8.7    $ 
—     
(1.1)    
(0.2)    
7.4    $ 

441.1    $ 
—     
—     
(21.4)    
8.4     
428.1    $ 
—     
—     
3.3     
431.4    $ 

29.0    $ 
3.5     
—     
(0.4)    
(3.5)    
28.6    $ 
33.1     
(2.4)    
(0.3)    
59.0    $ 

827.9  
315.4  
1,007.7  
(1,150.7) 
1,000.3  
65.4  
1,065.7  

Total 
2,280.8  
3.5  
7.0  
(26.1) 
5.2  
2,270.4  
33.1  
4.1  
2.8  
2,310.4  

Additions to goodwill in 2020 and 2021 related to the acquisitions of Techi Chem and Sweetmix, respectively.  

Purchase price adjustments in 2020 related to the Nexeo acquisition. Other adjustments to goodwill in 2020 primarily related to 
the dispositions of the industrial spill and emergency response businesses and Canadian Agriculture services business.  

Accumulated  impairment  losses  on  goodwill  were  $215.8 million,  $263.4  million  and  $253.9  million  at  December 31,  2021, 
2020  and  2019,  respectively.  The  year-over-year  changes  primarily  relate  to  dispositions  and  translation  adjustments  due  to 
foreign exchange differences. 

As  of  October  1,  2021,  the  Company  performed  its  annual  impairment  review  and  concluded  the  fair  value  exceeded  the 
carrying  value  for  all  reporting  units.  There  were  no  events  or  circumstances  from  the  date  of  the  assessment  through 
December 31, 2021 that would affect this conclusion. 

Intangible assets, net 

The gross carrying amounts and accumulated amortization of the Company’s intangible assets were as follows: 

(in millions) 

Customer relationships 
Other 

Total intangible assets 

December 31, 2021 
Accumulated 
amortization   

Gross 

Net 

Gross 

December 31, 2020 
Accumulated 
amortization   

  $ 

  $ 

940.1    $ 
168.9     
1,109.0    $ 

(732.8)   $ 
(164.5)    
(897.3)   $ 

207.3    $ 
4.4     
211.7    $ 

936.9    $ 
177.4     
1,114.3    $ 

(691.3)   $ 
(171.1)    
(862.4)   $ 

Net 

245.6  
6.3  
251.9  

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 
2023 
2024 
2025 
2026 

16.  Impairment charges  

  $ 

44.7  
42.4  
34.0  
29.1  
24.4  

The  Company  reviews  long-lived  assets  for  impairment  whenever  events  or  changes  in  circumstances  indicate  an  asset’s 
carrying amount may not be recoverable. Significant estimates include forecasted Adjusted EBITDA, working capital, capital 
expenditures  and  discount  rates.  As  the  inputs  for  testing  recoverability  and  determining  fair  value  of  the  asset  groups  are 
largely  based  on  management’s  judgments  and  are  not  generally  observable  in  active  markets,  the  Company  considers  such 
inputs to be Level 3 measurements in the fair value hierarchy. 

Year ended December 31, 2021 

Throughout 2021, the Company announced the closure of certain operating facilities in the USA and Canada segments, which 
resulted in impairment charges related to property, plant and equipment, net of $3.0 million within the consolidated statement of 
operations. 

Year ended December 31, 2020 

During  2020,  the  Company  determined  there  was  a  more  likely  than  not  expectation  that  the  industrial  spill  and  emergency 
response  businesses  within  the  USA  segment  would  be  sold.  The  Company  determined  this  to  be  an  impairment  triggering 
event, requiring the assessment of the recoverability of these long-lived asset groups. The Company tested the recoverability 
and  determined  the  assets  to  be  impaired.  As  a  result,  the  Company  recorded  a  non-cash,  pretax  impairment  charge  of 
$15.5 million, consisting of $12.8 million of intangible assets, net and $2.7 million of property, plant and equipment, net within 
the consolidated statement of operations. 

During  2020,  the  Company  decided  to  cease  further  investment  in,  and  seek  to  exit  a  contract  related  to  certain  technology 
assets,  consisting  of  capitalized  software  and  hardware  components.  This  event  represented  an  impairment  triggering  event 
requiring an impairment analysis within the Other segment. As a result, the Company recorded a pretax impairment charge of 
$21.7 million, inclusive of non-cash and cash components of $19.7 million and $2.0 million, respectively, relating to property, 
plant  and  equipment,  net  within  the  consolidated  statement  of  operations  during  the  year  ended  December  31,  2020.  The 
Company finalized the terms of the exit in January 2021, exclusive of additional costs or impairment charges. 

Additionally, the Company recorded impairment charges of $3.0 million related to property, plant and equipment, net within the 
consolidated statement of operations during the year ended December 31, 2020. The impairment charges were in connection 
with the announced closure of certain operating facilities in the USA segment and the wind down of its Canadian Agriculture 
wholesale distribution business. 

Year ended December 31, 2019 

During  2019,  the  Company  announced  closure  of  certain  operating  facilities  in  the  USA  segment  and  recorded  a  non-cash, 
pretax  impairment  charge  of $7.0 million related  to  property,  plant  and  equipment,  net  within  its  consolidated  statements  of 
operations. 

17.  Other accrued expenses  

As of December 31, 2021, there were no components within other accrued expenses that were greater than five percent of total 
current  liabilities.  As  of  December 31,  2020,  other  accrued  expenses  that  were  greater  than  five  percent  of  total  current 
liabilities consisted of current tax liabilities of $73.4 million, respectively, comprised of income, VAT and local indirect taxes 
payable.  

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18.  Debt  

Short-term financing 

Short-term  financing  of  $2.1  million,  with  a  weighted  average  interest  rate  of  3.6%,  consisted  of  bank  overdrafts  as  of 
December 31, 2020. The Company had no outstanding balance as of December 31, 2021. 

The  Company  had  $141.9  million  and  $196.0  million  of  outstanding  letters  of  credits  as  of  December 31,  2021  and  2020, 
respectively. 

Long-term debt 

Long-term debt consisted of the following: 

(in millions) 

Senior Term Loan Facilities: 

Term B-3 Loan due 2024, variable interest rate of 2.40% at December 31, 2020 
Term B-5 Loan due 2026, variable interest rate of 2.10% and 2.15% at December 31, 
2021 and 2020, respectively 
Term B-6 Loan due 2028, variable interest rate of 2.10% at December 31, 2021 

Asset Backed Loan (ABL) Facilities: 

North American ABL Facility due 2024, variable interest rate of 1.43% and 1.71% at 
December 31, 2021 and 2020, respectively 
Canadian ABL Term Loan due 2022, variable interest rate of 2.71% at December 31, 
2020 

Senior Unsecured Notes: 

Senior Unsecured Notes due 2027, fixed interest rate of 5.13% at December 31, 2021 
and 2020 

Finance lease obligations 

Total long-term debt before discount 

Less: unamortized debt issuance costs and discount on debt 

Total long-term debt 

Less: current maturities 

Total long-term debt, excluding current maturities 

December 31, 

2021 

2020 

  $ 

—    $ 

1,264.1  

392.0     
995.0     

297.9     

—     

500.0     
101.9     
2,286.8    $ 
(21.8)    
2,265.0    $ 
(41.5)    
2,223.5    $ 

396.0  
—  

265.5  

133.5  

500.0  
101.6  
2,660.7  
(20.1) 
2,640.6  
(163.5) 
2,477.1  

  $ 

  $ 

  $ 

The  weighted  average  interest  rate  on  long-term  debt,  including  the  effect  of  designated  and  undesignated  derivative 
instruments (refer to “Note 20: Derivatives” for more information), was 3.25% and 3.73% as of December 31, 2021 and 2020, 
respectively. 

As of December 31, 2021, future contractual maturities of long-term debt, excluding finance lease obligations, are as follows: 

(in millions) 
2022 
2023 
2024 
2025 
2026 
Thereafter 
Total 

Refer to “Note 22: Leasing” for additional information regarding finance lease obligations. 

75 

  $ 

  $ 

14.0  
14.0  
311.9  
14.0  
386.0  
1,445.0  
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Senior Term Loan Facilities  

In 2019, the Company repaid in full the remaining Term B-4 Loan and entered into the Fifth Amendment which provided a new 
Term B-5 Loan facility in an aggregate principal amount of $400.0 million that matures on July 1, 2026 (“Term B-5 Loan”). 
The proceeds from the new Term B-5 loan were used to repay in full the remaining EUR Term B-2 Loan. The Term B-5 Loan is 
payable  in quarterly  installments of  0.25% of  the  aggregate  initial  principal  amount. The  interest rate  applicable  to the Term 
Loan B-5 is based on, at the borrower’s option, (i) a fluctuating rate of interest determined by reference to a base rate plus an 
applicable margin equal to 1.00% or (ii) a Eurocurrency rate plus an applicable margin equal to 2.00%. The Company can repay 
the Term B-5 Loan in whole or part without penalty. 

In 2020, using the proceeds from the sale of the Environmental Sciences business, the Company repaid $174.0 million of the 
Term B-3 Loan. 

In  2021,  to  secure  favorable  market  rates  of  interest  and  extend  principal  maturities,  the  Company  entered  into  the  Sixth 
Amendment (“Sixth Amendment”) to its Credit Agreement, dated July 1, 2015, which provided a new Term B-6 Loan facility in 
an aggregate principal amount of $1.0 billion that matures on June 3, 2028. The proceeds from the new Term B-6 Loan and an 
incremental borrowing of $274.2 million under the Company's existing North American ABL facility were used to repay in full 
the outstanding Term B-3 Loan facility and satisfy related lending and refinancing fees. 

