Company Quick10K Filing
Stepan
Price94.77 EPS5
Shares23 P/E20
MCap2,210 P/FCF17
Net Debt-54 EBIT125
TEV2,156 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-07-29
10-Q 2015-03-31 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-10-28
10-Q 2011-06-30 Filed 2011-07-29
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-04-29
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-22 Earnings, Exhibits
8-K 2020-04-21
8-K 2020-04-21
8-K 2020-02-20
8-K 2019-12-16
8-K 2019-10-23
8-K 2019-10-22
8-K 2019-07-24
8-K 2019-05-23
8-K 2019-04-30
8-K 2019-04-30
8-K 2019-02-21
8-K 2018-10-24
8-K 2018-09-16
8-K 2018-07-24
8-K 2018-04-24
8-K 2018-04-24
8-K 2018-04-10
8-K 2018-02-22
8-K 2018-01-30

SCL 10Q Quarterly Report

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
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
EX-31.1 scl-ex311_7.htm
EX-31.2 scl-ex312_6.htm
EX-32 scl-ex32_8.htm

Stepan Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.61.31.00.60.30.02012201420172020
Assets, Equity
0.60.50.40.20.10.02012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

scl-10q_20200630.htm
false Q2 0000094049 --12-31 Large Accelerated Filer 0.3333 P3Y 0.3333 2021 2020 2020 0.0395 0.0386 0.0486 0.0395 0.0386 0.0486 2027 2025 2023 2021 2020 2020 2027 2025 2023 0000094049 2020-01-01 2020-06-30 xbrli:shares 0000094049 2020-07-24 iso4217:USD 0000094049 2020-04-01 2020-06-30 0000094049 2019-04-01 2019-06-30 0000094049 2019-01-01 2019-06-30 iso4217:USD xbrli:shares 0000094049 2020-06-30 0000094049 2019-12-31 0000094049 2018-12-31 0000094049 2019-06-30 0000094049 2020-03-31 0000094049 us-gaap:CommonStockMember 2020-03-31 0000094049 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000094049 us-gaap:TreasuryStockMember 2020-03-31 0000094049 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0000094049 us-gaap:RetainedEarningsMember 2020-03-31 0000094049 us-gaap:NoncontrollingInterestMember 2020-03-31 0000094049 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0000094049 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0000094049 us-gaap:TreasuryStockMember 2020-04-01 2020-06-30 0000094049 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0000094049 us-gaap:NoncontrollingInterestMember 2020-04-01 2020-06-30 0000094049 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0000094049 us-gaap:CommonStockMember 2020-06-30 0000094049 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0000094049 us-gaap:TreasuryStockMember 2020-06-30 0000094049 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0000094049 us-gaap:RetainedEarningsMember 2020-06-30 0000094049 us-gaap:NoncontrollingInterestMember 2020-06-30 0000094049 us-gaap:CommonStockMember 2020-01-01 2020-06-30 0000094049 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0000094049 us-gaap:CommonStockMember 2019-01-01 2019-06-30 0000094049 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-06-30 0000094049 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0000094049 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0000094049 us-gaap:TreasuryStockMember 2020-01-01 2020-06-30 0000094049 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0000094049 us-gaap:TreasuryStockMember 2019-01-01 2019-06-30 0000094049 us-gaap:RetainedEarningsMember 2020-01-01 2020-06-30 0000094049 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000094049 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0000094049 us-gaap:CommonStockMember 2019-12-31 0000094049 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000094049 us-gaap:TreasuryStockMember 2019-12-31 0000094049 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000094049 us-gaap:RetainedEarningsMember 2019-12-31 0000094049 us-gaap:NoncontrollingInterestMember 2019-12-31 0000094049 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-06-30 0000094049 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-06-30 0000094049 2019-03-31 0000094049 us-gaap:CommonStockMember 2019-03-31 0000094049 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000094049 us-gaap:TreasuryStockMember 2019-03-31 0000094049 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000094049 us-gaap:RetainedEarningsMember 2019-03-31 0000094049 us-gaap:NoncontrollingInterestMember 2019-03-31 0000094049 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0000094049 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000094049 us-gaap:CommonStockMember 2019-06-30 0000094049 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000094049 