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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, 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 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, 2021, there were 60,708,900 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)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Sales

 

$

598

 

 

$

610

 

 

$

1,149

 

 

$

1,143

 

Cost of sales

 

 

407

 

 

 

413

 

 

 

781

 

 

 

793

 

Gross profit

 

 

191

 

 

 

197

 

 

 

368

 

 

 

350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expense

 

 

84

 

 

 

103

 

 

 

190

 

 

 

202

 

Research and development expense

 

 

14

 

 

 

18

 

 

 

29

 

 

 

34

 

Intangibles amortization expense

 

 

22

 

 

 

21

 

 

 

43

 

 

 

42

 

Equity and other income

 

 

 

 

 

7

 

 

 

6

 

 

 

7

 

Goodwill impairment

 

 

 

 

 

530

 

 

 

 

 

 

530

 

Operating income (loss)

 

 

71

 

 

 

(468

)

 

 

112

 

 

 

(451

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest and other expense

 

 

23

 

 

 

117

 

 

 

17

 

 

 

127

 

Net income (loss) on acquisitions and divestitures

 

 

(5

)

 

 

 

 

 

9

 

 

 

3

 

Income (loss) from continuing operations before income taxes

 

 

43

 

 

 

(585

)

 

 

104

 

 

 

(575

)

Income tax expense (benefit)

 

 

 

 

 

(10

)

 

 

 

 

 

(34

)

Income (loss) from continuing operations

 

 

43

 

 

 

(575

)

 

 

104

 

 

 

(541

)

Loss from discontinued operations (net of income taxes)

 

 

(2

)

 

 

(7

)

 

 

(7

)

 

 

(9

)

Net income (loss)

 

$

41

 

 

$

(582

)

 

$

97

 

 

$

(550

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share - Note M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.70

 

 

$

(9.48

)

 

$

1.71

 

 

$

(8.93

)

Income (loss) from discontinued operations

 

 

(0.03

)

 

 

(0.13

)

 

 

(0.12

)

 

 

(0.15

)

Net income (loss)

 

$

0.67

 

 

$

(9.61

)

 

$

1.59

 

 

$

(9.08

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share - Note M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.69

 

 

$

(9.48

)

 

$

1.69

 

 

$

(8.93

)

Income (loss) from discontinued operations

 

 

(0.03

)

 

 

(0.13

)

 

 

(0.12

)

 

 

(0.15

)

Net income (loss)

 

$

0.66

 

 

$

(9.61

)

 

$

1.57

 

 

$

(9.08

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME (LOSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

41

 

 

$

(582

)

 

$

97

 

 

$

(550

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized translation gain (loss)

 

 

(34

)

 

 

(52

)

 

 

14

 

 

 

(14

)

Other comprehensive income (loss)

 

 

(34

)

 

 

(52

)

 

 

14

 

 

 

(14

)

Comprehensive income (loss)

 

$

7

 

 

$

(634

)

 

$

111

 

 

$

(564

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

2


 

ASHLAND GLOBAL HOLDINGS INC. AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(In millions - unaudited)

 

March 31

2021

 

 

September 30

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

373

 

 

$

454

 

Accounts receivable (a)

 

 

447

 

 

 

471

 

Inventories - Note F

 

 

512

 

 

 

529

 

Other assets

 

 

86

 

 

 

87

 

Current assets held for sale - Note B

 

 

 

 

 

6

 

Total current assets

 

 

1,418

 

 

 

1,547

 

Noncurrent assets

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

 

 

 

 

 

 

Cost

 

 

3,307

 

 

 

3,265

 

Accumulated depreciation

 

 

1,775

 

 

 

1,700

 

Net property, plant and equipment

 

 

1,532

 

 

 

1,565

 

Goodwill - Note G

 

 

1,760

 

 

 

1,758

 

Intangibles - Note G

 

 

971

 

 

 

1,013

 

Operating lease assets, net - Note I

 

 

132

 

 

 

137

 

Restricted investments - Note E

 

 

302

 

 

 

301

 

Asbestos insurance receivable (b) - Note L

 

 

128

 

 

 

136

 

Deferred income taxes

 

 

26

 

 

 

26

 

Other assets

 

 

395

 

 

 

394

 

Total noncurrent assets

 

 

5,246

 

 

 

5,330

 

Total assets

 

$

6,664

 

 

$

6,877

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Short-term debt - Note H

 

$

85

 

 

$

280

 

Current portion of long-term debt - Note H

 

 

3

 

 

 

 

Trade and other payables

 

 

217

 

 

 

233

 

Accrued expenses and other liabilities

 

 

241

 

 

 

277

 

Current operating lease obligations - Note I

 

 

23

 

 

 

23

 

Total current liabilities

 

 

569

 

 

 

813

 

Noncurrent liabilities

 

 

 

