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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, 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 June 30, 2020, there were 60,470,499 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

 

 

Nine months ended

 

 

 

June 30

 

 

June 30

 

(In millions except per share data - unaudited)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Sales

 

$

574

 

 

$

641

 

 

$

1,717

 

 

$

1,884

 

Cost of sales

 

 

378

 

 

 

434

 

 

 

1,171

 

 

 

1,327

 

Gross profit

 

 

196

 

 

 

207

 

 

 

546

 

 

 

557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expense

 

 

113

 

 

 

128

 

 

 

315

 

 

 

364

 

Research and development expense

 

 

14

 

 

 

17

 

 

 

48

 

 

 

51

 

Intangibles amortization expense

 

 

21

 

 

 

22

 

 

 

63

 

 

 

65

 

Equity and other income (loss)

 

 

 

 

 

3

 

 

 

7

 

 

 

3

 

Goodwill impairment - Note G

 

 

 

 

 

 

 

 

530

 

 

 

 

Operating income (loss)

 

 

48

 

 

 

43

 

 

 

(403

)

 

 

80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and other expense (income)

 

 

(14

)

 

 

21

 

 

 

113

 

 

 

73

 

Other net periodic benefit income (expense)

 

 

 

 

 

 

 

 

1

 

 

 

17

 

Net income (loss) on divestitures

 

 

 

 

 

 

 

 

3

 

 

 

(3

)

Income (loss) from continuing operations before income taxes

 

 

62

 

 

 

22

 

 

 

(512

)

 

 

21

 

Income tax expense (benefit)

 

 

12

 

 

 

(1

)

 

 

(21

)

 

 

24

 

Income (loss) from continuing operations

 

 

50

 

 

 

23

 

 

 

(491

)

 

 

(3

)

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

 

 

(13

)

 

 

43

 

 

 

(22

)

 

 

97

 

Net income (loss)

 

$

37

 

 

$

66

 

 

$

(513

)

 

$

94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share - Note M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.82

 

 

$

0.38

 

 

$

(8.11

)

 

$

(0.05

)

Income (loss) from discontinued operations

 

 

(0.21

)

 

 

0.68

 

 

 

(0.36

)

 

 

1.55

 

Net income (loss)

 

$

0.61

 

 

$

1.06

 

 

$

(8.47

)

 

$

1.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share - Note M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.81

 

 

$

0.37

 

 

$

(8.11

)

 

$

(0.05

)

Income (loss) from discontinued operations

 

 

(0.20

)

 

 

0.68

 

 

 

(0.36

)

 

 

1.55

 

Net income (loss)

 

$

0.61

 

 

$

1.05

 

 

$

(8.47

)

 

$

1.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME (LOSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

37

 

 

$

66

 

 

$

(513

)

 

$

94

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized translation gain (loss)

 

 

7

 

 

 

3

 

 

 

(7

)

 

 

(37

)

Pension and postretirement obligation adjustment

 

 

 

 

 

 

 

 

 

 

 

(6

)

Other comprehensive income (loss)

 

 

7

 

 

 

3

 

 

 

(7

)

 

 

(43

)

Comprehensive income (loss)

 

$

44

 

 

$

69

 

 

$

(520

)

 

$

51

 

 

SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

2


 

ASHLAND GLOBAL HOLDINGS INC. AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(In millions - unaudited)

 

June 30

2020

 

 

September 30

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

416

 

 

$

232

 

Accounts receivable (a)

 

 

455

 

 

 

481

 

Inventories - Note F

 

 

617

 

 

 

597

 

Other assets

 

 

121

 

 

 

64

 

Current assets held for sale - Note B

 

 

61

 

 

 

59

 

Total current assets

 

 

1,670

 

 

 

1,433

 

Noncurrent assets

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

 

 

 

 

 

 

Cost

 

 

3,203

 

 

 

3,165

 

Accumulated depreciation

 

 

1,649

 

 

 

1,588

 

Net property, plant and equipment

 

 

1,554

 

 

 

1,577

 

Goodwill - Note G

 

 

1,734

 

 

 

2,253

 

Intangibles - Note G

 

 

1,026

 

 

 

1,088

 

Operating lease assets, net - Note I

 

 

140

 

 

 

 

Restricted investments - Note E

 

 

297

 

 

 

310

 

Asbestos insurance receivable - Note L

 

 

138

 

 

 

157

 

Deferred income taxes

 

 

24

 

 

 

23

 

Other assets

 

 

403

 

 

 

410

 

Total noncurrent assets

 

 

5,316

 

 

 

5,818

 

Total assets

 

$

6,986

 

 

$

7,251

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Short-term debt - Note H

 

$

446

 

 

$

166

 

Trade and other payables

 

 

225

 

 

 

313

 

Accrued expenses and other liabilities

 

 

238

 

 

 

271

 

Current operating lease obligations - Note I

 

 

23

 

 

 

 

Current liabilities held for sale - Note B

 

