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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 March 31, 2020

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

 

8145 Blazer Drive

Wilmington, Delaware 19808

Telephone Number (302) 995-3000

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

 

Securities Registered Pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  No 

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).   Yes  No 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

 

Large Accelerated Filer

 

 

Accelerated Filer

 

Non-Accelerated Filer

 

 

Smaller Reporting Company

 

 

 

Emerging Growth Company

 

 

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

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

At March 31, 2020, there were 60,456,039 shares of Registrant’s Common Stock outstanding.

 

 

 

 


 

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ASHLAND GLOBAL HOLDINGS INC. AND CONSOLIDATED SUBSIDIARIES

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

March 31

 

 

March 31

 

(In millions except per share data - unaudited)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Sales

 

$

610

 

 

$

667

 

 

$

1,143

 

 

$

1,243

 

Cost of sales

 

 

413

 

 

 

469

 

 

 

793

 

 

 

893

 

Gross profit

 

 

197

 

 

 

198

 

 

 

350

 

 

 

350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expense

 

 

103

 

 

 

115

 

 

 

202

 

 

 

236

 

Research and development expense

 

 

18

 

 

 

17

 

 

 

34

 

 

 

34

 

Intangibles amortization expense

 

 

21

 

 

 

21

 

 

 

42

 

 

 

43

 

Equity and other income (loss)

 

 

7

 

 

 

(1

)

 

 

7

 

 

 

 

Goodwill impairment - Note G

 

 

530

 

 

 

 

 

 

530

 

 

 

 

Operating income (loss)

 

 

(468

)

 

 

44

 

 

 

(451

)

 

 

37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and other expense (income)

 

 

117

 

 

 

(3

)

 

 

127

 

 

 

52

 

Other net periodic benefit income (expense)

 

 

 

 

 

(1

)

 

 

 

 

 

17

 

Net income (loss) on divestitures

 

 

 

 

 

 

 

 

3

 

 

 

(3

)

Income (loss) from continuing operations before income taxes

 

 

(585

)

 

 

46

 

 

 

(575

)

 

 

(1

)

Income tax expense (benefit)

 

 

(10

)

 

 

1

 

 

 

(34

)

 

 

25

 

Income (loss) from continuing operations

 

 

(575

)

 

 

45

 

 

 

(541

)

 

 

(26

)

Income (loss) from discontinued operations (net of income taxes)

 

 

(7

)

 

 

31

 

 

 

(9

)

 

 

54

 

Net income (loss)

 

$

(582

)

 

$

76

 

 

$

(550

)

 

$

28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share - Note M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(9.48

)

 

$

0.72

 

 

$

(8.93

)

 

$

(0.41

)

Income (loss) from discontinued operations

 

 

(0.13

)

 

 

0.49

 

 

 

(0.15

)

 

 

0.86

 

Net income (loss)

 

$

(9.61

)

 

$

1.21

 

 

$

(9.08

)

 

$

0.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share - Note M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(9.48

)

 

$

0.71

 

 

$

(8.93

)

 

$

(0.41

)

Income (loss) from discontinued operations

 

 

(0.13

)

 

 

0.48

 

 

 

(0.15

)

 

 

0.86

 

Net income (loss)

 

$

(9.61

)

 

$

1.19

 

 

$

(9.08

)

 

$

0.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME (LOSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(582

)

 

$

76

 

 

$

(550

)

 

$

28

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized translation gain (loss)

 

 

(52

)

 

 

(9

)

 

 

(14

)

 

 

(40

)

Pension and postretirement obligation adjustment

 

 

 

 

 

 

 

 

 

 

 

(6

)

Other comprehensive income (loss)

 

 

(52

)

 

 

(9

)

 

 

(14

)

 

 

(46

)

Comprehensive income (loss)

 

$

(634

)

 

$

67

 

 

$

(564

)

 

$

(18

)

 

SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

2


 

ASHLAND GLOBAL HOLDINGS INC. AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(In millions - unaudited)

 

March 31

2020

 

 

September 30

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

353

 

 

$

232

 

Accounts receivable (a)

 

 

498

 

 

 

481

 

Inventories - Note F

 

 

611

 

 

 

597

 

Other assets

 

 

119

 

 

 

64

 

Current assets held for sale - Note B

 

 

64

 

 

 

59

 

Total current assets

 

 

1,645

 

 

 

1,433

 

Noncurrent assets

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

 

 

 

 

 

 

Cost

 

 

3,172

 

 

 

3,165

 

Accumulated depreciation

 

 

1,608

 

 

 

1,588

 

Net property, plant and equipment

 

 

1,564

 

 

 

1,577

 

Goodwill - Note G

 

 

1,723

 

 

 

2,253

 

Intangibles - Note G

 

 

1,044

 

 

 

1,088

 

Operating lease assets, net - Note I

 

 

144

 

 

 

 

Restricted investments - Note E

 

 

277

 

 

 

310

 

Asbestos insurance receivable - Note L

 

 

145

 

 

 

157

 

Deferred income taxes

 

 

24

 

 

 

23

 

Other assets

 

 

402

 

 

 

410

 

Total noncurrent assets

 

 

5,323

 

 

 

5,818

 

Total assets

 

$

6,968

 

 

$

7,251

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Short-term debt - Note H

 

$

471

 

 

$

166

 

Trade and other payables

 

 

255

 

 

 

313

 

