Company Quick10K Filing
⚲
WR Grace
Financials
Price66.99 EPS3
Shares67 P/E20
MCap4,482 P/FCF17
Net Debt1,740 EBIT325
TEV6,222 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-04
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-02-25
Reports
8-K 2020-08-26 Regulation FD, Exhibits
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-06-26 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-06-25 Officers, Exhibits
8-K 2020-06-12
8-K 2020-06-12
8-K 2020-05-12
8-K 2020-04-30
8-K 2020-04-03
8-K 2020-02-27
8-K 2020-02-27
8-K 2020-02-10
8-K 2020-02-04
8-K 2019-11-07
8-K 2019-10-24
8-K 2019-10-01
8-K 2019-09-10
8-K 2019-07-25
8-K 2019-06-06
8-K 2019-05-08
8-K 2019-04-25
8-K 2019-02-20
8-K 2019-02-07
8-K 2018-11-08
8-K 2018-10-24
8-K 2018-07-26
8-K 2018-05-15
8-K 2018-05-09
8-K 2018-04-25
8-K 2018-04-03
8-K 2018-03-02
8-K 2018-02-22
8-K 2018-02-08

GRA 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Note 8, "Commitments and Contingent Liabilities," To The Interim Consolidated Financial Statements in Part I of This Report Is Incorporated Herein By Reference.
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures
Item 6. Exhibits
Exhibits
EX-31.(I).1 a2q20exhibit31i1.htm
EX-31.(I).2 a2q20exhibit31i2.htm
EX-32 a2q20exhibit32.htm
EX-95 a2q20exhibit95.htm

WR Grace Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
 3.12.41.81.10.5-0.22012201420172020
Rev, G Profit, Net Income
 0.90.50.0-0.4-0.9-1.32012201420172020
Ops, Inv, Fin
Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑    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 1-13953
W. R. GRACE & CO.
(Exact name of registrant as specified in its charter)
Delaware
65-0773649
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
7500 Grace Drive, Columbia, Maryland 21044-4098
(Address of principal executive offices) (Zip Code)
(410) 531-4000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.01 par value per share
 
GRA
 
New York Stock Exchange
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 ☑
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
 
Outstanding at July 31, 2020
Common Stock, $0.01 par value per share
 
66,188,621
shares
 



TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
_______________________________________________________________________________
Notes on references that we use in this Report. Unless the context indicates otherwise, the terms “Grace,” the “Company,” “we,” “us,” or “our” mean (i) W. R. Grace & Co. itself, or (ii) W. R. Grace & Co. and/or one or more of its consolidated subsidiaries and affiliates and, in certain cases, their respective predecessors. Unless otherwise indicated, the contents of websites that we mention are not incorporated by reference or otherwise made a part of this Report.
We refer to the U.S. Securities and Exchange Commission as the “SEC.” We refer to the Financial Accounting Standards Board as the “FASB.” The FASB issues, among other things, the Accounting Standards Codification (which we refer to as “ASC”) and Accounting Standards Updates (which we refer to as “ASU”). We refer to the U.S. Internal Revenue Service as the “IRS.”
Trademarks and other intellectual property that we discuss in this Report. GRACE®, the GRACE® logo (and any other use of the term “Grace” as a trade name) as well as the other trademarks, service marks, or trade names used in this Report are trademarks, service marks, or trade names of Grace or its operating units, except as otherwise indicated. ART® and ADVANCED REFINING TECHNOLOGIES® are trademarks, registered in the United States and/or other countries, of Advanced Refining Technologies LLC.

