Delaware | 65-0773649 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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 |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Class | Outstanding at July 31, | |||||||||||
Common Stock, $0.01 par value per share | 66,269,338 shares |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net sales | $ | 512.9 | $ | 418.7 | $ | 969.6 | $ | 840.2 | |||||||||||||||
Cost of goods sold | 318.2 | 299.4 | 604.9 | 561.3 | |||||||||||||||||||
Gross profit | 194.7 | 119.3 | 364.7 | 278.9 | |||||||||||||||||||
Selling, general and administrative expenses | 78.7 | 71.9 | 153.3 | 143.0 | |||||||||||||||||||
Research and development expenses | 17.8 | 16.7 | 35.2 | 33.7 | |||||||||||||||||||
Costs related to legacy matters | 4.6 | 2.8 | 9.2 | 5.5 | |||||||||||||||||||
Equity in earnings of unconsolidated affiliate | (5.1) | (3.4) | (8.3) | (4.6) | |||||||||||||||||||
Restructuring and repositioning expenses | 11.8 | 23.9 | 24.6 | 26.6 | |||||||||||||||||||
Interest expense and related financing costs | 19.8 | 19.2 | 38.8 | 37.5 | |||||||||||||||||||
Other (income) expense, net | 3.4 | (8.6) | (38.7) | (17.4) | |||||||||||||||||||
Total costs and expenses | 131.0 | 122.5 | 214.1 | 224.3 | |||||||||||||||||||
Income (loss) before income taxes | 63.7 | (3.2) | 150.6 | 54.6 | |||||||||||||||||||
(Provision for) benefit from income taxes | (18.2) | (6.4) | (36.5) | (22.1) | |||||||||||||||||||
Net income (loss) | 45.5 | (9.6) | 114.1 | 32.5 | |||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests | (0.1) | 2.3 | (0.3) | 2.2 | |||||||||||||||||||
Net income (loss) attributable to W. R. Grace & Co. shareholders | $ | 45.4 | $ | (7.3) | $ | 113.8 | $ | 34.7 | |||||||||||||||
Earnings Per Share Attributable to W. R. Grace & Co. Common Shareholders | |||||||||||||||||||||||
Basic earnings per share: | |||||||||||||||||||||||
Net income (loss) | $ | 0.68 | $ | (0.11) | $ | 1.71 | $ | 0.52 | |||||||||||||||
Weighted average number of basic shares | 66.3 | 66.2 | 66.2 | 66.3 | |||||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||||||
Net income (loss) | $ | 0.68 | $ | (0.11) | $ | 1.71 | $ | 0.52 | |||||||||||||||
Weighted average number of diluted shares | 66.4 | 66.2 | 66.3 | 66.4 | |||||||||||||||||||
Dividends per common share | $ | 0 | $ | 0.30 | $ | 0.33 | $ | 0.60 |
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 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income (loss) | $ | 45.5 | $ | (9.6) | $ | 114.1 | $ | 32.5 | |||||||||||||||
Other comprehensive income (loss), net of income taxes: | |||||||||||||||||||||||
Defined benefit pension and other postretirement plans | 0 | (0.1) | (0.1) | (0.2) | |||||||||||||||||||
Currency translation adjustments | (6.3) | (7.5) | 18.8 | (5.0) | |||||||||||||||||||
Gain (loss) from hedging activities | 3.0 | (0.8) | 5.0 | (1.8) | |||||||||||||||||||
Total other comprehensive income (loss) | (3.3) | (8.4) | 23.7 | (7.0) | |||||||||||||||||||
Comprehensive income (loss) | 42.2 | (18.0) | 137.8 | 25.5 | |||||||||||||||||||
Less: comprehensive (income) loss attributable to noncontrolling interests | (0.1) | 2.3 | (0.3) | 2.2 | |||||||||||||||||||
Comprehensive income (loss) attributable to W. R. Grace & Co. shareholders | $ | 42.1 | $ | (15.7) | $ | 137.5 | $ | 27.7 |
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 |
Six Months Ended June 30, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
OPERATING ACTIVITIES | |||||||||||
Net income (loss) | $ | 114.1 | $ | 32.5 | |||||||
Reconciliation to net cash provided by (used for) operating activities: | |||||||||||
Depreciation and amortization | 57.4 | 50.9 | |||||||||
Equity in earnings of unconsolidated affiliate | (8.3) | (4.6) | |||||||||
Dividends received from unconsolidated affiliate | 7.5 | 0 | |||||||||
Costs related to legacy matters | 9.2 | 5.5 | |||||||||
Cash paid for legacy matters | (13.9) | (12.3) | |||||||||
Provision for (benefit from) income taxes | 36.5 | 22.1 | |||||||||
Cash paid for income taxes | (23.8) | (24.4) | |||||||||
Income tax refunds received | 0.9 | 7.3 | |||||||||
Defined benefit pension (income) expense | (9.5) | 6.6 | |||||||||
Gain on curtailment of U.S. salaried pension plan | (25.6) | 0 | |||||||||
Cash paid under defined benefit pension arrangements | (10.6) | (8.4) | |||||||||
Loss on disposal of assets | 2.5 | 20.9 | |||||||||
Changes in assets and liabilities, excluding effect of currency translation and acquisitions: | |||||||||||
Trade accounts receivable | (33.0) | 84.7 | |||||||||
Inventories | (49.3) | 41.7 | |||||||||
Accounts payable | 52.2 | (38.0) | |||||||||
All other items, net | 9.2 | 0.1 | |||||||||
Net cash provided by (used for) operating activities | 115.5 | 184.6 | |||||||||
INVESTING ACTIVITIES | |||||||||||
Cash paid for capital expenditures | (76.1) | (95.0) | |||||||||
Business acquired, net of cash acquired | (297.9) | 0 | |||||||||
Other investing activities, net | 2.2 | (24.2) | |||||||||
Net cash provided by (used for) investing activities | (371.8) | (119.2) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Borrowings under credit arrangements | 305.0 | 9.1 | |||||||||
Repayments under credit arrangements | (8.5) | (12.8) | |||||||||
Proceeds from issuance of notes | 0 | 750.0 | |||||||||
Cash paid for debt financing costs | (7.4) | (10.3) | |||||||||
Cash paid for repurchases of common stock | 0 | (40.4) | |||||||||
Proceeds from exercise of stock options | 0.5 | 0 | |||||||||
Dividends paid to shareholders | (22.0) | (40.4) | |||||||||
Other financing activities, net | (2.3) | (4.2) | |||||||||
Net cash provided by (used for) financing activities | 265.3 | 651.0 | |||||||||
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash | (2.5) | (1.5) | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 6.5 | 714.9 | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 306.2 | 282.9 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 312.7 | $ | 997.8 | |||||||
Supplemental disclosure of cash flow information | |||||||||||
Issuance of convertible preferred stock | $ | 258.0 | $ | — | |||||||
Cash paid for interest, net of amounts capitalized | 34.4 | 32.6 | |||||||||
Capital expenditures in accounts payable | 28.8 | 18.5 | |||||||||
Expenditures for other investing activities included in accounts payable | 0 | 3.7 | |||||||||
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 |
(In millions, except par value and shares) | June 30, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 312.0 | $ | 304.5 | |||||||
Restricted cash and cash equivalents | 0.7 | 1.7 | |||||||||
Trade accounts receivable, less allowance of $2.3 (2020—$2.2) | 297.0 | 264.1 | |||||||||
Inventories | 358.0 | 253.8 | |||||||||
Other current assets | 50.8 | 51.2 | |||||||||
Total Current Assets | 1,018.5 | 875.3 | |||||||||
Properties and equipment, net of accumulated depreciation and amortization of $1,574.4 (2020—$1,550.1) | 1,267.4 | 1,208.8 | |||||||||
Goodwill | 791.9 | 562.7 | |||||||||
Technology and other intangible assets, net | 517.5 | 320.8 | |||||||||
Deferred income taxes | 550.5 | 567.1 | |||||||||
Investment in unconsolidated affiliate | 174.7 | 175.5 | |||||||||
Other assets | 67.3 | 55.3 | |||||||||
Total Assets | $ | 4,387.8 | $ | 3,765.5 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities | |||||||||||
Debt payable within one year | $ | 17.2 | $ | 15.3 | |||||||
Accounts payable | 290.1 | 262.1 | |||||||||
Other current liabilities | 289.5 | 281.9 | |||||||||
Total Current Liabilities | 596.8 | 559.3 | |||||||||
Debt payable after one year | 2,268.2 | 1,975.1 | |||||||||
Unfunded defined benefit pension plans | 504.9 | 520.7 | |||||||||
Underfunded defined benefit pension plans | 89.1 | 128.3 | |||||||||
Other liabilities | 320.3 | 347.6 | |||||||||
Total Liabilities | 3,779.3 | 3,531.0 | |||||||||
Commitments and Contingencies—Note 8 | 0 | 0 | |||||||||
Convertible preferred stock, par value $100,000; aggregate liquidation preference $270.0; 2,700 shares authorized, issued, and outstanding | 258.5 | 0 | |||||||||
Equity | |||||||||||
Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 66,269,318 (2020—66,190,410) | 0.7 | 0.7 | |||||||||
Paid-in capital | 465.7 | 473.2 | |||||||||
Retained earnings | 740.3 | 648.8 | |||||||||
Treasury stock, at cost: shares: 11,187,315 (2020—11,266,223) | (913.1) | (920.6) | |||||||||
Accumulated other comprehensive income (loss) | 53.0 | 29.3 | |||||||||
Total W. R. Grace & Co. Shareholders’ Equity | 346.6 | 231.4 | |||||||||
Noncontrolling interests | 3.4 | 3.1 | |||||||||
Total Equity | 350.0 | 234.5 | |||||||||
Total Liabilities and Equity | $ | 4,387.8 | $ | 3,765.5 |
(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 |
(In millions) | Common Stock and Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 473.9 | $ | 648.8 | $ | (920.6) | $ | 29.3 | $ | 3.1 | $ | 234.5 | |||||||||||||||||||||||
Net income (loss) | 0 | 68.4 | 0 | 0 | 0.2 | 68.6 | |||||||||||||||||||||||||||||
Payments in consideration of employee tax obligations related to stock-based compensation | (2.2) | 0 | 0 | 0 | 0 | (2.2) | |||||||||||||||||||||||||||||
Stock-based compensation | 2.1 | 0 | 0 | 0 | 0 | 2.1 | |||||||||||||||||||||||||||||
Exercise of stock options | (0.1) | 0 | 0.1 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Shares issued | (5.3) | 0 | 5.4 | 0 | 0 | 0.1 | |||||||||||||||||||||||||||||
Dividends declared | 0 | (21.8) | 0 | 0 | 0 | (21.8) | |||||||||||||||||||||||||||||
Other comprehensive (loss) income | 0 | 0 | 0 | 27.0 | 0 | 27.0 | |||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | 468.4 | $ | 695.4 | $ | (915.1) | $ | 56.3 | $ | 3.3 | $ | 308.3 | |||||||||||||||||||||||
Net income (loss) | 0 | 45.4 | 0 | 0 | 0.1 | 45.5 | |||||||||||||||||||||||||||||
Stock-based compensation | (1.2) | 0 | 0 | 0 | 0 | (1.2) | |||||||||||||||||||||||||||||
Exercise of stock options | (0.2) | 0 | 0.7 | 0 | 0 | 0.5 | |||||||||||||||||||||||||||||
Shares issued | (0.6) | 0 | 1.3 | 0 | 0 | 0.7 | |||||||||||||||||||||||||||||
Other comprehensive (loss) income | 0 | 0 | 0 | (3.3) | 0 | (3.3) | |||||||||||||||||||||||||||||
Accretion on convertible preferred stock | 0 | (0.5) | 0 | 0 | 0 | (0.5) | |||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 466.4 | $ | 740.3 | $ | (913.1) | $ | 53.0 | $ | 3.4 | $ | 350.0 | |||||||||||||||||||||||
(In millions) | Common Stock and Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Equity | (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 | 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 | Net income (loss) | 0 | 42.0 | 0 | 0 | 0.1 | 42.1 | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | (40.4 | ) | — | — | (40.4 | ) | Repurchase of common stock | 0 | 0 | (40.4) | 0 | 0 | (40.4) | |||||||||||||||||||||||||||||||||||||||||||
Payments in consideration of employee tax obligations related to stock-based compensation | (4.1 | ) | — | — | — | — | (4.1 | ) | Payments in consideration of employee tax obligations related to stock-based compensation | (4.1) | 0 | 0 | 0 | 0 | (4.1) | |||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 2.9 | — | — | — | — | 2.9 | Stock-based compensation | 2.9 | 0 | 0 | 0 | 0 | 2.9 | |||||||||||||||||||||||||||||||||||||||||||||
Shares issued | (10.3 | ) | — | 10.3 | — | — | — | Shares issued | (10.3) | 0 | 10.3 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | (20.2 | ) | — | — | — | (20.2 | ) | Dividends declared | 0 | (20.2) | 0 | 0 | 0 | (20.2) | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | — | — | — | 1.4 | — | 1.4 | Other comprehensive (loss) income | 0 | 0 | 0 | 1.4 | 0 | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | 467.1 | $ | 752.3 | $ | (922.3 | ) | $ | 80.2 | $ | 6.6 | $ | 383.9 | 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 | ) | Net income (loss) | 0 | (7.3) | 0 | 0 | (2.3) | (9.6) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 2.9 | — | — | — | — | 2.9 | Stock-based compensation | 2.9 | 0 | 0 | 0 | 0 | 2.9 | |||||||||||||||||||||||||||||||||||||||||||||
Shares issued | (0.7 | ) | — | 1.5 | — | — | 0.8 | Shares issued | (0.7) | 0 | 1.5 | 0 | 0 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | (20.0 | ) | — | — | — | (20.0 | ) | Dividends declared | 0 | (20.0) | 0 | 0 | 0 | (20.0) | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | — | — | — | (8.4 | ) | — | (8.4 | ) | Other comprehensive (loss) income | 0 | 0 | 0 | (8.4) | 0 | (8.4) | |||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 469.3 | $ | 725.0 | $ | (920.8 | ) | $ | 71.8 | $ | 4.3 | $ | 349.6 | Balance, June 30, 2020 | $ | 469.3 | $ | 725.0 | $ | (920.8) | $ | 71.8 | $ | 4.3 | $ | 349.6 |