The  Term  B-6  Loan  is  payable  in  quarterly  installments  of  0.25%  of  the  aggregate  initial  principal  amount  beginning  in 
September 2021. The interest rate applicable to the Term B-6 Loan is based on, at the borrower’s option, (i) a fluctuating rate of 
interest  determined  by  reference  to  a  base  rate  plus  an  applicable  margin  equal  to  1.00%  or  (ii)  a  Eurocurrency  rate  plus  an 
applicable margin equal to 2.00% (in each case with a 0.25% step down based on the achievement of a specific leverage level). 
The Company can voluntarily prepay the Term B-6 Loan in whole or part without penalty. 

ABL Facilities  

In  2019,  the  Company  amended  and  restated  its  July  28,  2015 ABL  credit  facility. The  2019  amendment,  which  matures  on 
February  28,  2024,  provides  a  five  year  senior  secured  ABL  credit  facility  in  an  aggregate  amount  of  $1.2 billion  and 
$325.0 million, for the US and Canadian revolving commitments (“North American ABL Facility”), respectively, and a three 
year  $175.0 million  aggregate  secured  Canadian  dollar ABL  term  loan  facility  (“ABL  Term  Loan”)  (collectively,  the  “New 
Senior ABL Facility”). Borrowing availability is determined by a borrowing base consisting of eligible inventory and eligible 
accounts receivable. 

For the US and Canadian revolving loans, the adjusted interest rate is a base or eurocurrency rate plus an applicable margin. 

The interest rate on the ABL Term Loan is on a quarterly adjusted rate of interest determined by reference to either a prime or 
BA rate, at the Company's option, plus an applicable margin. In the first quarter of 2021, using the proceeds from the sale of the 
Canadian Agriculture services business and available cash, the Company repaid $47.1 million Canadian ABL Term Loan debt. 
In  the  third  quarter  of  2021,  using  available  cash,  the  Company  repaid  $48.0 million  Canadian ABL Term  Loan  debt.  In  the 
fourth  quarter  of  2021,  the  Company  repaid  the  remaining  Canadian  ABL  Term  loan  debt,  which  resulted  in  the  full 
extinguishment of the loan. 

Senior Unsecured Notes 

During 2019, the Company issued $500.0 million in Senior Unsecured Notes, due December 1, 2027 (“2027 Senior Notes”), 
with  a  fixed interest  rate  of  5.125%. The net  proceeds  were  used  to repay  all  $399.5 million  principal  outstanding under  the 
6.75% Notes due 2023 and a portion of the debt outstanding under the North American ABL Facility. The Company can prepay 
the  2027  Senior  Notes  in  whole  or  part  at  a  premium  on  or  after  December  1,  2022  and  without  a  premium  on  or  after 
December 1, 2024. 

Debt costs 

As  a  result  of  actions  within  its  debt  portfolio,  the  Company  recognized  losses  on  extinguishment  of  debt  of  $2.3 million, 
$1.8 million and $19.8 million during the years ended December 31, 2021, 2020 and 2019, respectively and debt refinancing 
costs of $7.0 million, $0.1 million and $1.2 million in during the years ended December 31, 2021, 2020 and 2019, respectively. 

Borrowing availability and assets pledged as collateral 

Availability of the Company's credit facilities is determined based upon available qualifying collateral, as defined in the North 
American ABL Facility and Euro ABL Facility credit agreement.  

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Unused line fees are as follows: 

$1.525 billion North American ABL Facility 
€200 million Euro ABL Facility 

December 31, 

2021 

2020 

 0.300 %  
 0.375 %  

 0.300 % 
 0.375 % 

The North American ABL Facility is secured by a first priority lien of accounts receivable and inventories of the Company's US 
and  Canadian  operating  subsidiaries.  In  addition,  65%  of  the  shares  of  certain  foreign  subsidiaries  have  been  pledged  as 
security. 

The Euro ABL Facility is primarily secured by accounts receivable and inventories of the Company’s subsidiaries in Belgium, 
France and the Netherlands. 

The Senior Term Loan Facilities are secured by substantially all of the assets of the US operating and management subsidiaries 
and are secured by a second priority lien on such accounts receivable and inventory. 

Assets pledged are as follows: 

(in millions) 
Cash 
Trade accounts receivable, net 
Inventories 
Prepaid expenses and other current assets 
Property, plant and equipment, net 

Total 

Debt covenants 

December 31, 

2021 

2020 

  $ 

  $ 

54.6    $ 
1,310.0     
668.1     
285.9     
830.8     
3,149.4    $ 

91.5  
1,069.8  
547.4  
222.9  
864.3  
2,795.9  

The  Company  is  in  compliance  with  all  debt  covenants.  The  North  American  ABL  Facility  is  subject  to  comply  with  a 
minimum  fixed  charge  coverage  ratio. As  of  December 31,  2021  and  2020,  the  Company  exceeded  the  minimum  ratio  and 
therefore the financial covenant remains inapplicable.  

Other information 

The  fair  values  of  debt  were  based  on  current  market  quotes  for  similar  borrowings  and  credit  risk  adjusted  for  liquidity, 
margins, and amortization, as necessary and are classified as level 2 in the fair value hierarchy. 

December 31, 2021 

December 31, 2020 

(in millions) 
Fair value of debt 
The Company is exposed to credit loss and loss of liquidity availability if the financial institutions or counterparties issuing the 
debt securities fail to perform. The Company minimizes exposure to these credit risks by dealing with a diversified group of 
investment  grade  financial  institutions.  The  Company  manages  credit  risk  by  monitoring  the  credit  ratings  and  market 
indicators of credit risk of its lending counterparties, and does not anticipate any non-performance by any of the counterparties. 

  Carrying amount  
  $ 

  Carrying amount  

2,640.6    $ 

2,307.8    $ 

2,265.0    $ 

Fair value 

Fair value 

2,687.4  

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19.  Fair value measurements  

The  Company  classifies  its  financial  instruments  according  to  the  fair  value  hierarchy  described  in  “Note  2:  Significant 
accounting policies.” 

Items measured at fair value on a recurring basis 

The following table is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which 
had  consisted  of  the  warrant  liability  related  to  the  Nexeo  acquisition  and  Techi  Chem  acquisition  contingent  consideration 
liabilities: 

(in millions) 
Fair value as of January 1 

Additions 
Fair value adjustments 
Transfer from Level 3 
Foreign exchange 

Fair value as of December 31 

Warrant Liability 

2021 

2020 

Contingent Consideration 
2020 
2021 

$ 

$ 

33.8    $ 
—     
(33.8)    
—     
—     
—    $ 

33.0    $ 
—     
0.8     
—     
—     
33.8    $ 

2.2    $ 
—     
—     
(2.3)    
0.1     
—    $ 

—  
2.2  
—  
—  
—  
2.2  

During  2021,  a  portion  of  the  outstanding  warrants  were  exercised  at  a  price  of  $27.80  resulting  in  the  issuance  of  973,717 
shares of common stock and the receipt of $27.1 million in cash proceeds. All remaining warrants expired unexercised on June 
9, 2021 with the write-off of the fair value of such warrants recorded within other income (expense), net in the consolidated 
statement of operations. As of December 31, 2021, the Company has no outstanding warrants. 

The  fair  value  of  the  Techi  Chem  contingent  consideration  was  historically  based  on  a  real  options  approach,  taking  into 
account  management's  best  estimate  of  the  acquired  business  performance,  as  well  as  achievement  risk. As  the  performance 
period ended in 2021, and inputs to the liability are no longer unobservable, the Company no longer considers the balance of 
$2.3 million a Level 3 classification. 

20.  Derivatives 

Foreign currency derivatives 

The Company uses forward currency contracts to hedge earnings from the effects of foreign exchange relating to certain of the 
Company’s  intercompany  and  third-party  receivables  and  payables  denominated  in  a  foreign  currency.  These  derivative 
instruments are not formally designated as hedges by the Company and the terms of these instruments range from one to three 
months.  

Interest rate swap contracts 

The  objective  of  the  Company's  designated  interest  rate  swap  contracts  is  to  offset  the  variability  of  cash  flows  in  LIBOR 
indexed debt interest payments attributable to changes in the benchmark interest rate related to the Term B-6 Loan (previously 
the Term B-3 Loan) and a portion of debt outstanding under the North American ABL Facility. 

In June 2021, the Company executed two interest rate swap contracts, both effective June 30, 2023 to replace existing interest 
rate swap contracts with maturities occurring between June 2023 and June 2024. These interest rate swap contracts contain an 
initial aggregate notional value of $250.0 million from June 2023 to June 2024 that increase to an aggregate notional value of 
$500.0 million from June 2024 to May 2028. 

In March 2020, the Company executed $250.0 million of interest rate swap contracts effective June 30, 2020 to replace swaps 
with maturities on June 30, 2020. 

In December 2019, the Company terminated $750.0 million of the 2017 swaps resulting in a $1.1 million gain. As the hedge 
was considered to be effective and the forecasted transaction was considered probable of occurring, part of the gain remained in 
accumulated  other  comprehensive  loss  and  was  amortized  as  a  reduction  to  interest  expense  over  the  term  of  the  forecasted 
Term B Loan. 

The Company also uses undesignated interest rate swap contracts to manage interest rate variability. 

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Cross currency swap contracts 

Cross currency swap contracts are used to effectively convert the Term B-5 Loan’s principal amount of floating rate US dollar 
denominated debt, including interest payments, to fixed-rate Euro denominated debt. The cross currency swap contracts mature 
in November 2024. As of December 31, 2021, approximately 95% of the cross currency swaps are designated as a cash flow 
hedge. 

The Company also uses undesignated cross currency swaps to manage interest rate variability and mitigate foreign exchange 
exposure.   