us-gaap:TreasuryStockMember 2019-06-30 0000094049 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000094049 us-gaap:RetainedEarningsMember 2019-06-30 0000094049 us-gaap:NoncontrollingInterestMember 2019-06-30 0000094049 us-gaap:CommonStockMember 2018-12-31 0000094049 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000094049 us-gaap:TreasuryStockMember 2018-12-31 0000094049 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000094049 us-gaap:RetainedEarningsMember 2018-12-31 0000094049 us-gaap:NoncontrollingInterestMember 2018-12-31 0000094049 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-06-30 0000094049 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000094049 us-gaap:FairValueInputsLevel2Member 2020-06-30 0000094049 us-gaap:FairValueInputsLevel2Member 2019-12-31 0000094049 us-gaap:FairValueInputsLevel1Member 2020-06-30 0000094049 us-gaap:FairValueInputsLevel1Member 2019-12-31 0000094049 srt:MinimumMember 2020-01-01 2020-06-30 0000094049 srt:MaximumMember 2020-01-01 2020-06-30 0000094049 scl:EmployeeStockOptionAndStockAppreciationRightsSARSGrantedPriorToTwoThousandAndSeventeenMember 2020-01-01 2020-06-30 0000094049 scl:EmployeeStockOptionAndStockAppreciationRightsSARSGrantedInTwoThousandAndSeventeenMember 2020-01-01 2020-06-30 xbrli:pure 0000094049 us-gaap:EmployeeStockOptionMember 2020-06-30 0000094049 us-gaap:EmployeeStockOptionMember 2019-12-31 0000094049 scl:StockAwardsMember 2020-06-30 0000094049 scl:StockAwardsMember 2019-12-31 0000094049 us-gaap:StockAppreciationRightsSARSMember 2020-06-30 0000094049 us-gaap:StockAppreciationRightsSARSMember 2019-12-31 0000094049 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-06-30 0000094049 scl:StockAwardsAtTargetMember 2020-01-01 2020-06-30 0000094049 us-gaap:StockAppreciationRightsSARSMember 2020-01-01 2020-06-30 0000094049 scl:StockAwardsMember 2020-01-01 2020-06-30 0000094049 scl:RailcarsMember 2020-01-01 2020-06-30 0000094049 us-gaap:RealEstateMember 2020-01-01 2020-06-30 0000094049 srt:MinimumMember 2020-06-30 0000094049 srt:MaximumMember 2020-06-30 0000094049 us-gaap:RealEstateMember srt:MinimumMember 2020-06-30 0000094049 us-gaap:RealEstateMember srt:MaximumMember 2020-06-30 0000094049 scl:StorageTankMember srt:ScenarioForecastMember 2020-09-30 0000094049 scl:StorageTankMember 2020-06-30 scl:Country 0000094049 scl:WilmingtonSiteMember 2020-01-01 2020-06-30 0000094049 country:US 2020-04-01 2020-06-30 0000094049 country:US 2019-04-01 2019-06-30 0000094049 country:US 2020-01-01 2020-06-30 0000094049 country:US 2019-01-01 2019-06-30 0000094049 country:GB 2020-04-01 2020-06-30 0000094049 country:GB 2019-04-01 2019-06-30 0000094049 country:GB 2020-01-01 2020-06-30 0000094049 country:GB 2019-01-01 2019-06-30 0000094049 us-gaap:UnfundedPlanMember us-gaap:NonqualifiedPlanMember country:US 2020-06-30 0000094049 us-gaap:UnfundedPlanMember us-gaap:NonqualifiedPlanMember country:US 2020-01-01 2020-06-30 0000094049 country:GB 2020-06-30 0000094049 scl:RetirementSavingsContributionsMember 2020-04-01 2020-06-30 0000094049 scl:RetirementSavingsContributionsMember 2019-04-01 2019-06-30 0000094049 scl:RetirementSavingsContributionsMember 2020-01-01 2020-06-30 0000094049 scl:RetirementSavingsContributionsMember 2019-01-01 2019-06-30 0000094049 scl:ProfitSharingContributionsPlanMember 2020-04-01 2020-06-30 0000094049 scl:ProfitSharingContributionsPlanMember 2019-04-01 2019-06-30 0000094049 scl:ProfitSharingContributionsPlanMember 2020-01-01 2020-06-30 0000094049 scl:ProfitSharingContributionsPlanMember 2019-01-01 2019-06-30 0000094049 us-gaap:PensionPlansDefinedBenefitMember 2020-06-30 0000094049 us-gaap:EmployeeStockOptionMember 2020-04-01 2020-06-30 0000094049 us-gaap:EmployeeStockOptionMember 2019-04-01 2019-06-30 0000094049 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-06-30 0000094049 us-gaap:StockAppreciationRightsSARSMember 2020-04-01 2020-06-30 0000094049 us-gaap:StockAppreciationRightsSARSMember 2019-04-01 2019-06-30 0000094049 us-gaap:StockAppreciationRightsSARSMember 2019-01-01 2019-06-30 0000094049 us-gaap:PerformanceSharesMember 2020-04-01 2020-06-30 0000094049 us-gaap:PerformanceSharesMember 2019-04-01 2019-06-30 0000094049 us-gaap:PerformanceSharesMember 2020-01-01 2020-06-30 0000094049 us-gaap:PerformanceSharesMember 2019-01-01 2019-06-30 0000094049 scl:OptionsAndStockAppreciationRightsMember 2020-04-01 2020-06-30 0000094049 scl:OptionsAndStockAppreciationRightsMember 2020-01-01 2020-06-30 0000094049 