(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 | — | — | (0.3 | ) | |||||||||||||||
Dividends declared | — | (18.1 | ) | — | — | — | (18.1 | ) | |||||||||||||||
Other comprehensive (loss) income | — | — | — | 8.6 | — | 8.6 | |||||||||||||||||
Balance, March 31, 2019 | $ | 469.8 | $ | 683.3 | $ | (881.8 | ) | $ | 76.5 | $ | 6.0 | $ | 353.8 | ||||||||||
Net income (loss) | — | 76.2 | — | — | 0.2 | 76.4 | |||||||||||||||||
Repurchase of common stock | — | — | (25.0 | ) | — | — | (25.0 | ) | |||||||||||||||
Payments in consideration of employee tax obligations related to stock-based compensation | (0.6 | ) | — | — | — | — | (0.6 | ) | |||||||||||||||
Stock-based compensation | 3.7 | — | — | — | — | 3.7 | |||||||||||||||||
Exercise of stock options | (2.4 | ) | — | 11.2 | — | — | 8.8 | ||||||||||||||||
Shares issued | (0.5 | ) | — | 1.9 | — | — | 1.4 | ||||||||||||||||
Dividends declared | — | (18.2 | ) | — | — | — | (18.2 | ) | |||||||||||||||
Other comprehensive (loss) income | — | — | — | (13.0 | ) | — | (13.0 | ) | |||||||||||||||
Balance, June 30, 2019 | $ | 470.0 | $ | 741.3 | $ | (893.7 | ) | $ | 63.5 | $ | 6.2 | $ | 387.3 |
(In millions) | June 30, 2020 | December 31, 2019 | |||||
Raw materials | $ | 60.9 | $ | 64.2 | |||
In process | 41.5 | 55.7 | |||||
Finished products | 131.3 | 154.4 | |||||
Other | 33.4 | 35.6 | |||||
Total inventory | $ | 267.1 | $ | 309.9 |
(In millions) | June 30, 2021 | December 31, 2020 | |||||||||
Raw materials | $ | 68.1 | $ | 57.0 | |||||||
In process | 61.6 | 38.2 | |||||||||
Finished products | 193.0 | 126.6 | |||||||||
Other | 35.3 | 32.0 | |||||||||
Total inventory | $ | 358.0 | $ | 253.8 |
(In millions) | June 30, 2020 | December 31, 2019 | |||||
2018 U.S. dollar term loan, net of unamortized debt issuance costs of $6.6 (2019—$7.2) | $ | 926.8 | $ | 930.9 | |||
Senior notes due 2027, net of unamortized debt issuance costs of $10.5 | 739.5 | — | |||||
Senior notes due 2021, net of unamortized debt issuance costs of $1.9 (2019—$2.7) | 698.1 | 697.3 | |||||
Senior notes due 2024, net of unamortized debt issuance costs of $2.1 (2019—$2.4) | 297.9 | 297.6 | |||||
Debt payable to unconsolidated affiliate | 47.4 | 47.4 | |||||
Other borrowings | 7.7 | 7.2 | |||||
Total debt | 2,717.4 | 1,980.4 | |||||
Less debt payable within one year | 724.3 | 23.1 | |||||
Debt payable after one year | $ | 1,993.1 | $ | 1,957.3 | |||
Weighted average interest rates on total debt | 3.9 | % | 3.8 | % |
(In millions) | June 30, 2021 | December 31, 2020 | |||||||||
2018 U.S. dollar term loan, net of unamortized debt issuance costs of $5.4 (2020—$6.0) | $ | 918.5 | $ | 922.6 | |||||||
Senior notes due 2027, net of unamortized debt issuance costs of $9.3 (2020—$10.1) | 740.7 | 739.9 | |||||||||
Senior notes due 2024, net of unamortized debt issuance costs of $1.6 (2020—$1.9) | 298.4 | 298.1 | |||||||||
2021 U.S. dollar term loan, net of unamortized debt issuance costs of $7.3 | 292.7 | 0 | |||||||||
Debt payable to unconsolidated affiliate | 28.8 | 25.6 | |||||||||
Other borrowings | 6.3 | 4.2 | |||||||||
Total debt | 2,285.4 | 1,990.4 | |||||||||
Less debt payable within one year | 17.2 | 15.3 | |||||||||
Debt payable after one year | $ | 2,268.2 | $ | 1,975.1 | |||||||
Weighted average interest rates on total debt | 3.3 | % | 3.5 | % |
(In millions) | |||
Remainder of 2020 | $ | 713.1 | |
2021 | 19.9 | ||
2022 | 19.1 | ||
2023 | 17.7 | ||
2024 | 313.8 | ||
Thereafter | 1,633.8 | ||
Total debt | $ | 2,717.4 |
June 30, 2020 | December 31, 2019 | ||||||||||||||
(In millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
2018 U.S. dollar term loan | $ | 926.8 | $ | 901.3 | $ | 930.9 | $ | 938.1 | |||||||
Senior notes due 2027 | 739.5 | 750.8 | — | — | |||||||||||
Senior notes due 2021 | 698.1 | 734.9 | 697.3 | 727.1 | |||||||||||
Senior notes due 2024 | 297.9 | 314.3 | 297.6 | 329.2 | |||||||||||
Other borrowings | 55.1 | 55.1 | 54.6 | 54.6 | |||||||||||
Total debt | $ | 2,717.4 | $ | 2,756.4 | $ | 1,980.4 | $ | 2,049.0 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(In millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||
2018 U.S. dollar term loan | $ | 918.5 | $ | 915.0 | $ | 922.6 | $ | 904.1 | |||||||||||||||
Senior notes due 2027 | 740.7 | 786.6 | 739.9 | 784.7 | |||||||||||||||||||
Senior notes due 2024 | 298.4 | 332.0 | 298.1 | 322.4 | |||||||||||||||||||
2021 U.S. dollar term loan | 292.7 | 291.6 | 0 | 0 | |||||||||||||||||||
Other borrowings | 35.1 | 35.1 | 29.8 | 29.8 | |||||||||||||||||||
Total debt | $ | 2,285.4 | $ | 2,360.3 | $ | 1,990.4 | $ | 2,041.0 |
Fair Value Measurements at June 30, 2021, Using | |||||||||||||||||||||||
(In millions) | Total | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Currency derivatives | $ | 2.9 | 0 | $ | 2.9 | 0 | |||||||||||||||||
Total Assets | $ | 2.9 | $ | 0 | $ | 2.9 | $ | 0 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Variable-to-fixed cross-currency derivatives | $ | 33.5 | $ | 0 | $ | 33.5 | $ | 0 | |||||||||||||||
Currency derivatives | 12.9 | 0 | 12.9 | 0 | |||||||||||||||||||
Interest rate derivatives | 4.4 | 0 | 4.4 | 0 | |||||||||||||||||||
Total Liabilities | $ | 50.8 | $ | 0 | $ | 50.8 | $ | 0 |
Fair Value Measurements at December 31, 2020, Using | |||||||||||||||||||||||
(In millions) | Total | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Currency derivatives | $ | 1.6 | $ | 0 | $ | 1.6 | $ | 0 | |||||||||||||||
Total Assets | $ | 1.6 | $ | 0 | $ | 1.6 | $ | 0 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Variable-to-fixed cross-currency derivatives | $ | 51.0 | $ | 0 | $ | 51.0 | $ | 0 | |||||||||||||||
Currency derivatives | 17.8 | 0 | 17.8 | 0 | |||||||||||||||||||
Interest rate derivatives | 5.5 | 0 | 5.5 | 0 | |||||||||||||||||||
Total Liabilities | $ | 74.3 | $ | 0 | $ | 74.3 | $ | 0 |
Fair Value Measurements at June 30, 2020, Using | |||||||||||||||
(In millions) | Total | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Assets | |||||||||||||||
Currency derivatives | $ | 2.0 | $ | — | $ | 2.0 | $ | — | |||||||
Variable-to-fixed cross-currency swaps | 1.0 | — | 1.0 | — | |||||||||||
Total Assets | $ | 3.0 | $ | — | $ | 3.0 | $ | — | |||||||
Liabilities | |||||||||||||||
Interest rate derivatives | $ | 6.4 | $ | — | $ | 6.4 | $ | — | |||||||
Total Liabilities | $ | 6.4 | $ | — | $ | 6.4 | $ | — |
Fair Value Measurements at December 31, 2019, Using | |||||||||||||||
(In millions) | Total | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Assets | |||||||||||||||
Currency derivatives | $ | 6.1 | $ | — | $ | 6.1 | $ | — | |||||||
Variable-to-fixed cross-currency derivatives | 3.4 | — | 3.4 | — | |||||||||||
Total Assets | $ | 9.5 | $ | — | $ | 9.5 | $ | — | |||||||
Liabilities | |||||||||||||||
Currency derivatives | $ | 0.9 | $ | — | $ | 0.9 | $ | — | |||||||
Interest rate derivatives | 3.4 | — | 3.4 | — | |||||||||||
Total Liabilities | $ | 4.3 | $ | — | $ | 4.3 | $ | — |
June 30, 2021 (In millions) | Asset Derivatives | Liability Derivatives | |||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||
Derivatives designated as hedging instruments under ASC 815: | |||||||||||||||||||||||
Currency contracts | Other current assets | $ | 3.1 | Other current liabilities | $ | 12.2 | |||||||||||||||||
Currency contracts | Other liabilities | (0.2) | Other liabilities | 0 | |||||||||||||||||||
Interest rate contracts | Other current assets | 0 | Other current liabilities | 2.6 | |||||||||||||||||||
Interest rate contracts | Other assets | 0 | Other liabilities | 1.8 | |||||||||||||||||||
Variable-to-fixed cross-currency derivatives | Other current assets | 0 | Other current assets | (0.1) | |||||||||||||||||||
Variable-to-fixed cross-currency derivatives | Other assets | 0 | Other liabilities | 33.6 | |||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||||||||||||||||
Currency contracts | Other current assets | 0 | Other current assets | (0.2) | |||||||||||||||||||
Currency contracts | Other assets | 0 | Other current liabilities | 0.9 | |||||||||||||||||||
Total derivatives | $ | 2.9 | $ | 50.8 |
December 31, 2020 (In millions) | Asset Derivatives | Liability Derivatives | |||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||
Derivatives designated as hedging instruments under ASC 815: | |||||||||||||||||||||||
Currency contracts | Other current assets | $ | 0 | Other current liabilities | $ | 17.7 | |||||||||||||||||
Currency contracts | Other assets | 0 | Other liabilities | 0.1 | |||||||||||||||||||
Interest rate contracts | Other current assets | 0 | Other current liabilities | 2.5 | |||||||||||||||||||
Interest rate contracts | Other assets | 0 | Other liabilities | 3.0 | |||||||||||||||||||
Variable-to-fixed cross-currency swaps | Other current assets | 0 | Other current liabilities | 0.2 | |||||||||||||||||||
Variable-to-fixed cross-currency swaps | Other assets | 0 | Other liabilities | 50.8 | |||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||||||||||||||||
Currency contracts | Other current assets | 1.9 | Other current liabilities | 0 | |||||||||||||||||||
Currency contracts | Other current liabilities | (0.3) | Other current liabilities | 0 | |||||||||||||||||||
Total derivatives | $ | 1.6 | $ | 74.3 |
June 30, 2020 (In millions) | Asset Derivatives | Liability Derivatives | |||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments under ASC 815: | |||||||||||
Currency contracts | Other current assets | $ | 2.4 | Other current liabilities | $ | — | |||||
Currency contracts | Other liabilities | (0.8 | ) | Other assets | — | ||||||
Interest rate contracts | Other current assets | — | Other current liabilities | 2.4 | |||||||
Interest rate contracts | Other assets | — | Other liabilities | 4.0 | |||||||
Variable-to-fixed cross-currency swaps | Other current assets | 1.8 | Other current liabilities | — | |||||||
Variable-to-fixed cross-currency swaps | Other liabilities | (0.8 | ) | Other liabilities | — | ||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||||
Currency contracts | Other current assets | 0.6 | Other current liabilities | — | |||||||
Currency contracts | Other current liabilities | (0.2 | ) | Other current liabilities | — | ||||||
Total derivatives | $ | 3.0 | $ | 6.4 |
December 31, 2019 (In millions) | Asset Derivatives | Liability Derivatives | |||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
Derivatives designated as hedging instruments under ASC 815: | |||||||||||
Currency contracts | Other current assets | $ | 2.1 | Other current assets | $ | (3.1 | ) | ||||
Currency contracts | Other assets | 4.0 | Other liabilities | 4.0 | |||||||
Interest rate contracts | Other current assets | — | Other current liabilities | 1.0 | |||||||
Interest rate contracts | Other assets | — | Other liabilities | 2.4 | |||||||
Variable-to-fixed cross-currency swaps | Other current assets | 10.2 | Other current liabilities | — | |||||||
Variable-to-fixed cross-currency swaps | Other liabilities | (6.8 | ) | Other liabilities | — | ||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||||
Currency contracts | Other current assets | — | Other current assets | (0.2 | ) | ||||||
Currency contracts | Other current assets | — | Other current liabilities | 0.2 | |||||||
Total derivatives | $ | 9.5 | $ | 4.3 |
Three Months Ended June 30, 2021 (In millions) | Amount of Gain (Loss) Recognized in OCI on Derivatives | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from OCI into Income | ||||||||||||||
Derivatives in ASC 815 cash flow hedging relationships: | |||||||||||||||||
Interest rate contracts | $ | (0.1) | Interest expense | $ | (0.7) | ||||||||||||
Currency contracts(1) | (2.0) | Other expense | (2.0) | ||||||||||||||
Variable-to-fixed cross-currency swaps | 2.0 | Interest expense | (0.3) | ||||||||||||||
Variable-to-fixed cross-currency swaps | (7.3) | Other expense | (7.3) | ||||||||||||||
Total derivatives | $ | (7.4) | $ | (10.3) | |||||||||||||
Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||||||||||
Currency contracts | Other expense | $ | 1.4 |
Six Months Ended June 30, 2021 (In millions) | Amount of Gain (Loss) Recognized in OCI on Derivatives | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from OCI into Income | ||||||||||||||
Derivatives in ASC 815 cash flow hedging relationships: | |||||||||||||||||
Interest rate contracts | $ | (0.1) | Interest expense | $ | (1.3) | ||||||||||||
Currency contracts | 3.8 | Other expense | 3.8 | ||||||||||||||
Variable-to-fixed cross-currency swaps | 3.1 | Interest expense | (0.5) | ||||||||||||||
Variable-to-fixed cross-currency swaps | 14.6 | Other expense | 14.6 | ||||||||||||||
Total derivatives | $ | 21.4 | $ | 16.6 | |||||||||||||
Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||||||||||
Currency contracts | Other expense | $ | 0.9 |
Three Months Ended June 30, 2020 (In millions) | Amount of Gain (Loss) Recognized in OCI on Derivatives | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from OCI into Income | ||||||
Derivatives in ASC 815 cash flow hedging relationships: | |||||||||
Interest rate contracts | $ | (0.4 | ) | Interest expense | $ | (0.3 | ) | ||
Currency contracts(1) | 0.2 | Other expense | 1.9 | ||||||
Variable-to-fixed cross-currency swaps | 2.1 | Interest expense | 1.8 | ||||||
Variable-to-fixed cross-currency swaps | (10.1 | ) | Other expense | (10.1 | ) | ||||
Total derivatives | $ | (8.2 | ) | $ | (6.7 | ) | |||
Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||
Currency contracts | Other expense | $ | 1.1 |
Six Months Ended June 30, 2020 (In millions) | Amount of Gain (Loss) Recognized in OCI on Derivatives | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from OCI into Income | ||||||
Derivatives in ASC 815 cash flow hedging relationships: | |||||||||
Interest rate contracts | $ | (3.5 | ) | Interest expense | $ | (0.5 | ) | ||
Currency contracts(1) | 2.7 | Other expense | 3.2 | ||||||
Variable-to-fixed cross-currency swaps | 5.6 | Interest expense | 4.3 | ||||||
Variable-to-fixed cross-currency swaps | (2.5 | ) | Other expense | (2.5 | ) | ||||
Total derivatives | $ | 2.3 | $ | 4.5 | |||||
Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||
Currency contracts | Other expense | $ | (0.8 | ) |
Three Months Ended June 30, 2020 (In millions) | Amount of Gain (Loss) Recognized in OCI on Derivatives | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from OCI into Income | ||||||||||||||
Derivatives in ASC 815 cash flow hedging relationships: | |||||||||||||||||
Interest rate contracts | $ | (0.4) | Interest expense | $ | (0.3) | ||||||||||||
Currency contracts(1) | 0.2 | Other expense | 1.9 | ||||||||||||||
Variable-to-fixed cross-currency swaps | 2.1 | Interest expense | 1.8 | ||||||||||||||
Variable-to-fixed cross-currency swaps | (10.1) | Other expense | (10.1) | ||||||||||||||
Total derivatives | $ | (8.2) | $ | (6.7) | |||||||||||||
Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||||||||||
Currency contracts | Other expense | $ | 1.1 |
Six Months Ended June 30, 2020 (In millions) | Amount of Gain (Loss) Recognized in OCI on Derivatives | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from OCI into Income | ||||||||||||||
Derivatives in ASC 815 cash flow hedging relationships: | |||||||||||||||||
Interest rate contracts | $ | (3.5) | Interest expense | $ | (0.5) | ||||||||||||
Currency contracts(1) | 2.7 | Other expense | 3.2 | ||||||||||||||
Variable-to-fixed cross-currency swaps | 5.6 | Interest expense | 4.3 | ||||||||||||||
Variable-to-fixed cross-currency swaps | (2.5) | Other expense | (2.5) | ||||||||||||||
Total derivatives | $ | 2.3 | $ | 4.5 | |||||||||||||
Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||||||||||
Currency contracts | Other expense | $ | (0.8) |
Three Months Ended June 30, 2019 (In millions) | Amount of Gain (Loss) Recognized in OCI on Derivatives | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from OCI into Income | ||||||
Derivatives in ASC 815 cash flow hedging relationships: | |||||||||
Interest rate contracts | $ | (1.8 | ) | Interest expense | $ | — | |||
Currency contracts(1) | (0.8 | ) | Other expense | (1.3 | ) | ||||
Variable-to-fixed cross-currency swaps | (2.2 | ) | Interest expense | 3.6 | |||||
Variable-to-fixed cross-currency swaps | (5.4 | ) | Other expense | (5.4 | ) | ||||
Total derivatives | $ | (10.2 | ) | $ | (3.1 | ) | |||
Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||
Currency contracts | Other expense | $ | 0.1 |
Six Months Ended June 30, 2019 (In millions) | Amount of Gain (Loss) Recognized in OCI on Derivatives | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from OCI into Income | ||||||
Derivatives in ASC 815 cash flow hedging relationships: | |||||||||
Interest rate contracts | $ | (2.9 | ) | Interest expense | $ | — | |||
Currency contracts(1) | 0.8 | Other expense | — | ||||||
Variable-to-fixed cross-currency swaps | (2.1 | ) | Interest expense | 7.2 | |||||
Variable-to-fixed cross-currency swaps | 3.0 | Other expense | 3.0 | ||||||
Total derivatives | $ | (1.2 | ) | $ | 10.2 | ||||
Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||
Currency contracts | Other expense | $ | 0.1 |
Three Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | Interest expense | Other income (expense) | Interest expense | Other income (expense) | |||||||||||||||||||
Total amounts of income and expense line items in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ | (19.8) | $ | (3.4) | $ | (19.2) | $ | 8.6 | |||||||||||||||
Gain (loss) on cash flow hedging relationships in ASC 815 | |||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||
Gain (loss) reclassified from accumulated OCI into income | $ | (0.7) | $ | 0 | $ | (0.3) | $ | 0 | |||||||||||||||
Variable-to-fixed cross-currency swaps | |||||||||||||||||||||||
Gain (loss) reclassified from accumulated OCI into income | (0.3) | (7.3) | 1.8 | (10.1) | |||||||||||||||||||
Currency contracts | |||||||||||||||||||||||
Gain (loss) reclassified from accumulated OCI into income | 0 | (2.0) | 0 | 1.9 | |||||||||||||||||||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach (included in above) | 0 | 0.3 | 0 | 0.4 | |||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||
2020 | 2019 | ||||||||||||||
(In millions) | Interest expense | Other income (expense) | Interest expense | Other income (expense) | |||||||||||
Total amounts of income and expense line items in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ | (19.2 | ) | $ | 8.6 | $ | (19.6 | ) | $ | (0.1 | ) | ||||
Gain (loss) on cash flow hedging relationships in ASC 815 | |||||||||||||||
Interest rate contracts | |||||||||||||||
Gain (loss) reclassified from accumulated OCI into income | $ | (0.3 | ) | $ | — | $ | — | $ | — | ||||||
Variable-to-fixed cross-currency swaps | |||||||||||||||
Gain (loss) reclassified from accumulated OCI into income | 1.8 | (10.1 | ) | 3.6 | (5.4 | ) | |||||||||
Currency contracts | |||||||||||||||
Gain (loss) reclassified from accumulated OCI into income | — | 1.9 | — | (1.3 | ) | ||||||||||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach (included in above) | — | 0.4 | — | — |
Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | ||||||||||||||
(In millions) | Interest expense | Other income (expense) | Interest expense | Other income (expense) | |||||||||||
Total amounts of income and expense line items in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ | (37.5 | ) | $ | 17.4 | $ | (39.6 | ) | $ | 2.1 | |||||
Gain (loss) on cash flow hedging relationships in ASC 815 | |||||||||||||||
Interest rate contracts | |||||||||||||||
Gain (loss) reclassified from accumulated OCI into income | $ | (0.5 | ) | $ | — | $ | — | $ | — | ||||||
Variable-to-fixed cross-currency swaps | |||||||||||||||
Gain (loss) reclassified from accumulated OCI into income | 4.3 | (2.5 | ) | 7.2 | 3.0 | ||||||||||
Currency contracts | |||||||||||||||
Gain (loss) reclassified from accumulated OCI into income | — | 3.2 | — | — | |||||||||||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach (included in above) | — | 1.1 | — | — |
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | Interest expense | Other income (expense) | Interest expense | Other income (expense) | |||||||||||||||||||
Total amounts of income and expense line items in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ | (38.8) | $ | 38.7 | $ | (37.5) | $ | 17.4 | |||||||||||||||
Gain (loss) on cash flow hedging relationships in ASC 815 | |||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||
Gain (loss) reclassified from accumulated OCI into income | $ | (1.3) | $ | 0 | $ | (0.5) | $ | 0 | |||||||||||||||
Variable-to-fixed cross-currency swaps | |||||||||||||||||||||||
Gain (loss) reclassified from accumulated OCI into income | (0.5) | 14.6 | 4.3 | (2.5) | |||||||||||||||||||
Currency contracts | |||||||||||||||||||||||
Gain (loss) reclassified from accumulated OCI into income | 0 | 3.8 | 0 | 3.2 | |||||||||||||||||||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach (included in above) | 0 | 0.6 | 0 | 1.1 | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | (In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Derivatives in ASC 815 net investment hedging relationships: | Derivatives in ASC 815 net investment hedging relationships: | |||||||||||||||||||||||||||||||||||||
Cross-currency swap | $ | (3.7 | ) | $ | 0.5 | $ | 2.4 | $ | 4.3 | Cross-currency swap | $ | (2.0) | $ | (3.7) | $ | 4.6 | $ | 2.4 |
(In millions) | June 30, 2020 | December 31, 2019 | |||||
Overfunded defined benefit pension plans | $ | 9.2 | $ | 8.5 | |||
Underfunded defined benefit pension plans | (84.0 | ) | (85.2 | ) | |||
Unfunded defined benefit pension plans | (436.5 | ) | (434.6 | ) | |||
Total underfunded and unfunded defined benefit pension plans | (520.5 | ) | (519.8 | ) | |||
Pension liabilities included in other current liabilities | (14.9 | ) | (14.8 | ) | |||
Net funded status | $ | (526.2 | ) | $ | (526.1 | ) |
(In millions) | June 30, 2021 | December 31, 2020 | |||||||||
Overfunded defined benefit pension plans | $ | 12.2 | $ | 11.4 | |||||||
Underfunded defined benefit pension plans | (89.1) | (128.3) | |||||||||
Unfunded defined benefit pension plans | (504.9) | (520.7) | |||||||||
Total underfunded and unfunded defined benefit pension plans | (594.0) | (649.0) | |||||||||
Pension liabilities included in other current liabilities | (15.5) | (15.7) | |||||||||
Net funded status | $ | (597.3) | $ | (653.3) |
Three Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
Service cost | $ | 4.3 | $ | 3.5 | $ | 4.7 | $ | 2.7 | |||||||||||||||
Interest cost | 5.4 | 0.7 | 7.5 | 1.0 | |||||||||||||||||||
Expected return on plan assets | (11.3) | (0.2) | (12.1) | (0.2) | |||||||||||||||||||
Amortization of prior service credit | (0.2) | 0 | (0.1) | 0 | |||||||||||||||||||
Net periodic benefit cost (income) | $ | (1.8) | $ | 4.0 | $ | 0 | $ | 3.5 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(In millions) | U.S. | Non-U.S. | U.S. | Non-U.S. | (In millions) | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||||||||
Service cost | $ | 4.7 | $ | 2.7 | $ | 4.0 | $ | 2.1 | Service cost | $ | 8.6 | $ | 7.0 | $ | 9.4 | $ | 5.4 | |||||||||||||||||||||
Interest cost | 7.5 | 1.0 | 9.5 | 1.4 | Interest cost | 10.8 | 1.4 | 15.1 | 2.0 | |||||||||||||||||||||||||||||
Expected return on plan assets | (12.1 | ) | (0.2 | ) | (12.1 | ) | (0.2 | ) | Expected return on plan assets | (22.6) | (0.5) | (24.1) | (0.5) | |||||||||||||||||||||||||
Amortization of prior service credit | (0.1 | ) | — | (0.1 | ) | — | Amortization of prior service credit | (0.3) | 0 | (0.3) | 0 | |||||||||||||||||||||||||||
Mark-to-market adjustment | Mark-to-market adjustment | (13.7) | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Curtailment gain | Curtailment gain | (25.6) | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | — | $ | 3.5 | $ | 1.3 | $ | 3.3 | Net periodic benefit cost (income) | $ | (42.8) | $ | 7.9 | $ | 0.1 | $ | 6.9 |
Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | ||||||||||||||
(In millions) | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||
Service cost | $ | 9.4 | $ | 5.4 | $ | 7.9 | $ | 4.3 | |||||||
Interest cost | 15.1 | 2.0 | 19.1 | 2.7 | |||||||||||
Expected return on plan assets | (24.1 | ) | (0.5 | ) | (24.1 | ) | (0.4 | ) | |||||||
Amortization of prior service credit | (0.3 | ) | — | (0.3 | ) | — | |||||||||
Net periodic benefit cost (income) | $ | 0.1 | $ | 6.9 | $ | 2.6 | $ | 6.6 |
(In millions) | June 30, 2020 | December 31, 2019 | |||||
Other Current Assets | |||||||
Plant under construction—unconsolidated affiliate (see Note 15) | $ | 191.3 | $ | 173.9 | |||
Non-trade accounts receivable | 21.0 | 24.1 | |||||
Fair value of currency, interest rate, and commodity contracts (see Note 4) | 4.8 | 15.6 | |||||
Income taxes receivable | 4.6 | 4.2 | |||||
Other current assets | 14.4 | 17.3 | |||||
$ | 236.1 | $ | 235.1 |
(In millions) | June 30, 2020 | December 31, 2019 | |||||
Other Current Liabilities | |||||||
Liability to unconsolidated affiliate for plant under construction (see Note 15) | $ | 191.3 | $ | 173.9 | |||
Accrued compensation | 46.2 | 53.6 | |||||
Deferred revenue (see Note 13) | 33.5 | 35.0 | |||||
Environmental contingencies (see Note 8) | 20.2 | 17.8 | |||||
Pension liabilities (see Note 6) | 14.9 | 14.8 | |||||
Accrued interest (see Note 3) | 13.8 | 13.3 | |||||
