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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

FORM 10-Q

(Mark One)

 

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

For the quarterly period ended June 30, 2019

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 333-211719

ASHLAND GLOBAL HOLDINGS INC.

(a Delaware corporation)

I.R.S. No. 81-2587835

50 E. RiverCenter Boulevard

Covington, Kentucky 41011

Telephone Number (859) 815-3333

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.  (Check One):

 

Large Accelerated Filer

 

 

Accelerated Filer

 

Non-Accelerated Filer

 

 

Smaller Reporting Company

 

 

 

Emerging Growth Company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  No 

At June 30, 2019, there were 60,522,411 shares of Registrant’s Common Stock outstanding.

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

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $.01 per share

ASH

New York Stock Exchange

 

 

 

 


 

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ASHLAND GLOBAL HOLDINGS INC. AND CONSOLIDATED SUBSIDIARIES

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)

 

 

Three months ended

 

 

Nine months ended

 

 

June 30

 

 

June 30

 

(In millions except per share data - unaudited)

2019

 

 

2018

 

 

2019

 

 

2018

 

Sales

$

641

 

 

$

668

 

 

$

1,884

 

 

$

1,922

 

Cost of sales

 

434

 

 

 

439

 

 

 

1,327

 

 

 

1,290

 

Gross profit

 

207

 

 

 

229

 

 

 

557

 

 

 

632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expense

 

150

 

 

 

181

 

 

 

429

 

 

 

481

 

Research and development expense

 

17

 

 

 

18

 

 

 

51

 

 

 

55

 

Equity and other income

 

3

 

 

 

 

 

 

3

 

 

 

2

 

Operating income

 

43

 

 

 

30

 

 

 

80

 

 

 

98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and other expense

 

21

 

 

 

28

 

 

 

73

 

 

 

78

 

Other net periodic benefit income

 

 

 

 

 

 

 

17

 

 

 

1

 

Net income (loss) on divestitures

 

 

 

 

(2

)

 

 

(3

)

 

 

(3

)

Income from continuing operations before income taxes

 

22

 

 

 

 

 

 

21

 

 

 

18

 

Income tax expense (benefit)

 

(1

)

 

 

(11

)

 

 

24

 

 

 

(3

)

Income (loss) from continuing operations

 

23

 

 

 

11

 

 

 

(3

)

 

 

21

 

Income from discontinued operations (net of income taxes)

 

43

 

 

 

25

 

 

 

97

 

 

 

83

 

Net income

$

66

 

 

$

36

 

 

$

94

 

 

$

104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share - Note L

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

0.38

 

 

$

0.18

 

 

$

(0.05

)

 

$

0.33

 

Income from discontinued operations

 

0.68

 

 

 

0.39

 

 

 

1.55

 

 

 

1.34

 

Net income

$

1.06

 

 

$

0.57

 

 

$

1.50

 

 

$

1.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share - Note L

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

0.37

 

 

$

0.18

 

 

$

(0.05

)

 

$

0.32

 

Income from discontinued operations

 

0.68

 

 

 

0.38

 

 

 

1.55

 

 

 

1.32

 

Net income

$

1.05

 

 

$

0.56

 

 

$

1.50

 

 

$

1.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME (LOSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

66

 

 

$

36

 

 

$

94

 

 

$

104

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized translation gain (loss)

 

3

 

 

 

(140

)

 

 

(37

)

 

 

(82

)

Pension and postretirement obligation adjustment

 

 

 

 

 

 

 

(6

)

 

 

 

Net change in investment securities

 

 

 

 

2

 

 

 

 

 

 

4

 

Other comprehensive income (loss)

 

3

 

 

 

(138

)

 

 

(43

)

 

 

(78

)

Comprehensive income (loss)

$

69

 

 

$

(102

)

 

$

51

 

 

$

26

 

 

SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

2


 

 

ASHLAND GLOBAL HOLDINGS INC. AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

(In millions - unaudited)

 

June 30, 2019

 

 

September 30, 2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

132

 

 

$

294

 

Accounts receivable (a)

 

 

507

 

 

 

522

 