Notional amounts and fair value of derivative instruments 

The following table presents the notional amounts of the Company’s outstanding derivative instruments by type: 

(in millions) 
Designated Derivatives: 

Interest rate swap contracts 
Cross currency swap contracts 

Undesignated Derivatives: 

Interest rate swap contracts 
Foreign currency derivatives 
Cross currency swap contracts 

December 31, 

2021 

2020 

$ 

$ 

650.0    $ 
381.0     

1,050.0  
381.0  

100.0    $ 
179.0     
19.0     

200.0  
77.2  
19.0  

The  following  are  the  pre-tax  effects  of  derivative  instruments  on  the  consolidated  statements  of  operations  and  the 
consolidated statements of comprehensive income for the years ended December 31, 2021, 2020 and 2019: 

(in millions) 
Derivatives in cash flow hedging 
relationships: 

Statement of 
Operations 
Classification 

Amount of gain (loss) reclassified from other 
comprehensive loss into income 
Year ended December 31, 
2020 

2019 

2021 

  Amount of gain (loss) to be 
reclassified to consolidated 
statement of operations 
within the next 12 months 

Interest rate swap contracts 
Cross currency swap contracts 
Cross currency swap contracts 

  $ 

  Interest expense 
  Interest expense 
  Other expense, net    

(17.9)   $ 
1.2     
27.4     

(12.9)   $ 
3.5     
(31.8)    

8.0    $ 
0.7     
(5.9)    

(8.1) 
2.8  
—  

Refer  to  “Note  8:  Other  income  (expense),  net”  for  the  gains  and  losses  related  to  derivatives  not  designated  as  hedging 
instruments. 

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The following table presents the Company’s gross assets and liabilities measured on a recurring basis and classified as level 2 
within the fair value hierarchy: 

(in millions) 
Designated Derivatives: 
Cross currency swap 
contracts 
Interest rate swap 
contracts 
Interest rate swap 
contracts 

Derivative Assets 

December 31, 

Derivative Liabilities 

December 31, 

Balance Sheet Classification   

2021 

2020 

  Balance Sheet Classification   

2021 

2020 

Prepaid expenses and 
other current assets 
Prepaid expenses and 
other current assets 

Other assets 

  $ 

2.8    $ 

1.0   

Other long-term 
liabilities 

  $ 

12.7    $ 

47.4  

—     

—    Other accrued expenses     

8.1     

17.9  

—     
2.8    $ 

  $ 

Other long-term 
liabilities 

—   
1.0    

7.8     
28.6    $ 

20.7  
86.0  

  $ 

Total designated derivatives 

Undesignated Derivatives: 

Foreign currency 
contracts 
Cross currency swap 
contracts 
Interest rate swap 
contracts 
Interest rate swap 
contracts 

Prepaid expenses and 
other current assets 
Prepaid expenses and 
other current assets 
Prepaid expenses and 
other current assets 

Other assets 

Total undesignated derivatives 

  $ 

  $ 

1.8    $ 

0.2    Other accrued expenses    $ 

0.8    $ 

0.1     

—     

—     
1.9    $ 

Other long-term 
liabilities 

0.1   

—    Other accrued expenses     

Other long-term 
liabilities 

—   
0.3    

  $ 

0.6     

1.7     

1.1     
4.2    $ 

0.4  

2.4  

2.6  

4.0  
9.4  

Total derivatives 

  $ 

4.7    $ 

1.3    

  $ 

32.8    $ 

95.4  

The  net  amounts  by  legal  entity  related  to  foreign  currency  contracts  included  in  prepaid  and  other  current  assets  were 
$1.7 million  and  $0.1 million  as  of  December 31,  2021  and  2020,  respectively.  The  net  amounts  related  to  foreign  currency 
contracts  included  in  other  accrued  expenses  were  $0.7 million  and  $0.3 million  as  of  December 31,  2021  and  2020, 
respectively. 

21.  Commitments and contingencies  

Litigation 

In  the  ordinary  course  of  business  the  Company  is  subject  to  pending  or  threatened  claims,  lawsuits,  regulatory  matters  and 
administrative  proceedings  from  time  to  time.  Where  appropriate  the  Company  has  recorded  provisions  in  the  consolidated 
financial  statements  for  these  matters.  The  liabilities  for  injuries  to  persons  or  property  are  in  some  instances  covered  by 
liability insurance, subject to various deductibles and self-insured retentions. 

The  Company  is  not  aware  of  any  claims,  lawsuits,  regulatory  matters  or  administrative  proceedings,  pending  or  threatened, 
that  are  likely  to  have  a  material  effect  on  its  overall  financial  position,  results  of  operations,  or  cash  flows.  However,  the 
Company cannot predict the outcome of any present or future claims or litigation or the potential for future claims or litigation 
and adverse developments could negatively impact earnings or cash flows in a particular future period. 

Asbestos Claims 

The  Company  is  subject  to  liabilities  from  claims  alleging  personal  injury  from  exposure  to  asbestos.  The  claims  result 
primarily from an indemnification obligation related to Univar Solutions USA Inc.’s (“Univar”) 1986 purchase of McKesson 
Chemical Company from McKesson Corporation (“McKesson”). Once certain conditions have been met, Univar will have the 
ability to pursue insurance coverage, if any, that may be available under McKesson's historical insurance coverage to offset the 
impact of any fees, settlements, or judgments that Univar is obligated to pay because of its obligation to defend and indemnify 
McKesson. As of December 31, 2021, there were approximately 227 asbestos-related cases for which Univar has the obligation 
to  defend  and  indemnify;  however,  this  number  tends  to  fluctuate  up  and  down  over  time.  Historically,  the  vast  majority  of 
these asbestos cases have been dismissed without payment or with an immaterial settlement payment. While the Company is 
unable  to  predict  the  outcome  of  these  matters,  it  does  not  believe,  based  upon  currently  available  facts,  that  the  ultimate 

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resolution  of  any  of  these  matters  will  have  a  material  effect  on  its  overall  financial  position,  results  of  operations,  or  cash 
flows. 

Unclaimed Property Audit 

The Company and its subsidiaries are the subject of an unclaimed property audit request issued by the State of Delaware.  The 
State  of  Delaware  retained  a  contingent-fee  private  audit  firm  to  conduct  the  audit.  In  October  2018,  the  State  of  Delaware 
issued a subpoena to the Company requesting a broad swath of records and information purportedly necessary to perform the 
audit (the “Subpoena”). After receiving the Subpoena, the Company objected and also initiated a lawsuit in the Federal District 
Court for the District of Delaware challenging the constitutionality of the Subpoena and other provisions of Delaware's escheats 
law, which case is ongoing (the “Lawsuit”). In response to the Lawsuit, the State of Delaware filed a competing enforcement 
action in the Delaware Court of Chancery in order to compel the Company to comply with the Subpoena. The Lawsuit has been 
stayed  pending  the  resolution  of  the  enforcement  action.  In  October  2020,  the  Delaware  Court  of  Chancery  deemed  the 
Subpoena enforceable, subject to some limitations, but stayed enforcement of the Subpoena until the Company’s claims in the 
Lawsuit are resolved by the District Court. The Company intends to vigorously defend itself and believes it has strong defenses. 
The timing and outcome of these proceedings or any unclaimed property audits that may be subsequently conducted as a result 
of the outcome of the proceedings cannot be predicted with certainty at this time. 

Environmental 

The  Company  is  subject  to  various  federal,  state  and  local  environmental  laws  and  regulations  that  require  environmental 
assessment  or  remediation  efforts  (collectively  “environmental  remediation  work”)  and  from  time  to  time  becomes  aware  of 
compliance  matters  regarding  possible  or  alleged  violations  of  these  laws  or  regulations.  For  example,  over  the  years,  the 
Company has been identified as a “potentially responsible party” (“PRP”) under the Comprehensive Environmental Response, 
Compensation and Liability Act and/or similar state laws that impose liability for costs relating to environmental remediation 
work at various sites. As a PRP, the Company may be required to pay a share of the costs of investigation and cleanup of certain 
sites. The Company is currently engaged in environmental remediation work at approximately 127 locations, some that are now 
or were previously Company-owned/occupied and some that were never Company-owned/occupied (“non-owned sites”). 

The  Company’s  environmental  remediation  work  at  some  sites  is  being  conducted  pursuant  to  governmental  proceedings  or 
investigations. At other sites, the Company, with appropriate state or federal agency oversight and approval, is conducting the 
environmental remediation work voluntarily. The Company is currently undergoing remediation efforts or is in the process of 
active review of the need for potential remediation efforts at approximately 106 current or formerly Company-owned/occupied 
sites. In addition, the Company may be liable as a PRP for a share of the clean-up of approximately 21 non-owned sites. These 
non-owned  sites  are  typically  (a) locations  of  independent  waste  disposal  or  recycling  operations  with  alleged  or  confirmed 
contaminated soil and/or groundwater to which the Company may have shipped waste products or drums for re-conditioning, or 
(b) contaminated  non-owned  sites  near  historical  sites  owned  or  operated  by  the  Company  or  its  predecessors  from  which 
contamination is alleged to have arisen. 

In  determining  the  appropriate  level  of  environmental  reserves,  the  Company  considers  several  factors  such  as  information 
obtained  from  investigatory  studies;  changes  in  the  scope  of  remediation;  the  interpretation,  application  and  enforcement  of 
laws and regulations; changes in the costs of remediation programs; the development of alternative cleanup technologies and 
methods; and the relative level of the Company’s involvement at various sites for which the Company is allegedly associated. 
The  level  of  annual  expenditures  for  remedial,  monitoring  and  investigatory  activities  will  change  in  the  future  as  major 
components of planned remediation activities are completed and the scope, timing and costs of existing activities are changed. 
Project lives, and therefore cash flows, range from 2 to 30 years, depending on the specific site and type of remediation project. 