Income taxes payable (see Note 5) | 10.9 | 8.6 | |||||
Operating lease liabilities | 9.0 | 9.3 | |||||
Liability for dam spillway replacement (see Note 8) | 8.8 | 4.7 | |||||
Other accrued liabilities | 80.1 | 88.7 | |||||
$ | 428.7 | $ | 419.7 |
(In millions) | June 30, 2021 | December 31, 2020 | |||||||||
Other Current Liabilities | |||||||||||
Accrued compensation | $ | 59.3 | $ | 60.6 | |||||||
Deferred revenue (see Note 13) | 37.7 | 33.8 | |||||||||
Liability for dam spillway replacement (see Note 8) | 26.8 | 20.3 | |||||||||
Fair value of currency, interest rate, and commodity contracts (see Note 4) | 15.9 | 21.6 | |||||||||
Pension liabilities (see Note 6) | 15.5 | 15.7 | |||||||||
Environmental contingencies (see Note 8) | 14.0 | 13.8 | |||||||||
Operating lease liabilities | 11.8 | 10.1 | |||||||||
Income taxes payable (see Note 5) | 7.7 | 5.1 | |||||||||
Accrued interest (see Note 3) | 5.8 | 5.8 | |||||||||
Other accrued liabilities | 95.0 | 95.1 | |||||||||
$ | 289.5 | $ | 281.9 |
(In millions) | June 30, 2020 | December 31, 2019 | |||||
Other Liabilities | |||||||
Environmental contingencies (see Note 8) | $ | 91.6 | $ | 97.5 | |||
Liability for dam spillway replacement (see Note 8) | 54.0 | 61.7 | |||||
Operating lease liabilities | 25.1 | 26.2 | |||||
Deferred revenue (see Note 13) | 24.5 | 29.5 | |||||
Legacy product liability (see Note 8) | 24.0 | 24.0 | |||||
Retained obligations of divested businesses | 12.1 | 12.7 | |||||
Asset retirement obligations | 9.6 | 9.4 | |||||
Deferred income taxes | 7.9 | 7.5 | |||||
Fair value of currency and interest rate contracts (see Note 4) | 5.6 | 13.2 | |||||
Unrecognized tax benefits | 4.1 | 4.1 | |||||
Other noncurrent liabilities | 22.7 | 22.4 | |||||
$ | 281.2 | $ | 308.2 |
(In millions) | June 30, 2021 | December 31, 2020 | |||||||||
Other Liabilities | |||||||||||
Environmental contingencies (see Note 8) | $ | 95.4 | $ | 95.4 | |||||||
Liability for dam spillway replacement (see Note 8) | 54.1 | 69.3 | |||||||||
Operating lease liabilities | 36.2 | 25.8 | |||||||||
Fair value of currency and interest rate contracts (see Note 4) | 35.6 | 53.9 | |||||||||
Legacy product liability (see Note 8) | 24.0 | 24.0 | |||||||||
Deferred revenue (see Note 13) | 20.4 | 23.4 | |||||||||
Retained obligations of divested businesses | 11.0 | 12.2 | |||||||||
Deferred income taxes | 10.1 | 10.4 | |||||||||
Asset retirement obligations | 9.3 | 9.6 | |||||||||
Unrecognized tax benefits | 3.9 | 3.9 | |||||||||
Other noncurrent liabilities | 20.3 | 19.7 | |||||||||
$ | 320.3 | $ | 347.6 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Catalysts Technologies | $ | 2.8 | $ | 1.9 | $ | 2.8 | $ | 2.1 | |||||||
Materials Technologies | 0.1 | 0.2 | 0.3 | 1.2 | |||||||||||
Corporate | — | (0.2 | ) | — | (0.3 | ) | |||||||||
Total restructuring expenses | $ | 2.9 | $ | 1.9 | $ | 3.1 | $ | 3.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Catalysts Technologies | $ | 0 | $ | 2.8 | $ | (0.1) | $ | 2.8 | |||||||||||||||
Materials Technologies | 0 | 0.1 | 0 | 0.3 | |||||||||||||||||||
Total restructuring (income) expense | $ | 0 | $ | 2.9 | $ | (0.1) | $ | 3.1 |
(In millions) | |||
Balance, December 31, 2019 | $ | 3.8 | |
Accruals for severance and other costs | 3.1 | ||
Payments | (1.6 | ) | |
Balance, June 30, 2020 | $ | 5.3 |
(In millions) | |||||
Balance, December 31, 2020 | $ | 3.9 | |||
Accruals for severance and other costs | 0 | ||||
Payments | (1.1) | ||||
Balance, June 30, 2021 | $ | 2.8 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Gain on curtailment of U.S. salaried pension plan (see Note 6) | $ | 0 | $ | 0 | $ | (25.6) | $ | 0 | |||||||||||||||
Defined benefit pension (income) expense other than service cost | (5.6) | (3.9) | (24.9) | (7.8) | |||||||||||||||||||
Third-party acquisition-related costs | 6.7 | 2.0 | 8.0 | 3.5 | |||||||||||||||||||
Net (gain) loss on sales of investments and disposals of assets | 1.8 | 2.1 | 2.5 | 2.6 | |||||||||||||||||||
Weather-related impacts | 0.2 | 0 | 1.9 | 0 | |||||||||||||||||||
Currency transaction effects | (0.8) | (1.1) | (0.9) | (2.0) | |||||||||||||||||||
Business interruption insurance recoveries | 0 | (8.3) | 0 | (16.3) | |||||||||||||||||||
Other miscellaneous (income) expense | 1.1 | 0.6 | 0.3 | 2.6 | |||||||||||||||||||
Total other (income) expense, net | $ | 3.4 | $ | (8.6) | $ | (38.7) | $ | (17.4) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Business interruption insurance recoveries | $ | (8.3 | ) | $ | — | $ | (16.3 | ) | $ | — | |||||
Defined benefit pension (income) expense other than service cost | (3.9 | ) | (1.5 | ) | (7.8 | ) | (3.0 | ) | |||||||
Third-party acquisition-related costs | 2.0 | 1.0 | 3.5 | 1.3 | |||||||||||
Net (gain) loss on sales of investments and disposals of assets | 2.1 | 0.9 | 2.6 | 1.4 | |||||||||||
Currency transaction effects | (1.1 | ) | (0.6 | ) | (2.0 | ) | (0.8 | ) | |||||||
Other miscellaneous (income) expense | 0.6 | 0.3 | 2.6 | (1.0 | ) | ||||||||||
Total other (income) expense, net | $ | (8.6 | ) | $ | 0.1 | $ | (17.4 | ) | $ | (2.1 | ) |
Three Months Ended June 30, 2021 (In millions) | Pre-Tax Amount | Tax Benefit/ (Expense) | After-Tax Amount | ||||||||||||||
Amortization of net prior service credit included in net periodic benefit cost and other costs (credits), net | $ | (0.1) | $ | 0.1 | $ | 0 | |||||||||||
Currency translation adjustments | (6.9) | 0.6 | (6.3) | ||||||||||||||
Gain (loss) from hedging activities | 4.2 | (1.2) | 3.0 | ||||||||||||||
Other comprehensive income (loss) attributable to W. R. Grace & Co. shareholders | $ | (2.8) | $ | (0.5) | $ | (3.3) |
Three Months Ended June 30, 2020 (In millions) | Pre-Tax Amount | Tax Benefit/ (Expense) | After-Tax Amount | ||||||||
Amortization of net prior service credit included in net periodic benefit cost and other costs (credits), net | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | |||
Currency translation adjustments | (8.4 | ) | 0.9 | (7.5 | ) | ||||||
Gain (loss) from hedging activities | (0.6 | ) | (0.2 | ) | (0.8 | ) | |||||
Other comprehensive income (loss) attributable to W. R. Grace & Co. shareholders | $ | (9.1 | ) | $ | 0.7 | $ | (8.4 | ) |
Six Months Ended June 30, 2021 (In millions) | Pre-Tax Amount | Tax Benefit/ (Expense) | After-Tax Amount | ||||||||||||||
Amortization of net prior service credit included in net periodic benefit cost and other costs (credits), net | $ | (0.2) | $ | 0.1 | $ | (0.1) | |||||||||||
Currency translation adjustments | 20.4 | (1.6) | 18.8 | ||||||||||||||
Gain (loss) from hedging activities | 6.9 | (1.9) | 5.0 | ||||||||||||||
Other comprehensive income (loss) attributable to W. R. Grace & Co. shareholders | $ | 27.1 | $ | (3.4) | $ | 23.7 |
Three Months Ended June 30, 2020 (In millions) | Pre-Tax Amount | Tax Benefit/ (Expense) | After-Tax Amount | ||||||||||||||
Amortization of net prior service credit included in net periodic benefit cost and other costs (credits), net | $ | (0.1) | $ | 0 | $ | (0.1) | |||||||||||
Currency translation adjustments | (8.4) | 0.9 | (7.5) | ||||||||||||||
Gain (loss) from hedging activities | (0.6) | (0.2) | (0.8) | ||||||||||||||
Other comprehensive income (loss) attributable to W. R. Grace & Co. shareholders | $ | (9.1) | $ | 0.7 | $ | (8.4) |
Six Months Ended June 30, 2020 (In millions) | Six Months Ended June 30, 2020 (In millions) | Pre-Tax Amount | Tax Benefit/ (Expense) | After-Tax Amount | ||||||||||||||||||||||||
Six Months Ended June 30, 2020 (In millions) | Pre-Tax Amount | Tax Benefit/ (Expense) | After-Tax Amount | |||||||||||||||||||||||||
Amortization of net prior service credit included in net periodic benefit cost and other costs (credits), net | $ | (0.2 | ) | $ | — | $ | (0.2 | ) | Amortization of net prior service credit included in net periodic benefit cost and other costs (credits), net | $ | (0.2) | $ | 0 | $ | (0.2) | |||||||||||||
Currency translation adjustments | (4.5 | ) | (0.5 | ) | (5.0 | ) | Currency translation adjustments | (4.5) | (0.5) | (5.0) | ||||||||||||||||||
Gain (loss) from hedging activities | (2.0 | ) | 0.2 | (1.8 | ) | Gain (loss) from hedging activities | (2.0) | 0.2 | (1.8) | |||||||||||||||||||
Other comprehensive income (loss) attributable to W. R. Grace & Co. shareholders | $ | (6.7 | ) | $ | (0.3 | ) | $ | (7.0 | ) | Other comprehensive income (loss) attributable to W. R. Grace & Co. shareholders | $ | (6.7) | $ | (0.3) | $ | (7.0) |
Three Months Ended June 30, 2019 (In millions) | Pre-Tax Amount | Tax Benefit/ (Expense) | After-Tax Amount | ||||||||
Amortization of net prior service credit included in net periodic benefit cost and other costs (credits), net | $ | (0.2 | ) | $ | 0.1 | $ | (0.1 | ) | |||
Currency translation adjustments | (6.9 | ) | 0.1 | (6.8 | ) | ||||||
Gain (loss) from hedging activities | (8.7 | ) | 2.6 | (6.1 | ) | ||||||
Other comprehensive income (loss) attributable to W. R. Grace & Co. shareholders | $ | (15.8 | ) | $ | 2.8 | $ | (13.0 | ) |
Six Months Ended June 30, 2019 (In millions) | Pre-Tax Amount | Tax Benefit/ (Expense) | After-Tax Amount | ||||||||
Amortization of net prior service credit included in net periodic benefit cost and other costs (credits), net | $ | (0.3 | ) | $ | 0.1 | $ | (0.2 | ) | |||
Currency translation adjustments | 6.0 | (1.1 | ) | 4.9 | |||||||
Gain (loss) from hedging activities | (13.0 | ) | 3.9 | (9.1 | ) | ||||||
Other comprehensive income (loss) attributable to W. R. Grace & Co. shareholders | $ | (7.3 | ) | $ | 2.9 | $ | (4.4 | ) |
Six Months Ended June 30, 2021 (In millions) | Defined Benefit Pension and Other Postretirement Plans | Currency Translation Adjustments | Gain (Loss) from Hedging Activities | Total | |||||||||||||||||||
Balance, December 31, 2020 | $ | (0.9) | $ | 42.8 | $ | (12.6) | $ | 29.3 | |||||||||||||||
Other comprehensive income (loss) before reclassifications | 0 | 18.8 | 16.6 | 35.4 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.1) | 0 | (11.6) | (11.7) | |||||||||||||||||||
Net current-period other comprehensive income (loss) | (0.1) | 18.8 | 5.0 | 23.7 | |||||||||||||||||||
Balance, June 30, 2021 | $ | (1.0) | $ | 61.6 | $ | (7.6) | $ | 53.0 |
Six Months Ended June 30, 2020 (In millions) | Defined Benefit Pension and Other Postretirement Plans | Currency Translation Adjustments | Gain (Loss) from Hedging Activities | Total | |||||||||||
Balance, December 31, 2019 | $ | (0.5 | ) | $ | 92.7 | $ | (13.4 | ) | $ | 78.8 | |||||
Other comprehensive income (loss) before reclassifications | — | (5.0 | ) | 2.2 | (2.8 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.2 | ) | — | (4.0 | ) | (4.2 | ) | ||||||||
Net current-period other comprehensive income (loss) | (0.2 | ) | (5.0 | ) | (1.8 | ) | (7.0 | ) | |||||||
Balance, June 30, 2020 | $ | (0.7 | ) | $ | 87.7 | $ | (15.2 | ) | $ | 71.8 |
Six Months Ended June 30, 2019 (In millions) | Defined Benefit Pension and Other Postretirement Plans | Currency Translation Adjustments | Gain (Loss) from Hedging Activities | Total | |||||||||||
Balance, December 31, 2018 | $ | 0.2 | $ | 76.2 | $ | (8.5 | ) | $ | 67.9 | ||||||
Other comprehensive income (loss) before reclassifications | — | 4.9 | (2.1 | ) | 2.8 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.2 | ) | — | (7.0 | ) | (7.2 | ) | ||||||||
Net current-period other comprehensive income (loss) | (0.2 | ) | 4.9 | (9.1 | ) | (4.4 | ) | ||||||||
Balance, June 30, 2019 | $ | — | $ | 81.1 | $ | (17.6 | ) | $ | 63.5 |
Six Months Ended June 30, 2020 (In millions) | Defined Benefit Pension and Other Postretirement Plans | Currency Translation Adjustments | Gain (Loss) from Hedging Activities | Total | |||||||||||||||||||
Balance, December 31, 2019 | $ | (0.5) | $ | 92.7 | $ | (13.4) | $ | 78.8 | |||||||||||||||
Other comprehensive income (loss) before reclassifications | 0 | (5.0) | 2.2 | (2.8) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.2) | 0 | (4.0) | (4.2) | |||||||||||||||||||
Net current-period other comprehensive income (loss) | (0.2) | (5.0) | (1.8) | (7.0) | |||||||||||||||||||
Balance, June 30, 2020 | $ | (0.7) | $ | 87.7 | $ | (15.2) | $ | 71.8 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions, except per share amounts) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Numerators | |||||||||||||||
Net income (loss) attributable to W. R. Grace & Co. shareholders | $ | (7.3 | ) | $ | 76.2 | $ | 34.7 | $ | 100.9 | ||||||
Denominators | |||||||||||||||
Weighted average common shares—basic calculation | 66.2 | 66.8 | 66.3 | 66.8 | |||||||||||
Dilutive effect of employee stock options | — | 0.2 | 0.1 | 0.1 | |||||||||||
Weighted average common shares—diluted calculation | 66.2 | 67.0 | 66.4 | 66.9 | |||||||||||