Inventories - Note F

 

 

595

 

 

 

596

 

Other assets

 

 

47

 

 

 

60

 

Held for sale - Note B

 

 

756

 

 

 

240

 

Total current assets

 

 

2,037

 

 

 

1,712

 

Noncurrent assets

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

 

 

 

 

 

 

Cost

 

 

3,196

 

 

 

3,172

 

Accumulated depreciation

 

 

1,616

 

 

 

1,526

 

Net property, plant and equipment

 

 

1,580

 

 

 

1,646

 

Goodwill - Note G

 

 

2,285

 

 

 

2,304

 

Intangibles - Note G

 

 

1,118

 

 

 

1,185

 

Restricted investments - Note E

 

 

310

 

 

 

312

 

Asbestos insurance receivable - Note K

 

 

161

 

 

 

179

 

Deferred income taxes

 

 

28

 

 

 

28

 

Other assets

 

 

406

 

 

 

416

 

Held for sale - Note B

 

 

 

 

 

477

 

Total noncurrent assets

 

 

5,888

 

 

 

6,547

 

Total assets

 

$

7,925

 

 

$

8,259

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Short-term debt - Note H

 

$

332

 

 

$

254

 

Trade and other payables

 

 

275

 

 

 

331

 

Accrued expenses and other liabilities

 

 

241

 

 

 

328

 

Held for sale - Note B

 

 

159

 

 

 

163

 

Total current liabilities

 

 

1,007

 

 

 

1,076

 

Noncurrent liabilities

 

 

 

 

 

 

 

 

Long-term debt - Note H

 

 

2,275

 

 

 

2,275

 

Asbestos litigation reserve - Note K

 

 

576

 

 

 

612

 

Deferred income taxes

 

 

284

 

 

 

286

 

Employee benefit obligations - Note J

 

 

147

 

 

 

156

 

Other liabilities

 

 

419

 

 

 

422

 

Held for sale - Note B

 

 

 

 

 

26

 

Total noncurrent liabilities

 

 

3,701

 

 

 

3,777

 

Commitments and contingencies - Note K

 

 

 

 

 

 

 

 

Stockholders’ equity - Note M

 

 

3,217

 

 

 

3,406

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

7,925

 

 

$

8,259

 

 

 

 

 

 

 

 

 

 

(a)

Accounts receivable includes an allowance for doubtful accounts of $3 million at both June 30, 2019 and September 30, 2018.

 

 

SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

 

3


 

 

ASHLAND GLOBAL HOLDINGS INC. AND CONSOLIDATED SUBSIDIARIES

STATEMENT OF CONSOLIDATED EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

other

 

 

 

 

 

 

 

Common

 

 

Paid-in

 

 

Retained

 

 

comprehensive

 

 

 

 

 

(In millions - unaudited)

 

stock

 

 

capital

 

 

earnings

 

 

income (loss)

 

(a)

Total

 

BALANCE AT SEPTEMBER 30, 2018

 

$

1

 

 

$

946

 

 

$

2,750

 

 

$

(291

)

 

$

3,406

 

Adoption of new accounting pronouncements (b)

 

 

 

 

 

 

 

 

 

 

34

 

 

 

(34

)

 

 

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

94

 

 

 

 

 

 

 

94

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43

)

 

 

(43

)

Regular dividends, $0.775 per common share

 

 

 

 

 

 

 

 

 

 

(48

)

 

 

 

 

 

 

(48

)

Common shares issued under stock incentive and other plans (c)

 

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

8

 

Repurchase of common stock (d)

 

 

 

 

 

 

(200

)

 

 

 

 

 

 

 

 

 

 

(200

)

BALANCE AT JUNE 30, 2019

 

$

1

 

 

$

754

 

 

$

2,830

 

 

$

(368

)

 

$

3,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

At June 30, 2019 and September 30, 2018, the after-tax accumulated other comprehensive loss attributable to Ashland of $367 million and $291 million, respectively, was each comprised of net unrealized translation losses of $365 million and $328 million, respectively, net unrealized gains on investment securities of zero and $34 million, respectively, and unrecognized prior service costs as a result of certain employee benefit plan amendments of $3 million and unrecognized prior services credits of $3 million, respectively.