Although  the  Company  believes  that  its  reserves  are  adequate  for  environmental  contingencies,  it  is  possible,  due  to  the 
uncertainties noted above; that additional reserves could be required in the future that could have a material effect on the overall 
financial position, results of operations, or cash flows in a particular period.  

Changes in total environmental liabilities are as follows: 
(in millions) 
Environmental liabilities as of January 1 

Revised obligation estimates 
Environmental payments 
Foreign exchange 

Environmental liabilities as of December 31 

2021 

2020 

  $ 

  $ 

79.6    $ 
29.0     
(20.3)    
(0.2)    
88.1    $ 

78.7  
16.7  
(16.1) 
0.3  
79.6  

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Balance Sheet Classification 

December 31, 

2021 

2020 

(in millions) 
Current environmental liabilities 
Long-term environmental liabilities 

  Other accrued expenses 
  Other long-term liabilities 
The Company manages estimated cash flows by project. These estimates are subject to change if there are modifications to the 
scope of the remediation plan or if other factors, both external and internal, change the timing of the remediation activities. The 
Company periodically reviews the status of all existing or potential environmental liabilities and adjusts its accruals based on 
all  available,  relevant  information.  Based on  current  estimates,  the  expected  payments  for  environmental  remediation  for  the 
next five years and thereafter at December 31, 2021 are as follows: 

39.3    $ 
48.8     

26.5  
53.1  

  $ 

(in millions) 
2022 
2023 
2024 
2025 
2026 
Thereafter 
Total 

Tax Matters 

  $ 

  $ 

39.3  
12.1  
7.1  
5.1  
4.8  
19.7  
88.1  

During 2017,  the  Brazilian  Federal  Supreme  Court  (the  “Court”) ruled  that  the  inclusion of  the  state VAT  tax  collected  by  a 
taxpayer  in  the  taxpayer’s  federal  social  contribution  calculation  base  is  unconstitutional.  In  2019,  the  Court  ruled  in  the 
Company's  favor  allowing  the  recoverability  of  amounts  previously  paid,  plus  interest. As  a  result,  the  Company  recorded  a 
benefit  of  $10.9 million  in  net  sales,  of  which  $9.7 million  related  to  prior  years,  and  $4.6 million  in  interest  income  in  the 
consolidated statements of operations for the year ended December 31, 2019. During the second quarter of 2020, the Company 
reduced its benefit from the prior year and recorded a charge of $0.4 million in net sales and $0.3 million in interest income in 
the consolidated statements of operations for the year ended December 31, 2020. 

22.  Leasing 

The Company leases certain warehouses and distribution centers, office space, transportation equipment and other machinery 
and equipment.  

Leases 

(in millions) 
Assets 

Operating lease assets 
Finance lease assets 

Total lease assets 
Liabilities 

Current liabilities: 

Balance Sheet Classification 

December 31, 

2021 

2020 

  Other assets 
  Property, plant and equipment, net (1) 

  $ 

  $ 

  $ 

  $ 

164.3    $ 
102.1     
266.4    $ 

45.7    $ 
27.5     

125.5     
74.4     
273.1    $ 

161.0  
100.3  
261.3  

44.9  
26.0  

125.3  
75.6  
271.8  

Current portion of operating lease liabilities 
Current portion of finance lease liabilities 

  Other accrued expenses 
  Current portion of long-term debt 

Noncurrent liabilities: 

Operating lease liabilities 
Finance lease liabilities 

Total lease liabilities 

  Other long-term liabilities 
  Long-term debt 

(1) 

Finance lease right-of-use assets are recorded net of accumulated depreciation of $75.8 million and $61.2 million as of December 31, 2021 and 2020, 
respectively. 

Lease cost 

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(in millions) 

Statement of Operations Classification 

Cost of goods sold (exclusive of depreciation) 
Outbound freight and handling 
Warehousing, selling and administrative 
Depreciation 
Interest expense 

Total gross lease component costs 

Variable lease costs 
Short-term lease costs 

Total gross lease costs 
Sublease income 
Total net lease costs 

Maturity of lease liabilities 
(in millions) 
2022 
2023 
2024 
2025 
2026 
2027 and after 
Total lease payments 
Less: interest 

Present value of lease liabilities 

Lease term and discount rate 

Year ended December 31, 2021 
Finance 
Leases 

Operating 
Leases 

Total 

Year ended December 31, 2020 
Finance 
Leases 

Operating 
Leases 

Total 

  $ 

  $ 

22.6    $  —    $ 
—     
6.6     
—     
28.3     
26.4     
—     
3.7     
—     
30.1    $ 
57.5    $ 

  $ 

  $ 

22.6    $ 
6.6     
28.3     
26.4     
3.7     
87.6    $ 
1.7    
6.7    
96.0    
2.1    
93.9    

18.8    $  —    $ 
—     
6.1     
32.7     
—     
24.9     
—     
3.4     
—     
28.3    $ 
57.6    $ 

18.8  
6.1  
32.7  
24.9  
3.4  
85.9  
0.9  
25.7  
  $  112.5  
2.5  
  $  110.0  

  Operating Leases   Finance Leases   
52.3    $ 
  $ 
36.7     
25.8     
18.1     
14.5     
54.5     
201.9    $ 
30.7     
171.2    $ 

30.5    $ 
21.6     
18.1     
16.1     
14.1     
10.3     
110.7    $ 
8.8     
101.9    $ 

  $ 

  $ 

Total 

82.8  
58.3  
43.9  
34.2  
28.6  
64.8  
312.6  
39.5  
273.1  

(in millions) 
Weighted-average remaining lease term (years) 

Operating leases 
Finance leases 

Weighted-average discount rate 

Operating leases 
Finance leases 

Other information 

(in millions) 
Cash paid for amounts included in the measurement of lease liabilities 

Operating cash flows from operating leases 
Operating cash flows from finance leases 
Financing cash flows from finance leases 

Sale-leaseback transaction 

December 31, 

2021 

2020 

6.7  
6.5  

 3.99 %  
 3.59 %  

6.0 
6.3 

 4.68 % 
 3.83 % 

Year ended December 31, 

2021 

2020 

  $ 

57.5    $ 
3.6     
27.6     

57.1  
3.4  
24.3  

During 2020, the Company recognized a net gain of $14.4 million associated with a sale-leaseback agreement related to a real 
estate  property.  The  Company  intends  to  lease  the  property  for  a  period  of  15  years  and  has  classified  the  agreement  as  an 
operating lease. 

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23.  Segments  

The  Company’s  operations  are  structured  into  four  reportable  segments  that  represent  the  geographic  areas  under  which  it 
operates  and  manages  the  business.  Management  monitors  the  operating  results  of  its  reportable  segments  separately  for  the 
purpose of making decisions about resource allocation and performance assessment. Management evaluates performance of its 
reportable  segments  on  the  basis  of Adjusted  EBITDA. Adjusted  EBITDA  is  defined  as  the  sum  of  consolidated  net  income 
(loss),  net  income  from  discontinued  operations,  net  interest  expense,  income  tax  expense,  depreciation,  amortization, 
impairment charges, (gain) loss on sale of business, loss on extinguishment of debt, other operating expenses, net  (see “Note 6: 
Other  operating  expenses,  net”)  and  other  income  (expense),  net  (see  “Note  8:  Other  income  (expense),  net”).  For  2020, 
Adjusted  EBITDA  also  included  an  adjustment  to  remove  a  Brazil  VAT  charge.  For  2019,  Adjusted  EBITDA  included  an 
adjustment  to  remove  the  charge  of  the  inventory  fair  value  step-up  recorded  in  connection  with  the  Nexeo  purchase  price 
allocation and to remove the benefit related to a Brazil VAT recovery.  

Transfer  prices  between  reportable  segments  are  set  on  an  arms-length  basis  in  a  similar  manner  to  transactions  with  third 
parties. Corporate operating expenses that directly benefit segments have been allocated to the reportable segments. Allocable 
operating expenses are identified through a review process by management. These costs are allocated to the reportable segments 
on a basis that reasonably approximates the use of services. This is typically measured on a weighted distribution of margin, 
asset, headcount or time spent. 

Financial information for the Company’s reportable segments is as follows: 

(in millions) 
Net Sales 
Year ended December 31, 2021 

External customers 
Inter-segment 
Net Sales 

Year ended December 31, 2020 

External customers 
Inter-segment 
Net Sales 

Year ended December 31, 2019 

External customers 
Inter-segment 
Net Sales 

USA 

EMEA 

Canada 

LATAM 

Other/ 
Eliminations(1
) 

Consolidate
d 

 $  6,024.0    $  1,971.1    $ 
4.3     
 $  6,116.1    $  1,975.4    $ 

92.1     

930.0    $ 
4.4     
934.4    $ 

610.4    $ 
0.7     
611.1    $ 

—    $  9,535.5  
(101.5)    
—  
(101.5)   $  9,535.5  

451.0    $ 
—     
451.0    $ 

—    $  8,265.0  
—  
(86.8)    
(86.8)   $  8,265.0  

455.1    $ 
—     
455.1    $ 

—    $  9,286.9  
(109.7)    
—  
(109.7)   $  9,286.9  

 $  5,006.2    $  1,697.1    $  1,110.7    $ 
2.5     
 $  5,087.4    $  1,700.2    $  1,113.2    $ 

81.2     

3.1     

 $  5,828.5    $  1,785.5    $  1,217.8    $ 
6.2     
 $  5,928.7    $  1,788.8    $  1,224.0    $ 

100.2     

3.3     

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(1)   Other/Eliminations represents the elimination of intersegment transactions, as well as unallocated corporate costs consisting of costs specifically related to 

parent company operations that do not directly benefit segments, either individually or collectively. 