Basic earnings per share | $ | (0.11 | ) | $ | 1.14 | $ | 0.52 | $ | 1.51 | ||||||
Diluted earnings per share | $ | (0.11 | ) | $ | 1.14 | $ | 0.52 | $ | 1.51 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Numerators | |||||||||||||||||||||||
Net income (loss) attributable to W. R. Grace & Co. shareholders | $ | 45.4 | $ | (7.3) | $ | 113.8 | $ | 34.7 | |||||||||||||||
Less: accretion on convertible preferred stock (see Note 16) | (0.5) | 0 | (0.5) | 0 | |||||||||||||||||||
Net income (loss) attributable to W. R. Grace & Co. common shareholders | $ | 44.9 | $ | (7.3) | $ | 113.3 | $ | 34.7 | |||||||||||||||
Denominators | |||||||||||||||||||||||
Weighted average common shares—basic calculation | 66.3 | 66.2 | 66.2 | 66.3 | |||||||||||||||||||
Dilutive effect of employee stock options | 0.1 | 0 | 0.1 | 0.1 | |||||||||||||||||||
Weighted average common shares—diluted calculation | 66.4 | 66.2 | 66.3 | 66.4 | |||||||||||||||||||
Basic earnings per share | $ | 0.68 | $ | (0.11) | $ | 1.71 | $ | 0.52 | |||||||||||||||
Diluted earnings per share | $ | 0.68 | $ | (0.11) | $ | 1.71 | $ | 0.52 |
Three Months Ended June 30, 2021 (In millions) | North America | Europe Middle East Africa (EMEA) | Asia Pacific | Latin America | Total | ||||||||||||||||||||||||
Polyolefin and Chemical Catalysts | $ | 46.3 | $ | 61.0 | $ | 63.7 | $ | 3.3 | $ | 174.3 | |||||||||||||||||||
Refining Catalysts | 74.1 | 78.9 | 36.3 | 9.7 | 199.0 | ||||||||||||||||||||||||
Total Catalysts Technologies | 120.4 | 139.9 | 100.0 | 13.0 | 373.3 | ||||||||||||||||||||||||
Pharma & Consumer | 18.8 | 20.5 | 4.0 | 5.6 | 48.9 | ||||||||||||||||||||||||
Coatings | 7.4 | 20.2 | 11.7 | 2.7 | 42.0 | ||||||||||||||||||||||||
Chemical process | 9.5 | 21.6 | 9.4 | 3.2 | 43.7 | ||||||||||||||||||||||||
Other | 1.4 | 3.5 | 0.1 | 0 | 5.0 | ||||||||||||||||||||||||
Total Materials Technologies | 37.1 | 65.8 | 25.2 | 11.5 | 139.6 | ||||||||||||||||||||||||
Total Grace | $ | 157.5 | $ | 205.7 | $ | 125.2 | $ | 24.5 | $ | 512.9 |
Three Months Ended June 30, 2020 (In millions) | North America | Europe Middle East Africa (EMEA) | Asia Pacific | Latin America | Total | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 (In millions) | Six Months Ended June 30, 2021 (In millions) | North America | EMEA | Asia Pacific | Latin America | Total | ||||||||||||||||||||||||||||||||||||||||||
Polyolefin and Chemical Catalysts | Polyolefin and Chemical Catalysts | $ | 86.6 | $ | 109.7 | $ | 121.0 | $ | 8.8 | $ | 326.1 | |||||||||||||||||||||||||||||||||||||
Refining Catalysts | $ | 49.1 | $ | 58.2 | $ | 33.2 | $ | 8.7 | $ | 149.2 | Refining Catalysts | 126.9 | 155.0 | 76.4 | 18.5 | 376.8 | ||||||||||||||||||||||||||||||||
Polyolefin and Chemical Catalysts | 46.6 | 56.2 | 54.7 | 2.3 | 159.8 | |||||||||||||||||||||||||||||||||||||||||||
Total Catalysts Technologies | 95.7 | 114.4 | 87.9 | 11.0 | 309.0 | Total Catalysts Technologies | 213.5 | 264.7 | 197.4 | 27.3 | 702.9 | |||||||||||||||||||||||||||||||||||||
Consumer/Pharma | 19.3 | 13.4 | 6.5 | 4.4 | 43.6 | |||||||||||||||||||||||||||||||||||||||||||
Pharma & Consumer | Pharma & Consumer | 34.6 | 34.5 | 9.3 | 10.8 | 89.2 | ||||||||||||||||||||||||||||||||||||||||||
Coatings | 5.7 | 14.1 | 8.7 | 1.3 | 29.8 | Coatings | 14.6 | 40.4 | 23.1 | 5.5 | 83.6 | |||||||||||||||||||||||||||||||||||||
Chemical process | 6.3 | 15.2 | 9.5 | 2.0 | 33.0 | Chemical process | 18.2 | 41.9 | 18.4 | 4.5 | 83.0 | |||||||||||||||||||||||||||||||||||||
Other | 0.5 | 2.7 | 0.1 | — | 3.3 | Other | 3.0 | 7.6 | 0.2 | 0.1 | 10.9 | |||||||||||||||||||||||||||||||||||||
Total Materials Technologies | 31.8 | 45.4 | 24.8 | 7.7 | 109.7 | Total Materials Technologies | 70.4 | 124.4 | 51.0 | 20.9 | 266.7 | |||||||||||||||||||||||||||||||||||||
Total Grace | $ | 127.5 | $ | 159.8 | $ | 112.7 | $ | 18.7 | $ | 418.7 | Total Grace | $ | 283.9 | $ | 389.1 | $ | 248.4 | $ | 48.2 | $ | 969.6 |
Three Months Ended June 30, 2020 (In millions) | North America | EMEA | Asia Pacific | Latin America | Total | ||||||||||||||||||||||||
Polyolefin and Chemical Catalysts | $ | 46.6 | $ | 56.2 | $ | 54.7 | $ | 2.3 | $ | 159.8 | |||||||||||||||||||
Refining Catalysts | 51.8 | 55.5 | 33.2 | 8.7 | 149.2 | ||||||||||||||||||||||||
Total Catalysts Technologies | 98.4 | 111.7 | 87.9 | 11.0 | 309.0 | ||||||||||||||||||||||||
Pharma & Consumer | 19.3 | 13.4 | 6.5 | 4.4 | 43.6 | ||||||||||||||||||||||||
Coatings | 5.7 | 14.1 | 8.7 | 1.3 | 29.8 | ||||||||||||||||||||||||
Chemical process | 6.3 | 15.2 | 9.5 | 2.0 | 33.0 | ||||||||||||||||||||||||
Other | 0.5 | 2.7 | 0.1 | 0 | 3.3 | ||||||||||||||||||||||||
Total Materials Technologies | 31.8 | 45.4 | 24.8 | 7.7 | 109.7 | ||||||||||||||||||||||||
Total Grace | $ | 130.2 | $ | 157.1 | $ | 112.7 | $ | 18.7 | $ | 418.7 |
Six Months Ended June 30, 2020 (In millions) | North America | EMEA | Asia Pacific | Latin America | Total | ||||||||||||||
Refining Catalysts | $ | 104.8 | $ | 134.1 | $ | 64.7 | $ | 14.2 | $ | 317.8 | |||||||||
Polyolefin and Chemical Catalysts | 81.9 | 108.9 | 101.3 | 7.1 | 299.2 | ||||||||||||||
Total Catalysts Technologies | 186.7 | 243.0 | 166.0 | 21.3 | 617.0 | ||||||||||||||
Consumer/Pharma | 29.6 | 27.0 | 11.3 | 9.2 | 77.1 | ||||||||||||||
Coatings | 12.9 | 32.5 | 17.3 | 3.7 | 66.4 | ||||||||||||||
Chemical process | 14.5 | 34.2 | 18.2 | 3.9 | 70.8 | ||||||||||||||
Other | 1.9 | 6.8 | 0.2 | — | 8.9 | ||||||||||||||
Total Materials Technologies | 58.9 | 100.5 | 47.0 | 16.8 | 223.2 | ||||||||||||||
Total Grace | $ | 245.6 | $ | 343.5 | $ | 213.0 | $ | 38.1 | $ | 840.2 |
Three Months Ended June 30, 2019 (In millions) | North America | EMEA | Asia Pacific | Latin America | Total | ||||||||||||||
Refining Catalysts | $ | 71.9 | $ | 73.7 | $ | 50.1 | $ | 12.6 | $ | 208.3 | |||||||||
Polyolefin and Chemical Catalysts | 52.8 | 86.2 | 44.6 | 3.8 | 187.4 | ||||||||||||||
Total Catalysts Technologies | 124.7 | 159.9 | 94.7 | 16.4 | 395.7 | ||||||||||||||
Consumer/Pharma | 12.6 | 13.8 | 6.4 | 5.0 | 37.8 | ||||||||||||||
Coatings | 7.0 | 17.6 | 9.1 | 1.9 | 35.6 | ||||||||||||||
Chemical process | 9.1 | 19.7 | 8.1 | 1.4 | 38.3 | ||||||||||||||
Other | 2.5 | 3.1 | 0.4 | 0.2 | 6.2 | ||||||||||||||
Total Materials Technologies | 31.2 | 54.2 | 24.0 | 8.5 | 117.9 | ||||||||||||||
Total Grace | $ | 155.9 | $ | 214.1 | $ | 118.7 | $ | 24.9 | $ | 513.6 |
Six Months Ended June 30, 2019 (In millions) | North America | EMEA | Asia Pacific | Latin America | Total | ||||||||||||||
Refining Catalysts | $ | 144.1 | $ | 140.3 | $ | 85.8 | $ | 19.9 | $ | 390.1 | |||||||||
Polyolefin and Chemical Catalysts | 98.6 | 151.1 | 97.0 | 8.6 | 355.3 | ||||||||||||||
Total Catalysts Technologies | 242.7 | 291.4 | 182.8 | 28.5 | 745.4 | ||||||||||||||
Consumer/Pharma | 21.9 | 32.8 | 10.4 | 9.7 | 74.8 | ||||||||||||||
Coatings | 14.0 | 37.3 | 18.5 | 4.0 | 73.8 | ||||||||||||||
Chemical process | 18.1 | 39.6 | 15.8 | 3.7 | 77.2 | ||||||||||||||
Other | 3.7 | 7.6 | 0.4 | 0.2 | 11.9 | ||||||||||||||
Total Materials Technologies | 57.7 | 117.3 | 45.1 | 17.6 | 237.7 | ||||||||||||||
Total Grace | $ | 300.4 | $ | 408.7 | $ | 227.9 | $ | 46.1 | $ | 983.1 |
Six Months Ended June 30, 2020 (In millions) | North America | EMEA | Asia Pacific | Latin America | Total | ||||||||||||||||||||||||
Polyolefin and Chemical Catalysts | $ | 81.9 | $ | 108.9 | $ | 101.3 | $ | 7.1 | $ | 299.2 | |||||||||||||||||||
Refining Catalysts | 109.6 | 129.3 | 64.7 | 14.2 | 317.8 | ||||||||||||||||||||||||
Total Catalysts Technologies | 191.5 | 238.2 | 166.0 | 21.3 | 617.0 | ||||||||||||||||||||||||
Pharma & Consumer | 29.6 | 27.0 | 11.3 | 9.2 | 77.1 | ||||||||||||||||||||||||
Coatings | 12.9 | 32.5 | 17.3 | 3.7 | 66.4 | ||||||||||||||||||||||||
Chemical process | 14.5 | 34.2 | 18.2 | 3.9 | 70.8 | ||||||||||||||||||||||||
Other | 1.9 | 6.8 | 0.2 | 0 | 8.9 | ||||||||||||||||||||||||
Total Materials Technologies | 58.9 | 100.5 | 47.0 | 16.8 | 223.2 | ||||||||||||||||||||||||
Total Grace | $ | 250.4 | $ | 338.7 | $ | 213.0 | $ | 38.1 | $ | 840.2 |
(In millions) | June 30, 2020 | December 31, 2019 | |||||
Current | $ | 33.5 | $ | 35.0 | |||
Noncurrent | 24.5 | 29.5 | |||||
Total | $ | 58.0 | $ | 64.5 |
(In millions) | June 30, 2021 | December 31, 2020 | |||||||||
Current | $ | 37.7 | $ | 33.8 | |||||||
Noncurrent | 20.4 | 23.4 | |||||||||
Total | $ | 58.1 | $ | 57.2 |
Year | Approximate percentage of revenue related to remaining performance obligations recognized | ||
Remainder of 2020 | 14 | % | |
2021 | 30 | % | |
2022 | 24 | % | |
2023 | 16 | % | |
Thereafter through 2027 | 16 | % |
Year | Approximate percentage of revenue related to remaining performance obligations recognized | |||||||
Remainder of 2021 | 14 | % | ||||||
2022 | 21 | % | ||||||
2023 | 20 | % | ||||||
2024 | 18 | % | ||||||
Thereafter through 2030 | 27 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | (In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Net Sales | Net Sales | |||||||||||||||||||||||||||||||||||||
Catalysts Technologies | $ | 309.0 | $ | 395.7 | $ | 617.0 | $ | 745.4 | Catalysts Technologies | $ | 373.3 | $ | 309.0 | $ | 702.9 | $ | 617.0 | |||||||||||||||||||||
Materials Technologies | 109.7 | 117.9 | 223.2 | 237.7 | Materials Technologies | 139.6 | 109.7 | 266.7 | 223.2 | |||||||||||||||||||||||||||||
Total | $ | 418.7 | $ | 513.6 | $ | 840.2 | $ | 983.1 | Total | $ | 512.9 | $ | 418.7 | $ | 969.6 | $ | 840.2 | |||||||||||||||||||||
Adjusted EBIT | Adjusted EBIT | |||||||||||||||||||||||||||||||||||||
Catalysts Technologies segment operating income | $ | 71.7 | $ | 125.8 | $ | 153.7 | $ | 227.5 | Catalysts Technologies segment operating income | $ | 102.4 | $ | 71.7 | $ | 178.2 | $ | 153.7 | |||||||||||||||||||||
Materials Technologies segment operating income | 12.6 | 24.1 | 31.6 | 48.1 | Materials Technologies segment operating income | 26.3 | 12.6 | 53.1 | 31.6 | |||||||||||||||||||||||||||||
Corporate costs | (16.7 | ) | (18.0 | ) | (32.3 | ) | (34.2 | ) | Corporate costs | (17.5) | (16.7) | (32.9) | (32.3) | |||||||||||||||||||||||||
Certain pension costs | (3.5 | ) | (4.6 | ) | (6.6 | ) | (9.4 | ) | Certain pension costs | (2.2) | (3.5) | (4.2) | (6.6) | |||||||||||||||||||||||||
Total | $ | 64.1 | $ | 127.3 | $ | 146.4 | $ | 232.0 | Total | $ | 109.0 | $ | 64.1 | $ | 194.2 | $ | 146.4 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Grace Adjusted EBIT | $ | 109.0 | $ | 64.1 | $ | 194.2 | $ | 146.4 | |||||||||||||||
Gain on curtailment of U.S. salaried pension plan | 0 | 0 | 25.6 | 0 | |||||||||||||||||||
Restructuring and repositioning expenses | (11.8) | (21.4) | (24.6) | (24.1) | |||||||||||||||||||
Pension MTM adjustment and other related costs, net | 0 | 0 | 13.7 | 0 | |||||||||||||||||||
Costs related to legacy matters | (4.6) | (2.8) | (9.2) | (5.5) | |||||||||||||||||||
Third-party acquisition-related costs | (6.7) | (2.0) | (8.0) | (3.5) | |||||||||||||||||||
Amortization of acquired inventory fair value adjustment | (2.2) | 0 | (2.2) | 0 | |||||||||||||||||||
Taxes and interest included in equity in earnings of unconsolidated affiliate | (0.3) | (0.2) | (0.5) | (0.2) | |||||||||||||||||||
Inventory write-offs | (0.1) | (19.7) | (0.1) | (19.7) | |||||||||||||||||||
Interest expense, net | (19.7) | (18.9) | (38.6) | (36.6) | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 0.1 | (2.3) | 0.3 | (2.2) | |||||||||||||||||||
Income (loss) before income taxes | $ | 63.7 | $ | (3.2) | $ | 150.6 | $ | 54.6 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Grace Adjusted EBIT | $ | 64.1 | $ | 127.3 | $ | 146.4 | $ | 232.0 | |||||||
Restructuring and repositioning expenses attributable to W. R. Grace & Co. shareholders(1) | (21.4 | ) | (6.4 | ) | (24.1 | ) | (8.7 | ) | |||||||
Inventory write-offs(2) | (19.7 | ) | (3.6 | ) | (19.7 | ) | (3.6 | ) | |||||||
Costs related to legacy matters | (2.8 | ) | (1.5 | ) | (5.5 | ) | (48.4 | ) | |||||||
Third-party acquisition-related costs | (2.0 | ) | (1.0 | ) | (3.5 | ) | (1.3 | ) | |||||||
Taxes and interest included in equity in earnings of unconsolidated affiliate | (0.2 | ) | (0.6 | ) | (0.2 | ) | (0.9 | ) | |||||||
Interest expense, net | (18.9 | ) | (19.2 | ) | (36.6 | ) | (38.5 | ) | |||||||
Net income (loss) attributable to noncontrolling interests | (2.3 | ) | 0.2 | (2.2 | ) | 0.1 | |||||||||
Income (loss) before income taxes | $ | (3.2 | ) | $ | 95.2 | $ | 54.6 | $ | 130.7 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net Sales | |||||||||||||||
United States | $ | 114.5 | $ | 140.2 | $ | 221.2 | $ | 271.8 | |||||||
Canada | 13.0 | 15.7 | 24.4 | 28.6 | |||||||||||
Total North America | 127.5 | 155.9 | 245.6 | 300.4 | |||||||||||
Europe Middle East Africa | 159.8 | 214.1 | 343.5 | 408.7 | |||||||||||