scl:OptionsAndStockAppreciationRightsMember 2019-04-01 2019-06-30 0000094049 scl:OptionsAndStockAppreciationRightsMember 2019-01-01 2019-06-30 0000094049 us-gaap:AccumulatedTranslationAdjustmentMember 2019-03-31 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-03-31 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-03-31 0000094049 us-gaap:AccumulatedTranslationAdjustmentMember 2019-04-01 2019-06-30 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-04-01 2019-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-04-01 2019-06-30 0000094049 us-gaap:AccumulatedTranslationAdjustmentMember 2019-06-30 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-06-30 0000094049 us-gaap:AccumulatedTranslationAdjustmentMember 2020-03-31 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-03-31 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-03-31 0000094049 us-gaap:AccumulatedTranslationAdjustmentMember 2020-04-01 2020-06-30 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-04-01 2020-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-04-01 2020-06-30 0000094049 us-gaap:AccumulatedTranslationAdjustmentMember 2020-06-30 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-06-30 0000094049 us-gaap:AccumulatedTranslationAdjustmentMember 2018-12-31 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-12-31 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-12-31 0000094049 us-gaap:AccumulatedTranslationAdjustmentMember 2019-01-01 2019-06-30 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-01-01 2019-06-30 0000094049 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-31 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-12-31 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-12-31 0000094049 us-gaap:AccumulatedTranslationAdjustmentMember 2020-01-01 2020-06-30 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-01-01 2020-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-06-30 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-06-30 0000094049 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-06-30 0000094049 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 scl:Segment 0000094049 scl:SurfactantsMember 2020-04-01 2020-06-30 0000094049 scl:SurfactantsMember 2019-04-01 2019-06-30 0000094049 scl:SurfactantsMember 2020-01-01 2020-06-30 0000094049 scl:SurfactantsMember 2019-01-01 2019-06-30 0000094049 scl:PolymersMember 2020-04-01 2020-06-30 0000094049 scl:PolymersMember 2019-04-01 2019-06-30 0000094049 scl:PolymersMember 2020-01-01 2020-06-30 0000094049 scl:PolymersMember 2019-01-01 2019-06-30 0000094049 scl:SpecialtyProductsMember 2020-04-01 2020-06-30 0000094049 scl:SpecialtyProductsMember 2019-04-01 2019-06-30 0000094049 scl:SpecialtyProductsMember 2020-01-01 2020-06-30 0000094049 scl:SpecialtyProductsMember 2019-01-01 2019-06-30 0000094049 scl:SurfactantsMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000094049 scl:SurfactantsMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000094049 scl:SurfactantsMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000094049 scl:SurfactantsMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000094049 scl:PolymersMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000094049 scl:PolymersMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000094049 scl:PolymersMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000094049 scl:PolymersMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000094049 scl:SpecialtyProductsMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000094049 scl:SpecialtyProductsMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000094049 scl:SpecialtyProductsMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000094049 scl:SpecialtyProductsMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000094049 us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000094049 us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000094049 us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000094049 us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000094049 us-gaap:MaterialReconcilingItemsMember 2020-04-01 2020-06-30 0000094049 us-gaap:MaterialReconcilingItemsMember 2019-04-01 2019-06-30 0000094049 us-gaap:MaterialReconcilingItemsMember 2020-01-01 2020-06-30 0000094049 us-gaap:MaterialReconcilingItemsMember 2019-01-01 2019-06-30 0000094049 srt:NorthAmericaMember scl:SurfactantsMember 2020-04-01 2020-06-30 0000094049 srt:NorthAmericaMember scl:PolymersMember 2020-04-01 2020-06-30 0000094049 srt:NorthAmericaMember