2


PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
W. R. Grace & Co. and Subsidiaries
Consolidated Statements of Operations (unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In millions, except per share amounts)
2020
 
2019
 
2020
 
2019
Net sales
$
418.7

 
$
513.6

 
$
840.2

 
$
983.1

Cost of goods sold
299.4

 
304.2

 
561.3

 
585.1

Gross profit
119.3

 
209.4

 
278.9

 
398.0

Selling, general and administrative expenses
71.9

 
76.3

 
143.0

 
149.5

Research and development expenses
16.7

 
16.3

 
33.7

 
33.3

Costs related to legacy matters
2.8

 
1.5

 
5.5

 
48.4

Equity in earnings of unconsolidated affiliate
(3.4
)
 
(6.0
)
 
(4.6
)
 
(10.1
)
Restructuring and repositioning expenses
23.9

 
6.4

 
26.6

 
8.7

Interest expense and related financing costs
19.2

 
19.6

 
37.5

 
39.6

Other (income) expense, net
(8.6
)
 
0.1

 
(17.4
)
 
(2.1
)
Total costs and expenses
122.5

 
114.2

 
224.3

 
267.3

Income (loss) before income taxes
(3.2
)
 
95.2

 
54.6

 
130.7

(Provision for) benefit from income taxes
(6.4
)

(18.8
)
 
(22.1
)
 
(29.7
)
Net income (loss)
(9.6
)
 
76.4

 
32.5

 
101.0

Less: Net (income) loss attributable to noncontrolling interests
2.3

 
(0.2
)
 
2.2

 
(0.1
)
Net income (loss) attributable to W. R. Grace & Co. shareholders
$
(7.3
)
 
$
76.2

 
$
34.7

 
$
100.9

Earnings Per Share Attributable to W. R. Grace & Co. Shareholders
 
 
 
 
 
 
 
Basic earnings per share:
 
 
 
 
 
 
 
Net income (loss)
$
(0.11
)
 
$
1.14

 
$
0.52

 
$
1.51

Weighted average number of basic shares
66.2


66.8

 
66.3

 
66.8

Diluted earnings per share:
 
 
 
 
 
 
 
Net income (loss)
$
(0.11
)
 
$
1.14

 
$
0.52

 
$
1.51

Weighted average number of diluted shares
66.2

 
67.0

 
66.4

 
66.9

Dividends per common share
$
0.30

 
$
0.27

 
$
0.60

 
$
0.54


The Notes to Consolidated Financial Statements are an integral part of these statements.

3



W. R. Grace & Co. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss) (unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In millions)
2020
 
2019
 
2020
 
2019
Net income (loss)
$
(9.6
)
 
$
76.4

 
$
32.5

 
$
101.0

Other comprehensive income (loss), net of income taxes:
 
 
 
 
 
 
 
Defined benefit pension and other postretirement plans
(0.1
)
 
(0.1
)
 
(0.2
)
 
(0.2
)
Currency translation adjustments
(7.5
)
 
(6.8
)
 
(5.0
)
 
4.9

Gain (loss) from hedging activities
(0.8
)
 
(6.1
)
 
(1.8
)
 
(9.1
)
Total other comprehensive income (loss)
(8.4
)
 
(13.0
)
 
(7.0
)
 
(4.4
)
Comprehensive income (loss)
(18.0
)
 
63.4

 
25.5

 
96.6

Less: comprehensive (income) loss attributable to noncontrolling interests
2.3

 
(0.2
)
 
2.2

 
(0.1
)
Comprehensive income (loss) attributable to W. R. Grace & Co. shareholders
$
(15.7
)
 
$
63.2

 
$
27.7

 
$
96.5


The Notes to Consolidated Financial Statements are an integral part of these statements.