Asia Pacific | 112.7 | 118.7 | 213.0 | 227.9 | |||||||||||
Latin America | 18.7 | 24.9 | 38.1 | 46.1 | |||||||||||
Total | $ | 418.7 | $ | 513.6 | $ | 840.2 | $ | 983.1 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net Sales | |||||||||||||||||||||||
United States | $ | 144.2 | $ | 117.2 | $ | 259.8 | $ | 226.0 | |||||||||||||||
Canada | 13.3 | 13.0 | 24.1 | 24.4 | |||||||||||||||||||
Total North America | 157.5 | 130.2 | 283.9 | 250.4 | |||||||||||||||||||
Europe Middle East Africa | 205.7 | 157.1 | 389.1 | 338.7 | |||||||||||||||||||
Asia Pacific | 125.2 | 112.7 | 248.4 | 213.0 | |||||||||||||||||||
Latin America | 24.5 | 18.7 | 48.2 | 38.1 | |||||||||||||||||||
Total | $ | 512.9 | $ | 418.7 | $ | 969.6 | $ | 840.2 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | (In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Operating income | $ | 4.0 | $ | 6.7 | $ | 5.6 | $ | 11.2 | Operating income | $ | 7.2 | $ | 4.0 | $ | 11.7 | $ | 5.6 | |||||||||||||||||||||
Depreciation and amortization | (0.4 | ) | (0.1 | ) | (0.8 | ) | (0.2 | ) | Depreciation and amortization | (1.8) | (0.4) | (2.9) | (0.8) | |||||||||||||||||||||||||
Interest expense and income taxes | (0.2 | ) | (0.6 | ) | (0.2 | ) | (0.9 | ) | Interest expense and income taxes | (0.3) | (0.2) | (0.5) | (0.2) | |||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliate | $ | 3.4 | $ | 6.0 | $ | 4.6 | $ | 10.1 | Equity in earnings of unconsolidated affiliate | $ | 5.1 | $ | 3.4 | $ | 8.3 | $ | 4.6 |
(In millions) | June 30, 2020 | December 31, 2019 | |||||
Summary Balance Sheet information: | |||||||
Current assets | $ | 285.3 | $ | 300.7 | |||
Noncurrent assets | 256.4 | 237.8 | |||||
Total assets | $ | 541.7 | $ | 538.5 | |||
Current liabilities | $ | 211.5 | $ | 177.1 | |||
Noncurrent liabilities | 0.3 | 0.3 | |||||
Total liabilities | $ | 211.8 | $ | 177.4 |
(In millions) | June 30, 2021 | December 31, 2020 | |||||||||
Summary Balance Sheet information: | |||||||||||
Current assets | $ | 246.4 | $ | 286.4 | |||||||
Noncurrent assets | 234.8 | 235.8 | |||||||||
Total assets | $ | 481.2 | $ | 522.2 | |||||||
Current liabilities | $ | 133.4 | $ | 173.0 | |||||||
Noncurrent liabilities | 0.3 | 0.3 | |||||||||
Total liabilities | $ | 133.7 | $ | 173.3 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Summary Statement of Operations information: | |||||||||||||||
Net sales | $ | 124.4 | $ | 120.0 | $ | 199.7 | $ | 231.5 | |||||||
Costs and expenses applicable to net sales | 113.1 | 102.2 | 181.1 | 199.5 | |||||||||||
Income before income taxes | 7.4 | 12.8 | 10.3 | 22.5 | |||||||||||
Net income | 6.6 | 12.0 | 9.1 | 21.2 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Summary Statement of Operations information: | |||||||||||||||||||||||
Net sales | $ | 107.8 | $ | 124.4 | $ | 203.0 | $ | 199.7 | |||||||||||||||
Costs and expenses applicable to net sales | 92.8 | 113.1 | 176.5 | 181.1 | |||||||||||||||||||
Income before income taxes | 10.5 | 7.4 | 17.0 | 10.3 | |||||||||||||||||||
Net income | 10.2 | 6.6 | 16.7 | 9.1 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Product manufactured for ART | $ | 60.2 | $ | 59.3 | $ | 131.3 | $ | 126.1 | |||||||
Mark-up on product manufactured for ART included as a reduction of Grace’s cost of goods sold | 1.2 | 1.2 | 2.6 | 2.5 | |||||||||||
Charges for fixed costs; research and development; selling, general and administrative services; and depreciation to ART | 13.3 | 12.8 | 27.4 | 25.6 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Product manufactured for ART | $ | 66.6 | $ | 60.2 | $ | 134.2 | $ | 131.3 | |||||||||||||||
Mark-up on product manufactured for ART included as a reduction of Grace’s cost of goods sold | 1.3 | 1.2 | 2.6 | 2.6 | |||||||||||||||||||
Charges for fixed costs; research and development; selling, general and administrative services; and depreciation to ART | 14.1 | 13.3 | 28.2 | 27.4 |
(in millions) | June 30, 2020 | December 31, 2019 | |||||
Accounts receivable | $ | 15.2 | $ | 17.5 | |||
Current asset | 191.3 | 173.9 | |||||
Accounts payable | 25.3 | 37.7 | |||||
Debt payable within one year | 9.6 | 9.9 | |||||
Debt payable after one year | 37.8 | 37.5 | |||||
Current liability | 191.3 | 173.9 |
(in millions) | June 30, 2021 | December 31, 2020 | |||||||||
Trade accounts receivable | $ | 23.4 | $ | 28.3 | |||||||
Accounts payable | 18.1 | 19.8 | |||||||||
Debt payable within one year | 3.9 | 3.5 | |||||||||
Debt payable after one year | 24.9 | 22.1 | |||||||||
(In millions) | |||||
Accounts receivable | $ | 7.1 | |||
Inventories | 55.7 | ||||
Other current assets | 1.2 | ||||
Properties and equipment | 57.2 | ||||
Goodwill | 230.8 | ||||
Intangible assets | 208.5 | ||||
Liabilities assumed | (4.6) | ||||
Total | $ | 555.9 |
Amount (In millions) | Weighted Average Amortization Period (In years) | ||||||||||
Technology | $ | 79.0 | 20.0 | ||||||||
Customer relationships | 129.5 | 20.0 | |||||||||
Total | $ | 208.5 | 20.0 |
(In millions) | Catalysts Technologies | Materials Technologies | Total Grace | ||||||||||||||
Balance, December 31, 2020 | $ | 517.5 | $ | 45.2 | $ | 562.7 | |||||||||||
Goodwill acquired during the year | 0 | 230.8 | 230.8 | ||||||||||||||
Foreign currency translation | (1.2) | (0.4) | (1.6) | ||||||||||||||
Balance, June 30, 2021 | $ | 516.3 | $ | 275.6 | $ | 791.9 |
•Adjusted EBIT1 increased 70.0% to $109.0 million. • |
•Polyolefin catalysts and catalyst supports, also called specialty catalysts (SC), for the production of polyethylene (PE) and polypropylene (PP) thermoplastic resins, which can be customized to enhance the performance of a wide range of industrial and consumer end-use applications including high pressure pipe, geomembranes, food packaging, automotive parts, medical devices, and textiles. High-activity, non-phthalate catalysts allow customers to produce phthalate-free PP products and cleaner, clearer PP products. Our catalysts also improve resin properties that allow for the lightweighting of automobiles by replacing steel parts with PP while meeting demanding performance standards of automakers. •Gas-phase polypropylene process technology, which provides our licensees with a cost-effective, flexible, and reliable capability to manufacture polypropylene products having a wide spectrum of performance attributes, enabling customers to manufacture products for a broad array of end-use applications. This capability, coupled with a complete family of catalysts and donors with a suite of |
•Fluid catalytic cracking catalysts, also called FCC catalysts, that help to “crack” the hydrocarbon chains in distilled crude oil to produce transportation fuels, such as gasoline and diesel fuels, and feeds for production of petrochemicals; and FCC additives used to reduce sulfur in gasoline, maximize propylene production from refinery FCC units, and reduce emissions of sulfur oxides, nitrogen oxides, and carbon monoxide from refinery FCC units. •Hydroprocessing catalysts (HPC), most of which are marketed through our Advanced Refining Technologies LLC (“ART”) joint venture with Chevron U.S.A. Inc. (“Chevron”), that are used in process reactors to upgrade heavy oils into lighter, more useful products, enabling less expensive feedstock usage in the petroleum refining process, and to produce products that meet more stringent environmental regulations. These catalysts and solutions allow our customers to improve their profitability in the production of cleaner petroleum-based fuels to meet regulatory and fuel quality standards. (We hold a 50% economic interest in ART, which is not consolidated in our financial statements, so ART’s sales are excluded from our sales.) • |
Chemical catalysts, which include hydrogenation and dehydrogenation catalyst products. These catalysts can be customized for use in a variety of petrochemical chain conversions as well as fine chemical production. |
• •Coatings, functional additives for wood, coil, general industrial, and architectural coatings that provide surface effects and corrosion protection for metal substrates. • |
Chemical process, functional materials for use in plastics, rubber, tire, and metal casting, and adsorbent products for petrochemical, |
Analysis of Operations (In millions, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||
Net sales: | |||||||||||||||||||||
Catalysts Technologies | $ | 309.0 | $ | 395.7 | (21.9 | )% | $ | 617.0 | $ | 745.4 | (17.2 | )% | |||||||||
Materials Technologies | 109.7 | 117.9 | (7.0 | )% | 223.2 | 237.7 | (6.1 | )% | |||||||||||||
Total Grace net sales | $ | 418.7 | $ | 513.6 | (18.5 | )% | $ | 840.2 | $ | 983.1 | (14.5 | )% | |||||||||
Net sales by region: | |||||||||||||||||||||
North America | $ | 127.5 | $ | 155.9 | (18.2 | )% | $ | 245.6 | $ | 300.4 | (18.2 | )% | |||||||||
Europe Middle East Africa | 159.8 | 214.1 | (25.4 | )% | 343.5 | 408.7 | (16.0 | )% | |||||||||||||
Asia Pacific | 112.7 | 118.7 | (5.1 | )% | 213.0 | 227.9 | (6.5 | )% | |||||||||||||
Latin America | 18.7 | 24.9 | (24.9 | )% | 38.1 | 46.1 | (17.4 | )% | |||||||||||||
Total net sales by region | $ | 418.7 | $ | 513.6 | (18.5 | )% | $ | 840.2 | $ | 983.1 | (14.5 | )% | |||||||||
Performance measures: | |||||||||||||||||||||
Adjusted EBIT(A): | |||||||||||||||||||||
Catalysts Technologies segment operating income | $ | 71.7 | $ | 125.8 | (43.0 | )% | $ | 153.7 | $ | 227.5 | (32.4 | )% | |||||||||
Materials Technologies segment operating income | 12.6 | 24.1 | (47.7 | )% | 31.6 | 48.1 | (34.3 | )% | |||||||||||||
Corporate costs | (16.7 | ) | (18.0 | ) | 7.2 | % | (32.3 | ) | (34.2 | ) | 5.6 | % | |||||||||
Certain pension costs(B) | (3.5 | ) | (4.6 | ) | 23.9 | % | (6.6 | ) | (9.4 | ) | 29.8 | % | |||||||||
Adjusted EBIT | 64.1 | 127.3 | (49.6 | )% | 146.4 | 232.0 | (36.9 | )% | |||||||||||||
Restructuring and repositioning expenses attributable to W. R. Grace & Co. shareholders(C) | (21.4 | ) | (6.4 | ) | (24.1 | ) | (8.7 | ) | |||||||||||||
Inventory write-offs(D) | (19.7 | ) | (3.6 | ) | (19.7 | ) | (3.6 | ) | |||||||||||||
Costs related to legacy matters | (2.8 | ) | (1.5 | ) | (5.5 | ) | (48.4 | ) | |||||||||||||
Third-party acquisition-related costs | (2.0 | ) | (1.0 | ) | (3.5 | ) | (1.3 | ) | |||||||||||||
Taxes and interest included in equity in earnings of unconsolidated affiliate | (0.2 | ) | (0.6 | ) | (0.2 | ) | (0.9 | ) | |||||||||||||
Interest expense, net | (18.9 | ) | (19.2 | ) | 1.6 | % | (36.6 | ) | (38.5 | ) | 4.9 | % | |||||||||
(Provision for) benefit from income taxes | (6.4 | ) | (18.8 | ) | 66.0 | % | (22.1 | ) | (29.7 | ) | 25.6 | % | |||||||||
Net income (loss) attributable to W. R. Grace & Co. shareholders | $ | (7.3 | ) | $ | 76.2 | (109.6 | )% | $ | 34.7 | $ | 100.9 | (65.6 | )% | ||||||||
Diluted EPS | $ | (0.11 | ) | $ | 1.14 | (109.6 | )% | $ | 0.52 | $ | 1.51 | (65.6 | )% | ||||||||
Adjusted EPS | $ | 0.49 | $ | 1.16 | (57.8 | )% | $ | 1.20 | $ | 2.09 | (42.6 | )% |
Analysis of Operations (In millions, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||
Catalysts Technologies | $ | 373.3 | $ | 309.0 | 20.8 | % | $ | 702.9 | $ | 617.0 | 13.9 | % | |||||||||||||||||||||||
Materials Technologies | 139.6 | 109.7 | 27.3 | % | 266.7 | 223.2 | 19.5 | % | |||||||||||||||||||||||||||
Total Grace net sales | $ | 512.9 | $ | 418.7 | 22.5 | % | $ | 969.6 | $ | 840.2 | 15.4 | % | |||||||||||||||||||||||
Net sales by region: | |||||||||||||||||||||||||||||||||||
North America | $ | 157.5 | $ | 130.2 | 21.0 | % | $ | 283.9 | $ | 250.4 | 13.4 | % | |||||||||||||||||||||||
Europe Middle East Africa | 205.7 | 157.1 | 30.9 | % | 389.1 | 338.7 | 14.9 | % | |||||||||||||||||||||||||||
Asia Pacific | 125.2 | 112.7 | 11.1 | % | 248.4 | 213.0 | 16.6 | % | |||||||||||||||||||||||||||
Latin America | 24.5 | 18.7 | 31.0 | % | 48.2 | 38.1 | 26.5 | % | |||||||||||||||||||||||||||
Total net sales by region | $ | 512.9 | $ | 418.7 | 22.5 | % | $ | 969.6 | $ | 840.2 | 15.4 | % | |||||||||||||||||||||||
Performance measures: | |||||||||||||||||||||||||||||||||||
Adjusted EBIT(A): | |||||||||||||||||||||||||||||||||||
Catalysts Technologies segment operating income | $ | 102.4 | $ | 71.7 | 42.8 | % | $ | 178.2 | $ | 153.7 | 15.9 | % | |||||||||||||||||||||||
Materials Technologies segment operating income | 26.3 | 12.6 | 108.7 | % | 53.1 | 31.6 | 68.0 | % | |||||||||||||||||||||||||||
Corporate costs | (17.5) | (16.7) | (4.8) | % | (32.9) | (32.3) | (1.9) | % | |||||||||||||||||||||||||||
Certain pension costs(B) | (2.2) | (3.5) | 37.1 | % | (4.2) | (6.6) | 36.4 | % | |||||||||||||||||||||||||||
Adjusted EBIT | 109.0 | 64.1 | 70.0 | % | 194.2 | 146.4 | 32.7 | % | |||||||||||||||||||||||||||