scl:SpecialtyProductsMember 2020-04-01 2020-06-30 0000094049 srt:NorthAmericaMember 2020-04-01 2020-06-30 0000094049 srt:EuropeMember scl:SurfactantsMember 2020-04-01 2020-06-30 0000094049 srt:EuropeMember scl:PolymersMember 2020-04-01 2020-06-30 0000094049 srt:EuropeMember scl:SpecialtyProductsMember 2020-04-01 2020-06-30 0000094049 srt:EuropeMember 2020-04-01 2020-06-30 0000094049 srt:LatinAmericaMember scl:SurfactantsMember 2020-04-01 2020-06-30 0000094049 srt:LatinAmericaMember scl:PolymersMember 2020-04-01 2020-06-30 0000094049 srt:LatinAmericaMember scl:SpecialtyProductsMember 2020-04-01 2020-06-30 0000094049 srt:LatinAmericaMember 2020-04-01 2020-06-30 0000094049 srt:AsiaMember scl:SurfactantsMember 2020-04-01 2020-06-30 0000094049 srt:AsiaMember scl:PolymersMember 2020-04-01 2020-06-30 0000094049 srt:AsiaMember scl:SpecialtyProductsMember 2020-04-01 2020-06-30 0000094049 srt:AsiaMember 2020-04-01 2020-06-30 0000094049 srt:NorthAmericaMember scl:SurfactantsMember 2019-04-01 2019-06-30 0000094049 srt:NorthAmericaMember scl:PolymersMember 2019-04-01 2019-06-30 0000094049 srt:NorthAmericaMember scl:SpecialtyProductsMember 2019-04-01 2019-06-30 0000094049 srt:NorthAmericaMember 2019-04-01 2019-06-30 0000094049 srt:EuropeMember scl:SurfactantsMember 2019-04-01 2019-06-30 0000094049 srt:EuropeMember scl:PolymersMember 2019-04-01 2019-06-30 0000094049 srt:EuropeMember scl:SpecialtyProductsMember 2019-04-01 2019-06-30 0000094049 srt:EuropeMember 2019-04-01 2019-06-30 0000094049 srt:LatinAmericaMember scl:SurfactantsMember 2019-04-01 2019-06-30 0000094049 srt:LatinAmericaMember scl:PolymersMember 2019-04-01 2019-06-30 0000094049 srt:LatinAmericaMember scl:SpecialtyProductsMember 2019-04-01 2019-06-30 0000094049 srt:LatinAmericaMember 2019-04-01 2019-06-30 0000094049 srt:AsiaMember scl:SurfactantsMember 2019-04-01 2019-06-30 0000094049 srt:AsiaMember scl:PolymersMember 2019-04-01 2019-06-30 0000094049 srt:AsiaMember scl:SpecialtyProductsMember 2019-04-01 2019-06-30 0000094049 srt:AsiaMember 2019-04-01 2019-06-30 0000094049 srt:NorthAmericaMember scl:SurfactantsMember 2020-01-01 2020-06-30 0000094049 srt:NorthAmericaMember scl:PolymersMember 2020-01-01 2020-06-30 0000094049 srt:NorthAmericaMember scl:SpecialtyProductsMember 2020-01-01 2020-06-30 0000094049 srt:NorthAmericaMember 2020-01-01 2020-06-30 0000094049 srt:EuropeMember scl:SurfactantsMember 2020-01-01 2020-06-30 0000094049 srt:EuropeMember scl:PolymersMember 2020-01-01 2020-06-30 0000094049 srt:EuropeMember scl:SpecialtyProductsMember 2020-01-01 2020-06-30 0000094049 srt:EuropeMember 2020-01-01 2020-06-30 0000094049 srt:LatinAmericaMember scl:SurfactantsMember 2020-01-01 2020-06-30 0000094049 srt:LatinAmericaMember scl:PolymersMember 2020-01-01 2020-06-30 0000094049 srt:LatinAmericaMember scl:SpecialtyProductsMember 2020-01-01 2020-06-30 0000094049 srt:LatinAmericaMember 2020-01-01 2020-06-30 0000094049 srt:AsiaMember scl:SurfactantsMember 2020-01-01 2020-06-30 0000094049 srt:AsiaMember scl:PolymersMember 2020-01-01 2020-06-30 0000094049 srt:AsiaMember scl:SpecialtyProductsMember 2020-01-01 2020-06-30 0000094049 srt:AsiaMember 2020-01-01 2020-06-30 0000094049 srt:NorthAmericaMember scl:SurfactantsMember 2019-01-01 2019-06-30 0000094049 srt:NorthAmericaMember scl:PolymersMember 2019-01-01 2019-06-30 0000094049 srt:NorthAmericaMember scl:SpecialtyProductsMember 2019-01-01 2019-06-30 0000094049 srt:NorthAmericaMember 2019-01-01 2019-06-30 0000094049 srt:EuropeMember scl:SurfactantsMember 2019-01-01 2019-06-30 0000094049 srt:EuropeMember scl:PolymersMember 2019-01-01 2019-06-30 0000094049 srt:EuropeMember scl:SpecialtyProductsMember 2019-01-01 2019-06-30 0000094049 srt:EuropeMember 2019-01-01 2019-06-30 0000094049 srt:LatinAmericaMember scl:SurfactantsMember 2019-01-01 2019-06-30 0000094049 srt:LatinAmericaMember scl:PolymersMember 2019-01-01 2019-06-30 0000094049 srt:LatinAmericaMember scl:SpecialtyProductsMember 2019-01-01 2019-06-30 0000094049 srt:LatinAmericaMember 2019-01-01 2019-06-30 0000094049 srt:AsiaMember scl:SurfactantsMember 2019-01-01 2019-06-30 0000094049 srt:AsiaMember scl:PolymersMember 2019-01-01 2019-06-30 0000094049 srt:AsiaMember scl:SpecialtyProductsMember 2019-01-01 2019-06-30 0000094049 srt:AsiaMember 2019-01-01 2019-06-30 0000094049 scl:UnsecuredPrivatePlacementNotesOneMember 2020-06-30 0000094049 scl:UnsecuredPrivatePlacementNotesOneMember 2019-12-31 0000094049 scl:UnsecuredPrivatePlacementNotesTwoMember 2020-06-30 0000094049 