Accrued expenses and other liabilities

 

 

218

 

 

 

271

 

Current operating lease obligations - Note I

 

 

23

 

 

 

 

Current liabilities held for sale - Note B

 

 

5

 

 

 

7

 

Total current liabilities

 

 

972

 

 

 

757

 

Noncurrent liabilities

 

 

 

 

 

 

 

 

Long-term debt - Note H

 

 

1,535

 

 

 

1,501

 

Asbestos litigation reserve - Note L

 

 

530

 

 

 

555

 

Deferred income taxes

 

 

250

 

 

 

264

 

Employee benefit obligations - Note K

 

 

151

 

 

 

150

 

Operating lease obligations - Note I

 

 

131

 

 

 

 

Other liabilities

 

 

416

 

 

 

453

 

Total noncurrent liabilities

 

 

3,013

 

 

 

2,923

 

Commitments and contingencies - Note L

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

2,983

 

 

 

3,571

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

6,968

 

 

$

7,251

 

 

 

 

 

 

 

 

 

 

 

(a)

Accounts receivable includes an allowance for doubtful accounts of $3 million at both March 31, 2020 and September 30, 2019.

 

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, 2019

 

$

1

 

 

$

756

 

 

$

3,224

 

 

$

(410

)

 

$

3,571

 

Total comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (loss)

 

 

 

 

 

 

 

 

 

 

(550

)

 

 

 

 

 

 

(550

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14

)

 

 

(14

)

Regular dividends, $0.550 per common share

 

 

 

 

 

 

 

 

 

 

(33

)

 

 

 

 

 

 

(33

)

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

 

 

 

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

9

 

BALANCE AT MARCH 31, 2020

 

$

1

 

 

$

765

 

 

$

2,641

 

 

$

(424

)

 

$

2,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

At March 31, 2020 and September 30, 2019, the after-tax accumulated other comprehensive loss of $424 million and $410 million, respectively, was each comprised of net unrealized translation losses of $422 million and $408 million, respectively, and unrecognized prior service costs of $2 million each.

(b)

Common shares issued were 279,025 for the six months ended March 31, 2020.

SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

 

4


 

 

ASHLAND GLOBAL HOLDINGS INC. AND CONSOLIDATED SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS

 

 

 

Six months ended

 

 

 

March 31

 

(In millions - unaudited)

 

2020

 

 

2019

 

CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES FROM

   CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(550

)

 

$

28

 

Income (loss) from discontinued operations (net of income taxes)

 

 

9

 

 

 

(54

)

Adjustments to reconcile income from continuing operations to

 

 

 

 

 

 

 

 

cash flows from operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

122

 

 

 

163

 

Original issue discount and debt issuance costs amortization

 

 

12

 

 

 

4

 

Deferred income taxes

 

 

(28

)

 

 

2

 

Stock based compensation expense

 

 

8

 

 

 

13

 

(Income) loss from restricted investments

 

 

16

 

 

 

(2

)

Excess tax benefit on stock based compensation

 

 

1

 

 

 

2

 

Loss on early retirement of debt

 

 

59

 

 

 

 

Net (income) loss on divestitures

 

 

 

 

 

3

 

Impairments

 

 

530

 

 

 

5

 

Pension contributions

 

 

(3

)

 

 

(3

)

Gain on pension and other postretirement plan remeasurements

 

 

 

 

 

(18

)

Change in operating assets and liabilities (a)

 

 

(163

)

 

 

(137

)

Total cash flows provided by operating activities from continuing operations

 

 

13

 

 

 

6

 

CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES FROM

   CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(66

)

 

 

(70

)

Proceeds from disposal of property, plant and equipment

 

 

 

 

 

4

 

Purchase of operations

 

 

 

 

 

(1

)

Net purchase of funds restricted for specific transactions

 

 

(2

)

 

 

(2

)

Reimbursement from restricted investments

 

 

19

 

 

 

20

 

Proceeds from sales of securities

 

 

10

 

 

 

156

 

Purchase of securities

 

 

(10

)

 

 

(156

)

Proceeds from the settlement of derivative instruments

 

 

 

 

 

2

 

Payments for the settlement of derivative instruments

 

 

 

 

 

(2

)

Total cash flows used by investing activities from continuing operations

 

 

(49

)

 

 

(49

)

CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES FROM

   CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of long-term debt

 

 

804

 

 

 

 

Repayment of long-term debt

 

 

(767

)

 

 

(8

)

Premium on long-term debt repayment

 

 

(59

)

 

 

 

Proceeds from (repayment of) short-term debt

 

 

306

 

 

 

11

 

Debt issuance costs

 

 

(11

)

 

 

 

Cash dividends paid

 

 

(33

)

 

 

(31

)

Stock based compensation employee withholding taxes paid in cash

 

 

(6

)

 

 

(8

)

Total cash flows provided (used) by financing activities from continuing operations

 

 

234

 

 

 

(36

)

CASH PROVIDED (USED) BY CONTINUING OPERATIONS

 

 

198

 

 

 

(79

)

Cash provided (used) by discontinued operations

 

 

 

 

 

 

 

 

Operating cash flows

 

 

(79

)

 

 

(41

)

Investing cash flows

 

 

1

 

 

 

(8

)

Total cash used by discontinued operations

 

 

(78

)

 

 

(49

)

Effect of currency exchange rate changes on cash and cash equivalents

 

 

1