 

 

 

 

 

Long-term debt - Note H

 

 

1,571

 

 

 

1,573

 

Asbestos litigation reserve - Note L

 

 

489

 

 

 

513

 

Deferred income taxes

 

 

229

 

 

 

229

 

Employee benefit obligations - Note K

 

 

152

 

 

 

157

 

Operating lease obligations - Note I

 

 

119

 

 

 

124

 

Other liabilities

 

 

421

 

 

 

432

 

Total noncurrent liabilities

 

 

2,981

 

 

 

3,028

 

Commitments and contingencies - Note L

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

3,114

 

 

 

3,036

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

6,664

 

 

$

6,877

 

 

 

 

 

 

 

 

 

 

 

(a)

Accounts receivable includes an allowance for credit losses of $3 million at both March 31, 2021 and September 30, 2020.

 

(b)

Asbestos insurance receivable includes an allowance for credit losses of $3 million at March 31, 2021.

 

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, 2020

 

$

1

 

 

$

769

 

 

$

2,649

 

 

$

(383

)

 

$

3,036

 

Adoption of new accounting pronouncement (b)

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

(2

)

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

 

 

 

 

 

 

97

 

 

 

 

 

 

 

97

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

14

 

Regular dividends, $0.550 per common share

 

 

 

 

 

 

 

 

 

 

(34

)

 

 

 

 

 

 

(34

)

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

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

3

 

BALANCE AT MARCH 31, 2021

 

$

1

 

 

$

772

 

 

$

2,710

 

 

$

(369

)

 

$

3,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

At March 31, 2021 and September 30, 2020, the after-tax accumulated other comprehensive loss of $369 million and $383 million, respectively, was each comprised of net unrealized translation losses of $367 million and $381 million, respectively, and unrecognized prior service costs as a result of certain employee benefit plan amendments of $2 million each.

(b)

Represents the cumulative-effect adjustment, net of tax, for the adoption of the new accounting pronouncement related to the measurement of credit losses on financial instruments. 

(c)

Common shares issued were 140,706 for the six months ended March 31, 2021.

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)

 

2021

 

 

2020

 

CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES FROM

   CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

Net income (loss)

 

$

97

 

 

$

(550

)

Loss from discontinued operations (net of income taxes)

 

 

7

 

 

 

9

 

Adjustments to reconcile income from continuing operations to

 

 

 

 

 

 

 

 

cash flows from operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

124

 

 

 

122

 

Original issue discount and debt issuance costs amortization

 

 

3

 

 

 

12

 

Deferred income taxes

 

 

(12

)

 

 

(28

)

Gain from sales of property and equipment

 

 

(3

)

 

 

 

Distributions from equity affiliates

 

 

1

 

 

 

 

Stock based compensation expense

 

 

8

 

 

 

8

 

(Income) loss from restricted investments

 

 

(19

)

 

 

16

 

Excess tax benefit on stock based compensation

 

 

1

 

 

 

1

 

Loss on early retirement of debt

 

 

 

 

 

59

 

Income on acquisitions and divestitures

 

 

(11

)

 

 

 

Impairments

 

 

9

 

 

 

530

 

Pension contributions

 

 

(4

)

 

 

(3

)

Change in operating assets and liabilities (a)

 

 

(31

)

 

 

(163

)

Total cash flows provided by operating activities from continuing operations

 

 

170

 

 

 

13

 

CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES FROM

   CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(55

)

 

 

(66

)

Proceeds from disposal of property, plant and equipment

 

 

5

 

 

 

 

Proceeds from sale or restructuring of operations

 

 

14

 

 

 

 

Company-owned life insurance payments

 

 

(1

)

 

 

 

Net purchase of funds restricted for specific transactions

 

 

(1

)

 

 

(2

)

Reimbursements from restricted investments

 

 

18

 

 

 

19

 

Proceeds from sale of securities

 

 

47

 

 

 

10

 

Purchases of securities

 

 

(47

)

 

 

(10

)

Total cash flows used by investing activities from continuing operations

 

 

(20

)

 

 

(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

)

Premium on long-term debt repayment

 

 

 

 

 

(59

)

Proceeds from (repayment of) short-term debt

 

 

(195

)

 

 

306

 

Debt issuance costs

 

 

 

 

 

(11

)

Cash dividends paid

 

 

(33

)

 

 

(33

)

Stock based compensation employee withholding taxes paid in cash

 

 

(5

)

 

 

(6

)

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

 

 

(233

)

 

 

234

 

CASH PROVIDED (USED) BY CONTINUING OPERATIONS

 

 

(83

)

 

 

198

 

Cash provided (used) by discontinued operations

 

 

 

 

 

 

 

 

Operating cash flows

 

 

7

 

 

 

(79

)

Investing cash flows

 

 

(9

)

 

 

1