(in millions) 
Adjusted EBITDA 

USA 
EMEA 
Canada 
LATAM 
Other/Eliminations 
Consolidated 

Long-lived assets (1) 

USA 
EMEA 
Canada 
LATAM 
Other/Eliminations 
Consolidated 

Year ended December 31, 
2020 

2021 

2019 

  $ 

  $ 

  $ 

  $ 

498.2    $ 
170.6     
104.2     
56.9     
(32.2)    
797.7    $ 

393.2    $ 
142.7     
89.7     
43.0     
(32.8)    
635.8    $ 

781.5    $ 
191.2     
153.3     
38.7     
30.6     
1,195.3    $ 

815.6    $ 
202.0     
148.0     
38.0     
23.1     
1,226.7    $ 

454.7  
143.3  
100.2  
36.1  
(30.1) 
704.2  

853.6  
185.4  
197.3  
34.7  
38.7  
1,309.7  

(1) 

Long-lived assets consist of property, plant and equipment, net and operating lease assets. 

The following is a reconciliation of net income (loss) to Adjusted EBITDA for the years ended December 31, 2021, 2020 and 
2019: 

(in millions) 
Net income (loss) 

Net income from discontinued operations 
Depreciation 
Amortization 
Interest expense, net 
Income tax expense from continuing operations 

EBITDA 

Other operating expenses, net (1) 
Other (income) expense, net  (2) 
Impairment charges 
(Gain) loss on sale of business 
Loss on extinguishment of debt 
Brazil VAT charge (recovery) 
Inventory step-up adjustment 

Adjusted EBITDA 

Year ended December 31, 
2020 

2021 

2019 

  $ 

  $ 

  $ 

460.6    $ 
—     
150.9     
52.5     
97.2     
124.6     
885.8    $ 
107.5     
(112.7)    
3.0     
(88.2)    
2.3     
—     
—     
797.7    $ 

52.9    $ 
—     
162.9     
60.0     
112.4     
6.1     
394.3    $ 
89.4     
59.2     
40.2     
50.6     
1.8     
0.3     
—     
635.8    $ 

(100.2) 
(5.4) 
155.0  
59.7  
139.5  
104.5  
353.1  
291.2  
77.5  
7.0  
(41.4) 
19.8  
(8.3) 
5.3  
704.2  

(1) 
(2) 

Refer to “Note 6: Other operating expenses, net” for more information. 
Refer to “Note 8: Other income (expense), net” for more information. 

Business line information 

The Company’s net sales from external customers primarily relate to its chemical distribution business. Other sales to external 
customers primarily relate to services for collecting and arranging for the transportation of hazardous and non-hazardous waste.  

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Risks and Concentrations 

No single customer accounted for more than 10% of net sales in any of the years presented. 

The  Company  has  portions  of  its  labor  force  that  are  a  part  of  collective  bargaining  agreements. A  work  stoppage  or  other 
limitation on operations could occur as a result of disputes under existing collective bargaining agreements with labor unions or 
government  based  work  counsels  or  in  connection  with  negotiations  of  new  collective  bargaining  agreements.  As  of 
December 31, 2021, approximately 24% of the Company’s labor force is covered by a collective bargaining agreement. As of 
December 31, 2021, approximately 2% of the Company’s labor force is covered by a collective bargaining agreement that will 
expire within one year.  

Other segment information 

Information on segment assets is not disclosed, as the Company's chief operating decision maker does not evaluate reportable 
segments using asset information.  

Schedule II - Valuation and qualifying accounts 

(in millions) 
Year ended December 31, 2021 

Income tax valuation allowance 

Year ended December 31, 2020 

Income tax valuation allowance 

Year ended December 31, 2019 

Income tax valuation allowance 

Additions 

Balance at 
beginning of 
period 

Charged to 
costs and 
other 
expenses 

Charged to 
other 
accounts 

  Deductions   

Balance at 
end of period 

  $ 

  $ 

  $ 

19.9    $ 

0.7    $ 

(0.3)   $ 

(11.7)   $ 

8.6  

87.5    $ 

3.0    $ 

1.0    $ 

(71.6)   $ 

19.9  

106.3    $ 

4.9    $ 

0.1    $ 

(23.8)   $ 

87.5  

ITEM 9.  CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND  FINANCIAL 

DISCLOSURE 

None. 

ITEM 9A. CONTROLS AND PROCEDURES 

Evaluation of Disclosure Controls and Procedures 

As of December 31, 2021, we carried out an evaluation, under the supervision and with the participation of our management, 
including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our 
disclosure  controls  and  procedures (as  such  term  is defined  in  Rule 13a-15(e)  under  the  Securities  Exchange Act  of  1934  as 
amended).  Based  upon  that  evaluation,  our  Chief  Executive  Officer  and  our  Chief  Financial  Officer  concluded  that  our 
disclosure  controls  and  procedures  are  designed  at  a  reasonable  assurance  level  and  are  effective  to  provide  reasonable 
assurance  that  information  we  are  required  to  disclose  in  reports  that  we  file  or  submit  under  the  Exchange Act  is  recorded, 
processed, summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange 
Commission (“SEC”), and that such information is accumulated and communicated to our management, including our CEO and 
CFO, as appropriate, to allow timely decisions regarding required disclosure. 

Changes in Internal Control over Financial Reporting 

There were no changes in our internal control over financial reporting identified in management’s evaluation pursuant to Rules 
13a-15(d) of the Exchange Act during the period covered by this Annual Report on Form 10-K that materially affected, or are 
reasonably likely to materially affect, our internal control over financial reporting. 

Management’s Report on Internal Control over Financial Reporting 

Our  management  is  responsible  for  establishing  and  maintaining  adequate  internal  control  over  financial  reporting  for  the 
company. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our 
financial  reporting  for  external  purposes  in accordance  with  accounting  principles generally  accepted  in  the United  States  of 
America. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly 
reflect  our  transactions;  providing  reasonable  assurance  that  transactions  are  recorded  as  necessary  for  preparation  of  our 
financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance 
with  management  authorization;  and  providing  reasonable  assurance  that  unauthorized  acquisition,  use,  or  disposition  of 
company assets that could have a material effect on our financial statements would be prevented or detected on a timely basis. 

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Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a 
misstatement of our financial statements would be prevented or detected. 

Management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting based on 
the criteria set forth in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the 
Treadway  Commission  (2013  framework).  Based  on  the  Company’s  assessment,  management  has  concluded  that  its  internal 
control over financial reporting was effective as of December 31, 2021 to provide reasonable assurance regarding the reliability 
of  financial  reporting  and  the  preparation  of  financial  statements  in  accordance  with  GAAP.  The  Company’s  independent 
registered  public  accounting  firm,  Ernst &  Young  LLP,  has  issued  an  audit  report  on  the  Company’s  internal  control  over 
financial reporting, which appears in Part II, Item 8 of this Annual Report on Form 10-K. 

ITEM 9B. OTHER INFORMATION 

None. 

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 

None. 

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PART III 

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 

All  information  required  by  this  Item  will  be  included  in  our  Proxy  Statement  relating  to  our  2022  Annual  Meeting  of 
Stockholders to be filed pursuant to Regulation 14A within 120 days after the end of the fiscal year ended December 31, 2021 
(“2022 Proxy Statement”) and is incorporated herein by reference.* 

ITEM 11. EXECUTIVE COMPENSATION 

All information required by this Item will be included in our 2022 Proxy Statement and is incorporated herein by reference.* 

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED 

STOCKHOLDER MATTERS 

All information required by this Item will be included in our 2022 Proxy Statement and is incorporated herein by reference.* 

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS, AND DIRECTOR 

INDEPENDENCE 

All information required by this Item will be included in our 2022 Proxy Statement and is incorporated herein by reference.* 

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 

All information required by this Item will be included in our 2022 Proxy Statement and is incorporated herein by reference.* 

*Except for information or data specifically incorporated herein by reference under Items 10 through 14, other information and 
data appearing in our 2022 Proxy Statement are not deemed to be a part of this Annual Report on Form 10-K or deemed to be 
filed with the SEC as part of this report.  

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 

(a)(1)(2) Financial Statements and Financial Statement Schedules  

PART IV 

Reference  is  made  to  the  information  set  forth  in  Part  II,  Item  8  of  this Annual  Report  on  Form  10-K,  which  information  is 
incorporated herein by reference. 

(a)(3)      Exhibits 

Exhibit Number 

2.1 

2.2 

3.1* 

3.2 

4.1 

4.2* 

4.3 

4.4 

Exhibit Description 

Agreement and Plan of Merger, dated September 17, 2018, by and among Nexeo, Univar, Pilates Merger 
Sub  I  Corp  and  Pilates  Merger  Sub  II  LLC,  incorporated  by  reference  to  Exhibit  2.1  to  the  Current 
Report on Form 8-K of the Company, filed on September 18, 2018. 

Purchase  and  Sale Agreement,  by  and  among  Nexeo  Solutions,  Inc.,  Neon  Holdings,  Inc.  and  Univar 
Inc.,  dated  as  of  February  8,  2019,  incorporated  by  reference  to  Exhibit  2.1  to  the  Current  Report  on 
Form 8-K of the Company filed on March 1, 2019. 

  Restated Third Amended and Restated Certificate of Incorporation of the Company. 

Fourth Amended and Restated Bylaws of the Company effective May 6, 2021, incorporated by reference 
to Exhibit 3.5 to the Form 10-Q of the Company filed on August 3, 2021. 