 

(b)

Represents the cumulative-effect adjustment related to the adoption of the new guidance related to the accounting for equity securities and the tax effects of intercompany transfers during fiscal 2019. See Note A for more information.

 

(c)

Common shares issued were 281,077 for the nine months ended June 30, 2019.

 

(d)

Common shares repurchased were 2,236,546 for the nine months ended June 30, 2019.

 

SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

 

4


 

ASHLAND GLOBAL HOLDINGS INC. AND CONSOLIDATED SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS

 

 

Nine months ended

 

 

 

June 30

 

(In millions - unaudited)

 

2019

 

 

2018

 

CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES FROM

 

 

 

 

 

 

 

 

CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

Net income

 

$

94

 

 

$

104

 

Income from discontinued operations (net of taxes)

 

 

(97

)

 

 

(83

)

Adjustments to reconcile income from continuing operations to

 

 

 

 

 

 

 

 

cash flows from operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

225

 

 

 

209

 

Original issue discount and debt issuance costs amortization

 

 

6

 

 

 

6

 

Deferred income taxes

 

 

1

 

 

 

(3

)

Distributions from equity affiliates

 

 

 

 

 

1

 

Stock based compensation expense

 

 

17

 

 

 

20

 

Loss (income) from restricted investments

 

 

(10

)

 

 

(10

)

Excess tax benefit on stock based compensation

 

 

3

 

 

 

4

 

Impairments

 

 

8

 

 

 

 

Pension contributions

 

 

(4

)

 

 

(8

)

Gain on pension and other postretirement plan remeasurements

 

 

(18

)

 

 

 

Change in operating assets and liabilities (a)

 

 

(132

)

 

 

(147

)

Total cash flows provided by operating activities from continuing operations

 

 

93

 

 

 

93

 

CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES FROM

 

 

 

 

 

 

 

 

CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(103

)

 

 

(87

)

Proceeds from disposal of property, plant and equipment

 

 

4

 

 

 

1

 

Purchase of operations

 

 

(2

)

 

 

(11

)

Proceeds from sales of operations

 

 

 

 

 

1

 

Life insurance payments

 

 

 

 

 

(37

)

Net purchase of funds restricted for specific transactions

 

 

(2

)

 

 

(10

)

Reimbursement from restricted investments

 

 

25

 

 

 

25

 

Proceeds from sales of securities

 

 

156

 

 

 

17

 

Purchase of securities

 

 

(156

)

 

 

(17

)

Proceeds from the settlement of derivative instruments

 

 

4

 

 

 

1

 

Payments for the settlement of derivative instruments

 

 

(2

)

 

 

(3

)

Total cash flows used by investing activities from continuing operations

 

 

(76

)

 

 

(120

)

CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

FROM CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

Repayment of long-term debt

 

 

(10

)

 

 

(135

)

Proceeds from (repayment of) short-term debt

 

 

83

 

 

 

(158

)

Debt issuance costs

 

 

 

 

 

(1

)

Cash dividends paid

 

 

(48

)

 

 

(44

)

Repurchase of common stock

 

 

(200

)

 

 

 

Stock based compensation employee withholding taxes paid in cash

 

 

(8

)

 

 

(8

)

Total cash flows used by financing activities from continuing operations

 

 

(183

)

 

 

(346

)

CASH PROVIDED (USED) BY CONTINUING OPERATIONS

 

 

(166

)

 

 

(373

)

Cash provided (used) by discontinued operations

 

 

 

 

 

 

 

 

Operating cash flows

 

 

 

 

 

2

 

Investing cash flows

 

 

6

 

 

 

(15

)

Total cash provided (used) by discontinued operations

 

 

6

 

 

 

(13

)

Effect of currency exchange rate changes on cash and cash equivalents

 

 

(2

)

 

 

2

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

(162

)

 

 

(384

)

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD

 

 

294

 

 

 

566

 

CASH AND CASH EQUIVALENTS - END OF PERIOD

 

$

132

 

 

$

182