4



W. R. Grace & Co. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
 
Six Months Ended June 30,
(In millions)
2020
 
2019
OPERATING ACTIVITIES
 
 
 
Net income (loss)
$
32.5

 
$
101.0

Reconciliation to net cash provided by (used for) operating activities:
 
 
 
Depreciation and amortization
50.9

 
49.8

Equity in earnings of unconsolidated affiliate
(4.6
)
 
(10.1
)
Costs related to legacy matters
5.5


48.4

Cash paid for legacy matters
(12.3
)
 
(7.8
)
Provision for (benefit from) income taxes
22.1

 
29.7

Cash paid for income taxes
(24.4
)
 
(20.3
)
Income tax refunds received
7.3

 
7.1

Defined benefit pension expense
6.6

 
9.4

Cash paid under defined benefit pension arrangements
(8.4
)
 
(8.0
)
Loss on disposal of assets
20.9

 
1.2

Changes in assets and liabilities, excluding effect of currency translation and acquisitions:
 

 
 

Trade accounts receivable
84.7

 
(24.2
)
Inventories
41.7

 
(37.4
)
Accounts payable
(38.0
)
 
13.1

All other items, net
0.1

 
(7.0
)
Net cash provided by (used for) operating activities
184.6

 
144.9

INVESTING ACTIVITIES
 
 
 
Cash paid for capital expenditures
(95.0
)
 
(101.5
)
Business acquired, net of cash acquired
—

 
(22.8
)
Other investing activities, net
(24.2
)
 
(3.0
)
Net cash provided by (used for) investing activities
(119.2
)
 
(127.3
)
FINANCING ACTIVITIES
 
 
 
Borrowings under credit arrangements
9.1

 
6.9

Repayments under credit arrangements
(12.8
)
 
(12.3
)
Proceeds from issuance of notes
750.0

 
—

Cash paid for debt financing costs
(10.3
)
 
—

Cash paid for repurchases of common stock
(40.4
)
 
(29.8
)
Proceeds from exercise of stock options
—

 
18.0

Dividends paid to shareholders
(40.4
)
 
(36.6
)
Other financing activities, net
(4.2
)
 
(4.9
)
Net cash provided by (used for) financing activities
651.0

 
(58.7
)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash
(1.5
)
 
—

Net increase (decrease) in cash, cash equivalents, and restricted cash
714.9


(41.1
)
Cash, cash equivalents, and restricted cash, beginning of period
282.9

 
201.0

Cash, cash equivalents, and restricted cash, end of period
$
997.8

 
$
159.9

 
 
 
 
Supplemental disclosure of cash flow information
 
 
 
Cash paid for interest, net of amounts capitalized
$
32.6

 
$
34.8

Capital expenditures in accounts payable
18.5

 
34.8

Expenditures for other investing activities included in accounts payable
3.7

 
24.5



The Notes to Consolidated Financial Statements are an integral part of these statements.

5



W. R. Grace & Co. and Subsidiaries
Consolidated Balance Sheets (unaudited)
(In millions, except par value and shares)
June 30,
2020
 
December 31,
2019
ASSETS
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
997.6

 
$
282.5

Restricted cash and cash equivalents
0.2

 
0.4

Trade accounts receivable, less allowance of $15.0 (2019—$13.3)
218.6

 
307.0

Inventories
267.1

 
309.9

Other current assets
236.1


235.1

Total Current Assets
1,719.6

 
1,134.9

Properties and equipment, net of accumulated depreciation and amortization of $1,484.1 (2019—$1,497.0)
1,144.4

 
1,143.8

Goodwill
556.8

 
556.9

Technology and other intangible assets, net
331.8

 
342.8

Deferred income taxes
515.3

 
517.6

Investment in unconsolidated affiliate
186.0

 
181.9

Other assets
51.1


54.7

Total Assets
$
4,505.0

 
$
3,932.6

LIABILITIES AND EQUITY
 
 
 
Current Liabilities
 
 
 
Debt payable within one year (includes $700.0 Senior Notes redeemed on July 13, 2020)
$
724.3

 
$
23.1

Accounts payable
207.6

 
302.3

Other current liabilities
428.7

 
419.7

Total Current Liabilities
1,360.6

 
745.1

Debt payable after one year
1,993.1

 
1,957.3

Unfunded defined benefit pension plans
436.5

 
434.6

Underfunded defined benefit pension plans
84.0

 
85.2

Other liabilities
281.2

 
308.2

Total Liabilities
4,155.4

 
3,530.4

Commitments and Contingencies—Note 8

 

Equity
 
 
 
Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 66,188,600 (2019—66,735,913)
0.7

 
0.7

Paid-in capital
468.6

 
477.9

Retained earnings
725.0

 
730.5

Treasury stock, at cost: shares: 11,268,033 (2019—10,720,720)
(920.8
)
 
(892.2
)
Accumulated other comprehensive income (loss)
71.8

 
78.8

Total W. R. Grace & Co. Shareholders’ Equity
345.3

 
395.7

Noncontrolling interests
4.3

 
6.5

Total Equity
349.6

 
402.2

Total Liabilities and Equity
$
4,505.0

 
$
3,932.6


The Notes to Consolidated Financial Statements are an integral part of these statements.

6



W. R. Grace & Co. and Subsidiaries
Consolidated Statements of Equity (unaudited)
(In millions)
Common Stock and Paid-in Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated Other Comprehensive Income (Loss)
 
Noncontrolling Interests
 
Total Equity
Balance, December 31, 2019
$
478.6

 
$
730.5

 
$
(892.2
)
 
$
78.8

 
$
6.5

 
$
402.2

Net income (loss)
—

 
42.0

 
—

 
—

 
0.1

 
42.1

Repurchase of common stock
—

 
—

 
(40.4
)
 
—

 
—

 
(40.4
)
Payments in consideration of employee tax obligations related to stock-based compensation
(4.1
)
 
—

 
—

 
—

 
—

 
(4.1
)
Stock-based compensation
2.9

 
—

 
—

 
—

 
—

 
2.9

Shares issued
(10.3
)
 
—

 
10.3

 
—

 
—

 
—

Dividends declared
—

 
(20.2
)
 
—

 
—

 
—

 
(20.2
)
Other comprehensive (loss) income
—

 
—

 
—

 
1.4

 
—

 
1.4

Balance, March 31, 2020
$
467.1

 
$
752.3

 
$
(922.3
)
 
$
80.2

 
$
6.6

 
$
383.9

Net income (loss)
—

 
(7.3
)
 
—

 
—

 
(2.3
)
 
(9.6
)
Stock-based compensation
2.9

 
—

 
—

 
—

 
—

 
2.9

Shares issued
(0.7
)
 
—

 
1.5

 
—

 
—

 
0.8

Dividends declared
—

 
(20.0
)
 
—

 
—

 
—

 
(20.0
)
Other comprehensive (loss) income
—

 
—

 
—

 
(8.4
)
 
—

 
(8.4
)
Balance, June 30, 2020
$
469.3

 
$
725.0

 
$
(920.8
)
 
$
71.8

 
$
4.3

 
$
349.6


The Notes to Consolidated Financial Statements are an integral part of these statements.

7



W. R. Grace & Co. and Subsidiaries
Consolidated Statements of Equity (unaudited) (Continued)
(In millions)
Common Stock and Paid-in Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated Other Comprehensive Income (Loss)
 
Noncontrolling Interests
 
Total Equity
Balance, December 31, 2018
$
481.8

 
$
676.7

 
$
(895.5
)
 
$
67.9

 
$
6.1

 
$
337.0

Net income (loss)
—

 
24.7

 
—

 
—

 
(0.1
)
 
24.6

Repurchase of common stock
—

 
—

 
(4.8
)
 
—

 
—

 
(4.8
)
Payments in consideration of employee tax obligations related to stock-based compensation
(4.3
)
 
—

 
—

 
—

 
—

 
(4.3
)
Stock-based compensation
1.9

 
—

 
—

 
—

 
—

 
1.9

Exercise of stock options
(2.2
)
 
—

 
11.4

 
—

 
—

 
9.2

Shares issued
(7.4
)
 
—

 
7.1

 
—

 
—

 
(