Form  of  Common  Stock  Certificate,  incorporated  by  reference  to  Exhibit  4.1  to  the  Registration 
Statement on Form S-1 of the Company, filed on June 8, 2015. 

Description  of  Univar  Solutions  Inc.  Securities  registered  pursuant  to  Section  12  of  the  Securities 
Exchange Act of 1934. 

Indenture, dated as of November 22, 2019, between Univar Solutions USA Inc., Univar Solutions Inc., 
the guarantors listed on the signature pages thereto and U.S. Bank National Association, incorporated by 
reference  to  Exhibit  4.1  to  the  Current  Report  on  Form  8-K  of  the  Company  filed  on  November  22, 
2019. 

First  Supplemental  Indenture,  dated  as  of  November  22,  2019,  between  Univar  Solutions  USA  Inc., 
Univar  Solutions  Inc.,  the  guarantors  listed  on  the  signature  pages  thereto  and  U.S.  Bank  National 
Association,  incorporated  by  reference  to  Exhibit  4.2  to  the  Current  Report  on  Form  8-K  of  the 
Company filed on November 22, 2019. 

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4.5 

10.1 

10.2* 

10.3 

10.4 

10.5 

10.6 

10.7 

10.8 

10.9 

10.10 

10.11 

Form of 5.125% Senior Notes due 2027 (included in Exhibit 4.4 hereto), incorporated by reference to 
Exhibit 4.3 to the Current Report on Form 8-K of the Company filed on November 22, 2019.  

European ABL Facility Agreement, dated as of March 24, 2014, as amended and restated on December 
19, 2018, by and among Univar B.V., the other borrowers from time to time party thereto, Univar Inc., 
as guarantor, JPMorgan Chase Bank, N.A., as sole lead arranger and joint bookrunner, Bank of America, 
N.A.,  as  joint  bookrunner  and  syndication  agent,  and  J.P.  Morgan  Europe  Limited,  as  administrative 
agent and collateral agent, incorporated by reference to Exhibit 10.1 to the Form 10-K of the Company, 
filed on February 21, 2019. 

Deed of Amendment and Restatement, dated as of 10 December 2021, relating to a Credit Agreement 
dated 24 March 2014, as amended and restated on 19 December 2018, by and among Univar Solutions 
B.V. and the other borrowers listed in Schedule 1, Part 1, the guarantors listed in Schedule 1, Part 2, J.P. 
Morgan AG as administrative agent, and J.P. Morgan Europe Limited as collateral agent. 

Credit Agreement, dated as of July 1, 2015 between Univar USA Inc., Univar Inc., the several banks and 
financial  institutions  from  time  to  time  party  thereto  and  Bank  of  America,  N.A.,  incorporated  by 
reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on July 7, 2015. 

First Amendment to Credit Agreement, dated as of January 19, 2017 between Univar USA Inc., Univar 
Inc., the several banks and financial institutions from time to time party thereto and Bank of America, 
N.A.,  incorporated  by  reference  to  Exhibit  10.1  to  the  Current  Report  on  Form  8-K  of  the  Company, 
filed on January 20, 2017. 

Second Amendment  to  Credit Agreement,  dated  as  of  November  28,  2017  between  Univar  USA  Inc., 
Univar  Inc.,  the  several  banks  and  financial  institutions  from  time  to  time  party  thereto  and  Bank  of 
America,  N.A.,  incorporated  by  reference  to  Exhibit  10.1  to  the  Current  Report  on  Form  8-K  of  the 
Company, filed November 29, 2017. 

Third  Amendment,  dated  as  of  February  23,  2019,  to  Credit  Agreement  between  Univar  USA  Inc., 
Univar  Inc.,  the  several  banks  and  financial  institutions  from  time  to  time  party  thereto  and  Bank  of 
America,  N.A.,  incorporated  by  reference  to  Exhibit  10.5  to  the  Form  10-K  of  the  Company,  filed  on 
February 25, 2020. 

Fourth  Amendment  to  Credit  Agreement,  dated  as  of  February  28,  2019  between  Univar  USA  Inc., 
Univar  Inc.,  the  several  banks  and  financial  institutions  from  time  to  time  party  thereto  and  Bank  of 
America,  N.A.,  incorporated  by  reference  to  Exhibit  10.2  to  the  Current  Report  on  Form  8-K  of  the 
Company, filed on March 1, 2019. 

Fifth Amendment, dated November 22, 2019, among Univar Solutions USA Inc., Univar Solutions Inc., 
Univar  Netherlands  Holding  B.V,  the  several  banks  and  financial  institutions  from  time  to  time  party 
thereto, Goldman Sachs Bank USA and Bank of America, N.A., to the Credit Agreement dated July 1, 
2015, between Univar Solutions USA Inc., Univar Solutions Inc., Univar Netherlands Holding B.V., the 
several  banks  and  financial  institutions  from  time  to  time  party  thereto  and  Bank  of America,  N.A., 
incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on 
November 22, 2019. 

Amendment  No.  6,  dated  June  3,  2021,  among  Univar  Solutions  USA  Inc.,  Univar  Solutions  Inc., 
Univar  Netherlands  Holding  B.V.,  the  several  banks  and  financial  institutions  from  time  to  time  party 
thereto, JPMorgan Chase Bank, N.A. and Bank of America, N.A., to the Credit Agreement dated July 1, 
2015, between Univar Solutions USA Inc., Univar Solutions Inc., Univar Netherlands Holding B.V., the 
several  banks  and  financial  institutions  from  time  to  time  party  thereto  and  Bank  of America,  N.A., 
incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Univar Solutions Inc., 
filed on June 9, 2021. 

Term Loan Guarantee and Collateral Agreement, dated as of July 1, 2015, made by Univar Inc., Univar 
USA Inc. and the guarantors listed on the signature pages thereto in favor of Bank of America, N.A, as 
collateral  agent  for  the  banks  and  other  financial  institutions  that  are  parties  to  the  Credit Agreement, 
incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company, filed on 
July 7, 2015. 

Amendment No. 1 to Term Loan Guarantee and Collateral Agreement, dated as of November 22, 2019, 
made  by  Univar  Solutions  Inc.,  Univar  Solutions  USA  Inc.  and  the  guarantors  listed  on  the  signature 
pages thereto in favor of Bank of America, N.A, as collateral agent, incorporated by reference to Exhibit 
10.9 to the Form 10-K of the Company, filed on February 25, 2020. 

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10.12 

10.13 

10.14 

10.15† 

10.16† 

10.17† 

10.18† 

10.19† 

10.20† 

10.21† 

10.22† 

10.23† 

10.24† 

10.25† 

10.26† 

10.27† 

10.28† 

Amended and Restated ABL Credit Agreement, dated as of February  28, 2019 between Univar Inc. and 
certain of its subsidiaries, the several banks and financial institutions from time to time party thereto and 
Bank of America, N.A., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of 
the Company, filed on March 1, 2019. 

First Amendment dated November 22, 2019, among Univar Solutions Inc. and certain of its subsidiaries, 
the several banks and financial institutions from time to time party thereto and Bank of America, N.A., 
to the Amended and Restated ABL Credit Agreement, dated as of February 28, 2019, between Univar 
Solutions  Inc.  and  certain  of  its  subsidiaries,  the  several  banks  and  financial  institutions  from  time  to 
time party thereto and Bank of America, N.A., incorporated by reference to Exhibit 10.2 to the Current 
Report on Form 8-K of the Company, filed on November 22, 2019. 

Amended and Restated ABL Guarantee and Collateral Agreement, dated as of February 28, 2019, made 
by the Company and certain of its Domestic Subsidiaries in favor of Bank of America, N.A, as collateral 
agent, incorporated by reference to Exhibit 10.12 to the Form 10-K of the Company, filed on February 
25, 2020. 

Form  of  Director  Indemnification  Agreement,  incorporated  by  reference  to  Exhibit  10.56  to  the 
Registration Statement on Form S-1 of the Company, filed on June 8, 2015. 

Form  of  Employee  Stock  Option  Agreement,  incorporated  by  reference  to  Exhibit  10.34  to  the 
Registration Statement on Form S-1 of the Company, filed on August 14, 2014. 

2014  Form  of  Employee  Stock  Option Agreement,  incorporated  by  reference  to  Exhibit  10.62  to  the 
Registration Statement on Form S-1 of the Company, filed on May 26, 2015. 

Form of Employee Stock Option Agreement for awards granted between June 23, 2015 and February 1, 
2017, 2015 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.5 to the Registration 
Statement on Form S-8 of the Company, filed June 23, 2015. 

Form of Employee Stock Option Agreement for awards granted after February 1, 2017, 2015 Omnibus 
Equity  Incentive  Plan,  incorporated  by  reference  to  Exhibit  10.67  to  the  Form  10-K  of  the  Company 
filed on February 28, 2017. 

Form  of  Employee  Stock  Option Agreement  for  awards  granted  after April  13,  2017,  2015  Omnibus 
Equity Incentive Plan, incorporated by reference to Exhibit 10.1 to the Form 10-Q of the Company filed 
on May 5, 2017. 

Form  of  Employee  Stock  Option  Agreement,  2017  Omnibus  Equity  Incentive  Plan,  incorporated  by 
reference to Exhibit 10.3 to the Form 10-Q of the Company filed on May 5, 2017. 

Form  of  Employee  Stock  Option  Agreement  for  awards  granted  on  or  after  February  7,  2018,  2017 
Omnibus  Equity  Incentive  Plan,  incorporated  by  reference  to  Exhibit  10.2  to  the  Form  10-Q  of  the 
Company, filed on May 10, 2018. 

Stock  Option Agreement,  dated  as  of  February  7,  2018,  by  and  between  Univar  Inc.  and  Stephen  D. 
Newlin. 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.3 to the Form 10-
Q of the Company, filed on May 10, 2018. 

Form  of  Employee  Stock  Option  Agreement  for  awards  granted  on  or  after  February  6,  2019,  2017 
Omnibus  Equity  Incentive  Plan,  incorporated  by  reference  to  Exhibit  10.4  to  the  Form  10-Q  of  the 
Company, filed on May 9, 2019. 

Form  of  Employee  Stock  Option Agreement  for  awards  granted  on  or  after  February  21,  2020,  2017 
Omnibus  Equity  Incentive  Plan,  incorporated  by  reference  to  Exhibit  10.23  to  the  Form  10-K  of  the 
Company, filed on February 25, 2020. 

Form  of  Employee  Stock  Option  Agreement  for  awards  granted  on  or  after  June  26,  2020,  2020 
Omnibus Incentive Plan, incorporated by reference to Exhibit 10.1 to the Form 10-Q of the Company, 
filed on August 7, 2020. 

Form of Employee Restricted Stock Unit Agreement for awards granted on or after February 6, 2019, 
2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.5 to the Form 10-Q of the 
Company, filed on May 9, 2019. 

Form of Employee Restricted Stock Unit Agreement for awards granted on or after February 21, 2020, 
2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.31 to the Form 10-K of 
the Company, filed on February 25, 2020. 

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10.29† 

10.30† 

10.31† 

10.32† 

10.33† 

10.34† 

10.35† 

10.36† 

10.37† 

10.38† 

10.39† 

10.40† 

10.41† 

10.42† 

10.43† 

10.44† 

10.45† 

10.46† 

Form of Employee Restricted Stock Unit Agreement for awards granted on or after June 26, 2020, 2020 
Omnibus Incentive Plan, incorporated by reference to Exhibit 10.2 to the Form 10-Q of the Company, 
filed on August 7, 2020. 

Univar Solutions Supplemental Savings Plan (previously named Univar USA Inc. Supplemental Valued 
Investment Plan), effective June 1, 2017, incorporated by reference to Exhibit 10.32 to the Form 10-K of 
the Company, filed on February 25, 2020. 

First  Amendment  to  the  Univar  Solutions  Supplemental  Savings  Plan,  dated  October  9,  2018, 
incorporated  by  reference  to  Exhibit  10.33  to  the  Form  10-K  of  the  Company,  filed  on  February  25, 
2020. 

Second  Amendment  to  the  Univar  Solutions  Supplemental  Savings  Plan,  dated  December  30,  2019, 
incorporated  by  reference  to  Exhibit  10.34  to  the  Form  10-K  of  the  Company,  filed  on  February  25, 
2020. 

Univar  USA  Inc.  Supplemental  Benefits  Retirement  Plan,  dated  as  of  July  1,  2004,  incorporated  by 
reference to Exhibit 10.45 to the Registration Statement on Form S-1 of the Company, filed on August 
14, 2014. 

First Amendment  to  the  Univar  USA  Inc.  Supplemental  Retirement  Plan,  dated  as  of  May  17,  2005, 
incorporated by reference to Exhibit 10.30 to the Form 10-K of the Company, filed on March 3, 2016. 

Second Amendment to the Univar USA Inc. Supplemental Retirement Plan, dated as of August 24, 2006,  
incorporated by reference to Exhibit 10.31 to the Form 10-K of the Company, filed on March 3, 2016. 

Third Amendment  to  the  Univar  USA  Inc.  Supplemental  Retirement  Plan,  dated  as  of  June  11,  2007, 
incorporated by reference to Exhibit 10.32 to the Form 10-K of the Company, filed on March 3, 2016. 

Fourth Amendment  to  the  Univar  USA  Inc.  Supplemental  Retirement  Plan,  dated  as  of  December  6, 
2007,  incorporated  by  reference  to  Exhibit  10.46  to  the  Registration  Statement  on  Form  S-1  of  the 
Company, filed on August 14, 2014. 

Fifth Amendment to the Univar USA Inc. Supplemental Retirement Plan, dated as of December 6, 2007, 
incorporated by reference to Exhibit 10.34 to the Form 10-K of the Company, filed on March 3, 2016. 

Sixth Amendment  to  the  Univar  USA  Inc.  Supplemental  Retirement  Plan,  dated  as  of  December  19, 
2007, incorporated by reference to Exhibit 10.35 to the Form 10-K of the Company, filed on March 3, 
2016. 

Seventh Amendment to the Univar USA Inc. Supplemental Retirement Plan, dated as of June 19, 2008, 
incorporated by reference to Exhibit 10.36 to the Form 10-K of the Company, filed on March 3, 2016. 

Eighth Amendment  to  the  Univar  USA  Inc.  Supplemental  Retirement  Plan,  dated  as  of  December  23, 
2008, incorporated by reference to Exhibit 10.37 to the Form 10-K of the Company, filed on March 3, 
2016. 

Ninth Amendment  to  the  Univar  USA  Inc.  Supplemental  Retirement  Plan,  dated  as  of  December  21, 
2009, incorporated by reference to Exhibit 10.38 to the Form 10-K of the Company, filed on March 3, 
2016. 

Univar  Inc.  2011  Stock  Incentive  Plan,  effective  as  of  March  28,  2011,  incorporated  by  reference  to 
Exhibit 10.32 to the Registration Statement on Form S-1 of the Company, filed on August 14, 2014. 

Amendment  No.  1  to  the  Univar  Inc.  2011  Stock  Incentive  Plan,  dated  as  of  November  30,  2012, 
incorporated by reference to Exhibit 10.33 to the Registration Statement on Form S-1 of the Company, 
filed on August 14, 2014. 

Univar  Inc.  2015  Omnibus  Equity  Incentive  Plan  is  incorporated  by  reference  to  Exhibit  10.3  to  the 
Registration Statement on Form S-8 of the Company, filed June 23, 2015. 

Univar Inc. 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.6 to the Form 
10-Q of the Company filed on May 5, 2017. 

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10.47† 

10.48† 

10.49† 

10.50† 

10.51† 

10.52† 

10.53† 

10.54† 

10.55† 

10.56† 

10.57† 

10.58† 

10.59† 

10.60† 

10.61† 

10.62† 

10.63† 

10.64† 

First Amendment  to  Univar  Inc.  2017  Omnibus  Equity  Incentive  Plan  dated  as  of  December  6,  2019, 
incorporated  by  reference  to  Exhibit  10.50  to  the  Form  10-K  of  the  Company,  filed  on  February  25, 
2020. 

Univar  Solutions  Inc.  2020  Omnibus  Incentive  Plan,  incorporated  by  reference  to  Exhibit  4.5  to  the 
Registration Statement on Form S-8 of the Company, filed on May 7, 2020. 

Letter  Agreement,  by  and  between  Nick  Powell  and  Univar  Inc.,  dated  as  of  February  27,  2019, 
incorporated by reference  to Exhibit  5.1  to the  Current  Report on  Form 8-K of  the  Company  filed  on 
March 1, 2019. 

Letter Agreement between the Company and Nicholas Powell, incorporated by reference to Exhibit 10.1 
to the Current Report on Form 8-K of the Company, filed on September 17, 2021. 

Letter Agreement  between  the  Company  and  Jennifer  McIntyre,  incorporated  by  reference  to  Exhibit 
10.2 to the Form 10-Q of the Company, filed on November 2, 2021. 

Form  of  Severance  and  Change  in  Control  Agreement  by  and  Between  Univar  Inc.  and  Certain 
Executives,  incorporated  by  reference  to  Exhibit  10.3  to  the  Form  10-Q  of  the  Company,  filed  on 
November 6, 2018. 

Severance and Change of Control Agreement, dated as of January 6, 2020, between the Company and 
Nicholas W. Alexos, incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the 
Company filed on December 16, 2019. 

Form of Severance and Change in Control Agreement by and Between Univar Solutions Inc. and Certain 
Executives,  incorporated  by  reference  to  Exhibit  10.1  to  the  Form  10-Q  of  the  Company,  filed  on 
November 5, 2020. 

Addendum to Severance and Change in Control Agreement, dated as of January 18, 2021, between the 
Company and Kimberly L. Dickens, incorporated by reference to Exhibit 10.2 to the Form 10-Q of the 
Company, filed on May 10, 2021. 

Alternative Release and Amendment to Severance and Change in Control Agreement, dated as of August 
5, 2020, by and between the Company and Mark Fisher, incorporated by reference to Exhibit 10.1 to the 
Current Report on Form 8-K of Univar Solutions Inc., filed on August 6, 2020. 

Letter  Agreement  between  the  Company  and  Mike  Hildebrand  dated  as  of  January  27,  2020, 
incorporated  by  reference  to  Exhibit  10.50  to  the  Form  10-K  of  the  Company,  filed  on  February  25, 
2021. 

Amended and Restated Univar Solutions Inc. Employee Stock Purchase Plan, incorporated by reference 
to Exhibit 10.51 to the Form 10-K of the Company, filed on February 25, 2021. 

First Amendment to Univar Solutions Inc. Employee Stock Purchase Plan dated as of December 6, 2019, 
incorporated  by  reference  to  Exhibit  10.56  to  the  Form  10-K  of  the  Company,  filed  on  February  25, 
2020. 

Second Amendment to Univar Solutions Inc. Employee Stock Purchase Plan executed as of October 28, 
2020, incorporated by reference to Exhibit 10.53 to the Form 10-K of the Company, filed on February 
25, 2021. 