 

5

 

 

 

7

 

Total current liabilities

 

 

937

 

 

 

757

 

Noncurrent liabilities

 

 

 

 

 

 

 

 

Long-term debt - Note H

 

 

1,547

 

 

 

1,501

 

Asbestos litigation reserve - Note L

 

 

525

 

 

 

555

 

Deferred income taxes

 

 

248

 

 

 

264

 

Employee benefit obligations - Note K

 

 

152

 

 

 

150

 

Operating lease obligations - Note I

 

 

126

 

 

 

 

Other liabilities

 

 

438

 

 

 

453

 

Total noncurrent liabilities

 

 

3,036

 

 

 

2,923

 

Commitments and contingencies - Note L

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

3,013

 

 

 

3,571

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

6,986

 

 

$

7,251

 

 

 

 

 

 

 

 

 

 

 

(a)

Accounts receivable includes an allowance for doubtful accounts of $2 million and $3 million at June 30, 2020 and September 30, 2019, respectively.

 

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)

 

 

 

 

 

 

 

 

 

 

(513

)

 

 

 

 

 

 

(513

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

(7

)

Regular dividends, $0.825 per common share

 

 

 

 

 

 

 

 

 

 

(50

)

 

 

 

 

 

 

(50

)

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

 

 

 

 

 

 

12

 

 

 

 

 

 

 

 

 

 

 

12

 

BALANCE AT JUNE 30, 2020

 

$

1

 

 

$

768

 

 

$

2,661

 

 

$

(417

)

 

$

3,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

At June 30, 2020 and September 30, 2019, the after-tax accumulated other comprehensive loss of $417 million and $410 million, respectively, was each comprised of net unrealized translation losses of $415 million and $408 million, respectively, and unrecognized prior service costs of $2 million each.

(b)

Common shares issued were 293,485 for the nine months ended June 30, 2020.

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)

 

2020

 

 

2019

 

CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES FROM

   CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(513

)

 

$

94

 

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

 

 

22

 

 

 

(97

)

Adjustments to reconcile income from continuing operations to

 

 

 

 

 

 

 

 

cash flows from operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

183

 

 

 

225

 

Original issue discount and debt issuance costs amortization

 

 

14

 

 

 

6

 

Deferred income taxes

 

 

(30

)

 

 

1

 

Distributions to equity affiliates

 

 

(1

)

 

 

 

Stock based compensation expense

 

 

11

 

 

 

17

 

(Income) loss from restricted investments

 

 

(17

)

 

 

(10

)

Excess tax benefit on stock based compensation

 

 

1

 

 

 

3

 

Loss on early retirement of debt

 

 

59

 

 

 

 

Impairments

 

 

530

 

 

 

8

 

Pension contributions

 

 

(5

)

 

 

(4

)

Gain on pension and other postretirement plan remeasurements

 

 

 

 

 

(18

)

Change in operating assets and liabilities (a)

 

 

(101

)

 

 

(132

)

Total cash flows provided by operating activities from continuing operations

 

 

153

 

 

 

93

 

CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES FROM

   CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(94

)

 

 

(103

)

Proceeds from disposal of property, plant and equipment

 

 

1

 

 

 

4

 

Purchase of operations

 

 

 

 

 

(2

)

Proceeds from settlement of Company-owned life insurance contracts

 

 

7

 

 

 

1

 

Company-owned life insurance payments

 

 

(2

)

 

 

(1

)

Net purchase of funds restricted for specific transactions

 

 

(3

)

 

 

(2

)

Reimbursement from restricted investments

 

 

26

 

 

 

25

 

Proceeds from sales of securities

 

 

16

 

 

 

156

 

Purchase of securities

 

 

(16

)

 

 

(156

)

Proceeds from the settlement of derivative instruments

 

 

 

 

 

4

 

Payments for the settlement of derivative instruments

 

 

 

 

 

(2

)

Total cash flows used by investing activities from continuing operations

 

 

(65

)

 

 

(76

)

CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES FROM

   CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

Proceeds from issuance of long-term debt

 

 

804

 

 

 

 

Repayment of long-term debt

 

 

(767

)

 

 

(10

)

Premium on long-term debt repayment

 

 

(59

)

 

 

 

Proceeds from (repayment of) short-term debt

 

 

281

 

 

 

83

 

Debt issuance costs

 

 

(11

)

 

 

 

Cash dividends paid

 

 

(50

)

 

 

(48

)

Repurchase of common stock

 

 

 

 

 

(200

)

Stock based compensation employee withholding taxes paid in cash

 

 

(6

)

 

 

(8

)

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

 

 

192

 

 

 

(183

)

CASH PROVIDED (USED) BY CONTINUING OPERATIONS

 

 

280

 

 

 

(166

)

Cash provided (used) by discontinued operations

 

 

 

 

 

 

 

 

Operating cash flows

 

 

(98

)

 

 

 

Investing cash flows