scl:UnsecuredPrivatePlacementNotesTwoMember 2019-12-31 0000094049 scl:UnsecuredPrivatePlacementNotesThreeMember 2020-06-30 0000094049 scl:UnsecuredPrivatePlacementNotesThreeMember 2019-12-31 0000094049 srt:MinimumMember scl:UnsecuredPrivatePlacementNotesOneMember 2020-01-01 2020-06-30 0000094049 srt:MinimumMember scl:UnsecuredPrivatePlacementNotesTwoMember 2020-01-01 2020-06-30 0000094049 srt:MinimumMember scl:UnsecuredPrivatePlacementNotesThreeMember 2020-01-01 2020-06-30 0000094049 srt:MaximumMember scl:UnsecuredPrivatePlacementNotesOneMember 2020-01-01 2020-06-30 0000094049 srt:MaximumMember scl:UnsecuredPrivatePlacementNotesTwoMember 2020-01-01 2020-06-30 0000094049 srt:MaximumMember scl:UnsecuredPrivatePlacementNotesThreeMember 2020-01-01 2020-06-30 0000094049 srt:MinimumMember scl:UnsecuredPrivatePlacementNotesOneMember 2019-01-01 2019-12-31 0000094049 srt:MinimumMember scl:UnsecuredPrivatePlacementNotesTwoMember 2019-01-01 2019-12-31 0000094049 srt:MinimumMember scl:UnsecuredPrivatePlacementNotesThreeMember 2019-01-01 2019-12-31 0000094049 srt:MaximumMember scl:UnsecuredPrivatePlacementNotesOneMember 2019-01-01 2019-12-31 0000094049 srt:MaximumMember scl:UnsecuredPrivatePlacementNotesTwoMember 2019-01-01 2019-12-31 0000094049 srt:MaximumMember scl:UnsecuredPrivatePlacementNotesThreeMember 2019-01-01 2019-12-31 0000094049 scl:MultiCurrencyRevolvingCreditAgreementMember 2020-06-30 0000094049 scl:MultiCurrencyRevolvingCreditAgreementMember 2020-01-01 2020-06-30 0000094049 scl:MultiCurrencyRevolvingCreditAgreementMember 2019-12-31 scl:Employees 0000094049 country:NL 2019-01-01 2019-03-31 0000094049 scl:EarlyTerminationOfLeaseExpensesMember country:NL 2019-01-01 2019-03-31 0000094049 country:DE scl:SurfactantsMember 2020-01-01 2020-06-30 0000094049 country:DE scl:SurfactantsMember scl:AssetAndSparePartMember 2018-01-01 2018-12-31 0000094049 scl:CumulativeDecommissioningCostsMember country:DE scl:SurfactantsMember 2020-01-01 2020-06-30 0000094049 scl:DecommissioningCostsMember country:DE scl:SurfactantsMember 2020-04-01 2020-06-30 0000094049 scl:DecommissioningCostsMember country:DE scl:SurfactantsMember 2019-04-01 2019-06-30 0000094049 scl:DecommissioningCostsMember country:DE scl:SurfactantsMember 2020-01-01 2020-06-30 0000094049 scl:DecommissioningCostsMember country:DE scl:SurfactantsMember 2019-01-01 2019-06-30 0000094049 scl:FieldsboroNewJerseyMember 2017-10-01 2017-12-31 0000094049 scl:FieldsboroNewJerseyMember 2019-01-01 2019-03-31 0000094049 scl:LongfordMillsMember scl:SurfactantsMember 2020-01-01 2020-06-30 0000094049 scl:LongfordMillsMember scl:SurfactantsMember us-gaap:OneTimeTerminationBenefitsMember 2020-01-01 2020-06-30 0000094049 scl:LongfordMillsMember scl:SurfactantsMember us-gaap:OtherRestructuringMember 2020-01-01 2020-06-30 0000094049 scl:LongfordMillsMember scl:SurfactantsMember scl:DecommissioningCostsMember 2020-01-01 2020-06-30 0000094049 scl:LongfordMillsMember scl:SurfactantsMember scl:DecommissioningCostsMember 2020-04-01 2020-06-30 0000094049 scl:LongfordMillsMember scl:SurfactantsMember scl:DecommissioningCostsMember 2019-04-01 2019-06-30 0000094049 scl:LongfordMillsMember scl:SurfactantsMember scl:DecommissioningCostsMember 2019-01-01 2019-06-30 0000094049 scl:LogosTechnologiesLLCSNatSurFactBusinessMember scl:SurfactantsMember scl:TwoThousandAndTwentyAcquisitionMember 2020-03-13 2020-03-13 0000094049 scl:LogosTechnologiesLLCSNatSurFactBusinessMember scl:SurfactantsMember scl:TwoThousandAndTwentyAcquisitionMember scl:TrademarksAndKnowHowMember 2020-03-13 2020-03-13 0000094049 scl:LogosTechnologiesLLCSNatSurFactBusinessMember scl:SurfactantsMember scl:TwoThousandAndTwentyAcquisitionMember us-gaap:PatentsMember 2020-03-13 2020-03-13 0000094049 scl:LogosTechnologiesLLCSNatSurFactBusinessMember scl:LaboratoryEquipmentMember scl:SurfactantsMember scl:TwoThousandAndTwentyAcquisitionMember 2020-03-13 2020-03-13 0000094049 scl:TwoThousandAndNineteenAcquisitionMember scl:OilfieldDemulsifierProductLineMember scl:SurfactantsMember 2019-12-17 2019-12-17 0000094049 scl:TwoThousandAndNineteenAcquisitionMember scl:OilfieldDemulsifierProductLineMember scl:SurfactantsMember 2019-12-17 0000094049 scl:TwoThousandAndNineteenAcquisitionMember scl:ProductKnowHowMember scl:OilfieldDemulsifierProductLineMember scl:SurfactantsMember 2019-12-17 0000094049 scl:TwoThousandAndNineteenAcquisitionMember scl:CustomerRelationshipMember scl:OilfieldDemulsifierProductLineMember scl:SurfactantsMember 2019-12-17