Gain on curtailment of U.S. salaried pension plan | — | — | 25.6 | — | |||||||||||||||||||||||||||||||
Restructuring and repositioning expenses | (11.8) | (21.4) | (24.6) | (24.1) | |||||||||||||||||||||||||||||||
Pension MTM adjustment and other related costs, net | — | — | 13.7 | — | |||||||||||||||||||||||||||||||
Costs related to legacy matters | (4.6) | (2.8) | (9.2) | (5.5) | |||||||||||||||||||||||||||||||
Third-party acquisition-related costs | (6.7) | (2.0) | (8.0) | (3.5) | |||||||||||||||||||||||||||||||
Amortization of acquired inventory fair value adjustment | (2.2) | — | (2.2) | — | |||||||||||||||||||||||||||||||
Taxes and interest included in equity in earnings of unconsolidated affiliate | (0.3) | (0.2) | (0.5) | (0.2) | |||||||||||||||||||||||||||||||
Inventory write-offs | (0.1) | (19.7) | (0.1) | (19.7) | |||||||||||||||||||||||||||||||
Interest expense, net | (19.7) | (18.9) | (4.2) | % | (38.6) | (36.6) | (5.5) | % | |||||||||||||||||||||||||||
(Provision for) benefit from income taxes | (18.2) | (6.4) | (184.4) | % | (36.5) | (22.1) | (65.2) | % | |||||||||||||||||||||||||||
Net income (loss) attributable to W. R. Grace & Co. shareholders | $ | 45.4 | $ | (7.3) | NM | $ | 113.8 | $ | 34.7 | NM | |||||||||||||||||||||||||
Diluted EPS | $ | 0.68 | $ | (0.11) | NM | $ | 1.71 | $ | 0.52 | NM | |||||||||||||||||||||||||
Adjusted EPS | $ | 1.01 | $ | 0.49 | 106.1 | % | $ | 1.74 | $ | 1.20 | 45.0 | % |
Analysis of Operations (In millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||
Adjusted performance measures: | |||||||||||||||||||||
Gross Margin: | |||||||||||||||||||||
Catalysts Technologies | 36.6 | % | 43.8 | % | (720) bps | 38.7 | % | 43.2 | % | (450) bps | |||||||||||
Materials Technologies | 26.9 | % | 36.2 | % | (930) bps | 30.0 | % | 36.3 | % | (630) bps | |||||||||||
Adjusted Gross Margin | 34.1 | % | 42.1 | % | (800) bps | 36.4 | % | 41.5 | % | (510) bps | |||||||||||
Inventory write-offs(D) | (4.7 | )% | (0.7 | )% | (400) bps | (2.3 | )% | (0.4 | )% | (190) bps | |||||||||||
Pension costs in cost of goods sold | (0.9 | )% | (0.6 | )% | (30) bps | (0.9 | )% | (0.6 | )% | (30) bps | |||||||||||
Total Grace | 28.5 | % | 40.8 | % | (1230) bps | 33.2 | % | 40.5 | % | (730) bps | |||||||||||
Adjusted EBIT: | |||||||||||||||||||||
Catalysts Technologies | $ | 71.7 | $ | 125.8 | (43.0 | )% | $ | 153.7 | $ | 227.5 | (32.4 | )% | |||||||||
Materials Technologies | 12.6 | 24.1 | (47.7 | )% | 31.6 | 48.1 | (34.3 | )% | |||||||||||||
Corporate, pension, and other | (20.2 | ) | (22.6 | ) | 10.6 | % | (38.9 | ) | (43.6 | ) | 10.8 | % | |||||||||
Total Grace | $ | 64.1 | $ | 127.3 | (49.6 | )% | $ | 146.4 | $ | 232.0 | (36.9 | )% | |||||||||
Depreciation and amortization: | |||||||||||||||||||||
Catalysts Technologies depreciation and amortization | $ | 20.6 | $ | 20.2 | 2.0 | % | $ | 41.3 | $ | 40.7 | 1.5 | % | |||||||||
Depreciation and amortization included in equity in earnings of unconsolidated affiliate | 0.4 | 0.1 | 300.0 | % | 0.8 | 0.2 | 300.0 | % | |||||||||||||
Catalysts Technologies | 21.0 | 20.3 | 3.4 | % | 42.1 | 40.9 | 2.9 | % | |||||||||||||
Materials Technologies | 3.5 | 3.6 | (2.8 | )% | 7.0 | 7.1 | (1.4 | )% | |||||||||||||
Corporate | 1.2 | 1.1 | 9.1 | % | 2.6 | 2.0 | 30.0 | % | |||||||||||||
Adjusted Depreciation and Amortization | 25.7 | 25.0 | 2.8 | % | 51.7 | 50.0 | 3.4 | % | |||||||||||||
Depreciation and amortization included in equity in earnings of unconsolidated affiliate | (0.4 | ) | (0.1 | ) | (300.0 | )% | (0.8 | ) | (0.2 | ) | (300.0 | )% | |||||||||
Total Grace | $ | 25.3 | $ | 24.9 | 1.6 | % | $ | 50.9 | $ | 49.8 | 2.2 | % | |||||||||
Adjusted EBITDA: | |||||||||||||||||||||
Catalysts Technologies | $ | 92.7 | $ | 146.1 | (36.6 | )% | $ | 195.8 | $ | 268.4 | (27.0 | )% | |||||||||
Materials Technologies | 16.1 | 27.7 | (41.9 | )% | 38.6 | 55.2 | (30.1 | )% | |||||||||||||
Corporate, pension, and other | (19.0 | ) | (21.5 | ) | 11.6 | % | (36.3 | ) | (41.6 | ) | 12.7 | % | |||||||||
Total Grace | $ | 89.8 | $ | 152.3 | (41.0 | )% | $ | 198.1 | $ | 282.0 | (29.8 | )% | |||||||||
Adjusted EBIT margin: | |||||||||||||||||||||
Catalysts Technologies | 23.2 | % | 31.8 | % | (860) bps | 24.9 | % | 30.5 | % | (560) bps | |||||||||||
Materials Technologies | 11.5 | % | 20.4 | % | (890) bps | 14.2 | % | 20.2 | % | (600) bps | |||||||||||
Total Grace | 15.3 | % | 24.8 | % | (950) bps | 17.4 | % | 23.6 | % | (620) bps | |||||||||||
Net income margin | (1.7 | )% | 14.8 | % | (1650) bps | 4.1 | % | 10.3 | % | (620) bps | |||||||||||
Adjusted EBITDA margin: | |||||||||||||||||||||
Catalysts Technologies | 30.0 | % | 36.9 | % | (690) bps | 31.7 | % | 36.0 | % | (430) bps | |||||||||||
Materials Technologies | 14.7 | % | 23.5 | % | (880) bps | 17.3 | % | 23.2 | % | (590) bps | |||||||||||
Total Grace | 21.4 | % | 29.7 | % | (830) bps | 23.6 | % | 28.7 | % | (510) bps |
Analysis of Operations (In millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
Adjusted performance measures: | |||||||||||||||||||||||||||||||||||
Gross Margin: | |||||||||||||||||||||||||||||||||||
Catalysts Technologies | 42.7 | % | 36.6 | % | 610 bps | 41.5 | % | 38.7 | % | 280 bps | |||||||||||||||||||||||||
Materials Technologies | 35.1 | % | 26.9 | % | 820 bps | 35.9 | % | 30.0 | % | 590 bps | |||||||||||||||||||||||||
Adjusted Gross Margin | 40.6 | % | 34.1 | % | 650 bps | 40.0 | % | 36.4 | % | 360 bps | |||||||||||||||||||||||||
Weather-related impacts in cost of goods sold | (1.4) | % | — | % | (140) bps | (1.3) | % | — | % | (130) bps | |||||||||||||||||||||||||
Pension costs in cost of goods sold | (0.8) | % | (0.9) | % | 10 bps | (0.9) | % | (0.9) | % | — bps | |||||||||||||||||||||||||
Amortization of acquired inventory fair value adjustment | (0.4) | % | — | % | (40) bps | (0.2) | % | — | % | (20) bps | |||||||||||||||||||||||||
Inventory write-offs | — | % | (4.7) | % | 470 bps | — | % | (2.3) | % | 230 bps | |||||||||||||||||||||||||
Total Grace | 38.0 | % | 28.5 | % | 950 bps | 37.6 | % | 33.2 | % | 440 bps | |||||||||||||||||||||||||
Adjusted EBIT: | |||||||||||||||||||||||||||||||||||
Catalysts Technologies | $ | 102.4 | $ | 71.7 | 42.8 | % | $ | 178.2 | $ | 153.7 | 15.9 | % | |||||||||||||||||||||||
Materials Technologies | 26.3 | 12.6 | 108.7 | % | 53.1 | 31.6 | 68.0 | % | |||||||||||||||||||||||||||
Corporate, pension, and other | (19.7) | (20.2) | 2.5 | % | (37.1) | (38.9) | 4.6 | % | |||||||||||||||||||||||||||
Total Grace | $ | 109.0 | $ | 64.1 | 70.0 | % | $ | 194.2 | $ | 146.4 | 32.7 | % | |||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||
Catalysts Technologies depreciation and amortization | $ | 21.8 | $ | 20.6 | 5.8 | % | $ | 44.0 | $ | 41.3 | 6.5 | % | |||||||||||||||||||||||
Depreciation and amortization included in equity in earnings of unconsolidated affiliate | 1.8 | 0.4 | NM | 2.9 | 0.8 | NM | |||||||||||||||||||||||||||||
Catalysts Technologies | 23.6 | 21.0 | 12.4 | % | 46.9 | 42.1 | 11.4 | % | |||||||||||||||||||||||||||
Materials Technologies | 6.3 | 3.5 | 80.0 | % | 11.4 | 7.0 | 62.9 | % | |||||||||||||||||||||||||||
Corporate | 1.2 | 1.2 | — | % | 2.0 | 2.6 | (23.1) | % | |||||||||||||||||||||||||||
Adjusted Depreciation and Amortization | 31.1 | 25.7 | 21.0 | % | 60.3 | 51.7 | 16.6 | % | |||||||||||||||||||||||||||
Depreciation and amortization included in equity in earnings of unconsolidated affiliate | (1.8) | (0.4) | NM | (2.9) | (0.8) | NM | |||||||||||||||||||||||||||||
Total Grace | $ | 29.3 | $ | 25.3 | 15.8 | % | $ | 57.4 | $ | 50.9 | 12.8 | % | |||||||||||||||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||||||||||||||
Catalysts Technologies | $ | 126.0 | $ | 92.7 | 35.9 | % | $ | 225.1 | $ | 195.8 | 15.0 | % | |||||||||||||||||||||||
Materials Technologies | 32.6 | 16.1 | 102.5 | % | 64.5 | 38.6 | 67.1 | % | |||||||||||||||||||||||||||
Corporate, pension, and other | (18.5) | (19.0) | 2.6 | % | (35.1) | (36.3) | 3.3 | % | |||||||||||||||||||||||||||
Total Grace | $ | 140.1 | $ | 89.8 | 56.0 | % | $ | 254.5 | $ | 198.1 | 28.5 | % | |||||||||||||||||||||||
Adjusted EBIT margin: | |||||||||||||||||||||||||||||||||||
Catalysts Technologies | 27.4 | % | 23.2 | % | 420 bps | 25.4 | % | 24.9 | % | 50 bps | |||||||||||||||||||||||||
Materials Technologies | 18.8 | % | 11.5 | % | 730 bps | 19.9 | % | 14.2 | % | 570 bps | |||||||||||||||||||||||||
Total Grace | 21.3 | % | 15.3 | % | 600 bps | 20.0 | % | 17.4 | % | 260 bps | |||||||||||||||||||||||||
Net income margin | 8.9 | % | (1.7) | % | 1060 bps | 11.7 | % | 4.1 | % | 760 bps | |||||||||||||||||||||||||
Adjusted EBITDA margin: | |||||||||||||||||||||||||||||||||||
Catalysts Technologies | 33.8 | % | 30.0 | % | 380 bps | 32.0 | % | 31.7 | % | 30 bps | |||||||||||||||||||||||||
Materials Technologies | 23.4 | % | 14.7 | % | 870 bps | 24.2 | % | 17.3 | % | 690 bps | |||||||||||||||||||||||||
Total Grace | 27.3 | % | 21.4 | % | 590 bps | 26.2 | % | 23.6 | % | 260 bps |
Analysis of Operations (In millions) | Four Quarters Ended June 30, | Analysis of Operations (In millions) | Four Quarters Ended June 30, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | Calculation of Adjusted EBIT Return on Invested Capital (trailing four quarters): | ||||||||||||||
Net income (loss) attributable to W. R. Grace & Co. shareholders | $ | 60.1 | $ | 186.1 | Net income (loss) attributable to W. R. Grace & Co. shareholders | $ | 77.3 | $ | 60.1 | |||||||||
Adjusted EBIT | 388.5 | 472.5 | Adjusted EBIT | 360.0 | 388.5 | |||||||||||||
Reconciliation to Adjusted Invested Capital: | Reconciliation to Adjusted Invested Capital: | |||||||||||||||||
Total equity | 349.6 | 387.3 | Total equity | $ | 350.0 | $ | 349.6 | |||||||||||
Total debt | 2,717.4 | 1,983.0 | Total debt | 2,285.4 | 2,717.4 | |||||||||||||
Underfunded and unfunded defined benefit pension plans | 520.5 | 433.9 | Underfunded and unfunded defined benefit pension plans | 594.0 | 520.5 | |||||||||||||
Liabilities related to legacy matters | 200.1 | 165.5 | Liabilities related to legacy matters | 215.0 | 200.1 | |||||||||||||
Cash, cash equivalents, and restricted cash | (997.8 | ) | (159.9 | ) | Cash, cash equivalents, and restricted cash | (312.7) | (997.8) | |||||||||||
Income taxes, net | (497.1 | ) | (502.1 | ) | Income taxes, net | (537.3) | (497.1) | |||||||||||
Other items | 22.0 | 18.7 | Other items | 13.4 | 22.0 | |||||||||||||
Adjusted Invested Capital | $ | 2,314.7 | $ | 2,326.4 | Adjusted Invested Capital | $ | 2,607.8 | $ | 2,314.7 | |||||||||
Return on equity | 17.2 | % | 48.1 | % | Return on equity | 22.1 | % | 17.2 | % | |||||||||
Adjusted EBIT Return on Invested Capital | 16.8 | % | 20.3 | % | Adjusted EBIT Return on Invested Capital | 13.8 | % | 16.8 | % |
(A)Grace’s segment operating income includes only Grace’s share of income of consolidated and unconsolidated joint ventures. (B)Certain pension costs include only ongoing costs recognized quarterly, which include service and interest costs, expected returns on plan assets, and amortization of prior service costs/credits. Catalysts Technologies and Materials Technologies segment operating income and corporate costs do not include any amounts for pension expense. Other pension-related costs including annual mark-to-market (MTM) adjustments and actuarial gains and losses are excluded from Adjusted EBIT. These amounts are not used by management to evaluate the performance of Grace’s businesses and significantly affect the peer-to-peer and period-to-period comparability of our financial results. Mark-to-market adjustments and actuarial gains and losses relate primarily to changes in financial market values and actuarial assumptions and are not directly related to the operation of Grace’s businesses. |
Three Months Ended June 30, 2020 as a Percentage Increase (Decrease) from Three Months Ended June 30, 2019 | |||||||||||
Net Sales Variance Analysis | Volume | Price | Currency Translation | Total | |||||||
Catalysts Technologies | (22.1 | )% | 0.7 | % | (0.5 | )% | (21.9 | )% | |||
Materials Technologies | (5.6 | )% | 0.3 | % | (1.7 | )% | (7.0 | )% | |||
Net sales | (18.3 | )% | 0.6 | % | (0.8 | )% | (18.5 | )% | |||
By Region: | |||||||||||
North America | (18.7 | )% | 0.5 | % | — | % | (18.2 | )% | |||
Europe Middle East Africa (EMEA) | (25.7 | )% | 1.6 | % | (1.3 | )% | (25.4 | )% | |||
Asia Pacific | (3.7 | )% | (1.2 | )% | (0.2 | )% | (5.1 | )% | |||
Latin America | (21.8 | )% | 0.5 | % | (3.6 | )% | (24.9 | )% |
Six Months Ended June 30, 2020 as a Percentage Increase (Decrease) from Six Months Ended June 30, 2019 | |||||||||||
Net Sales Variance Analysis | Volume | Price | Currency Translation | Total | |||||||