Form of Employee Performance Based Restricted Stock Unit Agreement for awards granted on or after 
February 6, 2019, 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.6 to the 
Form 10-Q of the Company, filed on May 9, 2019. 

Form  of  Amended  and  Restated  Employee  Performance-Based  Restricted  Stock  Unit  Agreement  for 
awards  granted  on  or  after  February  6,  2019,  2017  Omnibus  Equity  Incentive  Plan,  incorporated  by 
reference to Exhibit 10.1 to the Form 10-Q of the Company, filed on November 5, 2019. 

Form of Employee Performance Based Restricted Stock Unit Agreement for awards granted on or after 
February 21, 2020, incorporated by reference to Exhibit 10.7 to the Form 10-Q of the Company, filed on 
August 7, 2020. 

Form of Employee Performance Based Restricted Stock Unit Agreement for awards granted on or after 
March 10, 2021, 2020 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.1 to the Form 
10-Q of the Company, filed on May 10, 2021. 

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Table of Contents 

10.65† 

10.66† 

10.67† 

10.68† 

10.69† 

10.70† 

10.71† 

10.72† 

10.73† 

10.74† 

10.75*† 

10.76*† 

21.1* 

23.1* 

31.1* 

31.2* 

32.1** 

32.2** 

101.INS 

101.SCH 

101.CAL 

101.DEF 

101.LAB 

101.PRE 

104 

Form of Director Deferred Share Unit Agreement for awards granted on or after February 7, 2018, 2017 
Omnibus  Equity  Incentive  Plan,  incorporated  by  reference  to  Exhibit  10.8  to  the  Form  10-Q  of  the 
Company, filed on May 10, 2018. 

Form of Director Deferred Share Unit Agreement for awards granted on or after February 7, 2019, 2017 
Omnibus  Equity  Incentive  Plan,  incorporated  by  reference  to  Exhibit  10.7  to  the  Form  10-Q  of  the 
Company, filed on May 9, 2019. 

Form  of  Director  Deferred  Share  Unit  Agreement  for  cash  retainer  granted  on  or  after  February  21, 
2020, 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.64 to the Form 10-
K of the Company, filed on February 25, 2020. 

Form  of  Director  Deferred  Share  Unit Agreement  for  equity  awards  granted  on  or  after  February  21, 
2020, 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.65 to the Form 10-
K of the Company, filed on February 25, 2020. 

Form  of  Director  Deferred  Share Unit Agreement  for  cash  retainer  granted  on  or  after  June 26,  2020, 
2020  Omnibus  Incentive  Plan,  incorporated  by  reference  to  Exhibit  10.3  to  the  Form  10-Q  of  the 
Company, filed on August 7, 2020. 

Form of Director Deferred Share Unit Agreement for equity awards granted on or after June 26, 2020, 
2020  Omnibus  Incentive  Plan,  incorporated  by  reference  to  Exhibit  10.4  to  the  Form  10-Q  of  the 
Company, filed on August 7, 2020. 

Form  of  Director  Restricted  Stock  Agreement  for  awards  granted  on  or  after  June  26,  2020,  2020 
Omnibus Incentive Plan, incorporated by reference to Exhibit 10.5 to the Form 10-Q of the Company, 
filed on August 7, 2020. 

Form of Director Restricted Stock Unit Agreement for awards granted on or after June 26, 2020, 2020 
Omnibus Incentive Plan, incorporated by reference to Exhibit 10.6 to the Form 10-Q of the Company, 
filed on August 7, 2020. 

Univar  Inc.  Omnibus  Waiver  regarding  Whistleblower  Protections,  dated  as  of  May  3,  2017, 
incorporated by reference to Exhibit 10.8 to the Form 10-Q of the Company filed on May 5, 2017. 

Form  of  Indemnification  Agreement  by  and  Between  Univar  Solutions  Inc.  and  Certain  Executives, 
incorporated by reference to Exhibit 10.2 to the Form 10-Q of the Company, filed on November 5, 2020.   

Form of Employee Restricted Stock Unit Agreement for awards granted on or after February 7, 2022, 
2020 Omnibus Incentive Plan. 

Form of Employee Performance-Based Restricted Stock Unit Agreement for awards granted on or after 
February 7, 2022, 2020 Omnibus Incentive Plan. 

  List of Subsidiaries 
  Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm 
  Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 
  Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 
  Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 
  Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 

Inline  XBRL  Instance  Document -  the  instance document  does not  appear  in  the  Interactive  Data File 
because its XBRL tags are embedded within the Inline XBRL document 

  Inline XBRL Taxonomy Extension Schema Document 
  Inline XBRL Taxonomy Extension Calculation Linkbase Document 
  Inline XBRL Taxonomy Extension Definition Linkbase Document 
  Inline XBRL Taxonomy Extension Label Linkbase Document 
  Inline XBRL Taxonomy Extension Presentation Linkbase Document 
  Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) 

93 

 
 
 
  
 
 
 
 
  
 
 
 
 
  
 
 
 
 
  
 
 
 
 
  
 
 
 
 
  
 
 
 
 
  
 
 
 
 
  
 
 
 
 
  
 
 
 
  
 
 
 
 
  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
Table of Contents 

† 
* 
** 

Identifies each management compensation plan or arrangement. 
Filed herewith. 
Furnished herewith. 

ITEM 16. FORM 10-K SUMMARY 

None. 

94 

 
 
 
Table of Contents 

Signatures 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this 
report to be signed on its behalf by the undersigned, thereunto duly authorized. 

Univar Solutions Inc. 

By: /s/ NICHOLAS W. ALEXOS 
Nicholas W. Alexos, Executive Vice President and Chief Financial Officer 

Dated February 25, 2022  

Pursuant  to  the  requirements  of  the  Securities  Exchange  Act  of  1934,  this  report  has  been  signed  below  by  the  following 
persons on behalf of the registrant and in the capacities and on the date indicated. 

By: /s/ DAVID C. JUKES 
David C. Jukes, President and Chief Executive Officer  
(Principal Executive Officer) 

By: /s/ NICHOLAS W. ALEXOS 
Nicholas W. Alexos, Executive Vice President and Chief 
Financial Officer 
(Principal Financial Officer and Principal Accounting 
Officer) 

By: /s/ CHRISTOPHER D. PAPPAS 
Christopher D. Pappas, Chairman of the Board 

By: /s/ JOAN BRACA 
  Joan Braca, Director 

By: /s/ DANIEL P. DOHENY 
Daniel P. Doheny, Director 

By: /s/ RHONDA GERMANY 
Rhonda Germany, Director 

By: /s/ KERRY PREETE 
Kerry Preete, Director 

By: /s/ MARK J. BYRNE 
Mark J. Byrne, Director 

By: /s/ RICHARD P. FOX 
Richard P. Fox, Director 

By: /s/ STEPHEN D. NEWLIN 
Stephen D. Newlin, Director 

By: /s/ ROBERT L. WOOD 
Robert L. Wood, Director  

95 

  
  
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
[THIS PAGE INTENTIONALLY LEFT BLANK]

Mailing addresses: 

EQ Shareowner Services  
P.O. Box 64874  
St. Paul, MN 55164-0874 

or 

EQ Shareowner Services  
1110 Centre Pointe Curve  
Suite 101  
Mendota Heights, MN 55120-4100

Website: 

www.shareowneronline.com

Phone number: 

+1 800-468-9716  
+1 651-450-4064 (outside the U.S.)

Independent Registered Public  
Accounting Firm

Ernst & Young LLP

Annual Meeting 

The Annual Meeting of Stockholders (the “Annual 
Meeting”) of Univar Solutions Inc. (“Univar Solutions” or the 
“Company”) will be held on Thursday, May 5, 2022, at  
8:30 a.m. Central Time, in a virtual-only format. Notice of  
the annual meeting and availability of proxy materials is 
mailed to stockholders in March, along with instructions  
for viewing proxy materials online. Stockholders may  
also request printed copies of the proxy statement and 
annual report by following the instructions included in  
the proxy notice. 

Common Stock 

Univar Solutions common stock is listed on the New York 
Stock Exchange (NYSE) under the ticker symbol: UNVR.  

Corporate Headquarters 

Univar Solutions Inc.  
3075 Highland Parkway  
Suite 200  
Downers Grove, IL 60515-5560  
T: +1 331-777-6000

Investor Inquiries and Financial Information

Copies of Univar Solutions’ Form 10-K, 10-Q and 8-K reports, 
(cid:68)(cid:80)(cid:72)(cid:81)(cid:71)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:86)(cid:15)(cid:3)(cid:68)(cid:86)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:81)(cid:92)(cid:3)(cid:69)(cid:72)(cid:81)(cid:72)(cid:564)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3) 
(cid:82)(cid:90)(cid:81)(cid:72)(cid:85)(cid:86)(cid:75)(cid:76)(cid:83)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:605)(cid:70)(cid:72)(cid:85)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:564)(cid:79)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3) 
Forms 3, 4 and 5 with the U.S. Securities and Exchange 
Commission, are available at www.univarsolutions.com/
investors. Requests for paper copies at no charge and other  
stockholder and security analyst inquiries should be  
directed to: 

Univar Solutions Inc.  
Attn: Heather Kos, Investor Relations  
3075 Highland Parkway  
Suite 200  
Downers Grove, IL 60515-5560  
Tel: +1 844-632-1060  
Email: ir@univarsolutions.com

Transfer Agent and Registrar 

Questions regarding common shares and stockholder 
accounts should be directed to Univar Solutions’ transfer 
agent and registrar, EQ Shareowner Services. If your Univar 
Solutions stock is held in a bank or brokerage account, 
please contact your bank or broker for assistance.

univarsolutions.com

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material are the property of their respective owners. 3017-0322-CORP-GLB