 

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

 

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 1-4462

 

STEPAN COMPANY

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

36-1823834

(State or other jurisdiction

 

(I.R.S. Employer

of incorporation or organization)

 

Identification Number)

22 West Frontage Road, Northfield, Illinois 60093

(Address of principal executive offices)

Registrant’s telephone number (847) 446-7500

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

Title of each class

 

Trading symbol(s)

 

Name of each exchange on which registered

Common Stock, $1 par value

 

SCL

 

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 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 24, 2020

Common Stock, $1 par value

 

22,413,778 Shares

 

 


Part I FINANCIAL INFORMATION

 

Item 1 - Financial Statements

STEPAN COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Unaudited

 

(In thousands, except per share amounts)

 

Three Months Ended

June 30

 

 

Six Months Ended

June 30

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net Sales

 

$

460,549

 

 

$

473,003

 

 

$

910,536

 

 

$

962,173

 

Cost of Sales

 

 

362,054

 

 

 

380,044

 

 

 

732,772

 

 

 

784,605

 

Gross Profit

 

 

98,495

 

 

 

92,959

 

 

 

177,764

 

 

 

177,568

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling

 

 

12,921

 

 

 

14,140

 

 

 

26,453

 

 

 

28,109

 

Administrative

 

 

20,731

 

 

 

21,544

 

 

 

39,603

 

 

 

40,850

 

Research, development and technical services

 

 

13,531

 

 

 

13,365

 

 

 

27,358

 

 

 

26,755

 

Deferred compensation (income) expense

 

 

6,464

 

 

 

2,395

 

 

 

(859

)

 

 

9,868

 

 

 

 

53,647

 

 

 

51,444

 

 

 

92,555

 

 

 

105,582

 

      Business restructuring expenses (Note 16)

 

 

(225

)

 

 

(450

)

 

 

(582

)

 

 

(1,183

)

Operating Income

 

 

44,623

 

 

 

41,065

 

 

 

84,627

 

 

 

70,803

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net

 

 

(1,259

)

 

 

(1,766

)

 

 

(2,489

)

 

 

(3,619

)

Other, net (Note 15)

 

 

4,437

 

 

 

235

 

 

 

1,175

 

 

 

3,380

 

 

 

 

3,178

 

 

 

(1,531

)

 

 

(1,314

)

 

 

(239

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Provision for Income Taxes

 

 

47,801

 

 

 

39,534

 

 

 

83,313

 

 

 

70,564

 

Provision for Income Taxes

 

 

11,958

 

 

 

9,324

 

 

 

19,931

 

 

 

15,376

 

Net Income

 

 

35,843

 

 

 

30,210

 

 

 

63,382

 

 

 

55,188

 

Net (Income) Loss Attributable to Noncontrolling Interests (Note 2)

 

 

(136

)

 

 

8

 

 

 

(130

)

 

 

14

 

Net Income Attributable to Stepan Company

 

$

35,707

 

 

$

30,218

 

 

$

63,252

 

 

$

55,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Per Common Share Attributable to Stepan Company

(Note 10):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.56

 

 

$

1.31

 

 

$

2.75

 

 

$

2.39

 

Diluted

 

$

1.54

 

 

$

1.30

 

 

$

2.72

 

 

$

2.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Used to Compute Net Income Per Common Share Attributable to Stepan Company (Note 10):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

22,923

 

 

 

23,086

 

 

 

22,973

 

 

 

23,092

 

Diluted

 

 

23,184

 

 

 

23,329

 

 

 

23,235

 

 

 

23,329

 

 

 

 

 

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

 

2


STEPAN COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited

 

(In thousands)

 

Three Months Ended

June 30

 

 

Six Months Ended

June 30

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

35,843

 

 

$

30,210

 

 

$

63,382

 

 

$

55,188

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments (1) (Note 11)

 

 

3,539

 

 

 

4,290

 

 

 

(37,656

)

 

 

7,997

 

Defined benefit pension adjustments, net of tax (Note 11)

 

 

808

 

 

 

542

 

 

 

1,616

 

 

 

1,085

 

Derivative instrument activity, net of tax (Note 11)

 

 

(2

)

 

 

(2

)

 

 

(4

)

 

 

(4

)

Total other comprehensive income

 

 

4,345

 

 

 

4,830

 

 

 

(36,044

)

 

 

9,078

 

Comprehensive income

 

 

40,188

 

 

 

35,040

 

 

 

27,338

 

 

 

64,266

 

Comprehensive income attributable to noncontrolling interests (Note 2)

 

 

(138

)

 

 

35

 

 

 

(119

)

 

 

21

 

Comprehensive income attributable to Stepan Company

 

$

40,050

 

 

$

35,075

 

 

$

27,219

 

 

$

64,287

 

 

 (1)Includes foreign currency translation adjustments related to noncontrolling interest.

 

 

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

 

 

3


STEPAN COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

 

 

(Dollars in thousands)

 

June 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

272,877

 

 

$

315,383

 

Receivables, net

 

 

286,679

 

 

 

276,841

 

Inventories (Note 6)

 

 

208,191

 

 

 

203,647

 

Other current assets

 

 

28,629

 

 

 

22,918

 

Total current assets

 

 

796,376

 

 

 

818,789

 

Property, Plant and Equipment:

 

 

 

 

 

 

 

 

Cost

 

 

1,781,834

 

 

 

1,762,135

 

Less:  Accumulated depreciation

 

 

(1,147,830

)

 

 

(1,122,818

)

Property, plant and equipment, net

 

 

634,004

 

 

 

639,317

 

Goodwill, net

 

 

22,712

 

 

 

26,086

 

Other intangible assets, net

 

 

15,235

 

 

 

15,352

 

Long-term investments (Note 3)

 

 

26,244

 

 

 

28,227

 

Operating lease assets

 

 

36,671

 

 

 

38,386

 

Other non-current assets

 

 

12,166

 

 

 

13,210

 

Total assets

 

$

1,543,408

 

 

$

1,579,367

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Current maturities of long-term debt (Note 14)

 

$

23,571

 

 

$

23,571

 

Accounts payable

 

 

187,443

 

 

 

194,276

 

Accrued liabilities

 

 

108,158

 

 

 

121,267

 

Total current liabilities

 

 

319,172

 

 

 

339,114

 

Deferred income taxes

 

 

24,068

 

 

 

23,391

 

Long-term debt, less current maturities (Note 14)

 

 

184,315

 

 

 

198,532

 

Non-current operating lease liabilities

 

 

27,994

 

 

 

29,654

 

Other non-current liabilities

 

 

89,598

 

 

 

96,180

 

Commitments and Contingencies (Note 8)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, $1 par value; authorized 60,000,000 shares;

   Issued 26,551,794 shares in 2020 and 26,493,335 shares in 2019

 

 

26,552

 

 

 

26,493

 

Additional paid-in capital

 

 

198,947

 

 

 

193,135

 

Accumulated other comprehensive loss (Note 11)

 

 

(172,203

)

 

 

(136,170

)

Retained earnings

 

 

973,345

 

 

 

922,464

 

Less:  Common treasury stock, at cost, 4,146,674 shares in 2020

   and 3,979,735 shares in 2019

 

 

(129,212

)

 

 

(114,139

)

Total Stepan Company stockholders’ equity

 

 

897,429

 

 

 

891,783

 

Noncontrolling interests (Note 2)

 

 

832

 

 

 

713

 

Total equity

 

 

898,261

 

 

 

892,496

 

Total liabilities and equity

 

$

1,543,408

 

 

$

1,579,367

 

  

 

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

 

4


STEPAN COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited

 

 

(In thousands)

 

Six Months Ended June 30

 

 

 

2020

 

 

2019

 

Cash Flows From Operating Activities

 

 

 

 

 

 

 

 

Net income

 

$

63,382

 

 

$

55,188

 

Adjustments to reconcile net income to net cash

   provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

40,329

 

 

 

38,959

 

Deferred compensation

 

 

(859

)

 

 

9,868

 

Realized and unrealized gains on long-term investments

 

 

(75

)

 

 

(3,130

)

Stock-based compensation

 

 

4,191

 

 

 

4,772

 

Deferred income taxes

 

 

1,427

 

 

 

223

 

Other non-cash items

 

 

655

 

 

 

2,262

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Receivables, net

 

 

(23,253

)

 

 

(6,868

)

Inventories

 

 

(9,740

)

 

 

15,515

 

Other current assets

 

 

(6,077

)

 

 

(3,981

)

Accounts payable and accrued liabilities

 

 

(8,284

)

 

 

(33,888

)

Pension liabilities

 

 

(323

)

 

 

(635

)

Environmental and legal liabilities

 

 

(3,116

)

 

 

630

 

Deferred revenues

 

 

243

 

 

 

(162

)

Net Cash Provided By Operating Activities

 

 

58,500

 

 

 

78,753

 

Cash Flows From Investing Activities

 

 

 

 

 

 

 

 

Expenditures for property, plant and equipment

 

 

(54,671

)

 

 

(45,084

)

Asset acquisition (Note 17)

 

 

(2,040

)

 

 

 

Other, net

 

 

2,331

 

 

 

2,023

 

Net Cash Used In Investing Activities

 

 

(54,380

)

 

 

(43,061

)

Cash Flows From Financing Activities

 

 

 

 

 

 

 

 

Revolving debt and bank overdrafts, net

 

 

 

 

 

(6,272

)

Other debt repayments

 

 

(14,286

)

 

 

(37,143

)

Dividends paid

 

 

(12,371

)

 

 

(11,285

)

Company stock repurchased

 

 

(13,753

)

 

 

(6,181

)

Stock option exercises

 

 

392

 

 

 

2,163

 

Other, net

 

 

(415

)

 

 

(2,656

)

Net Cash Used In Financing Activities

 

 

(40,433

)

 

 

(61,374

)

Effect of Exchange Rate Changes on Cash

 

 

(6,193

)

 

 

754

 

Net Decrease in Cash and Cash Equivalents

 

 

(42,506

)

 

 

(24,928

)

Cash and Cash Equivalents at Beginning of Period

 

 

315,383

 

 

 

300,194

 

Cash and Cash Equivalents at End of Period

 

$

272,877

 

 

$

275,266

 

Supplemental Cash Flow Information

 

 

 

 

 

 

 

 

Cash payments of income taxes, net of refunds/payments

 

$

7,501

 

 

$

11,895

 

Cash payments of interest

 

$

4,810

 

 

$

7,164

 

 

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

 

5


STEPAN COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2020

Unaudited

 

 

 

1.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The condensed consolidated financial statements included herein have been prepared by Stepan Company (the Company), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate and make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring accruals, necessary to present fairly the Company’s financial position as of June 30, 2020, and its results of operations for the three and six months ended June 30, 2020 and 2019, and cash flows for the six months ended June 30, 2020 and 2019, have been included. These financial statements and related footnotes should be read in conjunction with the financial statements and related footnotes included in the Company’s 2019 Annual Report on Form 10-K.

 

 

2.

RECONCILIATIONS OF EQUITY

Below are reconciliations of total equity, Company equity and equity attributable to noncontrolling interests for the three and six months ended June 30, 2020 and 2019:

 

(In thousands, except share and per share amounts)

 

Total

 

 

Common

Stock

 

 

Additional

Paid-in

Capital

 

 

Treasury

Stock

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Retained

Earnings

 

 

Noncontrolling

Interest (1)

 

Balance at March 31, 2020

 

 

867,472

 

 

 

26,541

 

 

 

195,661

 

 

 

(122,685

)

 

 

(176,546

)

 

 

943,807

 

 

 

694