Catalysts Technologies | (17.9 | )% | 1.3 | % | (0.6 | )% | (17.2 | )% | |||
Materials Technologies | (4.8 | )% | 0.5 | % | (1.8 | )% | (6.1 | )% | |||
Net sales | (14.7 | )% | 1.1 | % | (0.9 | )% | (14.5 | )% | |||
By Region: | |||||||||||
North America | (19.4 | )% | 1.2 | % | — | % | (18.2 | )% | |||
Europe Middle East Africa | (16.6 | )% | 2.3 | % | (1.7 | )% | (16.0 | )% | |||
Asia Pacific | (5.5 | )% | (0.8 | )% | (0.2 | )% | (6.5 | )% | |||
Latin America | (15.4 | )% | 0.6 | % | (2.6 | )% | (17.4 | )% |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | Pre-Tax | Tax Effect | After-Tax | Per Share | Pre-Tax | Tax Effect | After-Tax | Per Share | |||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.68 | $ | (0.11) | |||||||||||||||||||||||||||||||||||||||||||
Restructuring and repositioning expenses | $ | 11.8 | $ | 2.8 | $ | 9.0 | 0.14 | $ | 21.4 | $ | 2.3 | $ | 19.1 | 0.29 | |||||||||||||||||||||||||||||||||
Third-party acquisition-related costs | 6.7 | 1.7 | 5.0 | 0.08 | 2.0 | 0.4 | 1.6 | 0.02 | |||||||||||||||||||||||||||||||||||||||
Costs related to legacy matters | 4.6 | 1.1 | 3.5 | 0.05 | 2.8 | 0.5 | 2.3 | 0.03 | |||||||||||||||||||||||||||||||||||||||
Amortization of acquired inventory fair value adjustment | 2.2 | 0.5 | 1.7 | 0.03 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Gain on curtailment of U.S. salaried pension plan | — | 0.3 | (0.3) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Pension MTM adjustment and other related costs, net | — | 0.2 | (0.2) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Inventory write-offs | 0.1 | — | 0.1 | — | 19.7 | 3.8 | 15.9 | 0.24 | |||||||||||||||||||||||||||||||||||||||
Discrete tax items | 1.7 | (1.7) | (0.03) | (1.0) | 1.0 | 0.02 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense related to historical tax attributes | (4.1) | 4.1 | 0.06 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Adjusted EPS | $ | 1.01 | $ | 0.49 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | Pre-Tax | Tax Effect | After-Tax | Per Share | Pre-Tax | Tax Effect | After-Tax | Per Share | (In millions, except per share amounts) | Pre-Tax | Tax Effect | After-Tax | Per Share | Pre-Tax | Tax Effect | After-Tax | Per Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | (0.11 | ) | $ | 1.14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and repositioning expenses attributable to W. R. Grace & Co. shareholders | $ | 21.4 | $ | 2.3 | $ | 19.1 | 0.29 | $ | 6.4 | $ | 1.1 | $ | 5.3 | 0.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory write-offs | 19.7 | 3.8 | 15.9 | 0.24 | 3.6 | — | 3.6 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted EPS | Diluted EPS | $ | 1.71 | $ | 0.52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on curtailment of U.S. salaried pension plan | Gain on curtailment of U.S. salaried pension plan | $ | (25.6) | $ | (6.5) | $ | (19.1) | (0.29) | $ | — | $ | — | $ | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and repositioning expenses | Restructuring and repositioning expenses | 24.6 | 6.2 | 18.4 | 0.28 | 24.1 | 2.9 | 21.2 | 0.32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension MTM adjustment and other related costs, net | Pension MTM adjustment and other related costs, net | (13.7) | (3.5) | (10.2) | (0.15) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs related to legacy matters | 2.8 | 0.5 | 2.3 | 0.03 | 1.5 | 0.4 | 1.1 | 0.02 | Costs related to legacy matters | 9.2 | 2.1 | 7.1 | 0.11 | 5.5 | 1.0 | 4.5 | 0.07 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third-party acquisition-related costs | 2.0 | 0.4 | 1.6 | 0.02 | 1.0 | 0.3 | 0.7 | 0.01 | Third-party acquisition-related costs | 8.0 | 2.0 | 6.0 | 0.09 | 3.5 | 0.7 | 2.8 | 0.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquired inventory fair value adjustment | Amortization of acquired inventory fair value adjustment | 2.2 | 0.5 | 1.7 | 0.03 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory write-offs | Inventory write-offs | 0.1 | — | 0.1 | — | 19.7 | 3.8 | 15.9 | 0.24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discrete tax items | (1.0 | ) | 1.0 | 0.02 | 11.3 | (11.3 | ) | (0.17 | ) | Discrete tax items | 1.8 | (1.8) | (0.03) | (0.9) | 0.9 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense related to historical tax attributes(1) | — | — | — | (2.3 | ) | 2.3 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense related to historical tax attributes | Income tax expense related to historical tax attributes | 0.8 | (0.8) | (0.01) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS | $ | 0.49 | $ | 1.16 | Adjusted EPS | $ | 1.74 | $ | 1.20 |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||
(In millions, except per share amounts) | Pre-Tax | Tax Effect | After-Tax | Per Share | Pre-Tax | Tax Effect | After-Tax | Per Share | |||||||||||||||||||||||
Diluted EPS | $ | 0.52 | $ | 1.51 | |||||||||||||||||||||||||||
Restructuring and repositioning expenses attributable to W. R. Grace & Co. shareholders | $ | 24.1 | $ | 2.9 | $ | 21.2 | 0.32 | $ | 8.7 | $ | 1.6 | $ | 7.1 | 0.11 | |||||||||||||||||
Inventory write-offs | 19.7 | 3.8 | 15.9 | 0.24 | 3.6 | — | 3.6 | 0.05 | |||||||||||||||||||||||
Costs related to legacy matters | 5.5 | 1.0 | 4.5 | 0.07 | 48.4 | 13.2 | 35.2 | 0.53 | |||||||||||||||||||||||
Third-party acquisition-related costs | 3.5 | 0.7 | 2.8 | 0.04 | 1.3 | 0.4 | 0.9 | 0.01 | |||||||||||||||||||||||
Discrete tax items | (0.9 | ) | 0.9 | 0.01 | 10.3 | (10.3 | ) | (0.15 | ) | ||||||||||||||||||||||
Income tax expense related to historical tax attributes(1) | — | — | — | (2.3 | ) | 2.3 | 0.03 | ||||||||||||||||||||||||
Adjusted EPS | $ | 1.20 | $ | 2.09 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | (In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Write-off of plant engineering and site costs | $ | 19.7 | $ | — | $ | 19.7 | $ | — | ||||||||||||||||||||||||||||||
Costs related to review of strategic alternatives | Costs related to review of strategic alternatives | $ | 6.9 | $ | — | $ | 16.6 | $ | — | |||||||||||||||||||||||||||||
Employee severance | Employee severance | 1.3 | 2.0 | 2.8 | 2.6 | |||||||||||||||||||||||||||||||||
Third-party costs of manufacturing and business transformation programs | 1.1 | 2.3 | 3.8 | 3.4 | Third-party costs of manufacturing and business transformation programs | 1.1 | 1.1 | 1.9 | 3.8 | |||||||||||||||||||||||||||||
Costs related to plant closures | 2.8 | — | 2.8 | — | Costs related to plant closures | — | 2.8 | (0.1) | 2.8 | |||||||||||||||||||||||||||||
Employee severance | 2.0 | 2.4 | 2.6 | 3.9 | ||||||||||||||||||||||||||||||||||
Write-off of plant engineering and site costs | Write-off of plant engineering and site costs | — | 19.7 | — | 19.7 | |||||||||||||||||||||||||||||||||
Other | (1.7 | ) | 1.7 | (2.3 | ) | 1.4 | Other | 2.5 | (1.7) | 3.4 | (2.3) | |||||||||||||||||||||||||||
Total restructuring and repositioning expenses | 23.9 | 6.4 | 26.6 | 8.7 | Total restructuring and repositioning expenses | $ | 11.8 | $ | 23.9 | $ | 24.6 | $ | 26.6 | |||||||||||||||||||||||||
Less: restructuring and repositioning expenses attributable to noncontrolling interest | (2.5 | ) | — | (2.5 | ) | — | Less: restructuring and repositioning expenses attributable to noncontrolling interest | — | (2.5) | — | (2.5) | |||||||||||||||||||||||||||
Restructuring and repositioning expenses attributable to W. R. Grace & Co. shareholders | $ | 21.4 | $ | 6.4 | $ | 24.1 | $ | 8.7 | Restructuring and repositioning expenses attributable to W. R. Grace & Co. shareholders | $ | 11.8 | $ | 21.4 | $ | 24.6 | $ | 24.1 |
(In millions) | Maximum Borrowing Amount | Available Liquidity | Expiration Date | (In millions) | Maximum Borrowing Amount | Available Liquidity | Expiration Date | |||||||||||||||||||
Singapore | $ | 18.0 | $ | 8.1 | April 3, 2023 | Singapore | $ | 18.0 | $ | 8.7 | April 3, 2023 | |||||||||||||||
China | 11.8 | 9.7 | April 3, 2023 | China | 12.1 | 12.1 | April 3, 2023 | |||||||||||||||||||
United Arab Emirates | 11.0 | 11.0 | December 31, 2020 | |||||||||||||||||||||||
Malaysia | Malaysia | 7.0 | 6.5 | April 3, 2023 | ||||||||||||||||||||||
Other countries | 21.3 | 18.4 | April 3, 2023, as well as open-ended | Other countries | 15.4 | 14.7 | various | |||||||||||||||||||
Total | $ | 62.1 | $ | 47.2 | Total | $ | 52.5 | $ | 42.0 |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
(In millions) | 2020 | 2019 | (In millions) | 2021 | 2020 | |||||||||||||
Net cash provided by (used for) operating activities | $ | 184.6 | $ | 144.9 | Net cash provided by (used for) operating activities | $ | 115.5 | $ | 184.6 | |||||||||
Net cash provided by (used for) investing activities | (119.2 | ) | (127.3 | ) | Net cash provided by (used for) investing activities | (371.8) | (119.2) | |||||||||||
Net cash provided by (used for) financing activities | 651.0 | (58.7 | ) | Net cash provided by (used for) financing activities | 265.3 | 651.0 | ||||||||||||
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash | (1.5 | ) | — | Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash | (2.5) | (1.5) | ||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 714.9 | (41.1 | ) | Net increase (decrease) in cash, cash equivalents, and restricted cash | 6.5 | 714.9 | ||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 282.9 | 201.0 | Cash, cash equivalents, and restricted cash, beginning of period | 306.2 | 282.9 | |||||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 997.8 | $ | 159.9 | Cash, cash equivalents, and restricted cash, end of period | $ | 312.7 | $ | 997.8 |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
(In millions) | 2020 | 2019 | (In millions) | 2021 | 2020 | |||||||||||||||||||||||||
U.S. advance-funded plans | U.S. advance-funded plans | $ | 0.3 | $ | — | |||||||||||||||||||||||||
U.S. pay-as-you-go plans | $ | 4.3 | $ | 3.6 | U.S. pay-as-you-go plans | 3.5 | 4.3 | |||||||||||||||||||||||
Non-U.S. advance-funded plans | 0.6 | 0.7 | Non-U.S. advance-funded plans | 2.7 | 0.6 | |||||||||||||||||||||||||
Non-U.S. pay-as-you-go plans | 3.5 | 3.7 | Non-U.S. pay-as-you-go plans | 4.1 | 3.5 | |||||||||||||||||||||||||
Total cash contributions | $ | 8.4 | $ | 8.0 | Total cash contributions | $ | 10.6 | $ | 8.4 |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
(In millions) | 2020 | 2019 | (In millions) | 2021 | 2020 | |||||||||||||||||||||||||
U.S. defined contribution plan | $ | 6.9 | $ | 6.9 | U.S. defined contribution plan | $ | 7.7 | $ | 6.9 | |||||||||||||||||||||
U.S. enhanced defined contribution plan | 1.8 | 1.5 | U.S. enhanced defined contribution plan | 2.2 | 1.8 | |||||||||||||||||||||||||
Total cash payments | $ | 8.7 | $ | 8.4 | Total cash payments | $ | 9.9 | $ | 8.7 |
Period | Total number of shares purchased (#) | Average price paid per share ($/share) | Total number of shares purchased as part of publicly announced plans or programs (#) | Approximate dollar value of shares that may yet be purchased under the plans or programs ($ in millions) | ||||||||||||||||||||||
4/1/ | — | — | — | 235.0 | ||||||||||||||||||||||
5/1/ | — | — | — | 235.0 | ||||||||||||||||||||||
6/1/ | — | — | — | 235.0 | ||||||||||||||||||||||
Total | — | — | — |
Exhibit No. | Description of Exhibit | Location | ||||||||||||
Exhibit 2.5 to Form 10-K (filed 2/26/21) SEC File No.: 001-13953 | ||||||||||||||
2.2 | Exhibit 2.1 to Form 8-K (filed 4/26/21) SEC File No.: 001-13953 | |||||||||||||
3.1 | Exhibit 3.01 to Form 8-K (filed 2/07/14) SEC File No.: 001-13953 | |||||||||||||
3.2 | Exhibit 3.01 to Form 8-K (filed 1/23/15) SEC File No.: 001-13953 | |||||||||||||
4.1 | ||||||||||||||
Exhibit | ||||||||||||||
10.1 | Exhibit 10.1 to Form 8-K (filed | |||||||||||||
Filed herewith | ||||||||||||||
31(i).2 | Filed herewith |
Description of Exhibit | Location | |||||||||||||
32 | Filed herewith | |||||||||||||
95 | Filed herewith |
101.INS | ||||||||||||||
Inline XBRL Instance Document | The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | Filed herewith | ||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | Filed herewith | ||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | Filed herewith | ||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | Filed herewith | ||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | Filed herewith | ||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101) | Filed herewith |
W. R. GRACE & CO. (Registrant) | ||||||||
Date: August | By: | /s/ HUDSON LA FORCE | ||||||
Hudson La Force President and Chief Executive Officer (Principal Executive Officer) | ||||||||
Date: August | By: | /s/ WILLIAM C. DOCKMAN | ||||||
William C. Dockman Senior Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |