Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 03, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-37533 | ||
Entity Registrant Name | GCP Applied Technologies Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-3936076 | ||
Entity Address, Address Line One | 62 Whittemore Avenue | ||
Entity Address, City or Town | Cambridge | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02140-1623 | ||
City Area Code | 617 | ||
Local Phone Number | 876-1400 | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | GCP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 747,523,975 | ||
Entity Common Stock, Shares Outstanding | 73,197,953 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement for our 2021 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K. | ||
Entity Central Index Key | 0001644440 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Income Statement [Abstract] | |||||||||||||||
Net sales | $ 242.7 | $ 248.4 | $ 195.4 | $ 216.7 | $ 258.3 | $ 266.9 | $ 262.2 | $ 226.1 | $ 903.2 | $ 1,013.5 | $ 1,125.4 | ||||
Cost of goods sold | 545.3 | 629.8 | 715.3 | ||||||||||||
Gross profit | 95.9 | 101.8 | 77.4 | 82.8 | 98.1 | 104.8 | 98.8 | 82 | 357.9 | 383.7 | 410.1 | ||||
Selling, general and administrative expenses | 264.5 | 272.8 | 289.6 | ||||||||||||
Research and development expenses | 17.9 | 18.4 | 20.2 | ||||||||||||
Interest expense and related financing costs | 21.5 | 22.7 | 92.4 | ||||||||||||
Repositioning expenses | 5.4 | 20.4 | 9.6 | ||||||||||||
Restructuring expenses and asset write offs | 24.9 | 9.9 | 14.8 | ||||||||||||
Gain on sale of corporate headquarters | (110.2) | 0 | 0 | ||||||||||||
Other (income) expenses, net | (3.8) | 4.3 | (26.7) | ||||||||||||
Total costs and expenses | 220.2 | 348.5 | 399.9 | ||||||||||||
Income from continuing operations before income taxes | 137.7 | 35.2 | 10.2 | ||||||||||||
(Provision) benefit from income taxes | (36.7) | 6 | (26.3) | ||||||||||||
Income (loss) from continuing operations | 101 | 41.2 | (16.1) | ||||||||||||
(Loss) income from discontinued operations, net of income taxes | (0.3) | 5.7 | 31.3 | ||||||||||||
Net income | (0.6) | 100.1 | (0.6) | 1.8 | 6.5 | 16.3 | 2.9 | 21.2 | 100.7 | 46.9 | 15.2 | ||||
Less: Net income attributable to noncontrolling interests | (0.5) | (0.4) | (0.3) | ||||||||||||
Net income attributable to GCP shareholders | (0.7) | 99.9 | (0.7) | 1.7 | 6.4 | 16.2 | 2.9 | 21 | 100.2 | 46.5 | 14.9 | ||||
Amounts Attributable to GCP Shareholders: | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders | (0.8) | 100 | (0.7) | 2 | 6.6 | 16.6 | 3.4 | 14.2 | 100.5 | 40.8 | (16.4) | ||||
(Loss) income from discontinued operations, net of income taxes | 0.1 | (0.1) | 0 | (0.3) | (0.2) | (0.4) | (0.5) | 6.8 | (0.3) | 5.7 | 31.3 | ||||
Net income attributable to GCP shareholders | $ (0.7) | $ 99.9 | $ (0.7) | $ 1.7 | $ 6.4 | $ 16.2 | $ 2.9 | $ 21 | $ 100.2 | $ 46.5 | $ 14.9 | ||||
Basic earnings (loss) per share: | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | $ (0.01) | $ 1.37 | $ (0.01) | $ 0.03 | $ 0.09 | $ 0.23 | $ 0.05 | $ 0.20 | $ 1.38 | $ 0.56 | $ (0.23) | ||||
Income from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.01) | 0.09 | 0 | 0.08 | 0.43 | ||||
Net income attributable to GCP shareholders (in usd per share) | (0.01) | 1.37 | (0.01) | 0.02 | 0.09 | 0.22 | 0.04 | 0.29 | $ 1.37 | [1] | $ 0.64 | [1] | $ 0.21 | [1] | |
Weighted average number of basic shares (in shares) | 73 | 72.6 | 72.1 | ||||||||||||
Diluted (loss) earnings per share | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | (0.01) | 1.37 | (0.01) | 0.03 | 0.09 | 0.23 | 0.05 | 0.20 | $ 1.37 | [2] | $ 0.56 | [2] | $ (0.23) | [2] | |
Income from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.01) | 0.09 | 0 | [2] | 0.08 | [2] | 0.43 | [2] | |
Net income attributable to GCP shareholders (in usd per share) | $ (0.01) | $ 1.36 | $ (0.01) | $ 0.02 | $ 0.09 | $ 0.22 | $ 0.04 | $ 0.29 | $ 1.37 | [1],[2] | $ 0.64 | [1],[2] | $ 0.21 | [1],[2] | |
Weighted average number of diluted shares (in shares) | [2] | 73.1 | 72.9 | 72.1 | |||||||||||
[1] | Amounts may not sum due to rounding. | ||||||||||||||
[2] | Dilutive effect is only applicable to the years during which GCP generated net income from continuing operations. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ (0.6) | $ 100.1 | $ (0.6) | $ 1.8 | $ 6.5 | $ 16.3 | $ 2.9 | $ 21.2 | $ 100.7 | $ 46.9 | $ 15.2 |
Other comprehensive income (loss): | |||||||||||
Defined benefit pension and other postretirement plans, net of income taxes | (0.4) | (0.5) | (2.6) | ||||||||
Currency translation adjustments, net of income taxes | 6.8 | 3.6 | (31.8) | ||||||||
Gain (loss) from hedging activities, net of income taxes | 0.1 | (0.1) | 0.1 | ||||||||
Total other comprehensive income (loss) | 6.5 | 3 | (34.3) | ||||||||
Comprehensive income (loss) | 107.2 | 49.9 | (19.1) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | (0.5) | (0.4) | (0.3) | ||||||||
Comprehensive income (loss) attributable to GCP shareholders | $ 106.7 | $ 49.5 | $ (19.4) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||||
Cash and cash equivalents | $ 482.7 | $ 325 | ||
Trade accounts receivable, net of allowance for credit losses of $7.0 million and $7.5 million, respectively | 169.4 | 183.7 | ||
Inventories, net | 98.4 | 95.9 | ||
Other current assets | 41.2 | 43.2 | ||
Total Current Assets | 791.7 | 647.8 | ||
Properties and equipment, net | 225.6 | 245 | ||
Operating lease right-of-use assets | 40 | 29.3 | ||
Goodwill | 215 | 208.9 | $ 207.9 | |
Technology and other intangible assets, net | 70.9 | 80.7 | ||
Deferred income taxes | 9.6 | 26.1 | ||
Overfunded defined benefit pension plans | 29.7 | 25 | ||
Other assets | 35.1 | 38 | ||
Non-current assets held for sale | 0 | 0.5 | ||
Total Assets | 1,417.6 | 1,301.3 | 1,282.3 | |
Current Liabilities | ||||
Debt payable within one year | 2.8 | 2.7 | ||
Operating lease obligations payable within one year | 8 | 8.1 | ||
Accounts payable | 87.8 | 88.4 | ||
Other current liabilities | 125.8 | 112.9 | ||
Total Current Liabilities | 224.4 | 212.1 | ||
Debt payable after one year | 348.9 | 346.5 | ||
Operating lease obligations | 26.2 | 21.6 | ||
Income taxes payable | 28.4 | 41.4 | ||
Deferred income taxes | 14.9 | 13.1 | ||
Unrecognized tax benefits | 41 | 42.2 | ||
Underfunded and unfunded defined benefit pension plans | 62.9 | 67.5 | ||
Other liabilities | 16.8 | 15.9 | ||
Total Liabilities | 763.5 | 760.3 | ||
Commitments and contingencies | ||||
Stockholders' Equity | ||||
Preferred stock, par value $0.01; 10,000,000 shares authorized; no shares issued or outstanding | 0 | 0 | ||
Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 73,082,066 and 72,850,268, respectively | 0.7 | 0.7 | ||
Paid-in capital | 61.9 | 53.4 | ||
Accumulated earnings | 710.3 | 610.1 | ||
Accumulated other comprehensive loss | (110.5) | (117) | ||
Treasury stock | (10.7) | (8.6) | ||
Total GCP Stockholders' Equity | 651.7 | 538.6 | ||
Noncontrolling interests | 2.4 | 2.4 | ||
Total Stockholders' Equity | 654.1 | 541 | $ 481.1 | $ 492 |
Total Liabilities and Stockholders' Equity | $ 1,417.6 | $ 1,301.3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Oct. 01, 2020 | Dec. 31, 2019 | Mar. 15, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 11, 2017 |
Accounts receivable net of allowances | $ 7 | $ 7.5 | $ 5.8 | $ 5.7 | |||
Preferred stock, par (in usd share) | $ 0.01 | $ 0.01 | |||||
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 | |||||
Preferred stock shares issued (in shares) | 0 | ||||||
Preferred stock, outstanding (in shares) | 0 | ||||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, authorized (in shares) | 300,000,000 | 300,000,000 | |||||
Common stock, outstanding (in shares) | 73,082,066 | 72,850,268 | |||||
Series A Preferred Stock | |||||||
Preferred stock, par (in usd share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 | 10,000,000 | ||||
Preferred stock shares issued (in shares) | 0 | 0 | |||||
Preferred stock, outstanding (in shares) | 0 | 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | |||
Beginning Balance (in shares) at Dec. 31, 2017 | 71,900,000 | 100,000 | ||||||||
Beginning Balance at Dec. 31, 2017 | $ 492 | $ 0.7 | $ (3.4) | $ 29.9 | $ 548.7 | $ (85.7) | $ 1.8 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income (loss) | 15.2 | 14.9 | 0.3 | |||||||
Issuance of common stock in connection with stock plans (in shares) | [1] | 200,000 | ||||||||
Share-based compensation | 4.2 | 4.2 | ||||||||
Exercise of stock options (in shares) | [1] | 300,000 | ||||||||
Exercise of stock options | [1] | $ 5.5 | 5.5 | |||||||
Share repurchases (in shares) | 45,100 | 100,000 | [2] | |||||||
Share repurchases | [2] | $ (1.4) | $ (1.4) | |||||||
Other comprehensive income (loss) | (34.3) | (34.3) | ||||||||
Dividends and other changes in noncontrolling interest | (0.1) | (0.1) | ||||||||
Ending Balance (in shares) at Dec. 31, 2018 | 72,400,000 | 200,000 | ||||||||
Ending Balance at Dec. 31, 2018 | 481.1 | $ 0.7 | $ (4.8) | 39.6 | 563.6 | (120) | 2 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income (loss) | 46.9 | 46.5 | 0.4 | |||||||
Issuance of common stock in connection with stock plans (in shares) | [1] | 400,000 | ||||||||
Share-based compensation | 6.2 | 6.2 | ||||||||
Exercise of stock options (in shares) | [1] | 400,000 | ||||||||
Exercise of stock options | [1] | $ 7.6 | 7.6 | |||||||
Share repurchases (in shares) | 151,900 | 100,000 | [2] | |||||||
Share repurchases | [2] | $ (3.8) | $ (3.8) | |||||||
Other comprehensive income (loss) | 3 | 3 | ||||||||
Dividends and other changes in noncontrolling interest | 0 | 0 | ||||||||
Ending Balance (in shares) at Dec. 31, 2019 | 73,200,000 | 300,000 | ||||||||
Ending Balance at Dec. 31, 2019 | 541 | $ 0.7 | $ (8.6) | 53.4 | 610.1 | (117) | 2.4 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income (loss) | 100.7 | 100.2 | 0.5 | |||||||
Issuance of common stock in connection with stock plans (in shares) | [1] | 200,000 | ||||||||
Share-based compensation | [3] | $ 7 | 7 | |||||||
Exercise of stock options (in shares) | 84,000 | 100,000 | [1] | |||||||
Exercise of stock options | [1] | $ 1.5 | 1.5 | |||||||
Share repurchases (in shares) | 75,000 | 100,000 | [2] | |||||||
Share repurchases | [2] | $ (2.1) | $ (2.1) | |||||||
Other comprehensive income (loss) | 6.5 | 6.5 | ||||||||
Dividends and other changes in noncontrolling interest | (0.5) | (0.5) | ||||||||
Ending Balance (in shares) at Dec. 31, 2020 | 73,500,000 | 400,000 | ||||||||
Ending Balance at Dec. 31, 2020 | $ 654.1 | $ 0.7 | $ (10.7) | $ 61.9 | $ 710.3 | $ (110.5) | $ 2.4 | |||
[1] | The par value of shares issued is not included in the table due to rounding. | |||||||||
[2] | Refer to Note 17, “Stock Incentive Plans”, for further information. | |||||||||
[3] | During 2020, $2.4 million of the stock-based compensation expense is included in "Restructuring expenses and asset write offs" related to accelerated vesting of stock options and RSUs due to the departure from the Company of its CEO, as well as certain executives and key employees. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-based compensation expense | $ 7 | $ 6.2 | $ 3.7 |
2019 Phase 2 Plan | |||
Stock-based compensation expense | $ 2.4 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | |||
Net income | $ 100.7 | $ 46.9 | $ 15.2 |
Less: (Loss) income from discontinued operations | (0.3) | 5.7 | 31.3 |
Income (loss) from continuing operations | 101 | 41.2 | (16.1) |
Reconciliation to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 46.4 | 43.2 | 42 |
Amortization of debt discount and financing costs | 1.5 | 1.4 | 1.6 |
Unrealized loss on foreign currency | 5.1 | 0.1 | 0.6 |
Stock-based compensation expense | 4.6 | 6.2 | 3.7 |
Gain on termination and curtailment of pension and other postretirement benefit plans | 0 | (1.2) | (0.2) |
Deferred income taxes | 1.3 | (18.7) | 3.2 |
Loss on debt refinancing | 0 | 0 | 59.8 |
Gain on disposal of property and equipment | (110) | (0.7) | (0.9) |
Changes in assets and liabilities, excluding effect of currency translation: | |||
Trade accounts receivable | 17 | 13.1 | 9 |
Inventories | (1.5) | 13.9 | (7.8) |
Accounts payable | (2.3) | (26.8) | (9.7) |
Pension assets and liabilities, net | (9.1) | 18.9 | (7) |
Other assets and liabilities, net | 19.3 | (12.9) | (2.8) |
Net cash provided by operating activities from continuing operations | 73.3 | 77.7 | 75.4 |
Net cash used in operating activities from discontinued operations | (2.7) | (13.7) | (133) |
Net cash provided by (used in) operating activities | 70.6 | 64 | (57.6) |
INVESTING ACTIVITIES | |||
Capital expenditures | (36) | (61.3) | (55) |
Businesses acquired, net of cash acquired | 0 | 0 | (29.5) |
Proceeds from sale of corporate headquarters, net of transaction costs | 122.5 | 0 | 0 |
Other investing activities | 0.6 | 0.5 | (2.4) |
Net cash provided by (used in) investing activities from continuing operations | 87.1 | (60.8) | (86.9) |
Net cash (used in) provided by investing activities from discontinued operations | 0 | (0.4) | 0.1 |
Net cash provided by (used in) investing activities | 87.1 | (61.2) | (86.8) |
FINANCING ACTIVITIES | |||
Borrowings under credit arrangements | 2.2 | 0 | 56.3 |
Repayments under credit arrangements | (1.9) | (7.6) | (69.6) |
Proceeds from issuance of long term note obligations | 0 | 0 | 350 |
Repayments of long term note obligations | 0 | 0 | (578.3) |
Cash paid for debt financing costs | 0 | 0 | (6.9) |
Payments of tax withholding obligations related to employee equity awards | (1.7) | (3.8) | (1.4) |
Proceeds from exercise of stock options | 1.1 | 7.6 | 5.5 |
Noncontrolling interest dividend | (0.5) | 0 | (0.1) |
Payments on finance lease obligations | (0.8) | (0.8) | 0 |
Other financing activities | (0.4) | (0.4) | (2.8) |
Net cash used in financing activities | (2) | (5) | (247.3) |
Effect of currency exchange rate changes on cash and cash equivalents | 2 | 1.1 | (3.7) |
Increase (decrease) in cash and cash equivalents | 157.7 | (1.1) | (395.4) |
Cash and cash equivalents, beginning of period | 325 | 326.1 | 721.5 |
Cash and cash equivalents, end of period | 482.7 | 325 | 326.1 |
Supplemental disclosures of cash flow information: | |||
Cash paid for income taxes, net of refunds | 35.4 | 12.7 | 23.1 |
Cash paid for interest on note and credit arrangements | 19.5 | 19.9 | 46.3 |
Supplemental disclosure of non-cash investing activities: | |||
Property and equipment purchases unpaid and included in accounts payable | $ 5.9 | $ 5.7 | $ 10.3 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies | Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies GCP is engaged in the production and sale of specialty construction chemicals and specialty building materials through two operating segments. Specialty Construction Chemicals ("SCC") manufactures and markets concrete admixtures and cement additives and supplies in-transit monitoring systems for concrete producers. Specialty Building Materials ("SBM") manufactures and markets sheet and liquid membrane systems that protect structures from water, air and vapor penetration, fireproofing and other products designed to protect the building envelope. On July 3, 2017 (the "Closing Date"), GCP completed the sale of its Darex Packaging Technologies ("Darex") business to Henkel AG & Co. KGaA (“Henkel”) for $1.06 billion in cash. As discussed further below under "Discontinued Operations," the results of operations for Darex have been excluded from continuing operations and segment results for all periods presented. Basis of Presentation The accompanying Consolidated Financial Statements are presented on a consolidated basis and include all of the accounts and operations of GCP and its majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The financial statements reflect the financial position, results of operations and cash flows of GCP in accordance with generally accepted accounting principles in the United States ("GAAP") and with the instructions to Form 10-K. Discontinued Operations On July 3, 2017, the Company completed the sale of Darex to Henkel. In conjunction with this transaction and applicable GAAP, the assets and liabilities related to Darex in the applicable delayed close countries have been reclassified and reflected as held for sale in the Consolidated Balance Sheets as of December 31, 2019, as discussed further in Note 21, "Discontinued Operations". Additionally, Darex results of operations and cash flows have been reclassified and reflected as "discontinued operations" in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows for all periods presented. Unless otherwise noted, the information throughout the Notes to the Consolidated Financial Statements pertains only to the continuing operations of GCP. Please refer to Note 21, "Discontinued Operations" for further discussion of discontinued operations. Separation from Grace On January 27, 2016, GCP entered into a separation and distribution agreement pursuant to which W.R. Grace & Co. ("Grace") agreed to transfer its Grace Construction Products operating segment and the packaging technologies business, operated under the “Darex” name, of its Grace Materials Technologies operating segment to GCP (the "Separation"). The Separation occurred on February 3, 2016, by means of a pro rata distribution to Grace stockholders of all of the then-outstanding shares of Company common stock, at which time GCP became an independent public company and its common stock listed and began trading under the symbol "GCP" on the New York Stock Exchange. Please refer to Note 16, "Related Party Transactions and Transactions with Grace" for further information on the Tax Sharing Agreement between GCP and Grace related to Separation. Subsequent to the Separation, Grace no longer represents a related party of the Company. All transactions between GCP and Grace have been included in these Consolidated Financial Statements. Noncontrolling Interests GCP conducts certain business through joint ventures with unaffiliated third parties. GCP consolidates the results of joint ventures in which it has controlling financial interest in the Consolidated Financial Statements. GCP reduces its consolidated net income (loss) by the amount of net income (loss) attributable to noncontrolling interests. Summary of Significant Accounting and Financial Reporting Policies Revisions of Previously Issued Consolidated Financial Statements In connection with the preparation of the consolidated financial statements for the year ended December 31, 2020, the Company identified freight expense accrual and other errors in its previously filed 2019 and 2018 annual consolidated financial statements and unaudited quarterly consolidated financial statements for the first three quarterly periods of 2020 and each of the quarterly periods of 2019. The Company considered the guidance in ASC Topic 250, Accounting Changes and Error Corrections (“ASC 250”), ASC Topic 250-10-S99-1, Assessing Materiality , and ASC Topic 250-10-S99-2, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, (“ASC 250-10-S99-2”) in evaluating whether the Company’s previously issued consolidated financial statements were materially misstated. The Company concluded the errors were not material individually or in the aggregate to the previously issued consolidated financial statements. In accordance with ASC 250-10-S99-2, the Company has corrected these errors by revising previously filed 2019 and 2018 annual consolidated financial statements in connection with the filing of this 2020 Annual Report on Form 10-K. The accompanying footnotes have been corrected to reflect the impact of the revisions of the previously filed annual consolidated financial statements. Please refer to Note 22, “Revisions of Previously Issued Consolidated Financial Statements” and Note 23, "Quarterly Financial Information (Unaudited)” for reconciliations between as previously reported and as revised annual and quarterly amounts, respectively. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses for the periods presented. The Company assesses the estimates on an ongoing basis and records changes in estimates in the period they occur and become known. Actual results could differ from these estimates. GCP's accounting measurements that are most affected by management's estimates related to future events are as follows: • Goodwill and indefinite-lived intangible assets, which are subject to an impairment assessment on an annual basis or more frequently if events occur or circumstances change that would more likely than not reduce their fair values below carrying values. Such impairment assessment requires judgment based on market and operational conditions at the time it is conducted since it is based on estimates and assumptions related to determining fair values of reporting units and indefinite-lived intangible assets, including future expected cash flow projections, discount and royalty rates, as well as forecasts of long term sales growth rates (please refer to Note 7, "Goodwill and Other Intangible Assets"); • Realization values of net deferred tax assets which depend on projections of future taxable income (please refer to Note 9, "Income Taxes"); • Contingent liabilities, which depend on an assessment of the probability of loss occurrence and an estimate of ultimate resolution cost, that may arise from circumstances, such as legal disputes, environmental remediation, product liability claims, material commitments (please refer to Note 12, "Commitments and Contingencies") and income taxes (please refer to Note 9, "Income Taxes"); • Pension and postretirement liabilities that depend on assumptions regarding participant life spans, future inflation, discount rates and return on plan assets (please refer to Note 10, "Pension Plans and Other Postretirement Benefit Plans"); • Fair values of assets acquired and liabilities assumed in a business combination recognized based on the purchase method of accounting, including finite-lived intangible assets and their useful lives. Such fair value estimates depend on assumptions related to future expected cash flow projections, customer attrition rates, royalty cost savings, and appropriate discount rates used in computing present values (please refer to Note 20, "Acquisitions"); and • Stock-based compensation expense which requires making estimates of fair value of equity awards issued at the grant date, as well as expected forfeiture rates and awards expected to vest. Such estimates require significant judgment since they are based on the assumptions related to participant activity, market results and employee voluntary termination behavior. Additionally, the Company makes estimates related to the likelihood of achieving performance goals for performance-based units (the "PBUs") that vest upon the satisfaction of these goals. PBUs are remeasured during each reporting period based on the expected payout of the award. As a result, stock-based compensation expense related to these awards is subject to volatility until the payout is determined at the end of the performance period (please refer to Note 17, "Stock Incentive Plans"). On March 11, 2020, the World Health Organization declared the outbreak of the novel strain of coronavirus ("COVID-19") a global pandemic and recommended a number of restrictive measures to contain the spread. Many governments in the regions where GCP generates the majority of its revenue have adopted such policies. GCP has been closely monitoring the impact of COVID-19 and working to manage the effects on its business globally. It is difficult to estimate with reasonable certainty at this time the duration and extent of the impact of the pandemic on the global economy, the Company's business, financial position and results of operations. GCP has made certain estimates within its financial statements related to the impact of COVID-19, including allowances for credit losses related to the estimated amount of receivables not expected to be collected and excess, obsolete or damaged inventories, future expected cash flows related to impairment assessments of goodwill and long-lived assets, incentive compensation accruals, contingent liabilities, and sales allowances related to volume rebates recognized based on anticipated sales volume. There may be changes to the Company's estimates in future periods due to uncertainty associated with the impact of COVID-19, the extent of which will depend largely on future developments, including new information which may emerge concerning the resurgence of the pandemic, as well as additional and unanticipated actions by government authorities to further contain the spread of COVID-19. Acquisitions The Company accounts for business acquisitions that meet the definition of a business combination using the acquisition method of accounting, in accordance with which assets acquired and liabilities assumed are recorded at their respective fair values at the acquisition date. The fair value of the consideration transferred in a business combination, including any contingent consideration, is allocated to the assets acquired and liabilities assumed based on their respective fair values. Goodwill represents excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed. Acquisitions that do not meet the definition of a business combination are accounted for as asset acquisitions, and the purchase price is allocated to the net assets acquired based on their relative fair values without recognizing goodwill. Significant judgments are used in determining fair values of assets acquired and liabilities assumed. Fair value and intangible asset useful life determinations are based on, among other factors, estimates of future expected cash flows, customer attrition rates, royalty cost savings, and appropriate discount rates used in computing present values. These judgments may materially impact the estimates used in allocating the purchase price to assets acquired and liabilities assumed, as well as the Company’s current and future operating results. Actual results may vary from these estimates which may result in adjustments to goodwill and acquisition date fair values of assets and liabilities during a measurement period or upon a final determination of asset and liability fair values, whichever occurs first. Adjustments to fair values of assets and liabilities made after the end of the measurement period are recorded within the Company’s operating results. Operating Segments GCP reports financial results of each of its operating and reportable segments that engage in business activities that generate revenues and expenses. GCP is engaged in the production and sale of specialty construction chemicals and specialty building materials through its two operating and reportable segments. Operating segments represents GCP's operations that engage in business activities for which discrete financial information is available and regularly reviewed by GCP's chief operating decision maker in deciding how to allocate resources and assess the segments' performance. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid instruments with original maturities of three months or less that are readily convertible to known amounts of cash. The recorded amounts are presented at amortized cost within the "Cash and cash equivalents" in the Company's Consolidated Balance Sheets and approximate fair value. Accounts Receivable, Allowance for Credit Losses Trade accounts receivable are amounts due from customers for products sold or services performed in the ordinary course of business and are stated at their estimated net realizable value representing amounts expected to be collected. Allowance for credit losses is recorded upon the initial recognition of trade accounts receivable and reviewed during each reporting period over their contractual life. Allowance for credit losses is measured based on historical loss rates and the impact of current and future conditions, including an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables and collateral to the extent applicable. The Company evaluates the allowance for credit losses for the entire portfolio of trade accounts receivable on an aggregate basis due to similar risk characteristics of its customers based on similar industry and historical loss patterns. Accounts receivable balances are written off against the allowance for credit losses when the Company determines that the balances are not recoverable. Provisions for expected credit losses are recorded in "Selling, general and administrative expenses" in the Consolidated Statements of Operations. As of December 31, 2020 and 2019, allowance for credit losses was $7.0 million and $7.5 million, respectively. Inventories Inventories are stated at the lower of cost or net realizable value. Costs are determined on a first-in, first-out ("FIFO") basis and include direct and certain indirect costs of materials and production. GCP provides allowances for excess, obsolete or damaged inventories based on their expected selling price, net of completion and disposal costs. Abnormal costs of production are expensed as incurred. Contract Assets and Contract Liabilities Contract assets consist of unbilled amounts typically resulting from sales under long-term contracts when the revenue recognized exceeds the amount billed to the customer. Contract liabilities consist of advance customer payments and billings for revenue not meeting the criteria to be recognized and/or in excess of costs incurred. The Company’s contract assets and liabilities resulting from its contracts in the SCC or SBM operating segments were not material as of December 31, 2020 and 2019. Additionally, the amounts recorded in the Consolidated Statements of Operations for the years ended December 31, 2020 and 2019 related to changes in the contract assets and liabilities during the periods were not material. Costs to Obtain a Contract GCP pays external sales agents certain commissions based on actual customer sales and has determined that such amounts represent incremental costs incurred in obtaining such customer contracts. The performance obligations associated with these costs are satisfied at a point in time and accordingly the amortization period of such costs is less than one year. The Company expenses these costs as incurred in accordance with the practical expedient that allows for such treatment, as prescribed by ASC Topic 340-40, Costs to obtain or fulfill a contract . Such costs were not material during the years ended December 31, 2020, 2019 and 2018. Long-Lived Assets Properties and equipment are stated at cost, net of accumulated depreciation. Depreciation expense for properties and equipment is computed using the straight-line method and charged to results of operations to allocate the cost of the assets over their estimated useful lives. Estimated useful lives for properties and equipment range from: (i) 20 to 40 years for buildings, (ii) 3 to 7 years for information technology equipment, (iii) 3 to 10 years for operating machinery and equipment and (iv) 5 to 10 years for furniture and fixtures. Interest costs are capitalized as part of the historical cost of acquiring properties and equipment that constitute major project expenditures and require a period of time to get them ready for their intended use. Fully depreciated assets are retained in properties and equipment and related accumulated depreciation accounts until they are removed from service. Cost of disposed assets, net of accumulated depreciation, are derecognized upon their retirement or at the time of disposal, and the corresponding amount, net of any proceeds from disposal, is reflected in the Company's results of operations. Costs related to legal obligations associated with asset retirements, such as restoring a site to its original condition, are recognized as liabilities and corresponding assets at amounts equal to the net present value of estimated future cash flows that will be required to settle such liabilities. Capitalized asset costs are depreciated over the related asset's estimated useful life. Intangible assets with finite lives consist of technology, customer relationships, trademarks and other intangibles and are amortized over their estimated useful lives, ranging from 1 to 20 years. Fair value and useful life determinations are based on, among other factors, estimates of future expected cash flows, customer attrition rates, royalty cost savings and appropriate discount rates used in computing present values. GCP reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable based on indicators of impairment. For purposes of this test, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If the Company determines that indicators of potential impairment are present, it assesses the recoverability of a long-lived asset group by comparing the sum of its undiscounted future cash flows to its carrying value. The future cash flow period is based on the future service life of the primary asset within the long-lived asset group. If the carrying value of the long-lived asset group exceeds its future cash flows, the Company determines fair values of the individual net assets within the long-lived asset group to assess for potential impairment. If the aggregate fair values of the individual net assets of the group are less than their carrying values, an impairment loss is recognized for an amount in excess of the group’s aggregate carrying value over its fair value. The loss is allocated to the assets within the group based on their relative carrying values, with no asset reduced below its fair value determined in accordance with an income-based approach utilizing projected discounted cash flows model. During the years ended December 31, 2020, 2019 and 2018, the Company recorded asset write off charges of $1.1 million, $4.3 million and $4.5 million, respectively, related to its long-lived assets in connection with its Restructuring and Repositioning Plans. The remaining fair values of these assets were insignificant subsequent to write offs. Additionally, GCP recognized asset write off charges of $1.5 million related to technology intangibles during the year ended December 31, 2020. The remaining fair value of these technology intangibles was zero subsequent to a write off. Please refer to Note 14, "Restructuring and Repositioning Expenses, Asset Write Offs" for further information on asset write off charges recognized during the years ended December 31, 2020, 2019 and 2018. Lessee Arrangements Effective January 1, 2019, GCP has adopted FASB issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842). GCP determines at contract inception whether the contract represents or contains a lease and conveys the right to control the use of an identified asset over a period of time in exchange for consideration. For leases with terms greater than 12 months, the Company recognizes right-of-use assets and lease obligations at the lease commencement date based on a present value of lease payments over the lease term. Lease payments included in the measurement of right-of-use assets and lease obligations consist of: (i) fixed payments, including periodic rent increases and excluding any lease incentives paid or payable to the Company by a lessor, and (ii) certain variable payments that depend on an index or a market rate measured on the commencement date. The Company estimates its incremental borrowing rate based on the remaining lease term and remaining lease payments, as well as other information available at lease commencement since a readily determinable implicit rate is not provided in the Company's leases. The Company has elected to utilize a portfolio approach as it pertains to the application of the appropriate discount rates to its portfolios of leases. The weighted average discount rate for operating leases was 5.50% and 5.33%, respectively, as of December 31, 2020 and 2019. Right-of-use assets for operating leases are initially measured on the lease commencement date and include any initial direct costs incurred, as well as lease obligation amounts, net of any lease incentives received from a lessor. Lease expense for operating leases is recognized on a straight-line basis over the lease term which includes: (i) a non-cancelable term during which the Company has a right to use an underlying asset, (ii) renewal options that extend the lease, are in the control of the lessor and reasonably certain to be exercised, and (iii) options to terminate the lease before the end of its non-cancelable term that are not reasonably certain to be exercised. Variable payments that are excluded from the measurement of right-of-use assets and lease obligations consist primarily of non-lease related services, the Company's proportionate share of operating expenses for the leased facilities and certain payments related to excess mileage and usage charges for the leased vehicles and equipment. Such variable payments are recognized as lease expense in the results of operations when the obligation is incurred. The Company does not record right-of-use assets and lease obligations for leases with an initial term of 12 months or less and recognizes lease expense on a straight-line basis over the lease term. Finance leases are included in "Properties and equipment, net", "Debt payable within one year" and "Debt payable after one year" in the Company's Consolidated Balance Sheets and are not material at December 31, 2020 and 2019. Goodwill Goodwill arises from certain business combinations and represents the excess of a purchase price over the fair value of net tangible and identifiable intangible assets of the businesses acquired. GCP reviews its goodwill for impairment at the reporting unit level on an annual basis, or more often if impairment indicators are present based on events or changes in circumstances indicating that the carrying amount of goodwill may not be fully recoverable. Recoverability is assessed at the reporting unit level which is most directly associated with the business combination that resulted in the recognition of the goodwill. For the purpose of the goodwill impairment assessment based on the provisions of ASC 350, Intangibles—Goodwill and Other ("ASC 350"), GCP has determined that it has two reporting units which are its operating segments. In accordance with ASC 350, the Company first assesses qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company determines, based on this assessment, that it is more likely than not that the fair value of the reporting unit is less than its carrying value, it performs a quantitative goodwill impairment test by comparing these amounts. If the fair value of the reporting unit exceeds its carrying amount, no impairment loss is recognized. However, if the carrying amount exceeds the fair value, the goodwill of the reporting unit is impaired, and the amount of such excess is recognized as an impairment loss upon writing down goodwill to its fair value. Fair value of a reporting unit is determined based on Level 3 inputs using a combined weighted average of a market-based approach (utilizing fair value multiples of comparable publicly traded companies) and an income-based approach (utilizing discounted projected cash flows model). In applying the income-based approach, the fair value of each reporting unit is determined in accordance with the discounted projected cash flow valuation model based on the estimated projected future cash flows and terminal value discounted at the rate which reflects the weighted average costs of capital. The inputs and assumptions that are most likely to impact the reporting unit's fair value include the discount rate, long-term sales growth rates and forecasted operating margins. In applying the market-based approach, GCP determines the reporting unit’s business enterprise fair value based on inputs and assumptions related to average revenue multiples and earnings before interest, tax, depreciation and amortization multiples derived from its peer group which are weighted and adjusted for size, risk and growth of the individual reporting unit. Application of the goodwill impairment assessment requires judgment based on market and operational conditions at the time of the evaluation, including management’s best estimates of the reporting unit’s future business activity and the related estimates and assumptions of future cash flows from the assets that include the associated goodwill. Different estimates and assumptions of forecasted long-term sales growth rates, operating margins, future cash flows, weighted average cost of capital discount rate, as well as peer company multiples used in the valuation models could result in different estimates of the reporting unit’s fair value as of each testing date. These periodic evaluations could cause management to conclude that impairment factors exist, requiring an adjustment of these assets to their then-current fair market values. Future business conditions could differ materially from the projections made by management which could result in additional adjustments and impairment charges. GCP performed its annual impairment test as of October 31, 2020 and 2019 for the two reporting units. The Company performed a quantitative assessment as part of the impairment test in 2020, and the fair values of the reporting units were significantly in excess of their carrying values. As such, GCP did not recognize impairment losses as a result of the analysis. The Company performed qualitative assessment as a part of the impairment test in 2019 and determined that it was not likely that the fair values of the reporting units were less than their carrying amounts. As such, the Company did not perform quantitative assessments and did not recognize impairment losses as a result of the analysis. If events occur or circumstances change that would more likely than not reduce the fair values of the reporting units below their carrying values, goodwill will be evaluated for impairment between annual tests. There were no impairment losses recognized in any of the periods presented in the Consolidated Statements of Operations. Indefinite-Lived Intangible Assets GCP reviews its indefinite-lived intangible assets for impairment annually, or whenever events or changes in circumstances indicate that the carrying amounts may not be fully recoverable. Indefinite-lived intangible assets are tested for impairment by performing either a qualitative evaluation or a quantitative test which requires judgment based on market and operational conditions at the time of the evaluation. GCP first assesses qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that indefinite-lived intangible assets are impaired. If GCP determines, based on this assessment, that it is more likely than not that the assets are impaired, it performs a quantitative impairment test by comparing the assets' fair values with their carrying values. No impairment loss is recognized if the fair values exceed the carrying values. However, if the carrying values of the indefinite-lived intangible assets exceed their fair values, the amount of such excess is recognized as an impairment loss during the period identified and the assets' carrying values are written down to their fair values. Fair values of the indefinite-lived intangible assets are determined based on Level 3 inputs using a relief-from-royalty valuation method. The inputs and assumptions that are most likely to impact the intangible assets' fair values due to their sensitivity include the discount rate, royalty rate and long-term sales growth rates. GCP performed its annual impairment assessment related to the indefinite-lived intangible assets as of October 31, 2020 and 2019. The Company performed a quantitative assessment as part of the impairment test in 2020, and the fair values of the indefinite-lived intangible assets were significantly in excess of their carrying values. As such, GCP did not recognize impairment losses as a result of the analysis. The Company performed qualitative assessment as a part of the impairment test in 2019 and determined that it was not likely that the fair values of the indefinite-lived intangible assets were less than their carrying amounts. As such, it did not perform the quantitative assessment as a part of the impairment test and did not recognize impairment losses as a result of its analysis. If events occur or circumstances change that would more likely than not reduce the fair values of the indefinite-lived intangible assets below their carrying values, the indefinite-lived intangible assets will be evaluated for impairment between annual tests. There were no impairment losses recognized during any of the periods presented in the Consolidated Statements of Operations. Income Tax As a global enterprise, GCP is subject to a complex array of tax regulations and needs to make assessments of applicable tax law and judgments in estimating its ultimate income tax liability. Income tax expense and income tax balances represent GCP’s federal, state and foreign income taxes as an independent company. GCP files a U.S. consolidated income tax return, along with foreign and state corporate income tax filings, as required. GCP's deferred taxes and effective tax rate may not be comparable to those of historical periods prior to the Separation. Please refer to Note 9, "Income Taxes," for details regarding estimates used in accounting for income tax matters, including unrecognized tax benefits. Deferred tax assets and liabilities are recognized with respect to the expected future tax consequences of events that have been recorded in the Consolidated Financial Statements. If it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is provided against such deferred tax assets. The assessment of realization of deferred tax assets is performed based on the weight of the positive and negative evidence available to indicate whether the asset is recoverable, including tax planning strategies that are prudent and |
Revenue from Lessor Arrangement
Revenue from Lessor Arrangements and Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Lessor Arrangements and Contracts with Customers | Revenue from Lessor Arrangements and Contracts with Customers Short-Term Arrangements The majority of the Company’s revenue is generated from short-term arrangements associated with the production and sale of concrete admixtures and cement additives within its SCC operating segment, as well as sheet and liquid membrane systems and other specialty products designed to protect the building envelope within its SBM operating segment. The products sold are priced based on the costs of producing goods and the value delivered to the customer. In these arrangements, the customer generally pays GCP for the contract price agreed upon within a short period of time, which is between thirty The Company generates revenue from short-term arrangements within its SCC operating segment which involve selling concrete admixtures and providing dispensers to customers. Such arrangements contain a lease element due to the customer’s right to control the use of the dispensers over a period of time in exchange for consideration. The Company has elected to apply the practical expedient to the dispenser asset class and combine lease and non-lease components related to dispenser maintenance services which are accounted for as one component due to the same timing and pattern of transfer and the lease component being classified as an operating lease. The combined component is accounted for in accordance with Topic 842 since the lease component is predominant. Concrete admixtures sold as a part of these arrangements do not get combined with the lease component since they do not meet the defined criteria. The Company allocates contract consideration between the lease component and concrete admixtures based on their relative stand-alone selling prices determined based on a cost plus a reasonable margin approach for the lease component and standalone selling prices for the concrete admixtures. The Company recognizes revenue for the concrete admixtures at a point of time when the control is transferred to the customer. The lease component is considered to have a short non-cancelable lease term which is generally thirty days or less and classified as an operating lease. GCP records dispensers as fixed assets and depreciates them over their estimated useful life of 10 years. Long-Term Arrangements The Company generates revenue from long-term arrangements within its SCC operating segment, which generally consist of VERIFI ® and Ductilcrete sales arrangements. VERIFI ® sales arrangements involve installing equipment on the customers’ trucks and at their plants, as well as performing slump management and truck location tracking services. The installed equipment represents a lease since the customer has the right to control the equipment use over a period of time in exchange for consideration. Slump management and truck location tracking services represent a non-lease component. The Company classifies these leases as operating and accounts for the lease and the non-lease components separately since it did not elect to apply the practical expedient to combine them for the VERIFI ® equipment asset class. Contract consideration for VERIFI ® sales arrangements consists primarily of fixed installation fees and other fixed payments and gets allocated between the lease and non-lease components based on valuation techniques that estimate a relative stand-alone selling price of each component. The Company recognizes revenue for the lease component on a straight line basis over the lease term. VERIFI ® equipment is recorded within "Properties and equipment, net" in the Consolidated Balance Sheets and depreciated over an estimated useful life of 7 years. The services included within the non-lease component represent the Company’s stand-ready promise to perform a series of daily distinct services, which is combined into a single performance obligation. The Company recognizes revenue associated with such services over time since the customer simultaneously receives and consumes the benefits provided by such services. The transaction price in a VERIFI ® sales arrangement consists of fixed installation fees and other fixed payments included in the contract consideration, as well as slump management fees which are dependent on the quantity of material poured and represent variable consideration. The Company allocates the contract consideration and the variable consideration between the lease and non-lease components based on their relative stand-alone selling prices. Revenue related to variable consideration for the lease and non-lease components is recorded at the time the services are performed and constrained by the amount for which a significant revenue reversal is not probable to occur. Revenue generated from VERIFI ® sales arrangements represented less than 10% of the Company's consolidated revenue during the years ended December 31, 2020, 2019 and 2018. Ductilcrete sales arrangements include licenses without significant standalone functionality and usage fees received upfront, both of which represent separate performance obligations for which revenue is recognized over the period of related services. Additional performance obligations included in these arrangements are related to other fees and product sales for which revenue is recognized at a point in time once such performance obligations are satisfied. Revenue generated from Ductilcrete sales arrangements represented less than 10% of the Company's consolidated revenue during the years ended December 31, 2020, 2019 and 2018. The Company's revenue is principally recognized as goods and services are delivered and performance obligations are satisfied upon delivery. The Company has certain long-term arrangements resulting in remaining obligations for which the work has not been performed or has been partially performed. As of December 31, 2020, the aggregate amount of transaction price allocated to remaining performance obligations was immaterial and will be earned as revenue over the remaining term of these contracts, which is generally one to four years. Lease elements within sales arrangements Certain sales arrangements within the SCC operating segment related to certain admixture contracts and VERIFI ® include lease components, as discussed above. The following table summarizes the revenue recognized for these sales arrangements for the years ended December 31, 2020, 2019 and 2018 and distinguishes between the lease and non-lease components: Year Ended December 31, (In millions) 2020 2019 2018 Lease revenue (1) : Lease payments revenue $ 28.8 $ 26.8 $ 26.4 Variable lease revenue 10.3 7.8 6.7 Total lease revenue $ 39.1 $ 34.6 $ 33.1 Service revenue (2) : Fixed installation revenue $ 1.2 $ 0.1 $ 0.1 Variable revenue 6.4 4.9 4.1 Total service revenue $ 7.6 $ 5.0 $ 4.2 Total revenue $ 46.7 $ 39.6 $ 37.3 ________________________________ (1) Lease revenue consists of dispensers lease revenue, as well as an allocated portion of VERIFI® fixed fees and variable slump management fees. Lease revenue is included within "Net Sales" in the Consolidated Statements of Operations. (2) Service revenue consists of an allocated portion of VERIFI® fixed fees and variable slump management fees. Service revenue is included within "Net Sales" in the Consolidated Statements of Operations. The future minimum lease payments receivable under the operating leases were not material as of December 31, 2020. Other revenue considerations The Company generally provides warranties that its products will function as intended. GCP accrues a general warranty liability at the time of sale based on historical experience and on a transaction-specific basis according to individual facts and circumstances. The Company accepts returns for certain products sales. These returns are at the discretion of the Company and typically are granted only within six months from the date of sale. GCP records these returns at the time of the sale based on historical experience and recognizes them as a reduction of transaction price. Certain long-term agreements with customers may include one-time, upfront payments made to customers. GCP defers these costs and recognizes them as assets which get amortized over the term of the agreement as a reduction of gross sales. Certain customer arrangements include conditions for volume rebates. GCP records a rebate allowance and reduces transaction price for anticipated selling price adjustments at the time of sale. GCP regularly reviews and estimates rebate accruals based on actual and anticipated sales patterns. The Company also evaluates contracts with customers that contain early payment discounts and reduces transaction price by the amount not expected to be collected due to such discounts in any given period. |
Inventories, net
Inventories, net | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Inventories, net The following is a summary of inventories presented in the Consolidated Balance Sheets at December 31, 2020 and December 31, 2019: December 31, (In millions) 2020 2019 Raw materials $ 41.3 $ 40.0 In process 4.2 4.0 Finished products and other 52.9 51.9 Total inventories $ 98.4 $ 95.9 The "Finished products and other" category presented in the table above includes "other" inventories, which consist of finished products purchased rather than produced by GCP of $9.1 million and $10.6 million, respectively, as of December 31, 2020 and December 31, 2019. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The Company uses derivative instruments to partially offset its business exposure to foreign currency risk on net investments in certain foreign subsidiaries. The Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations or significant economic cost of hedging particular exposures. To protect the net investment in a foreign operation from fluctuations in foreign currency exchange rates, the Company may enter into foreign currency forward contracts to offset a portion of the changes in the carrying amounts of these investments due to fluctuations in foreign currency exchange rates. As of December 31, 2020, the Company was a party to four forward contracts with an aggregate notional amount of €40.0 million to hedge foreign currency exposure on net investments in certain of its European subsidiaries whose functional currency is the Euro. These forward contracts are designated as hedging instruments and recognized at fair value as assets or liabilities in the Consolidated Balance Sheets. Each contract has a notional amount of €10.0 million and matures annually starting on June 14, 2021 through June 17, 2024. During the year ended December 31, 2020, GCP settled one contract with a notional amount of €10.0 million upon its maturity and entered into a new contract with a notional amount of €10.0 million maturing on June 17, 2024. These contracts will settle in US Dollars upon maturity. The forward contracts are designated and qualify as net investment hedges for which effectiveness is assessed based on the spot rate method. Changes in hedge fair values attributable to the differences between the forward rate and the spot rate at inception are excluded from the effectiveness assessment. The initial value of such amounts is measured at contract inception and recognized in earnings within “Other (income) expenses, net” in the Consolidated Statements of Operations, consistent with the Company's accounting policy election to amortize it on a straight-line basis over the hedging instruments' contractual term. The change in the fair value of the net investment hedges included in their effectiveness assessment is recognized within "Currency translation adjustments, net of income taxes" of Other Comprehensive Income (Loss) until the hedged net investments in foreign operations are sold or substantially liquidated. The following table summarizes the fair value of the Company’s derivative instruments designated as net investment hedges as of December 31, 2020 and 2019: (In millions) December 31, 2020 December 31, 2019 Derivative asset (1) : Foreign exchange forward contracts $ — $ 1.1 Derivative liability (1) : Foreign exchange forward contracts $ (1.8) $ — __________________________ (1) The fair value of derivative instruments is measured based on expected future cash flows discounted at market interest rates using observable market inputs and classified as Level 2 within the fair value hierarchy. As of December 31, 2020, fair value of derivative liabilities of $0.4 million and $1.4 million, respectively, is recorded within "Other Current Liabilities" and "Other Liabilities" in the accompanying Consolidated Balance Sheets. As of December 31, 2019, fair value of derivative assets of $0.3 million and $0.8 million, respectively, is recorded within "Other Current Assets" and "Other Assets" in the accompanying Consolidated Balance Sheets. The following table summarizes the amounts recorded in the Company's Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) related to forward contracts designated as net investment hedges for the year ended December 31, 2020 and 2019: Year Ended December 31, (In millions) 2020 2019 Other (income) expenses, net Currency Translation Adjustments (1) Other (income) expenses, net Currency Translation Adjustments (1) Gains (losses) on foreign exchange forward contracts $ 1.0 $ (2.6) $ 0.6 $ 0.4 __________________________ (1) The amount is presented net of tax benefit of $0.9 million and net of tax expense of $0.1 million, respectively, for the years ended December 31, 2020 and 2019. |
Properties and Equipment
Properties and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Properties and Equipment | Properties and Equipment The following is a summary of properties and equipment presented in the Consolidated Balance Sheets at December 31, 2020 and December 31, 2019: December 31, (In millions) 2020 2019 Land $ 8.1 $ 8.5 Buildings 116.7 138.1 Machinery, equipment and other 455.8 436.1 Information technology and equipment 86.5 82.5 Projects under construction 12.9 24.8 Properties and equipment, gross 680.0 690.0 Accumulated depreciation (454.4) (445.0) Properties and equipment, net $ 225.6 $ 245.0 |
Lessee Arrangements
Lessee Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee Arrangements | Lessee Arrangements The Company leases manufacturing and office facilities, as well as certain vehicles and equipment, under operating leases. Certain manufacturing facilities are leased under land and building lease arrangements where lease terms as of December 31, 2020 consist of a remaining non-cancelable lease term of up to 3.5 years and renewal options that are reasonably certain to be exercised for an additional term of up to 17.6 years. The weighted average remaining lease term for operating leases was 12.8 years and 13.5 years, respectively, as of December 31, 2020 and 2019. During the year ended December 31, 2019, the Company reassessed a lease term for one of its office facilities since it was no longer reasonably certain that the lease would be extended beyond its non-cancelable term ending on September 30, 2020. The lease liability and the right-of-use asset were each decreased by $4.2 million due to the lease term decrease of 30.8 years. As of December 31, 2019, the lease liability and the right-of-use asset were immaterial following the lease term reassessment. The following table summarizes components of lease expense for the years ended December 31, 2020 and 2019: Year Ended December 31, (In millions) 2020 2019 Operating lease expense $ 13.7 $ 12.6 Variable lease expense 5.9 4.4 Short-term lease expense 3.0 2.4 Total lease expense $ 22.6 $ 19.4 The following table summarizes lease liability maturities as of December 31, 2020: (In millions) Amount 2021 $ 9.4 2022 6.5 2023 4.0 2024 2.5 2025 2.0 Thereafter 21.3 Total undiscounted lease payments 45.7 Less: imputed interest (11.5) Present value of lease payments $ 34.2 Less: operating lease obligations payable within one year (8.0) Long-term operating lease obligations $ 26.2 The following table summarizes supplemental cash flow information related to leases during the years ended December 31, 2020 and 2019: Year Ended December 31, (In millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11.2 $ 12.6 Operating lease right of use assets obtained in exchange for new lease obligations: Upon adoption of Topic 842 $ — $ 40.8 During the remainder of the period 14.8 5.9 Total $ 14.8 $ 46.7 GCP's rent expense for operating leases was $14.3 million during the year ended December 31, 2018. Sale of Corporate Headquarters On July 31, 2020, GCP sold its corporate headquarters located at 62 Whittemore Avenue, Cambridge, Massachusetts to IQHQ, L.P, entered into a leaseback transaction with the buyer, and received from the buyer cash proceeds of $122.5 million, net of the related transaction costs and commissions of $2.5 million, pursuant to the sale of the property. The gain on sale of the corporate headquarters of $110.2 million was recognized based on the assets' fair value of $133.6 million and carrying value of $20.9 million, net of related transaction costs of $2.5 million, upon transfer of control to the buyer at the time of the sale. The lease of GCP's corporate headquarters is classified as an operating lease and has an initial rent-free term of eighteen months. The lease commenced on July 31, 2020 and can be extended for an additional six months at GCP's option, subject to monthly rental payments of $0.6 million. The exercise of the extension option was not reasonably certain as of December 31, 2020. Pursuant to the terms of the lease, GCP is required to make certain payments for real estate taxes and other operating expenses related to the leased property which are recognized as variable lease expenses over the lease term. Fair value of $8.6 million related to the initial rent-free lease term was recognized as an Operating lease right-of-use asset in the Consolidated Balance Sheets on the lease commencement date as a result of a non-cash transaction and is being amortized as operating lease expense on a straight-line basis over the lease term. The fair value of assets sold and the fair value of the Operating lease right-of-use asset related to free rent were determined based on Level 3 inputs. In determining fair value, the highest and best use of the assets sold differs from GCP’s current use of the assets as its’ corporate headquarters due to higher lease income that could potentially be generated by market participants based on the highest and best use of the premises. |
Lessee Arrangements | Lessee Arrangements The Company leases manufacturing and office facilities, as well as certain vehicles and equipment, under operating leases. Certain manufacturing facilities are leased under land and building lease arrangements where lease terms as of December 31, 2020 consist of a remaining non-cancelable lease term of up to 3.5 years and renewal options that are reasonably certain to be exercised for an additional term of up to 17.6 years. The weighted average remaining lease term for operating leases was 12.8 years and 13.5 years, respectively, as of December 31, 2020 and 2019. During the year ended December 31, 2019, the Company reassessed a lease term for one of its office facilities since it was no longer reasonably certain that the lease would be extended beyond its non-cancelable term ending on September 30, 2020. The lease liability and the right-of-use asset were each decreased by $4.2 million due to the lease term decrease of 30.8 years. As of December 31, 2019, the lease liability and the right-of-use asset were immaterial following the lease term reassessment. The following table summarizes components of lease expense for the years ended December 31, 2020 and 2019: Year Ended December 31, (In millions) 2020 2019 Operating lease expense $ 13.7 $ 12.6 Variable lease expense 5.9 4.4 Short-term lease expense 3.0 2.4 Total lease expense $ 22.6 $ 19.4 The following table summarizes lease liability maturities as of December 31, 2020: (In millions) Amount 2021 $ 9.4 2022 6.5 2023 4.0 2024 2.5 2025 2.0 Thereafter 21.3 Total undiscounted lease payments 45.7 Less: imputed interest (11.5) Present value of lease payments $ 34.2 Less: operating lease obligations payable within one year (8.0) Long-term operating lease obligations $ 26.2 The following table summarizes supplemental cash flow information related to leases during the years ended December 31, 2020 and 2019: Year Ended December 31, (In millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11.2 $ 12.6 Operating lease right of use assets obtained in exchange for new lease obligations: Upon adoption of Topic 842 $ — $ 40.8 During the remainder of the period 14.8 5.9 Total $ 14.8 $ 46.7 GCP's rent expense for operating leases was $14.3 million during the year ended December 31, 2018. Sale of Corporate Headquarters On July 31, 2020, GCP sold its corporate headquarters located at 62 Whittemore Avenue, Cambridge, Massachusetts to IQHQ, L.P, entered into a leaseback transaction with the buyer, and received from the buyer cash proceeds of $122.5 million, net of the related transaction costs and commissions of $2.5 million, pursuant to the sale of the property. The gain on sale of the corporate headquarters of $110.2 million was recognized based on the assets' fair value of $133.6 million and carrying value of $20.9 million, net of related transaction costs of $2.5 million, upon transfer of control to the buyer at the time of the sale. The lease of GCP's corporate headquarters is classified as an operating lease and has an initial rent-free term of eighteen months. The lease commenced on July 31, 2020 and can be extended for an additional six months at GCP's option, subject to monthly rental payments of $0.6 million. The exercise of the extension option was not reasonably certain as of December 31, 2020. Pursuant to the terms of the lease, GCP is required to make certain payments for real estate taxes and other operating expenses related to the leased property which are recognized as variable lease expenses over the lease term. Fair value of $8.6 million related to the initial rent-free lease term was recognized as an Operating lease right-of-use asset in the Consolidated Balance Sheets on the lease commencement date as a result of a non-cash transaction and is being amortized as operating lease expense on a straight-line basis over the lease term. The fair value of assets sold and the fair value of the Operating lease right-of-use asset related to free rent were determined based on Level 3 inputs. In determining fair value, the highest and best use of the assets sold differs from GCP’s current use of the assets as its’ corporate headquarters due to higher lease income that could potentially be generated by market participants based on the highest and best use of the premises. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The carrying amount of goodwill attributable to each operating segment and the changes in those balances during the years ended December 31, 2020 and 2019, are as follows: (In millions) SCC SBM Total Balance, December 31, 2018 $ 62.3 $ 145.6 $ 207.9 Foreign currency translation (0.7) 1.7 1.0 Balance, December 31, 2019 $ 61.6 $ 147.3 $ 208.9 Foreign currency translation 1.6 4.5 6.1 Balance, December 31, 2020 $ 63.2 $ 151.8 $ 215.0 Other Intangible Assets As of December 31, 2020 and 2019, technology and other intangible assets of $70.9 million and $80.7 million, respectively, consisted of finite-lived intangible assets of $66.5 million and $76.5 million, respectively, and indefinite-lived intangible assets of $4.4 million and $4.2 million, respectively. The following is a summary of the finite-lived intangible assets presented in the Consolidated Balance Sheets as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 (In millions) Gross Carrying Accumulated Net Book Value Gross Carrying Accumulated Net Book Value Customer relationships $ 88.4 $ 42.0 $ 46.4 $ 87.4 $ 35.3 $ 52.1 Technology 39.5 22.8 16.7 41.0 20.0 21.0 Trademarks 12.9 10.8 2.1 11.9 9.9 2.0 Other 6.7 5.4 1.3 6.5 5.1 1.4 Total $ 147.5 $ 81.0 $ 66.5 $ 146.8 $ 70.3 $ 76.5 Total indefinite-lived intangible assets consisted of purchased technology, trademarks and trade names and amounted to $4.4 million and $4.2 million, respectively, at December 31, 2020 and 2019. Amortization expense related to finite-lived intangible assets was $9.0 million, $9.5 million and $9.5 million, respectively, for the years ended December 31, 2020, 2019 and 2018. As of December 31, 2020, the estimated future annual amortization expense for intangible assets is as follows: (In millions) Amount Year ending December 31, 2021 $ 8.9 2022 8.9 2023 8.5 2024 8.4 2025 7.8 Thereafter 24.0 Total $ 66.5 |
Debt and Other Borrowings
Debt and Other Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt and Other Borrowings | Debt and Other Borrowings Components of Debt The following is a summary of obligations related to the senior notes and other borrowings at December 31, 2020 and December 31, 2019: Year Ended December 31, (In millions) 2020 2019 5.5% Senior Notes due in 2026, net of unamortized debt issuance costs of $3.3 million and $3.9 million, respectively, at December 31, 2020 and 2019 $ 346.6 $ 346.1 Revolving credit facility due in 2023 (1) — — Other borrowings (2) 5.1 3.1 Total debt 351.7 349.2 Less debt payable within one year 2.8 2.7 Debt payable after one year $ 348.9 $ 346.5 Weighted average interest rates on total debt obligations outstanding 5.5 % 5.5 % __________________________ (1) Represents borrowings under the Revolving Credit Facility with an aggregate principal amount of $350.0 million as of December 31, 2020 and 2019. (2) Represents borrowings of $2.1 million and $1.8 million, respectively, at December 31, 2020 and 2019, under various lines of credit and other borrowings, primarily by non-U.S. subsidiaries, as well as $3.0 million and $1.3 million, respectively, of finance lease obligations. The principal maturities of debt obligations outstanding, net of debt issuance costs, were as follows at December 31, 2020: (In millions) Year ending December 31, Amount 2021 $ 2.8 2022 0.8 2023 0.8 2024 0.6 2025 0.1 Thereafter 346.6 Total debt $ 351.7 Debt Refinancing On April 10, 2018, GCP fully redeemed its then existing 9.5% Senior Notes with an aggregate principal amount of $525.0 million due in 2023 (the “9.5% Senior Notes”). On April 10, 2018, the Company also issued 5.5% Senior Notes with an aggregate principal amount of $350.0 million maturing on April 15, 2026 (the "5.5% Senior Notes") and amended its Credit Agreement to, among other things, (i) increase the aggregate principal amount available under its Revolving Credit Facility to $350.0 million, (ii) extend the maturity date of the revolving credit facility thereunder to April 2023 and (iii) make certain other changes to the covenants and other provisions therein. Additionally, on April 10, 2018, the Company borrowed $50.0 million in aggregate principal amount of revolving loans under the Credit Agreement which was fully repaid during the three months ended June 30, 2018. The aggregate cash payment of $587.9 million, which consisted of: (i) proceeds of $350.0 million from the issuance of the 5.5% Senior Notes, net of loan origination fees of $3.1 million, (ii) borrowings of $50.0 million under the Credit Agreement, and (iii) a cash payment of $191.0 million was used to redeem all of the then outstanding 9.5% Senior Notes in accordance with the terms of the indenture governing the 9.5% Senior Notes. The redemption of the 9.5% Senior Notes was accounted for as a debt extinguishment in accordance with provisions of ASC Topic 470-50, Debt Modifications and Extinguishments . During the year ended December 31, 2018, GCP recognized a loss on debt extinguishment of $59.4 million which was included in "Interest expense and related financing costs" in the Consolidated Statements of Operations. In connection with the redemption of the 9.5% Senior Notes with then outstanding principal balance of $525.0 million, GCP paid total cash proceeds of $587.9 million, including $53.3 million of a redemption premium and $9.6 million of accrued interest unpaid thereon through the redemption date, and wrote off $6.1 million of previously deferred debt issuance costs. The total loss recognized on the debt refinancing transaction was $59.8 million which was included in "Interest expense and related financing costs" in the Consolidated Statements of Operations and consisted of $59.4 million related to the extinguishment of the 9.5% Senior Notes and $0.4 million of deferred issuance costs write-off related to a financial institution that exited the syndicate upon the Credit Agreement amendment. 5.5% Senior Notes On April 10, 2018, GCP issued 5.5% Senior Notes with an aggregate principal amount of $350.0 million maturing on April 15, 2026. The 5.5% Senior Notes were issued at $346.9 million, or 99.1% of their par value, resulting in a discount of $3.1 million, or 0.9%, which represented loan origination fees paid at the closing. The Company incurred additional deferred financing costs of $1.6 million related to the issuance. Interest is payable semi-annually in arrears on April 15 and October 15 of each year, which commenced on October 15, 2018. The 5.5% Senior Notes were issued pursuant to an Indenture (the “Indenture”), by and among GCP, the guarantors party thereto (the “Note Guarantors”) and Wilmington Trust, National Association, as trustee. The 5.5% Senior Notes and the related guarantees rank equally with all of the existing and future unsubordinated indebtedness of GCP and the Note Guarantors and senior in right of payment to any existing and future subordinated indebtedness of GCP and the Note Guarantors. The 5.5% Senior Notes and related guarantees are effectively subordinated to any secured indebtedness of GCP or the Note Guarantors, as applicable, to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other liabilities of GCP’s non-guarantor subsidiaries. Subject to certain conditions stated in the Indenture, GCP may, at its option and at any time and from time to time prior to April 15, 2021, redeem the 5.5% Senior Notes in whole or in part at a redemption price equal to: (i) 100% of their principal amount redeemed, plus (ii) the applicable premium, as defined in the Indenture, plus (iii) accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, GCP may, at its option, redeem up to 40% of the outstanding principal amount of the 5.5% Senior Notes at any time and from time to time prior to April 15, 2021 with the net cash proceeds from certain equity offerings at a redemption price equal to: (i) 105.5% of the principal amount redeemed, plus (ii) accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. At any time and from time to time on or after April 15, 2021, GCP may, at its option, redeem the 5.5% Senior Notes in whole or in part at the redemption price equal: (i) 102.8% of the par value if redeemed after April 15, 2021, (ii) 101.4% of the par value if redeemed after April 15, 2022, and (iii) 100.0% of the par value if redeemed after April 15, 2023 and thereafter. Upon occurrence of a change of control, as defined in the Indenture, GCP will be required to make an offer to repurchase the 5.5% Senior Notes at a price equal to 101.0% of their aggregate principal amount repurchased plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase. The Indenture contains covenants that limit the ability of GCP and its subsidiaries, subject to certain exceptions and qualifications set forth therein, to (i) create or incur liens on certain assets, (ii) incur additional debt, (iii) make certain investments and acquisitions, (iv) consolidate, merge, or convey, transfer, or lease all or substantially all of their assets, (v) sell certain assets, (vi) pay dividends on or make distributions in respect of GCP’s capital stock or make other restricted payments, (vii) enter into certain transactions with GCP’s affiliates and (viii) place restrictions on distributions from and other actions by subsidiaries. As of December 31, 2020 and 2019, the Company was in compliance with all covenants and conditions under the Indenture. The Indenture provides for customary events of default which are subject in certain cases to customary grace periods and include, among others: (i) nonpayment of principal or interest, (ii) breach of other agreements in the Indenture, (iii) failure to pay certain other indebtedness, (iv) certain events of bankruptcy or insolvency, (v) failure to discharge final judgments aggregating in excess of $50.0 million rendered against GCP or certain of its subsidiaries, (vi) and failure of the guarantee of the 5.5% Senior Notes by any of GCP’s significant subsidiaries to be in full force and effect. There are no events of default under the Indenture as of December 31, 2020 and 2019. Credit Agreement On April 10, 2018, GCP amended its Credit Agreement and increased the aggregate principal amount available under its Revolving Credit Facility from $250.0 million and to $350.0 million. GCP incurred debt issuance costs of $4.8 million due to the amendment of the Credit Agreement. The Credit Agreement contains conditions that would require mandatory principal payments in advance of the maturity date of the Revolving Credit Facility, as well as certain customary affirmative and negative covenants and events of default. Customary affirmative covenants include, but are not limited to (i) maintenance of legal existence and compliance with laws and regulations; (ii) delivery of consolidated financial statements and other information; (iii) payment of taxes; (iv) delivery of notices of defaults and certain other material events; and (v) maintenance of adequate insurance. Customary negative covenants include, but are not limited to (i) restrictions on dividends on and redemptions of, equity interests and other restricted payments; (ii) liens; (iii) loans and investments; (iv) the sale, transfer or disposition of assets and businesses; (v) transactions with affiliates; and (vi) maintaining a maximum total leverage ratio and a minimum interest coverage ratio. Certain debt covenants may restrict the Company's ability as it relates to dividends, acquisitions and other borrowings. Events of default under the Credit Agreement include, but are not limited to: (i) failure to pay principal, interest, fees or other amounts under the Credit Agreement when due, taking into account any applicable grace period; (ii) any representation or warranty proving to have been incorrect in any material respect when made; (iii) failure to perform or observe covenants or other terms of the Credit Agreement subject to certain grace periods; (iv) a cross-default and cross-acceleration with certain other material debt; (v) bankruptcy events; (vi) certain defaults under ERISA; and (vii) the invalidity or impairment of security interests. The Company was in compliance with all covenant terms as of December 31, 2020 and 2019. There are no events of default as of December 31, 2020 and 2019. The Revolving Credit Facility is secured on a first priority basis by a perfected security interest in, and mortgages on substantially all U.S. tangible and intangible personal property, financial assets and real property owned by the Company in Chicago, Illinois and Mount Pleasant, Tennessee; a pledge of 100% of the equity of each material U.S. subsidiary of the Company; and 65% of the equity of a U.K. holding company. The interest rate per annum applicable to the Revolving Credit Facility is equal to, at GCP’s option, either: (i) a base rate plus a margin ranging from 0.5% to 1.0%, or (ii) LIBOR plus a margin ranging from 1.5% to 2.0%, based upon the total leverage ratio of GCP and its restricted subsidiaries in both scenarios. As of December 31, 2020 and 2019, there were no outstanding borrowings on the Revolving Credit Facility and approximately $2.6 million and $5.9 million, respectively, in outstanding letters of credit, which resulted in available credit of $347.4 million and $344.1 million, respectively, under the Revolving Credit Facility. There were no interest payments on the Revolving Credit Facility during the years ended December 31, 2020 and 2019. Debt Issuance Costs GCP recognizes expenses directly associated with obtaining the Revolving Credit Facility as debt issuance costs which are presented within "Other assets" in the Consolidated Balance Sheets. Such costs are amortized over the term of the Revolving Credit Facility and included in “Interest expense and related financing costs” in the Consolidated Statements of Operations. The remaining unamortized debt issuance costs related to the Revolving Credit Facility were $2.2 million and $3.1 million, respectively, as of December 31, 2020 and 2019. Debt issuance costs of $4.7 million, including loan origination fees of $3.1 million paid at the closing, are directly associated with issuing the 5.5% Senior Notes and presented as a reduction of the principal balance in the Consolidated Balance Sheets. Such costs are amortized over the term of the 5.5% Senior Notes and included in “Interest expense and related financing costs” in the Consolidated Statements of Operations. As of December 31, 2020 and 2019, the remaining unamortized debt issuance costs related to the 5.5% Senior Notes were $3.3 million and $3.9 million, respectively. Debt Fair Value At December 31, 2020 and 2019, the carrying amounts and fair values of GCP's debt are as follows: December 31, 2020 December 31, 2019 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value 5.5% Senior Notes due in 2026 $ 346.6 $ 362.0 $ 346.1 $ 366.3 Other borrowings 5.1 5.1 3.1 3.1 Total debt $ 351.7 $ 367.1 $ 349.2 $ 369.4 Fair value is determined based on Level 2 inputs, including expected future cash flows discounted at market interest rates, estimated current market prices and quotes from financial institutions. As of December 31, 2020, the fair value was higher than the carrying amount due to higher bond market prices. The carrying amount represents the aggregate principal amount at maturity reduced by the unamortized debt issuance costs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision for Income Taxes The components of income from continuing operations before income taxes and the related provision (benefit) for income taxes for 2020, 2019 and 2018 are as follows: Year Ended December 31, (In millions) 2020 2019 2018 Income from continuing operations before income taxes: Domestic $ 103.1 $ 15.2 $ 5.6 Foreign 34.6 20.0 4.6 Total $ 137.7 $ 35.2 $ 10.2 Provision (benefit) for income taxes: Federal—current $ 2.7 $ (13.4) $ 16.8 Federal—deferred 14.0 1.4 (0.6) State and local—current 3.9 1.0 (0.2) State and local—deferred 3.0 (0.4) (0.4) Foreign—current 10.9 6.4 12.1 Foreign—deferred 2.2 (1.0) (1.4) Total $ 36.7 $ (6.0) $ 26.3 Tax Reform The 2017 Tax Act (the "Act") continues to impact the Company as the Internal Revenue Service ("IRS") publishes additional guidance and regulations around the global intangible low-taxed income ("GILTI"), foreign derived intangible income ("FDII"), foreign tax credits, and deduction of the interest expense. On March 27, 2020, then President Trump signed into U.S. federal law the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, which aimed at providing emergency assistance and health care for individuals, families, and businesses affected by the COVID-19 pandemic and generally supporting the U.S. Economy. The CARES Act allows for increased net operating loss periods, alternative minimum tax credit refunds, and favorable modifications to the net interest deduction limitation. Additionally, the CARES Act made technical corrections to tax depreciation methods for qualified improvement property. During the year ended December 31, 2020, as a result of the additional deductions and net operating loss carryback allowable to GCP under the CARES Act, GCP recorded a net tax benefit of $5.5 million, an increase in current US income tax receivable of $1.8 million, a decrease in US deferred tax assets of $9.3 million, and a decrease to GCP’s long-term tax payable of $13.0 million. During the year ended December 31, 2019, as a result of clarifications issued in January 2019 by the Internal Revenue Service (IRS) in the final treasury regulations under Code Section 965, GCP decreased its liability for unrecognized tax benefits by $20.2 million. In addition, the application of the final regulations resulted in an increase to GCP’s long-term tax payable by $3.7 million and an increase of GCP's short-term tax payable by $0.2 million. During the year ended December 31, 2018, the Company recorded an increase to the provisional net charge of $17.9 million which was comprised of an expense of $20.2 million related to certain capital gains recognized resulting from the application of the Transition Tax, a $2.5 million benefit related to the Transition Tax, and an expense of $0.2 million for the effect on U.S. deferred taxes. Transition Tax The 2017 Tax Act eliminated the deferral of U.S. income tax on the historical unrepatriated earnings by imposing the Transition Tax, which was a one-time mandatory deemed repatriation tax on undistributed earnings. The Transition Tax was assessed on the U.S. shareholder's share of the foreign corporation's accumulated foreign earnings that had not previously been taxed. Earnings in the form of cash and cash equivalents was taxed at a 15.5% and all other earnings were taxed at 8.0%. As of December 31, 2020, the unpaid balance of the Transition Tax obligation is $28.4 million long term income tax payable, net of overpayments and foreign tax credits. After considering overpayments, the outstanding payable is due between April 2023 and April 2025. Effective Tax Rate The difference between the provision for income taxes at the U.S. federal income tax rates of 21% and GCP's overall income tax provision (benefit) are as follows: Year Ended December 31, (In millions) 2020 2019 2018 Tax provision at U.S. federal income tax rate $ 28.9 $ 7.4 $ 2.1 Change in provision resulting from: 2017 Tax Act — 3.9 (2.5) Recognition of outside basis differences 1.1 (0.3) 0.3 U.S. foreign income inclusions (0.7) 1.2 0.7 Effect of tax rates in foreign jurisdictions 2.6 3.6 3.2 Valuation allowance 1.1 1.0 6.8 State and local income taxes, net 5.5 0.9 (0.3) Nondeductible expenses and non-taxable items 3.7 1.7 — U.S. foreign income tax credits (1.5) (2.0) (5.7) Research and other state credits (0.8) (1.3) (1.2) Brazil refund — (3.2) — Change in rate (4.5) — 0.7 Unrecognized tax benefits (1) (1.1) (20.3) 20.7 Equity compensation 0.4 (0.2) (0.5) Other 2.0 1.6 2.0 Provision (benefit) for income taxes $ 36.7 $ (6.0) $ 26.3 __________________________ (1) Amounts in 2018 and 2019 are primarily related to an unrecognized tax benefit increase of $20.2 million in 2018 and the subsequent $20.2 million reversal in 2019 due to the regulatory clarification of the 2017 Tax Act in January 2019. Provision (benefit) for income taxes for the years ended December 31, 2020, 2019, and 2018 was $36.7 million, ($6.0) million and $26.3 million, respectively, representing effective tax rates of 26.7%, 17.0%, and 257.8%, respectively. The change in the Company's effective tax rate for the year ended December 31, 2020 compared to 2019 was primarily due to higher state taxes as a result of the gain on sale of corporate headquarters, the non-recurrence of the 2019 unrecognized tax benefit from the finalization of Transition Tax regulations issued in January 2019, as well as the 2020 non-deductibility of executive compensation, and a UK rate change, offset by tax benefits resulting from the carryback of losses at the higher 35% U.S. tax rate applicable in prior years. The Company's 2020 effective tax rate of 26.7% differed from the 21% U.S. statutory rate primarily due to tax provisions from non-deductible executive compensation of $1.9 million, the gain on sale of corporate headquarters which resulted in a higher blended state tax provision of $5.2 million and rate changes in the UK of $1.0 million, partially offset by a U.S. tax benefit of $5.5 million due to the net operating loss carrybacks to earlier years at the higher 35% U.S. tax rate as allowed under the CARES Act. The change in the Company's tax rate for the year ended December 31, 2019 compared to 2018 was primarily due to the unrecognized benefit from the finalization of Transition Tax regulations issued in January 2019, as well as the benefit in 2019 of a Brazilian income tax refund and a lower valuation allowance. The Company's 2019 effective tax rate of 17.0% differed from the 21% U.S. statutory rate primarily due to the reversal of unrecognized benefits from the finalization of Transition Tax regulations issued in January 2019, resulting in a tax benefit of $20.2 million, as well as the benefit of a Brazilian income tax refund of $3.2 million and U.S. foreign tax credits generated of $2.0 million. These benefits were partially offset by a tax provision of $3.9 million due to changes to GCP's 2017 income tax liability and Transition Tax as well as the effect of foreign rate differential of $3.6 million, non-deductible expenses of $1.7 million and a valuation allowance increase of $1.0 million. The Company's 2018 effective tax rate of 257.8% differed from the 21% U.S. statutory rate primarily due to impacts of the 2017 Tax Act of $17.9 million and an increase in valuation allowance of $6.8 million resulting from net operating losses in Germany, France, India, Turkey and Mexico that do not benefit the effective tax rate. Deferred Tax Assets and Liabilities The components of the deferred tax assets and liabilities at December 31, 2020 and 2019 are as follows: (In millions) December 31, 2020 December 31, 2019 Deferred tax assets: Foreign net operating loss carryforwards $ 14.8 $ 16.8 Research and development — 0.7 Reserves and allowances 13.1 10.2 Pension benefits 8.8 11.0 Intangible assets/goodwill — — Stock compensation 1.9 2.2 Interest Limitation Carryover 0.1 10.3 Operating Lease Obligations 8.7 7.4 Foreign tax credit carryforwards 1.5 1.2 Other 2.1 1.3 Total deferred tax assets 51.0 61.1 Deferred tax liabilities: Properties and equipment (18.3) (14.3) Other (1.5) (1.2) Operating Lease Right of Use (8.7) (7.4) Intangible assets/goodwill (2.2) (1.1) Outside basis difference in Verifi ® (9.3) (6.9) Total deferred tax liabilities (40.0) (30.9) Valuation Allowance: Foreign net operating loss carryforwards (14.8) (16.0) Foreign tax credit carryforwards (1.5) (1.2) Total Valuation Allowance (16.3) (17.2) Net deferred tax assets (liabilities) $ (5.3) $ 13.0 In evaluating GCP's ability to realize its deferred tax assets, GCP considers all reasonably available positive and negative evidence, including recent earnings experience, expectations of future taxable income and the tax character of that income, the period of time over which temporary differences become deductible and the carryforward and/or carryback periods available to GCP for tax reporting purposes in the related jurisdiction. In estimating future taxable income, GCP relies upon assumptions and estimates about future activities, including the amount of future federal, state and foreign pretax operating income that GCP will generate; the reversal of temporary differences; and the implementation of feasible and prudent tax planning strategies. GCP records a valuation allowance to reduce deferred tax assets to the amount that it believes is more likely than not to be realized. At December 31, 2020, GCP recorded a deferred tax asset of $0.3 million for excess U.S. foreign tax credit carryovers. These credits may be carried back one year and forward ten years. Management believes it is not more likely than not that these credits will be utilized and has recorded a full valuation allowance against the deferred tax asset. At December 31, 2019, GCP recorded a deferred tax asset of $1.2 million for excess U.S. foreign tax credit carryovers. These credits may be carried back one year and forward ten years. Management believes it is not more likely than not that these credits will be utilized and has recorded a full valuation allowance against the deferred tax asset. At December 31, 2020 and 2019, GCP has recorded a valuation allowance of $16.3 million and $17.2 million respectively, to reduce its net deferred tax assets to the amount that is more likely than not to be realized. The realization of deferred tax assets is dependent on the generation of sufficient taxable income in the appropriate tax jurisdictions. GCP believes it is more likely than not that the remaining deferred tax assets will be realized. If GCP were to determine that it would not be able to realize a portion of its deferred tax assets in the future, for which there is currently no valuation allowance, an adjustment to the deferred tax assets would be charged to earnings in the period such determination was made. Conversely, if GCP were to make a determination that it is more likely than not that deferred tax assets, for which there is currently a valuation allowance, would be realized, the related valuation allowance would be reduced and a benefit to earnings would be recorded. In 2020, the Company decreased valuation allowances by $0.9 million. Valuation allowances on foreign net operating losses decreased by a net $1.2 million which was comprised of decreases of $1.2 million related to foreign exchange impact primarily in Brazil. Foreign valuation allowances also decreased by $0.5 million due to releases of valuation allowances, the impact of which was offset by valuation allowance increases on U.S foreign tax credit carryovers of $0.3 million and valuation allowance increases on foreign net operating losses of $1.3 million. Foreign valuation allowances were further reduced by $0.8 million due to an unrecognized tax benefit recorded as a reduction in GCP's foreign deferred tax assets. In 2019, the Company decreased valuation allowances by $1.3 million. Valuation allowances on foreign net operating losses decreased by $2.5 million in total which was due to a $1.1 million rate change impact reducing France net operating losses, foreign exchange impacts of $1.2 million and a $0.2 million benefit on net valuation releases. The impact of such items was offset by a valuation allowance increase on U.S foreign tax credit carryovers of $1.2 million. As of December 31, 2020, the Company had net operating losses available for carryforward of approximately $53.8 million. These net operating losses consist primarily of Australia, Brazil, Chile, France, and Germany net operating losses of $1.2 million, $17.5 million, $3.9 million, $11.6 million, and $6.6 million respectively, each with an unlimited carryover period, and $8.8 million of India net operating losses that begin to expire in 2021. As of December 31, 2020, the Company had U.S. foreign tax credit carryovers of $1.5 million that will expire in 2029. Repatriation In general, it is the Company's practice and intention to permanently reinvest the earnings of its foreign subsidiaries and repatriate earnings only when the tax impact is minimal and that position has not changed subsequent to the one-time transition tax under the Tax Act. Accordingly, no deferred taxes have been provided for withholding taxes or other taxes that would result upon repatriation of approximately $558.7 million of unremitted earnings from foreign subsidiaries to the U.S. as those earnings continue to be permanently reinvested. The estimated unrecorded tax liability associated with these unremitted earnings is $7.8 million. Tax Sharing Agreement In connection with the Separation, GCP and Grace entered into various agreements that govern the relationship between the parties going forward, including a tax matters agreement (the "Tax Sharing Agreement"). Under the Tax Sharing Agreement, which was entered into on the distribution date, GCP and Grace will indemnify and hold each other harmless in accordance with the principles outlined therein. Please refer to Note 16, "Related Party Transactions and Transactions with Grace" for further information on the Tax Sharing Agreement. Unrecognized Tax Benefits A reconciliation of the unrecognized tax benefits excluding interest and penalties, for the three years ended December 31, 2020, is presented below. (In millions) Unrecognized Balance, December 31, 2017 $ 34.1 Additions for prior year tax positions 21.0 Additions for current year tax positions — Reductions for expirations of statute of limitations (2.0) Reductions for prior year tax positions and reclassifications (0.3) Balance, December 31, 2018 $ 52.8 Additions for prior year tax positions — Additions for current year tax positions — Reductions for expirations of statute of limitations (1.5) Reductions for prior year tax positions and reclassifications (19.5) Balance, December 31, 2019 $ 31.8 Additions for prior year tax positions 0.9 Additions for current year tax positions — Reductions for expirations of statute of limitations (1.9) Reductions for prior year tax positions and reclassifications — Balance, December 31, 2020 $ 30.8 The balance of unrecognized tax benefits as of December 31, 2020, 2019 and 2018, that if recognized, would affect GCP’s effective tax rate are $30.0 million, $31.6 million and $52.4 million, respectively, GCP accrues potential interest and any associated penalties related to unrecognized tax benefit within "(Provision) benefit from income taxes" in the Consolidated Statements of Operations. The balances of unrecognized tax benefits in the preceding table do not include accrued interest and penalties. The total amount of interest and penalties accrued on unrecognized tax benefits and included in the Consolidated Balance Sheets as of December 31, 2020 and 2019 was $11.0 million and $10.6 million, respectively, net of applicable federal income tax benefits. Unrecognized tax benefits from GCP's operations are reflected in its Consolidated Financial Statements, including those that in certain jurisdictions have historically been included in tax returns filed by Grace. In such instances, unrecognized tax benefits related to GCP's operations may be indemnified by Grace. As of December 31, 2020, 2019 and 2018, the amount of unrecognized tax benefits considered obligations of Grace (including both interest and penalties) were $1.2 million, $2.6 million and $3.0 million, respectively. The Company has a corresponding receivable of the same amount from Grace. The Company believes it is reasonably possible that in the next 12 months due to expiration of statute of limitation that the amount of the liability for unrecognized tax benefits could further decrease by approximately $2.6 million, of which $0.6 million is indemnified by Grace. GCP files U.S. federal income tax returns, as well as income tax returns, in various state and foreign jurisdictions. Unrecognized tax benefits relate to income tax returns for tax years that remain subject to examination by the relevant tax authorities. As of December 31, 2020, the tax years for which the Company remains subject to United States federal income tax assessment and state and local income tax assessment upon examination are 2017 and thereafter. The Company is also subject to taxation in various foreign jurisdictions, including in Europe, the Middle East, Africa, Asia Pacific, Canada and Latin America. As of December 31, 2020, the Company is under, or may be subject to, audit or examination and additional assessments in respect of these particular jurisdictions for tax years 2012 and thereafter. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension Plans and Other Postretirement Benefit Plans | Pension Plans and Other Postretirement Benefit Plans The following discussion of GCP's pension plans and other postretirement benefit plans includes amounts related to continuing operations and discontinued operations as distinguished below. Pension Plans GCP sponsors defined benefit pension plans, primarily in the U.S . and the U.K., in which GCP employees and former employees participate. These plans cover current and former employees of certain business units and divested business units who meet age and service requirements. Benefits are generally based on final average salary and years of service. GCP funds its U.S. qualified pension plans in accordance with U.S. federal laws and regulations. Non-U.S. pension plans are funded under a variety of methods as required under local laws and customs. Overfunded and underfunded plans include several advance-funded plans for which the fair value of the plan assets offset the projected benefit obligation ("PBO"). The overfunded plans hold plan assets measured at fair value that exceeds the PBO. In contrast to the overfunded plans, the PBO of the underfunded plans is greater than the fair value of the plan assets. These plans are presented in the Consolidated Balance Sheets along with unfunded plans. Unfunded plans are funded on a pay-as-you-go basis and therefore, their PBO is unfunded entirely. The following table presents the funded status of GCP's overfunded, underfunded and unfunded defined pension plans in continuing operations: (In millions) December 31, 2020 December 31, Overfunded defined benefit pension plans $ 29.7 $ 25.0 Long-term pension liabilities: Underfunded defined benefit pension plans (33.3) (40.8) Unfunded defined benefit pension plans (29.6) (26.7) Total long-term pension liabilities related to underfunded and unfunded defined benefit pension plans (62.9) (67.5) Pension liabilities included in other current liabilities (1.4) (1.2) Net funded status $ (34.6) $ (43.7) U.S. Pension Plans On May 3, 2017, the Board of Directors approved an amendment to the GCP Applied Technologies Inc. Retirement Plan for Salaried Employees that closes the plan to new employees effective January 1, 2018 and freezes the accrual of plan benefits for all plan participants as of December 31, 2022. There were no curtailment gains recognized during the years ended December 31, 2020, 2019 and 2018 for the U.S. plans. During the years ended December 31, 2020, 2019 and 2018, pension mark-to-market (MTM) (losses) gains from continuing operations related to annual remeasurements of the U.S. plans' PBO and plan assets were ($3.4) million, ($12.3) million and $9.5 million, respectively. Non-U.S. Pension Plans A High Court judgment on October 26, 2018 ruled that certain U.K. pension plans must gender-equalize a statutory minimum benefit (“Guaranteed Minimum Pension”, or “GMP”,) that is provided by most U.K. plans. This judgment resulted in increases to the pension benefits for many U.K. plan participants and was accounted for as a plan amendment resulting in the recognition of a prior service cost of $2.7 million in "Accumulated Other Comprehensive Loss" as of December 31, 2018. Such amount will be recognized in the Company's results of operations in future periods and recorded annually as an amortization expense of $0.1 million over 19 years which represents expected lifetime of the affected participants. In December 2019, the Board of Directors approved an amendment to the GCP Applied Technologies Inc. UK Retirement Plan that freezes the accrual of plan benefits for all plan participants starting December 31, 2019. As a result, the Company recognized a curtailment gain of $1.2 million in continuing operations. The Company recognized the following curtailment gains related to non-U.S. pension plans: Year Ended December 31, 2019 2018 Net curtailment gains: Total net curtailment gains from continuing operations $ 1.2 $ 0.2 Total net curtailment gains from discontinued operations 0.2 — Total net curtailment gains $ 1.4 $ 0.2 During the years ended December 31, 2020, 2019 and 2018, pension mark-to-market (MTM) gains (losses) from continuing operations related to annual remeasurements of the Non-U.S. plans' PBO and plan assets were $0.6 million, ($1.0) million and $0.4 million, respectively. During the years ended December 31, 2020, 2019 and 2018, adjustments for curtailments and pension mark-to-market remeasurements for both the U.S. and non-U.S. plans are presented in "Other income (expenses), net" in the Consolidated Statements of Operations. Analysis of Plan Accounting and Funded Status The following table summarizes the changes in benefit obligations, the fair values of retirement plan assets, and funded status during the years ended December 31, 2020 and 2019, including amounts presented in both continuing and discontinued operations. Defined Benefit Pension Plans U.S. Non-U.S. Total 2020 2019 2020 2019 2020 2019 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 171.9 $ 141.5 $ 265.6 $ 246.8 $ 437.5 $ 388.3 Service cost 6.1 6.3 1.0 2.6 7.1 8.9 Interest cost 5.0 5.8 4.1 5.4 9.1 11.2 Amendments — — 0.3 0.2 0.3 0.2 Settlements/curtailments — — — (1.4) — (1.4) Actuarial loss (gain) 19.1 27.8 28.3 20.2 47.4 48.0 Benefits paid (16.8) (9.5) (14.7) (15.4) (31.5) (24.9) Currency exchange translation adjustments — — 7.9 7.2 7.9 7.2 Benefit obligation at end of year $ 185.3 $ 171.9 $ 292.5 $ 265.6 $ 477.8 $ 437.5 Change in Plan Assets: Fair value of plan assets at beginning of year $ 123.0 $ 110.5 $ 270.8 $ 250.4 $ 393.8 $ 360.9 Actual return on plan assets 22.2 21.9 33.8 25.1 56.0 47.0 Employer contributions 15.9 0.1 1.5 2.6 17.4 2.7 Benefits paid (16.8) (9.5) (14.7) (15.4) (31.5) (24.9) Currency exchange translation adjustments — — 7.5 8.1 7.5 8.1 Fair value of plan assets at end of year $ 144.3 $ 123.0 $ 298.9 $ 270.8 $ 443.2 $ 393.8 Funded status at end of year (PBO basis) $ (41.0) $ (48.9) $ 6.4 $ 5.2 $ (34.6) $ (43.7) Amounts recognized in the Consolidated Balance Sheets: Non-current assets $ 1.4 $ — $ 28.3 $ 25.0 $ 29.7 $ 25.0 Current liabilities (0.6) (0.4) (0.8) (0.8) (1.4) (1.2) Non-current liabilities (41.8) (48.5) (21.1) (19.0) (62.9) (67.5) Net amount recognized $ (41.0) $ (48.9) $ 6.4 $ 5.2 $ (34.6) $ (43.7) Amounts recognized in Accumulated Other Comprehensive Loss: Prior service credit — — 2.5 2.3 2.5 2.3 Net amount recognized $ — $ — $ 2.5 $ 2.3 $ 2.5 $ 2.3 Defined Benefit Pension Plans U.S. Non-U.S. 2020 2019 2020 2019 Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: Discount rate 2.61 % 3.26 % 1.17 % 1.80 % Rate of compensation increase 3.91 % 4.00 % 2.47 % 3.12 % Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: Discount rate 3.26 % 4.33 % 1.80 % 2.48 % Expected return on plan assets 5.50 % 6.00 % 1.85 % 2.44 % Rate of compensation increase 4.10 % 4.10 % 3.13 % 3.03 % (In millions) Year Ended December 31, Components of Net Periodic Benefit Cost (Income) and Other Amounts Recognized in Other Comprehensive (Income) Loss 2020 2019 2018 U.S. Non-U.S. Total U.S. Non-U.S. Total U.S. Non-U.S. Total Net Periodic Benefit Cost (Income): Service cost (1) $ 6.1 $ 1.0 $ 7.1 $ 6.3 $ 2.6 $ 8.9 $ 7.9 $ 3.0 $ 10.9 Interest cost 5.0 4.1 9.1 5.8 5.4 11.2 5.6 5.6 11.2 Expected return on plan assets (6.5) (4.7) (11.2) (6.5) (5.9) (12.4) (7.6) (6.9) (14.5) Amortization of prior service cost — 0.2 0.2 — 0.1 0.1 — — — Gain on termination, curtailment and settlement of pension plans — — — — (1.4) (1.4) — (0.2) (0.2) Pension mark-to-market adjustment 3.4 (0.6) 2.8 12.3 1.0 13.3 (9.5) (0.4) (9.9) Net periodic benefit cost (income) $ 8.0 $ — $ 8.0 $ 17.9 $ 1.8 $ 19.7 $ (3.6) $ 1.1 $ (2.5) Less: Net periodic benefit income from discontinued operations — — — — (0.2) (0.2) — — — Net periodic benefit cost (income) from continuing operations $ 8.0 $ — $ 8.0 $ 17.9 $ 2.0 $ 19.9 $ (3.6) $ 1.1 $ (2.5) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss: Net prior service cost $ — $ 0.3 $ 0.3 $ — $ 0.2 $ 0.2 $ — $ 2.7 $ 2.7 Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss $ 8.0 $ 0.3 $ 8.3 $ 17.9 $ 2.2 $ 20.1 $ (3.6) $ 3.8 $ 0.2 ________________________________ (1) Service cost component of net periodic benefit cost (income) is included in "Selling, general and administrative expenses" and "Cost of goods sold" in the Consolidated Statements of Operations. All other components of net periodic benefit cost (income) are presented in "Other (income) expenses, net," within the Consolidated Statements of Operations. The PBO reflects the present value of vested and non-vested benefits earned from employee services to date, based upon current services and estimated future pay increases for active employees. As of December 31, 2020, the measurement date for GCP's defined benefit pension plans, the PBO was $477.8 million compared to $437.5 million as of December 31, 2019. The increase in the PBO was primarily due to a decrease in discount rates. As of December 31, 2020, the PBO was determined using the weighted average discount rates for U.S. plans and non-U.S. plans, which were 2.61% , and 1.17%, respectively. The decrease in the discount rates was primarily due to the lower market rates for a portfolio of U.S. and non-U.S. high quality corporate bonds for which the amount and timing of cash outflow approximate estimated payouts for the pension plans. The underfunded status of the U.S. defined pension plans decreased to $41.0 million for the year ended December 31, 2020 compared to $48.9 million in the prior year, while the overfunded status of the non-U.S. defined pension plans increased to $6.4 million for the year ended December 31, 2020 compared to $5.2 million in the prior year. The changes in funded status for the U.S. and non-US pension plans were primarily due to the higher plan assets, partially offset by higher PBO. A full remeasurement of pension assets and pension liabilities is performed annually based on GCP's estimates and actuarial valuations. Remeasurements may also be performed during interim periods when significant events occur, such as plan curtailments or terminations. These remeasurements reflect the terms of the plan and use participant-specific information, as well as key assumptions provided by management. The accumulated benefit obligation for all defined benefit pension plans, was approximately $473 million and $431 million, respectively, as of December 31, 2020 and 2019. Year Ended December 31, 2020 2019 Information for pension plans with projected benefit obligation in excess of plan assets Projected benefit obligations $ 201.0 $ 199.5 Accumulated benefit obligations 197.3 193.4 Fair value of plan assets 136.7 130.9 Year Ended December 31, 2020 2019 Information for pension plans with accumulated benefit obligation in excess of plan assets Projected benefit obligations $ 198.3 $ 197.1 Accumulated benefit obligations 195.5 191.9 Fair value of plan assets 134.3 128.8 As of December 31, 2020, the estimated expected future benefit payments related to future services are as follows: (In millions) Pension Plans Total U.S. Non-U.S. (1) Year ending December 31, Benefit Benefit 2021 $ 8.1 $ 11.0 $ 19.1 2022 8.3 11.5 19.8 2023 8.7 11.5 20.2 2024 8.7 11.8 20.5 2025 8.9 12.3 21.2 2026 - 2030 $ 42.9 $ 60.9 $ 103.8 ________________________________________ (1) Non-U.S. estimated benefit payments for 2021 and future periods have been translated at the applicable December 31, 2020 exchange rates. Discount Rate Assumption The assumed discount rate for pension plans reflects the market rates for high-quality corporate bonds currently available and is subject to change based on overall market interest rates. For the U.S. qualified pension plans, the assumed weighted average discount rate of 2.61% as of December 31, 2020 was selected in consultation with independent actuaries and is based on a yield curve constructed from a portfolio of high quality bonds for which the timing and amount of cash outflows approximates the estimated payouts of the plans. As of December 31, 2020 and 2019, the benefit obligations of the U.K. pension plan represented approximately 85% of the total benefit obligation of the non-U.S. pension plans. As of December 31, 2020, the assumed weighted average discount rate of 0.98% for the U.K. plan was selected in consultation with independent actuaries based on a yield curve constructed from a portfolio of sterling-denominated high quality bonds for which the timing and amount of cash outflows approximates the estimated payouts of the plan. The assumed discount rates for the remaining non-U.S. pension plans were determined based on the nature of the liabilities, local economic environments and available bond indices. Investment Guidelines for Advance-Funded Pension Plans The investment goal for the U.S. qualified pension plans subject to advance funding is to earn a long-term rate of return consistent with the related cash flow profile of the underlying benefit obligation. The plans are pursuing a well-defined risk management strategy designed to reduce investment risks as their funded status improves. The U.S. qualified pension plans have adopted a diversified set of portfolio management strategies to optimize the risk reward profile of the plans: • Liability hedging portfolio : primarily invested in intermediate-term and long-term investment grade corporate bonds in actively managed strategies. • Growth portfolio : invested in a diversified set of assets designed to deliver performance in excess of the underlying liabilities with controls regarding the level of risk. ◦ U.S. equity securities- the portfolio contains domestic equities, a portion of which are passively managed and benchmarked to the S&P 500 and Russell 2000 and the remainder of which is allocated to an active portfolio benchmarked to the Russell 2000. ◦ Non-U.S. equity securities- the portfolio contains non-U.S. equities in an actively managed strategy. Currency futures and forward contracts may be held for the sole purpose of hedging existing currency risk in the portfolio. ◦ Other investments- may include (a) high yield bonds - fixed income portfolio of securities below investment grade; and (b) bank loans and other floating-rate securities. These portfolios combine income generation and capital appreciation opportunities from developed markets globally. • Liquidity portfolio : invested in short-term assets intended to pay periodic plan benefits and expenses. The expected long-term rate of return on assets for the U.S. qualified pension plans was 5.50% for the year ended December 31, 2020. The expected return on plan assets for the U.S. qualified pension plans for 2020 was selected in consultation with GCP's independent actuaries using an expected return model. The model determines the weighted average return for an investment portfolio based on the target asset allocation and expected future returns for each asset class, which were developed using a building block approach based on observable inflation, available interest rate information, current market characteristics and historical results. The target allocation of investment assets at December 31, 2020 and the actual allocation at December 31, 2020 and 2019 for GCP's U.S. qualified pension plans were as follows: Target Actual Allocation of Plan Assets U.S. Qualified Pension Plans Asset Category: 2020 2020 2019 U.S. equity securities 24 % 24 % 27 % Non-U.S. equity securities 11 % 12 % 13 % Debt securities 65 % 60 % 55 % Other investments — % 4 % 5 % Total 100 % 100 % 100 % The following tables present the fair value hierarchy for the U.S. qualified pension plan assets measured at fair value, which are held in a trust by GCP, as of December 31, 2020 and 2019. Fair Value Measurements at December 31, 2020, Using Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs U.S. equity group trust funds $ 34.8 $ — $ 34.8 $ — Non-U.S. equity group trust funds 17.2 — 17.2 — Corporate bond group trust funds 70.0 — 70.0 — Other fixed income group trust funds 22.3 — 22.3 — Total Assets $ 144.3 $ — $ 144.3 $ — Fair Value Measurements at December 31, 2019, Using Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs U.S. equity group trust funds $ 32.7 $ — $ 32.7 $ — Non-U.S. equity group trust funds 16.4 — 16.4 — Corporate bond group trust funds 26.6 — 26.6 — Other fixed income group trust funds 6.8 — 6.8 — Common/collective trust funds 40.5 — 40.5 — Total Assets $ 123.0 $ — $ 123.0 $ — Non-U.S. pension plans accounted for approximately 67% of total global pension assets at December 31, 2020 and 2019. Each of these plans, where applicable, follows local requirements and regulations. Some of the local requirements include the establishment of a local pension committee, a formal statement of investment policy and procedures and routine valuations by plan actuaries. The target allocation of investment assets for non-U.S. pension plans varies depending on the investment goals of the individual plans. The plan assets of the U.K. pension plan represent approximately 92% and 91%, respectively, of the total non-U.S. pension plan assets for years ended December 31, 2020 and 2019. In determining the expected rate of return for the U.K. pension plan, the trustees' strategic investment policy has been considered together with long-term historical returns and investment community forecasts for each asset class. The expected return by sector has been combined with the actual asset allocation to determine the 2020 expected long-term return assumption of 1.57%. The target allocation of investment assets at December 31, 2020 and the actual allocation at December 31, 2020 and 2019, for the U.K. pension plan are as follows: Target Actual Allocation of Plan Assets United Kingdom Pension Plan Asset Category: 2020 2020 2019 Diversified growth funds 5 % 5 % 5 % Return-seeking fixed income investment 5 % 5 % 5 % U.K. gilts 34 % 37 % 34 % U.K. corporate bonds 4 % 3 % 3 % Insurance contracts 52 % 50 % 53 % Total 100 % 100 % 100 % The plan assets for the other countries in aggregate represent approximately 8% and 9%, respectively, of total non-U.S. pension plan assets for years ended December 31, 2020 and 2019. The following table presents the fair value hierarchy for the non-U.S. pension plan assets measured at fair value as of December 31, 2020: Fair Value Measurements at December 31, 2020, Using (In millions) Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Common/collective trust funds $ 144.3 $ — $ 144.3 $ — Government and agency securities 2.9 — 2.9 — Corporate bonds 10.5 — 10.5 — Insurance contracts and other investments (1) 139.0 — 0.3 138.7 Cash 2.2 2.2 — — Total Assets $ 298.9 $ 2.2 $ 158.0 $ 138.7 _________________________________________ (1) At December 31, 2020, the fair value of the insurance contract has been determined using a discounted cash flow approach that maximizes observable inputs, such as current yields on similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. The following table presents the fair value hierarchy for the non-U.S. pension plan assets measured at fair value as of December 31, 2019: Fair Value Measurements at December 31, 2019, Using (In millions) Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Common/collective trust funds $ 123.0 $ — $ 123.0 $ — Government and agency securities 3.5 — 3.5 — Corporate bonds 9.9 — 9.9 — Insurance contracts and other investments (1) 128.2 — 0.3 127.9 Cash 6.2 6.2 — — Total Assets $ 270.8 $ 6.2 $ 136.7 $ 127.9 __________________________________________________ (1) At December 31, 2019, the fair value of the insurance contract has been determined using a discounted cash flow approach that maximizes observable inputs, such as current yields on similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. The following table presents a summary of the changes in the fair value of the plans' Level 3 assets for the years ended December 31, 2020 and 2019: (In millions) Insurance Contracts Balance, December 31, 2018 $ 123.3 Actual return on plan assets 8.2 Transfers out for premium (7.7) Currency exchange translation adjustments 4.1 Balance, December 31, 2019 $ 127.9 Actual return on plan assets 13.7 Purchases, sales and settlements, net — Transfers out for premium (7.5) Currency exchange translation adjustments 4.6 Balance, December 31, 2020 $ 138.7 Other Postretirement Benefit (OPEB) Plans GCP provides postretirement health care benefits for certain qualifying retired employees. During the year ended December 31, 2018, GCP recognized a long-term liability of $2.0 million; accumulated other comprehensive income of $0.6 million, net of related tax impact of $0.2 million; as well as expense of $1.2 million, for the initial recognition of a non-U.S. OPEB retiree health care plan. As of December 31, 2020 and 2019, the related long-term liability of $2.6 million and $2.2 million, respectively, accumulated other comprehensive income of $0.9 million and $0.7 million, respectively, net of related tax impact of $0.3 million and $0.2 million, respectively, are included within the Consolidated Balance Sheets. The related expense for the years ended December 31, 2020, 2019 and 2018 was $0.2 million, $0.1 million, and $1.3 million, respectively. Plan Contributions and Funding GCP intends to satisfy its funding obligations under the U.S. qualified pension plans and to comply with all of the requirements of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). For ERISA purposes, funded status is calculated on a different basis than under GAAP. Based on the U.S. qualified pension plans' status as of December 31, 2020, there are no minimum requirements under ERISA for 2021. GCP made contributions of $15.9 million and $0.1 million, respectively, to the U.S. pension plans in 2020 and 2019. During the year ended December 31, 2020, GCP made an accelerated contribution of $15.0 million to the trusts that hold assets of the U.S. qualified pension plans. GCP intends to fund non-U.S. pension plans based on applicable legal requirements, as well as actuarial and trustee recommendations. GCP expects to contribute $1.4 million to non-U.S. pension plans during the year ended December 31, 2021. During the years ended December 31, 2020 and 2019, GCP contributed $1.5 million and $2.6 million, respectively, to these non-U.S. plans. Defined Contribution Retirement Plan |
Other Balance Sheet Accounts
Other Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other Balance Sheet Accounts | Other Balance Sheet Accounts The following table summarizes the activity for the allowance for credit losses during the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In millions) 2020 2019 2018 Beginning balance $ 7.5 $ 5.8 $ 5.7 Provision for expected credit losses 0.9 3.5 1.6 Write offs (1.4) (1.7) (1.1) Foreign currency translation adjustments — (0.1) (0.4) Ending balance $ 7.0 $ 7.5 $ 5.8 The following is a summary of other current assets at December 31, 2020 and 2019: (In millions) December 31, 2020 December 31, Other Current Assets: Non-trade receivables $ 20.4 $ 22.1 Prepaid expenses and other current assets 11.1 13.4 Income taxes receivable 9.7 7.7 Total other current assets $ 41.2 $ 43.2 The following is a summary of other current liabilities at December 31, 2020 and 2019: (In millions) December 31, 2020 December 31, Other Current Liabilities: Accrued customer volume rebates $ 24.4 $ 28.4 Accrued compensation (1) 25.0 16.2 Income taxes payable 7.1 10.4 Accrued interest 4.0 4.2 Restructuring liability 18.0 2.7 Pension liabilities 1.4 1.2 Other accrued liabilities 45.9 49.8 Total other current liabilities $ 125.8 $ 112.9 ________________________________ (1) Accrued compensation presented in the table above includes salaries and wages, as well as estimated amounts due under the annual employee incentive programs. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies GCP enters into certain purchase commitments and is a party to many contracts containing guarantees and indemnification obligations, as described below. Purchase Commitments GCP uses purchase commitments to ensure supply and minimize the volatility of certain key raw materials, including lignins, polycarboxylates, amines and other materials. Such commitments are for quantities that GCP fully expects to use in the course of its normal operations. Guarantees and Indemnification Obligations GCP is a party to many contracts containing guarantees and indemnification obligations which consist primarily of the following arrangements: • Product warranties with respect to certain products sold to customers in the ordinary course of business. These warranties typically provide assurances that products will conform to their specifications. GCP accrues a general warranty liability at the time of sale based on historical experience and on a transaction-specific basis according to individual facts and circumstances. As of December 31, 2020 and 2019 and during the periods then ended, warranty-related liabilities and the associated expenses were immaterial to the Consolidated Financial Statements. • Performance guarantees offered to customers. GCP has not established a liability for these arrangements based on historical experience. • Contracts providing for the sale of a business unit or a product line in which GCP has agreed to indemnify the buyer against certain liabilities for conditions that existed prior to the closing of the transaction, including environmental and tax liabilities. • The Tax Sharing Agreement, which may require GCP, in certain circumstances, to indemnify Grace if the Separation, together with certain related transactions, does not qualify under Section 355 and certain other relevant provisions of the Internal Revenue Code (the "Code"). If GCP is required to indemnify Grace under the Tax Sharing Agreement, it could be subject to significant tax liabilities. Please refer to Note 9, "Income Taxes", for further information on this arrangement. • The Purchase and Sale Agreement with Henkel KGaA regarding the sale of the Darex Business dated July 3, 2017, contains obligations for GCP as sellers to indemnify Henkel as a buyer for certain matters, such as breaches of representations and warranties, taxes, as well as certain covenants and liabilities. Environmental Matters GCP is subject to loss contingencies resulting from extensive and evolving federal, state, local and foreign environmental laws and regulations relating to the generation, storage, handling, discharge, disposition and stewardship of hazardous waste and other materials. GCP recognizes accrued liabilities for anticipated costs associated with response efforts if, based on the results of the assessment, it concluded that a probable liability has been incurred and the cost can be reasonably estimated. As of December 31, 2020 and 2019, GCP did not have any material environmental liabilities. GCP's environmental liabilities are reassessed whenever circumstances become better defined or response efforts and their costs can be better estimated. These liabilities are evaluated based on currently available information, including the progress of remedial investigations at each site, the current status of discussions with regulatory authorities regarding the method and extent of remediation at each site, existing technology, prior experience in contaminated site remediation and the apportionment of costs among potentially responsible parties. Financial Assurances Financial assurances have been established for a variety of purposes, including insurance, environmental and other matters. At December 31, 2020 and 2019, GCP had gross financial assurances issued and outstanding of approximately $6.8 million and $5.9 million, respectively, which were comprised of standby letters of credit. The letters of credit are related primarily to customer advances and other performance obligations as of December 31, 2020 and 2019. These arrangements guarantee the refund of advance payments received from customers in the event that the product is not delivered or warranty obligations are not fulfilled in accordance with the contract terms. These obligations could be called by the beneficiaries at any time before the expiration date of the particular letter of credit if the Company fails to meet certain contractual requirements. Lawsuits and Investigations From time to time, GCP and its subsidiaries are parties to, or targets of, lawsuits, claims, investigations and proceedings which are managed and defended in the ordinary course of business. While GCP is unable to predict the outcome of such pending matters, it does not believe, based upon currently available facts, that the ultimate resolution of any of such matters will have a material adverse effect on its overall financial condition, results of operations or cash flows for the year ended December 31, 2020. However, the results of such pending legal matters and claims cannot be predicted with sufficient certainty since unfavorable resolutions are possible and could materially affect GCP's financial position, results of operations, or cash flows. In the event of unexpected subsequent developments and due to the inherent unpredictability of these matters, there can be no assurance that the Company’s assessment of any claim will reflect the ultimate outcome. An adverse outcome in certain matters could, from time to time, have a material adverse effect on GCP's consolidated financial position, results of operations and cash flows in particular quarterly or annual periods. GCP Brazil Indirect Tax Claim During the year ended December 31, 2019, the Superior Judicial Court of Brazil (the "Court") filed its final ruling in favor of GCP Brazil related to a claim whether a certain state value-added tax should be included in the calculation of federal gross receipts taxes. The Court decision is final and not subject to any appeals. The ruling allows the Company the right to recover, through offset of federal tax liabilities, amounts collected by the government from May 2012 to September 2017, including interest. Timing of the realization of these tax credits is dependent upon the generation of federal tax liabilities eligible for the offset. The Brazilian tax authorities have sought before the Court clarification of certain matters, including whether these credits should be recognized on a gross or net basis, and certain other matters that could affect the rights of Brazilian taxpayers regarding these credits. During the year ended December 31, 2019, the Company recorded in "Other (income) expenses, net" a pre-tax gain of $1.3 million, net of $0.4 million of legal fees and other charges, as a result of the favorable Court decision. No amounts have been recognized in GCP's results of operations for the credits calculated based on the higher gross basis due to uncertainty related to the recoverability of such amounts and the timing of the recovery. As of December 31, 2020, GCP has fully utilized the tax credits previously recognized on a net basis. Accounting for Contingencies |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Stockholder Rights Plan On March 15, 2019, the Board of Directors (the "Board") declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of GCP common stock with par value $0.01 per share and adopted a stockholder rights plan (the “Rights Agreement”). The dividend was distributed in a non-cash transaction on March 25, 2019 to the stockholders of record on that date. Each Right will allow its holder to purchase from the Company one one-hundredth of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share (a “Preferred Share”) for $150 (the “Exercise Price”), once the Rights become exercisable. This portion of a Preferred Share will give the stockholder approximately the same dividend, voting and liquidation rights as would one share of GCP common stock. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights. The fair value of the dividend was not material on March 15, 2019. The Rights will not be exercisable until 10 days after the public announcement that a person or group has become an “Acquiring Person” (as defined in the Rights Agreement) by obtaining beneficial ownership of 15% or more of the Company’s outstanding shares of common stock (provided, that if a stockholder’s beneficial ownership as of the Company’s announcement of the adoption of the Rights Agreement was at or above 15%, that stockholder’s existing ownership percentage would be grandfathered, but the Rights would become exercisable if at any time after such announcement, the stockholder increases its ownership percentage by 0.001% or more) (the “Distribution Date”). If a person or group becomes an Acquiring Person, all holders of Rights except the Acquiring Person may, for the Exercise Price, purchase shares of the Company’s common stock with a market value of $300, based on the market price of the common stock prior to such acquisition. In addition, after a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of the Company’s outstanding shares of common stock, the Board may extinguish the Rights by exchanging one share of common stock or an equivalent security for each Right, other than Rights held by the Acquiring Person. In addition, if the Company is later acquired in a merger or similar transaction after the Distribution Date, all holders of Rights except the Acquiring Person may, for $150, purchase shares of the acquiring corporation with a market value of $300 based on the market price of the acquiring corporation’s stock, prior to such merger. The Rights were initially set to expire on March 14, 2020. On March 13, 2020, the Board approved an amendment to the Rights Agreement which raised the level of beneficial ownership for an Acquiring Person to 20% of the Company's outstanding shares of common stock and extended the final expiration date of the Rights Agreement to March 14, 2023, subject to stockholders' approval at GCP's 2020 Annual Meeting of Shareholders (the “Annual Meeting”). If a stockholder's beneficial ownership on March 15, 2019 was at or above 20%, that stockholder's existing ownership percentage would be grandfathered, but the Rights would become exercisable if the stockholder increases its ownership percentage by 0.001% or more. The amendment to the Rights Agreement was approved at the Annual Meeting held on May 28, 2020. Preferred Stock The Company is authorized to issue up to 50,000,000 shares of Preferred Stock with a par value of $0.01 per share. On March 15, 2019, GCP designated 10,000,000 shares of its Preferred Stock with a par value of $0.01 per share as Series A Junior Participating Preferred Stock. Share Repurchase Program On July 30, 2020, the Board authorized a program to repurchase up to $100 million of the Company’s common stock which is effective through July 30, 2022. Share repurchases under the program may be made from time to time at the Board's discretion through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. The share repurchase program is subject to a periodic review by the Board and may be suspended periodically or discontinued at any time. The Company plans to fund repurchases from its existing cash balance. No shares were repurchased by the Company during the year ended December 31, 2020. |
Restructuring and Repositioning
Restructuring and Repositioning Expenses, Asset Write Offs | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Repositioning Expenses, Asset Write Offs | Restructuring and Repositioning Expenses, Asset Write Offs GCP's Board of Directors (the "Board") approves all major restructuring and repositioning programs. Major restructuring programs may involve reorganizations, the discontinuation of significant product lines, the shutdown of significant facilities, or other major strategic initiatives. From time to time, GCP takes additional restructuring actions, including involuntary employee terminations that are not a part of a major program. Repositioning activities generally represent major strategic or transformational actions to enhance the value and performance of the Company, improve business efficiency or optimize the Company’s footprint. Repositioning expenses associated with the Plans discussed below, as well as a review of strategic, financial and operational alternatives, are primarily related to consulting, professional services, and other employee-related costs associated with the Company’s organizational realignment and advancing its technology strategy. Due to the scope and complexity of the Company’s repositioning activities, the range of estimated repositioning expenses and capital expenditures could increase or decrease and the timing of incurrence could change. 2019 Phase 2 Restructuring and Repositioning Plan (the “2019 Phase 2 Plan") On July 31, 2019, the Board approved a business restructuring and repositioning plan to further optimize the design and footprint of the Company's global organization, primarily with respect to its general administration and business support functions, and streamline cross-functional activities (the “2019 Phase 2 Plan”). The 2019 Phase 2 Plan is expected to result in the net reduction of approximately 8%-10% of the Company's workforce. The program is expected to be substantially completed by March 31, 2021. 2019 Restructuring and Repositioning Plan (the “2019 Plan”) On February 22, 2019, the Board approved a business restructuring and repositioning plan (the “2019 Plan”). The 2019 Plan is focused on GCP’s global supply chain strategy, processes and execution, including its manufacturing, purchasing, logistics, and warehousing operations. The plan also addresses GCP’s service delivery model, primarily in North America, to streamline the Company’s pursuit of combined admixture and VERIFI® opportunities. The program was substantially completed as of December 31, 2020. Strategic Alternatives Plan On February 27, 2019, the Company announced a comprehensive review of strategic alternatives to enhance shareholder value. Over the course of this review, GCP contacted and engaged with both strategic industry and private equity investors. This process did not result in a transaction that would provide adequate value to the Company's shareholders, and as a result, GCP determined that it will pursue its standalone strategic and financial plan (the "Strategic Alternatives Plan"). 2018 Restructuring and Repositioning Plan (the “2018 Plan”) On August 1, 2018, the Board approved a business restructuring and repositioning plan. The 2018 Plan was designed to streamline operations and improve profitability primarily within the concrete admixtures product line of the SCC segment by focusing on the Company's core markets, rationalizing non-profitable geographies, reducing its global cost structure and accelerating the integration of VERIFI ® into the Company’s global admixtures business. Substantially all of the restructuring actions were completed as of December 31, 2019 and resulted in the net reductions of approximately 8%-10% of the Company's workforce. 2017 Restructuring and Repositioning Plan (the “2017 Plan”) On June 28, 2017, the Board approved a restructuring and repositioning plan to streamline GCP's operations, reduce its global cost structure and reposition itself as a construction product technologies company. Restructuring activities were substantially completed as of December 31, 2018. The following table illustrates a summary of the charges incurred and planned in connection with restructuring and repositioning plans discussed above: (In millions) Severance /Employee Costs Asset Write Offs Other Associated Costs Total Restructuring Repositioning Total Costs Capital Expenditures 2019 Plan: (1) Estimated Total Costs $1 $1 $0-1 $2-3 $11 $13-14 $2-3 Cumulative Costs incurred to Date $0.9 $0.9 $0.3 $2.1 $10.5 $12.6 $2.1 2019 Phase 2 Plan: (2) Estimated Total Costs $25-29 $1 $— $26-30 $6-7 $32-37 $2 Cumulative Costs incurred to Date $25.2 $0.4 $— $25.6 $6.0 $31.6 $0.4 2018 Plan: Cumulative Costs incurred to Date $11.5 $7.9 $2.3 $21.7 $10.7 $32.4 $1.5 2017 Plan: Cumulative Costs incurred to Date $17.4 $1.4 $0.2 $19.0 $9.6 $28.6 $13.5 (1) As of December 31, 2020, the cumulative restructuring costs incurred under the 2019 Plan since its inception were $2.1 million, of which $1.7 million was related to the SCC segment and $0.4 million was related to the SBM segment. During 2020, estimated total pre-tax costs expected to be incurred in connection with the 2019 Plan decreased by $2.0 million due to lower severance and other associated costs. (2) As of December 31, 2020, the cumulative restructuring costs recognized under the 2019 Phase 2 Plan since its inception were $25.6 million, of which $6.9 million was attributable to the SCC segment, $6.9 million was attributable to the SBM segment, and $11.8 million was attributable to the Corporate. During 2020, estimated total pre-tax costs expected to be incurred in connection with the 2019 Phase 2 Plan increased by approximately $2.0 million from the prior estimate due to higher severance and other employee-related costs associated with the departure from the Company of its CEO, as well as certain executives and key employees. During 2020, the Company incurred $15.4 million of severance and employee-related costs in connection with such separation, including $2.4 million associated with accelerated vesting of stock options and RSUs. The following tables represent the repositioning expenses incurred and cash payments made under the plans discussed above and other plans during each period: December 31, 2020 (In millions) 2019 Plan 2019 Plan Phase 2 Strategic Alternatives Plan 2018 Plan 2017 Plan Total Repositioning Expenses $ 1.7 $ 3.6 $ — $ 0.1 $ — $ 5.4 Cash Paid for Repositioning Expenses 4.9 4.1 1.1 — 0.2 10.3 Capital Expenditures 1.3 0.3 — 0.6 1.1 3.3 Cash Paid for Capital Expenditures 1.4 0.4 — 0.7 1.6 4.1 December 31, 2019 (In millions) 2019 Plan 2019 Plan Phase 2 Strategic Alternatives Plan 2018 Plan 2017 Plan Total Repositioning Expenses $ 8.8 $ 2.4 $ 3.1 $ 5.3 $ 0.8 $ 20.4 Cash Paid for Repositioning Expenses 5.6 1.0 2.0 10.5 2.1 21.2 Capital Expenditures 0.8 0.1 — 0.9 5.0 6.8 Cash Paid for Capital Expenditures 0.6 — — 0.8 4.6 6.0 December 31, 2018 (In millions) 2019 Plan 2019 Plan Phase 2 Strategic Alternatives Plan 2018 Plan 2017 Plan Total Repositioning Expenses $ — $ — $ — $ 5.3 $ 4.3 $ 9.6 Cash Paid for Repositioning Expenses — — — 0.2 5.3 5.5 Capital Expenditures — — — — 5.5 5.5 Cash Paid for Capital Expenditures — — — — 6.8 6.8 As of December 31, 2020 (In millions) 2019 Plan 2019 Plan Phase 2 Strategic Alternatives Plan 2018 Plan 2017 Plan Cumulative Repositioning Expenses $ 10.5 $ 6.0 $ 3.1 $ 10.7 $ 9.6 Cumulative Cash Paid for Repositioning Expenses 10.5 5.1 3.1 10.7 9.6 Cumulative Capital Expenditure 2.1 0.4 — 1.5 13.5 Cumulative Cash Paid for Capital Expenditures 2.0 0.4 — 1.5 12.9 Restructuring Expenses and Asset Write Offs The following restructuring expenses and asset write off charges were incurred during each period: Year Ended December 31, (In millions) 2020 2019 2018 Severance and other employee costs $ 22.3 $ 4.1 $ 10.1 Facility exit costs — — 0.6 Asset write offs 2.6 4.3 4.5 Other associated costs (0.1) $ 1.8 $ — Total restructuring expenses and asset write offs $ 24.8 $ 10.2 $ 15.2 Less: restructuring expenses and asset write offs reflected in discontinued operations (0.1) 0.3 0.4 Total restructuring expenses and asset write offs from continuing operations $ 24.9 $ 9.9 $ 14.8 GCP incurred restructuring expenses and asset write off charges related to its two operating segments and Corporate function as follows: Year Ended December 31, (In millions) 2020 2019 2018 SCC $ 7.8 $ 4.5 $ 12.5 SBM 5.3 3.9 1.9 Corporate 11.8 1.5 0.4 Total restructuring expenses and asset write offs from continuing operations $ 24.9 $ 9.9 $ 14.8 Restructuring expenses and asset write offs reflected in discontinued operations (0.1) 0.3 0.4 Total restructuring expenses and asset write offs $ 24.8 $ 10.2 $ 15.2 Restructuring liabilities were $18.0 million and $2.7 million, respectively, as of December 31, 2020 and 2019. These liabilities are included within “Other current liabilities” in the Consolidated Balance Sheets. GCP settled in cash substantially all of the remaining liabilities related to the 2017 Plan during the year ended December 31, 2019. The following table summarizes the Company’s restructuring liability activity: 2019 Plan 2019 Phase 2 Plan 2018 Plan 2017 Plan Severance and Other Employee Costs Other Costs Severance and Other Employee Costs Severance and Other Employee Costs Other Costs Severance and Other Employee Costs Other Costs Other Plans Total Balance, December 31, 2017 $ — $ — $ — $ — $ — $ 11.6 $ 0.1 $ 1.1 $ 12.8 Expenses (1) — — — 11.4 0.6 (1.9) — 0.6 10.7 Payments — — — (3.6) (0.4) (7.5) (0.1) (1.2) (12.8) Impact of foreign currency and other — — — (0.1) — (0.4) — — (0.5) Balance, December 31, 2018 $ — $ — $ — $ 7.7 $ 0.2 $ 1.8 $ — $ 0.5 $ 10.2 Expenses (1) 0.7 — 3.1 0.1 0.7 — — 0.2 4.8 Payments (0.5) — (2.2) (6.6) (0.5) (1.7) — (0.6) (12.1) Impact of foreign currency and other — — — (0.2) — 0.1 — (0.1) (0.2) Balance, December 31, 2019 $ 0.2 $ — $ 0.9 $ 1.0 $ 0.4 $ 0.2 $ — $ — $ 2.7 Expenses (1) 0.2 0.3 19.7 — 0.1 — — — 20.3 Payments (0.3) (0.2) (3.3) (0.4) (0.4) (0.2) — — (4.8) Impact of foreign currency and other — — (0.1) (0.1) — — — (0.2) Balance, December 31, 2020 $ 0.1 $ 0.1 $ 17.3 $ 0.5 $ — $ — $ — $ — $ 18.0 __________________________ (1) Asset write off charges of $2.6 million, $4.3 million and $4.5 million, respectively, for the years ended December 31, 2020, 2019 and 2018 related to the restructuring activities described above are recorded with a corresponding reduction to "Properties and equipment, net" in the Consolidated Balance Sheets. During the year ended December 31, 2020, GCP recognized asset write off charges of $2.6 million, of which $2.5 million was attributable to the SCC segment and $0.1 million was attributable to the SBM segment. During the year ended December 31, 2019, GCP recognized asset write off charges of $4.3 million, of which $1.2 million was attributable to the SCC segment and $3.1 million was attributable to the SBM segment. During the year ended December 31, 2018, GCP recognized asset write off charges of $4.5 million, of which $4.3 million was attributable to the SCC segment and $0.2 million was attributable to the SBM segment. During the year ended December 31, 2020, other associated costs of $(0.4) million related to the 2018 Plan were attributable to the SBM segment and recorded with a corresponding reduction to "Operating Lease Obligation" in the Consolidated Balance Sheet. During the year ended December 31, 2019, other associated costs of $1.1 million related to the 2018 Plan were attributable to the SCC segment and consisted of: (i) $0.6 million of inventory write-offs recorded with a corresponding reduction to "Inventories, net" in the Consolidated Balance Sheets and (ii) $0.5 million of accounts receivable write-offs recorded with a corresponding reduction to "Trade Accounts Receivable" in the Consolidated Balance Sheets. These expenses are not recorded with a corresponding reduction to the restructuring liability and therefore, are not included in the table above. Stock based compensation expense of $2.4 million for the year ended December 31, 2020 is related to accelerated vesting of stock options and RSUs resulting from the termination of certain executive leadership members. Such expense is not recognized as a corresponding adjustment to the restructuring liability and therefore, is not included in the table above. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following tables present the pre-tax, tax benefit (expense) and after-tax components of GCP's other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 (In millions) Pre-Tax Amount Tax Benefit After-Tax Amount Defined benefit pension and other postretirement plans: Net unrealized actuarial loss and prior service cost $ (0.5) $ 0.1 $ (0.4) Benefit plans, net (0.5) 0.1 (0.4) Currency translation adjustments (1) 5.9 0.9 6.8 Gain from hedging activities 0.1 — 0.1 Other comprehensive income attributable to GCP shareholders $ 5.5 $ 1.0 $ 6.5 Year Ended December 31, 2019 (In millions) Pre-Tax Amount Tax Benefit /(Expense) After-Tax Amount Defined benefit pension and other postretirement plans: Net unrealized actuarial loss and prior service cost $ (0.6) $ 0.1 $ (0.5) Benefit plans, net (0.6) 0.1 (0.5) Currency translation adjustments (1) 3.7 (0.1) 3.6 Loss from hedging activities (0.1) — (0.1) Other comprehensive income attributable to GCP shareholders $ 3.0 $ — $ 3.0 Year Ended December 31, 2018 (In millions) Pre-Tax Tax (Expense) /Benefit After-Tax Defined benefit pension and other postretirement plans: Assumption of net prior service credit $ (3.2) $ 0.6 $ (2.6) Benefit plans, net (3.2) 0.6 (2.6) Currency translation adjustments (31.8) — (31.8) Gain from hedging activities 0.1 — 0.1 Other comprehensive loss attributable to GCP shareholders $ (34.9) $ 0.6 $ (34.3) __________________________ (1) Currency translation adjustments related to the net investment hedge are presented net of income taxes, as discussed in Note 4, "Derivative Instruments." The following tables present the changes in accumulated other comprehensive loss, net of tax, for the years ended December 31, 2020, 2019 and 2018. Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total Balance, December 31, 2019 $ (2.7) $ (114.2) $ (0.1) $ (117.0) Other comprehensive (loss) income before reclassifications (0.4) 6.8 (0.1) 6.3 Amounts reclassified from accumulated other comprehensive loss — — 0.2 0.2 Net current-period other comprehensive (loss) income (0.4) 6.8 0.1 6.5 Balance, December 31, 2020 $ (3.1) $ (107.4) $ — $ (110.5) Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total Balance, December 31, 2018 $ (2.2) $ (117.8) $ — $ (120.0) Current-period other comprehensive (loss) income (0.5) 3.6 (0.1) 3.0 Balance, December 31, 2019 $ (2.7) $ (114.2) $ (0.1) $ (117.0) Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total Balance, December 31, 2017 $ 0.4 $ (86.0) $ (0.1) $ (85.7) Other comprehensive (loss) income before reclassifications (2.6) (31.8) 0.2 (34.2) Amounts reclassified from accumulated other comprehensive income — — (0.1) (0.1) Net current-period other comprehensive (loss) income (2.6) (31.8) 0.1 (34.3) Balance, December 31, 2018 $ (2.2) $ (117.8) $ — $ (120.0) Please refer to Note 10, "Pension Plans and Other Postretirement Benefit Plans" for a discussion of pension plans and other postretirement benefit plans. |
Related Party Transactions and
Related Party Transactions and Transactions with Grace | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Transactions with Grace | Related Party Transactions and Transactions with Grace All contracts with related parties are at rates and terms that GCP believes are comparable with those that could be entered into with independent third parties. Subsequent to the Separation, transactions with Grace represent third-party transactions. Related Party Transaction During the year ended December 31, 2020, Starboard Value LP and certain of its affiliates ('Starboard") with an ownership interest of approximately 9% of the Company's outstanding common shares, filed a proxy statement with the SEC seeking an election of eight of its nominees to the GCP Board of Directors at the Company’s 2020 Annual Meeting of Shareholders (the “Annual Meeting”). At the Annual Meeting held on May 28, 2020, GCP stockholders voted to elect all eight nominees designated by Starboard to serve on GCP's Board of Directors. During the year ended December 31, 2020, the Company reimbursed Starboard for $2.0 million of fees and expenses it incurred in connection with the election of its nominees. Tax Sharing Agreement In connection with the Separation, the Company and Grace entered into a Tax Sharing Agreement which governs the parties’ respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, as well as other matters regarding taxes. In general, and subject to the terms of the Tax Sharing Agreement, GCP is responsible for all U.S. federal, state and foreign taxes, including any related interest, penalties or audit adjustments, reportable on a GCP separate return (a return that does not include Grace or any of its subsidiaries). Grace is responsible for all U.S. federal, state and foreign income taxes, including any related interest, penalties or audit adjustments, reportable on a consolidated, combined or unitary return that includes Grace or any of its subsidiaries and GCP or any of its subsidiaries up to the Separation date. As of December 31, 2020 and 2019, GCP has recorded $1.8 million and $3.5 million, respectively, of indemnified receivables in "Other assets" and $1.0 million and $1.0 million, respectively, of indemnified payables in "Other current liabilities" in the Consolidated Balance Sheets. In addition, the Tax Sharing Agreement imposes certain restrictions on GCP and its subsidiaries, including restrictions on share issuances, business combinations, sales of assets and similar transactions, that are designed to preserve the qualification of the Distribution, together with certain related transactions, under Section 355 and certain other relevant provisions of the Code. In the event that the Distribution, together with certain related transactions, does not qualify under Section 355 and certain other relevant provisions of the Code, the Tax Sharing Agreement provides specific rules for allocating tax liabilities. In general, under the Tax Sharing Agreement, each party is expected to be responsible for any taxes imposed on and certain related amounts payable by GCP or Grace that arise from the failure of the Distribution and certain related transactions to qualify under Section 355 and certain other relevant provisions of the Code, to the extent that the failure to qualify as such is attributable to actions, events or transactions relating to such party’s respective stock, assets or business, or a breach of the relevant representations or covenants made by such party in the Tax Sharing Agreement. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans On October 1, 2020, GCP's Board of Directors adopted the GCP Applied Technologies Inc. 2020 Inducement Plan (the “Inducement Plan”) to reserve 1,000,000 shares of its common stock to be used exclusively for grants of awards to induce highly-qualified prospective employees to accept employment and to provide them with a proprietary interest in the Company. On October 1, 2020, GCP filed a Registration Statement on Form S-8 with the SEC for the purpose of registering an additional 1,000,000 shares of Common Stock, par value $0.01 per share, that may be issued under the Inducement Plan. Awards that could be granted under the Inducement Plan consist of stock options, stock appreciation rights, restricted units, restricted stock, or deferred stock units. In accordance with Section 303A.08 of the New York Stock Exchange Listed Company Manual, the Company did not seek approval of the Inducement Plan by its stockholders. On October 1, 2020, the Company awarded to the new GCP CEO upon joining the Company, a grant with a value of approximately $5.0 million that consisted of 143,128 shares of restricted stock and 388,348 of stock options pursuant to the terms and conditions of the Inducement Plan. On May 11, 2017, GCP filed a Registration Statement on Form S-8 with the SEC for the purpose of registering an additional 8,000,000 shares of Common Stock, par value $0.01 per share, that may be issued under the GCP Applied Technologies Inc. Equity and Incentive Plan (the "Plan"), as amended and restated on February 28, 2017. GCP provides certain key employees equity awards in the form of stock options, restricted stock units (“RSUs”) and performance-based stock units (“PBUs”) under the GCP Applied Technologies Inc. Equity and Incentive Plan (the "Plan"). Certain employees and members of the Board of Directors are eligible to receive stock-based compensation, including stock, stock options, RSUs and PBUs. Stock-Based Compensation Accounting Total stock-based compensation expense is included in "Income from continuing operations before income taxes" in the Consolidated Statements of Operations and was $7.0 million, $6.2 million and $3.7 million, respectively, during the years ended December 31, 2020, 2019 and 2018. During the year ended December 31, 2020, $2.4 million of the stock-based compensation expense is included in "Restructuring expenses and asset write offs" related to accelerated vesting of stock options and RSUs due to the departure from the Company of its CEO, as well as certain executives and key employees. During the years ended December 31, 2020, 2019 and 2018, the Company recorded stock-based compensation expense reductions of $0.6 million, $2.4 million and $5.2 million, respectively, related to remeasurement of PBUs granted in 2020, 2019, 2018 and 2017 based on their estimated expected payout at the end of the applicable performance period. The total income tax benefits recognized for stock-based compensation arrangements were $0.5 million, $1.5 million and $0.6 million, respectively, during the years ended December 31, 2020, 2019 and 2018. The Company issues new shares of common stock upon exercise of stock options and vesting of RSUs. In accordance with certain provisions of the Plan, GCP withholds and retains shares issued to certain holders of GCP awards in order to fulfill statutory tax withholding requirements for the employees. During the years ended December 31, 2020, 2019 and 2018, GCP withheld and retained approximately 75,000 shares, 151,900 shares and 45,100 shares, respectively, in a non-cash transaction with a cost of $1.7 million, $3.8 million and $1.4 million, respectively, under such provisions which were reflected as "Share Repurchases" in the Consolidated Statements of Equity. During the years ended December 31, 2020, 2019 and 2018, cash payments for such tax withholding obligations were $1.7 million , $3.8 million, and $1.4 million, respectively. As of December 31, 2020, approximately 7.7 million shares and 0.5 million shares of common stock, respectively, were reserved and available for future grant under the Plan and the Inducement Plan. Stock Options Stock options are non-qualified and are granted at exercise prices not less than 100% of the fair market value on the grant date. The awards issued before February 28, 2017 were granted at the exercise price equal to fair market value on the grant date determined as the average of the high market price and low market price of the Company’s stock from that trading day. The awards issued after February 28, 2017 were granted at the exercise price equal to fair market value on the grant date determined as the market closing price of the Company’s stock on that date. Stock option awards granted typically have a contractual term of five one two The following assumptions were utilized in the Black-Scholes option pricing model for estimating the fair value of GCP's stock options granted during the years ended December 31, 2019 and 2018: Year Ended December 31, Assumptions used to calculate expense for stock options: 2019 2018 Risk-free interest rate 1.70 - 2.64% 2.68 - 2.80% Average life of options (years) 5.5 - 6.5 5.5 - 6.5 Volatility 28.02 - 28.59% 27.91 - 30.65% Weighted average grant date fair value per stock option $8.66 $10.63 The following table sets forth the information related to stock options denominated in GCP stock during the year ended December 31, 2020: Stock Option Activity Number Of Weighted Weighted Aggregated Outstanding, December 31, 2019 1,284 $ 22.66 3.18 $ 3,171 Options exercised 84 18.29 Options forfeited/expired/canceled 289 19.98 Options granted — — Outstanding, December 31, 2020 911 $ 23.91 2.49 $ 2,234 Exercisable, December 31, 2020 836 $ 23.49 2.42 $ 2,234 Vested and expected to vest, December 31, 2020 908 $ 23.90 2.49 $ 2,234 The weighted average grant date fair value of options granted during the years ended December 31, 2019 and 2018 was $8.66 and $10.63, respectively. The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value, determined as the difference between GCP's closing stock price on the last trading day of December 31, 2020 and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their in-the-money options at period end. The amount changes based on the fair market value of GCP's stock. Total intrinsic value of all options exercised during the years ended December 31, 2020, 2019 and 2018 was $0.4 million, $3.0 million and $4.8 million, respectively. Stock Options with Market Conditions During the year ended December 31, 2020, GCP granted 388,348 stock options with market conditions to the newly appointed CEO. Such options are expected to cliff vest in three years based on the achievement of certain targets ranging between 0% and 200% related to the Company’s common stock market price performance over a certain time period relative to the closing market price on the grant date. The fair value of stock options was determined using a Monte Carlo simulation based on the weighted-average value of options calculated for each performance target based on the following assumptions: Assumptions used to calculate expense for stock options: Year Ended December 31, 2020 Risk-free interest rate 0.22% Average life of options (years) 4.0 Volatility 40% Weighted average grant date fair value per stock option $5.15 As of December 31, 2020, weighted average exercise price was $20.96. As of December 31, 2020, there were 388,348 of options outstanding which had a weighted average contractual term of 4.8 years and an aggregate intrinsic value of $1.0 million. Total unrecognized stock-based compensation expense was $1.9 million and is expected to be recognized over the weighted-average period of approximately 2.8 years. Restricted Stock Units and Performance Based Units RSUs and PBUs are granted with the exercise price equal to zero and are converted to shares immediately upon vesting. As of December 31, 2020, $5.3 million of total unrecognized compensation expense related to the RSU and PBU awards is expected to be recognized over the remaining service period of approximately 2 years. RSUs The Company grants RSUs which are time-based, non-performance units. RSUs generally vest over a three year period, with some awards vesting in substantially equal amounts each year over three years and some awards vesting 100% after the third year from the date of grant. A smaller number of RSUs were designated as sign-on awards which are used for purposes of attracting key employees and covering outstanding awards from prior employers. The majority of such awards vest 100% after two years from the date of grant. RSUs are recorded at fair value on the date of grant. The common stock-settled awards are considered equity awards, with the stock compensation expense being determined based on GCP’s stock price on the grant date. The following table sets forth the RSU activity for the year ended December 31, 2020: RSU Activity: Number Of Weighted Outstanding, December 31, 2019 156 $ 27.33 RSU's settled 184 24.46 RSU's forfeited 2 22.83 RSU's granted 335 21.06 Outstanding, December 31, 2020 305 $ 22.14 Expected to vest as of December 31, 2020 285 $ 22.18 The weighted average grant date fair value of RSUs granted during the years ended December 31, 2020, 2019 and 2018 was $21.06, $26.77 and $29.28 per share, respectively. During the years ended December 31, 2020, 2019 and 2018, GCP distributed 184,000 shares, 302,000 shares and 117,000 shares, respectively, to settle RSUs upon vesting. During the year ended December 31, 2018, GCP also used $1.2 million of cash to settle RSUs upon vesting. GCP expects to settle in stock all future RSU vestings. The fair value of RSUs vested during the years ended December 31, 2020, 2019 and 2018 was $4.2 million, $7.4 million and $4.8 million, respectively. PBUs PBUs are performance-based units which are granted by the Company with market conditions. The performance criteria for PBUs granted in 2020 and 2019 include a 3-year cumulative adjusted diluted earnings per share metric that is modified, up or down, based on the Company's TSR relative to the performance of the Russell 3000 Specialty Chemicals and Building Materials Indices. For PBUs granted in 2017, such metric is modified, up or down, based on the Company's total shareholder return ("TSR") relative to the performance of the Russell 3000 Index. The number of shares that ultimately vest, if any, is based on Company performance against these metrics, and can range from 0% to 200% of the target number of shares granted to employees. The 2020 , 2019 and 2018 awards will become vested, if at all, three years from the grant date once actual performance is certified by the Board's Compensation Committee. Vesting is also subject to the employees' continued employment through the vesting date. The following table summarizes the assumptions used in the Monte Carlo simulations for estimating the grant date fair values of PBUs granted during the years ended December 31, 2020 , 2019 and 2018: Year Ended December 31, Assumptions used to calculate expense for PBUs: 2020 2019 2018 Expected term (remaining performance period) 2.85 years 2.86 years 2.86 years Expected volatility 29.85% 28.46% 28.56% Risk-free interest rate 1.21% 2.48% 2.38% Expected dividends — — — Correlation coefficient 53.43% 54.81% 38.98% Median correlation coefficient of constituents 54.01% 57.09% 39.96% The following table sets forth the PBU activity for the year ended December 31, 2020: PBU Activity: Number Of Weighted Outstanding, December 31, 2019 382 $ 29.51 PBU's forfeited 186 26.49 PBU's granted 147 22.43 Outstanding, December 31, 2020 343 $ 28.10 The weighted average grant date fair value of PBUs granted during the years ended December 31, 2020 , 2019 and 2018 was $22.43, $27.19 and $34.20 per share, respectively. GCP expects to settle in stock all future PBU vestings. The fair value of PBUs vested during the year ended December 31, 2019 was $2.0 million. |
Operating Segment and Geographi
Operating Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Operating Segment and Geographic Information | Operating Segment and Geographic Information GCP is engaged in the production and sale of specialty construction chemicals and specialty building materials through its two operating and reportable segments. Specialty Construction Chemicals ("SCC") operating segment provides products, services and technologies to the concrete and cement industries, including concrete add-mixtures and cement, as well as in-transit monitoring and management systems, which reduce the cost and improve the performance and quality of cement, concrete, mortar, masonry, and other cementitious-based construction materials. Specialty Building Materials ("SBM") operating segment manufactures and markets sheet and liquid membrane systems that protect structures from water, air and vapor penetration, as well as fireproofing and other products designed to protect the building envelope. Operating Segment Data The following table presents information related to GCP's operating segments: Year Ended December 31, (In millions) 2020 2019 2018 Net Sales Specialty Construction Chemicals $ 518.9 $ 579.1 $ 643.5 Specialty Building Materials 384.3 434.4 481.9 Total net sales $ 903.2 $ 1,013.5 $ 1,125.4 Segment Operating Income Specialty Construction Chemicals segment operating income $ 52.9 $ 56.9 $ 40.2 Specialty Building Materials segment operating income 71.1 86.3 113.4 Total segment operating income $ 124.0 $ 143.2 $ 153.6 Depreciation and Amortization Specialty Construction Chemicals $ 27.6 $ 24.4 $ 24.2 Specialty Building Materials 14.9 14.8 14.7 Corporate 3.9 4.0 3.1 Total depreciation and amortization $ 46.4 $ 43.2 $ 42.0 Capital Expenditures Specialty Construction Chemicals $ 25.5 $ 44.2 $ 28.8 Specialty Building Materials 4.9 7.9 12.8 Corporate 5.7 4.6 13.4 Total capital expenditures $ 36.1 $ 56.7 $ 55.0 Total Assets Specialty Construction Chemicals $ 444.4 $ 431.9 $ 408.6 Specialty Building Materials 408.3 424.1 428.1 Corporate 564.9 444.8 441.5 Assets held for sale — 0.5 4.1 Total assets $ 1,417.6 $ 1,301.3 $ 1,282.3 Reconciliation of Operating Segment Data to Financial Statements Corporate expenses directly related to the operating segments are allocated to the segment's operating income. GCP excludes from the segments' operating income certain functional costs, certain impacts of foreign currency exchange (related primarily to Argentina for the year ended December 31, 2018, as discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies"), as well as certain corporate costs and other costs included in the table below. GCP also excludes from the segment's operating income certain ongoing defined benefit pension costs recognized during each reporting period, which include service and interest costs, the effect of expected returns on plan assets and amortization of prior service costs/credits. GCP believes that the exclusion of certain corporate costs and pension costs provides a better indicator of its operating segment performance since such costs are not managed at an operating segment level. Total segment operating income for the years ended December 31, 2020, 2019 and 2018 is reconciled below to "Income from continuing operations before income taxes" presented in the Consolidated Statements of Operations: Year Ended December 31, (In millions) 2020 2019 2018 Total segment operating income $ 124.0 $ 143.2 $ 153.6 Corporate costs (26.2) (32.8) (27.4) Certain pension costs (5.2) (7.8) (7.6) Gain on sale of corporate headquarters 110.2 — — Shareholder activism and other related costs (2) (9.5) (5.3) — Gain on Brazil tax recoveries, net (1) — 0.6 — Repositioning expenses (5.4) (20.4) (9.6) Restructuring expenses and asset write offs (24.9) (9.9) (14.8) Pension MTM adjustment and other related costs, net (2.8) (13.3) 8.7 Gain on termination and curtailment of pension and other postretirement plans — 1.2 0.2 Legacy product, environmental and other claims (0.6) (0.1) — Third-party and other acquisition-related costs (0.7) (0.1) (2.5) Tax indemnification adjustments (1.6) (0.5) (0.5) Currency losses in Argentina — — (1.1) Amortization of acquired inventory fair value adjustment — — (0.2) Interest expense, net (3) (20.1) (20.0) (88.9) Net income attributable to noncontrolling interests 0.5 0.4 0.3 Income from continuing operations before income taxes $ 137.7 $ 35.2 $ 10.2 ______________________________ (1) Gain on Brazil tax recoveries, net primarily consists of a $1.7 million pre-tax gain related to indirect tax recoveries, and $1.1 million of legal fees and other charges relating to indirect and income tax recoveries. Please refer to Note 9, "Income Taxes" and Note 12, "Commitments and Contingencies" for further information. (2) Shareholder activism and other related costs consist primarily of professional fees incurred in connection with the actions by certain of GCP shareholders seeking changes in the composition of the Company's Board of Directors and nomination of candidates to stand for election at the 2019 and 2020 Annual Shareholders' Meetings, as well as other related matters. (3) Interest expense, net includes a loss of $59.8 million as a result of debt refinancing transaction completed on April 10, 2018. Please refer to Note 8, "Debt and Other Borrowings" for further information on the transaction. Sales by Product Group The following table sets forth sales by product group within the SCC operating segment and the SBM operating segment during the years ended December 31, 2020 , 2019 and 2018: Year Ended December 31, (In millions) 2020 2019 2018 Specialty Construction Chemicals: Concrete $ 393.1 $ 434.8 $ 478.9 Cement 125.8 144.3 164.6 Total SCC Sales $ 518.9 $ 579.1 $ 643.5 Specialty Building Materials: Building Envelope $ 206.3 $ 246.3 $ 284.4 Residential Building Products 73.8 81.2 80.9 Specialty Construction Products 104.2 106.9 116.6 Total SBM Sales $ 384.3 $ 434.4 $ 481.9 Total Sales $ 903.2 $ 1,013.5 $ 1,125.4 Disaggregation of Total Net Sales The Company disaggregates its revenue from contracts with customers by operating segments, which it believes best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Geographic Area Data The following table sets forth net sales information related to the geographic areas in which GCP operates: Year Ended December 31, (In millions) 2020 2019 2018 Net Sales United States $ 474.0 $ 505.0 $ 538.8 Canada and Other 28.5 32.4 32.2 Total North America 502.5 537.4 571.0 Europe Middle East Africa 172.6 193.5 240.7 Asia Pacific 180.8 222.5 245.6 Latin America 47.3 60.1 68.1 Total $ 903.2 $ 1,013.5 $ 1,125.4 Sales are attributed to geographic areas based on customer locations. With the exception of the U.S. presented in the table above, there were no individually significant countries with sales exceeding 10% of total sales during the years ended December 31, 2020 , 2019 and 2018. There were no customers that individually accounted for 10% or more of the Company’s consolidated operating revenues for the years ended December 31, 2020 , 2019 and 2018. There were no customers that individually accounted for 10% or more of the Company's accounts receivable balance as of December 31, 2020 and 2019. Disaggregation of Long-Lived Assets The following table sets forth long-lived asset information related to the geographic areas in which GCP operates: Year Ended December 31, (In millions) 2020 2019 Properties and Equipment, net United States $ 145.4 $ 166.7 Canada and Other 3.0 3.1 Total North America 148.4 169.8 Europe Middle East Africa (EMEA) 25.5 24.8 Asia Pacific 45.4 41.9 Latin America 6.3 8.5 Total $ 225.6 $ 245.0 Operating lease right-of-use assets United States $ 18.0 $ 12.7 Canada 0.4 0.1 Total North America 18.4 12.8 Europe, Middle East, and Africa 11.7 7.0 Asia Pacific 9.4 8.4 Latin America 0.5 1.1 Total $ 40.0 $ 29.3 Goodwill, Intangibles and Other Assets United States $ 100.6 $ 107.9 Canada and Other 7.4 7.9 Total North America 108.0 115.8 Europe Middle East Africa (EMEA) 171.9 167.9 Asia Pacific 19.8 17.9 Latin America 21.3 26.0 Total $ 321.0 $ 327.6 Total long-lived assets located in the United Kingdom represented approximately 20% of total long-lived assets as of December 31, 2020 and 2019. With the exception of the U.S. and the United Kingdom, there are no other individually significant countries with long-lived assets exceeding 10% of total long-lived assets as of December 31, 2020 and 2019. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth a reconciliation of the numerators and denominators used in calculating basic and diluted earnings (loss) per share: Year Ended December 31, (In millions, except per share amounts) 2020 2019 2018 Numerators Income (loss) from continuing operations attributable to GCP shareholders $ 100.5 $ 40.8 $ (16.4) (Loss) income from discontinued operations, net of income taxes (0.3) 5.7 31.3 Net income attributable to GCP shareholders $ 100.2 $ 46.5 $ 14.9 Denominators Weighted average common shares—basic calculation 73.0 72.6 72.1 Dilutive effect of employee stock awards (2) 0.1 0.3 — Weighted average common shares—diluted calculation 73.1 72.9 72.1 Basic earnings (loss) per share Income (loss) from continuing operations attributable to GCP shareholders $ 1.38 $ 0.56 $ (0.23) Income from discontinued operations, net of income taxes $ — $ 0.08 $ 0.43 Net income attributable to GCP shareholders (1) $ 1.37 $ 0.64 $ 0.21 Diluted earnings (loss) per share (2) Income (loss) from continuing operations attributable to GCP shareholders $ 1.37 $ 0.56 $ (0.23) Income from discontinued operations, net of income taxes $ — $ 0.08 $ 0.43 Net income attributable to GCP shareholders (1) $ 1.37 $ 0.64 $ 0.21 _______________________________ (1) Amounts may not sum due to rounding. (2) Dilutive effect not applicable to the periods in which GCP generated a loss from continuing operations. GCP uses the treasury stock method to compute diluted earnings (loss) per share. During each of the years ended December 31, 2020 and 2019, 0.6 million of anti-dilutive stock awards were excluded from the computation of diluted earnings per share based on the treasury stock method as a result of income from continuing operations generated during the periods. During the year ended December 31, 2018, there were no anti-dilutive shares based on the treasury stock method as a result of a loss from continuing operations incurred during the period then ended. As of December 31, 2018, total outstanding options of 1.5 million and total outstanding RSUs of 0.4 million were excluded from the computation of diluted loss per share. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company did not complete any material acquisitions during the year ended December 31, 2020 and 2019. Please refer to Note 1, "Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies" for further discussion regarding the accounting treatment for business acquisitions. Acquisitions Completed in 2018 Clydebridge Holdings Limited On May 4, 2018, GCP acquired 100% of the outstanding capital stock of Clydebridge Holdings Limited which owns 100% of RIW Limited (the "RIW"), a U.K.-based supplier of waterproofing solutions for commercial and residential construction applications. The acquisition has strengthened GCP’s position in the U.K. waterproofing market and has complemented its product portfolio within the SBM operating segment by adding waterproofing capabilities for a wider range of projects. The aggregate purchase price of $29.7 million at the date of acquisition, net of cash acquired of $10.0 million, consisted of a net cash payment of $29.8 million, which was reduced by working capital adjustments of $0.1 million. During the year ended December 31, 2018, the Company finalized certain closing adjustments with the seller by recording a $0.2 million reduction in both consideration paid and inventories. The Company finalized the purchase price allocation and fair values of assets acquired and liabilities assumed during the year ended December 31, 2019. The Company accounted for the acquisition as a business combination in accordance with provisions of ASC 805, Business Combinations ("ASC 805"). The operating results of RIW have been reflected in the results of operations for the SBM operating segment from the date of the acquisition. The following table summarizes the final allocation of the purchase price paid and the amounts of assets acquired and liabilities assumed for the acquisition based upon their estimated fair values at the date of acquisition. (In millions) Net Assets Acquired Accounts receivable (approximates contractual value) $ 1.3 Inventories 0.5 Property, plant and equipment 0.1 Intangible assets 10.7 Goodwill 19.9 Accounts payable (1.0) Accrued liabilities (0.1) Deferred tax liabilities (1.9) Net assets acquired $ 29.5 At the closing of the acquisition of RIW, a portion of the consideration was placed into escrow which was ascribed to the purchase price and fully released to the sellers subsequent to December 31, 2020 based on the provisions of the related agreement. The escrow was related to the sellers’ satisfaction of indemnity claims and general representations and warranties. Goodwill represents the excess of the consideration transferred over the fair value of the net assets acquired and has been assigned to the SBM operating segment. Goodwill is primarily the result of expected synergies from combining the operations of RIW with GCP's operations and is not deductible for tax purposes. The following table presents the fair values of the intangible assets acquired and their weighted average amortization periods: Amount Weighted-Average Amortization Period Customer relationships $ 8.8 9 Developed technology 0.8 15 Trademarks and trade names 1.1 10 Total $ 10.7 The Company used the income approach in accordance with the excess-earnings method to estimate the fair value of customer relationships, equal to the present value of the incremental after-tax cash flows attributable to the intangible asset. The Company used the income approach in accordance with the relief-from-royalty method to estimate the fair values of the trademarks and trade names, as well as developed technology which is equal to the present value of the after-tax royalty savings attributable to owning the intangible asset. The total weighted average amortization period of the intangible assets acquired is 10 years using methods that approximate the pattern in which the economic benefits are expected to be realized. Other Acquisitions On May 17, 2017, GCP acquired 100% of the share capital of Stirling Lloyd Plc (the "Stirling Lloyd"), a UK-based global supplier of high-performance liquid waterproofing and coatings products, for total consideration of $91.1 million, net of $16.1 million of cash acquired. During the year ended December 31, 2018, the Company reached a settlement with the sellers of Stirling Lloyd related to certain warranty claims and received $3.1 million of proceeds released from an escrow account as a result of such settlement. The proceeds of $3.1 million were received after finalizing the purchase price allocation and completion of the measurement period. GCP recognized the proceeds in the results of operations during the year ended December 31, 2018, of which $2.6 million was included in "Other (income) expenses, net" in the Consolidated Statements of Operations |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On July 3, 2017, the Company completed the sale of Darex to Henkel for $1.06 billion in cash (the “Disposition”). The agreement with Henkel governing the Disposition (the “Amended Purchase Agreement”) provides for a series of delayed closings in certain non-U.S. jurisdictions, including Argentina, China, Colombia, Indonesia, Peru and Venezuela for which sale proceeds were received on the July 3, 2017 closing date. The delayed closings implement the legal transfer of the Darex business in the delayed closing jurisdictions in accordance with local law. During the year ended December 31, 2020, the Company completed the final remaining delayed closing in Venezuela which did not result in a gain or a loss recognized during the period then ended. During the year ended December 31, 2019, the Company completed the delayed closing in Indonesia and recorded an after-tax gain of $7.2 million. During the year ended December 31, 2018, the Company completed the delayed closings in Argentina, Colombia, Peru and China and recorded an after-tax gain of $31.5 million on the sale of the delayed close entities in these countries. Up to the time of the delayed closings, the results of the operations of the Darex business within the delayed close countries are reported as “(Loss) income from discontinued operations, net of income taxes” in the Consolidated Statements of Operations, with the exception of operations in Venezuela which were deconsolidated during 2017. As of December 31, 2019, an asset of $0.5 million related to operations in Venezuela and a liability of $0.5 million related to the deferred sale proceeds received on July 3, 2017 were recognized in "Non-current assets held for sale" and “Other current liabilities” in the Consolidated Balance Sheets. During the year ended December 31, 2020, GCP derecognized the entire asset and liability amounts due to completing the delayed closing in Venezuela and recognizing the related sale proceeds. As of December 31, 2020, there were no remaining assets held for sale and no remaining liabilities for the consideration received on July 3, 2017 related to the delayed closings in connection with the sale of Darex. The following table includes a reconciliation of the gain on the sale of the Darex business related to delayed close entities recorded during the years ended December 31, 2019, and 2018: Year Ended December 31, (In millions) 2019 2018 Net proceeds included in gain $ 12.7 $ 55.4 Transaction costs — — Net assets derecognized (3.1) (11.9) Gain recognized before income taxes 9.6 43.5 Tax effect of gain recognized (2.4) (12.0) Gain recognized after income taxes $ 7.2 $ 31.5 In connection with the Disposition and the related gain, as noted above, the Company recorded tax expense of $2.4 million and $12.0 million, respectively, within discontinued operations during the years ended December 31, 2019 and 2018. In connection with the Disposition, the Company and Henkel also entered into a Transition Services Agreement pursuant to which Henkel and the Company were to provide various services to each other in connection with the transition of the Darex business to Henkel. The services were related to real estate, information technology, accounts payable, payroll and other finance functions, as well as administrative services and covered various periods up to 36 months following the closing date. The services substantially ended during the year ended December 31, 2018. The charges for such services generally allow the servicing party to recover all out-of-pocket costs and expenses and are recorded in "Other (income) expenses, net" in the Consolidated Statements of Operations. Additionally, in connection with the Disposition, the Company and Henkel entered into a Master Tolling Agreement, whereby Henkel will operate certain equipment at facilities being sold in order to manufacture and prepare for shipping certain products related to product lines that the Company continues to own. The agreement expires in June 2024. Under the Amended Purchase Agreement, GCP is required to indemnify Henkel for certain possible future tax liabilities. As of December 31, 2020 and 2019, GCP has recorded an indemnification payable of $0.6 million and $0.9 million, respectively, as a result of the Disposition. The following table sets forth the components of "(Loss) income from discontinued operations, net of income taxes" in the Consolidated Statements of Operations: Year Ended December 31, (In millions) 2020 2019 2018 Net sales $ — $ — $ 15.7 Cost of goods sold — — 15.9 Gross profit — — (0.2) Selling, general and administrative expenses 0.4 1.6 5.8 Restructuring expenses and asset impairments (0.1) 0.3 0.4 Gain on sale of business — (9.6) (43.5) Other expenses (income), net 0.1 0.1 (4.1) (Loss) income from discontinued operations before income taxes (0.4) 7.6 41.2 Benefit (provision) for income taxes 0.1 (1.9) (9.9) (Loss) income from discontinued operations, net of income taxes $ (0.3) $ 5.7 $ 31.3 |
Revisions of Previously Issued
Revisions of Previously Issued Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Revisions of Previously Issued Consolidated Financial Statements | Revisions of Previously Issued Consolidated Financial Statements As described in Note 1, “Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies,” in connection with the preparation of the consolidated financial statements for the year ended December 31, 2020, the Company identified freight expense accrual and other errors in its previously filed 2019 and 2018 annual consolidated financial statements and unaudited quarterly consolidated financial statements for the first three quarterly periods of 2020 and each of the quarterly periods of 2019. The Company has corrected the immaterial errors by revising previously filed 2019 and 2018 annual consolidated financial statements in connection with the filing of this 2020 Annual Report on Form 10-K. The following tables present the impact of the revisions on the previously filed 2019 and 2018 annual consolidated financial statements to correct the prior period errors. Additionally, please refer to Note 23, “Quarterly Financial Information (Unaudited),” for the impact of these revisions on each of the quarterly periods. GCP Applied Technologies Inc. Year Ended December 31, 2019 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 1,013.5 $ — $ 1,013.5 Cost of goods sold 630.4 (0.6) 629.8 Gross profit 383.1 0.6 383.7 Selling, general and administrative expenses 273.0 (0.2) 272.8 Research and development expenses 18.4 — 18.4 Interest expense and related financing costs 22.7 — 22.7 Repositioning expenses 20.4 — 20.4 Restructuring expenses and asset write offs 9.9 — 9.9 Other expenses, net 4.3 — 4.3 Total costs and expenses 348.7 (0.2) 348.5 Income from continuing operations before income taxes 34.4 0.8 35.2 Benefit from income taxes 6.6 (0.6) 6.0 Income from continuing operations 41.0 0.2 41.2 Income from discontinued operations, net of income taxes 5.7 — 5.7 Net income 46.7 0.2 46.9 Less: Net income attributable to noncontrolling interests (0.4) — (0.4) Net income attributable to GCP shareholders $ 46.3 $ 0.2 $ 46.5 Amounts Attributable to GCP Shareholders: Income from continuing operations attributable to GCP shareholders $ 40.6 $ 0.2 $ 40.8 Income from discontinued operations, net of income taxes 5.7 — 5.7 Net income attributable to GCP shareholders $ 46.3 $ 0.2 $ 46.5 Earnings Per Share Attributable to GCP Shareholders: Basic earnings per share: Income from continuing operations attributable to GCP shareholders $ 0.56 $ — $ 0.56 Income from discontinued operations, net of income taxes $ 0.08 $ — $ 0.08 Net income attributable to GCP shareholders $ 0.64 $ — $ 0.64 Weighted average number of basic shares 72.6 — 72.6 Diluted earnings per share: Income from continuing operations attributable to GCP shareholders $ 0.56 $ — $ 0.56 Income from discontinued operations, net of income taxes $ 0.08 $ — $ 0.08 Net income attributable to GCP shareholders $ 0.64 $ — $ 0.64 Weighted average number of diluted shares 72.9 — 72.9 GCP Applied Technologies Inc. Year Ended December 31, 2019 (In millions) As Previously Reported Adjustments As Revised Net income $ 46.7 $ 0.2 $ 46.9 Other comprehensive income: Defined benefit pension and other postretirement plans, net of income taxes (0.5) — (0.5) Currency translation adjustments, net of income taxes 3.6 — 3.6 Loss from hedging activities, net of income taxes (0.1) — (0.1) Total other comprehensive income 3.0 — 3.0 Comprehensive income 49.7 0.2 49.9 Less: Comprehensive income attributable to noncontrolling interests (0.4) — (0.4) Comprehensive income attributable to GCP shareholders $ 49.3 $ 0.2 $ 49.5 GCP Applied Technologies Inc. As of Year Ended December 31, 2019 (In millions, except par value and shares) As Previously Reported Adjustments As Revised ASSETS Current Assets Cash and cash equivalents $ 325.0 $ — $ 325.0 Trade accounts receivable (net of allowances of $7.5 million) 183.7 — 183.7 Inventories, net 95.9 — 95.9 Other current assets 43.7 (0.5) 43.2 Total Current Assets 648.3 (0.5) 647.8 Properties and equipment, net 245.3 (0.3) 245.0 Operating lease right-of-use assets 29.3 — 29.3 Goodwill 208.9 — 208.9 Technology and other intangible assets, net 80.7 — 80.7 Deferred income taxes 26.1 — 26.1 Overfunded defined benefit pension plans 25.0 — 25.0 Other assets 38.0 — 38.0 Non-current assets held for sale 0.5 — 0.5 Total Assets $ 1,302.1 $ (0.8) $ 1,301.3 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Debt payable within one year $ 2.7 $ — $ 2.7 Operating lease obligations payable within one year 8.1 — 8.1 Accounts payable 88.4 — 88.4 Other current liabilities 113.6 (0.7) 112.9 Total Current Liabilities 212.8 (0.7) 212.1 Debt payable after one year 346.5 — 346.5 Operating lease obligations 21.6 — 21.6 Income taxes payable 41.4 — 41.4 Deferred income taxes 13.1 — 13.1 Unrecognized tax benefits 42.2 — 42.2 Underfunded and unfunded defined benefit pension plans 67.5 — 67.5 Other liabilities 15.9 — 15.9 Total Liabilities 761.0 (0.7) 760.3 Commitments and Contingencies Stockholders' Equity Preferred stock, par value $0.01; 50,000,000 shares authorized; no shares issued or outstanding — — — Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 72,850,268 0.7 — 0.7 Paid-in capital 53.4 — 53.4 Accumulated earnings 610.2 (0.1) 610.1 Accumulated other comprehensive loss (117.0) — (117.0) Treasury stock (8.6) — (8.6) Total GCP Stockholders' Equity 538.7 (0.1) 538.6 Noncontrolling interests 2.4 — 2.4 Total Stockholders' Equity 541.1 (0.1) 541.0 Total Liabilities and Stockholders' Equity $ 1,302.1 $ (0.8) $ 1,301.3 GCP Applied Technologies Inc. (In millions) As Previously Reported Adjustments As Revised Total Stockholders' Equity: Balance, December 31, 2018 $ 481.4 $ (0.3) $ 481.1 Net income 46.7 0.2 46.9 Issuance of common stock in connection with stock plans — — — Share-based compensation 6.2 — 6.2 Exercise of stock options 7.6 — 7.6 Share repurchases (3.8) — (3.8) Other comprehensive income 3.0 — 3.0 Balance, December 31, 2019 $ 541.1 $ (0.1) $ 541.0 GCP Applied Technologies Inc. Year Ended December 31, 2019 (In millions) As Previously Reported Adjustments As Revised OPERATING ACTIVITIES Net income $ 46.7 $ 0.2 $ 46.9 Less: Income from discontinued operations 5.7 — 5.7 Income from continuing operations 41.0 0.2 41.2 Reconciliation to net cash provided by (used in) operating activities: Depreciation and amortization 43.2 — 43.2 Amortization of debt discount and financing costs 1.4 — 1.4 Unrealized loss on foreign currency 0.1 — 0.1 Stock-based compensation expense 6.2 — 6.2 Gain on termination and curtailment of pension and other postretirement benefit plans (1.2) — (1.2) Deferred income taxes (19.3) 0.6 (18.7) Gain on disposal of property and equipment (0.7) — (0.7) Changes in assets and liabilities, excluding effect of currency translation: Trade accounts receivable 13.1 — 13.1 Inventories 13.9 — 13.9 Accounts payable (26.8) — (26.8) Pension assets and liabilities, net 18.9 — 18.9 Other assets and liabilities, net (11.8) (1.1) (12.9) Net cash provided by operating activities from continuing operations 78.0 (0.3) 77.7 Net cash used in operating activities from discontinued operations (13.7) — (13.7) Net cash provided by operating activities 64.3 (0.3) 64.0 INVESTING ACTIVITIES Capital expenditures (61.6) 0.3 (61.3) Other investing activities 0.5 — 0.5 Net cash used in investing activities from continuing operations (61.1) 0.3 (60.8) Net cash used in investing activities from discontinued operations (0.4) — (0.4) Net cash used in investing activities (61.5) 0.3 (61.2) FINANCING ACTIVITIES Repayments under credit arrangements (7.6) — (7.6) Payments of tax withholding obligations related to employee equity awards (3.8) — (3.8) Proceeds from exercise of stock options 7.6 — 7.6 Payments on finance lease obligations (0.8) — (0.8) Other financing activities (0.4) — (0.4) Net cash used in financing activities from continuing operations (5.0) — (5.0) Effect of currency exchange rate changes on cash and cash equivalents 1.1 — 1.1 Decrease in cash and cash equivalents (1.1) — (1.1) Cash and cash equivalents, beginning of period 326.1 — 326.1 Cash and cash equivalents, end of period $ 325.0 $ — $ 325.0 Supplemental disclosures of cash flow information: Cash paid for income taxes, net of refunds $ 12.7 $ — $ 12.7 Cash paid for interest on note and credit arrangements $ 19.9 $ — $ 19.9 Supplemental disclosure of non-cash investing activities: Property and equipment purchases unpaid and included in accounts payable $ 5.7 $ — $ 5.7 GCP Applied Technologies Inc. Year Ended December 31, 2018 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 1,125.4 $ — $ 1,125.4 Cost of goods sold 715.5 (0.2) 715.3 Gross profit 409.9 0.2 410.1 Selling, general and administrative expenses 289.1 0.5 289.6 Research and development expenses 20.2 — 20.2 Interest expense and related financing costs 92.4 — 92.4 Repositioning expenses 9.6 — 9.6 Restructuring expenses and asset write offs 14.8 — 14.8 Other income, net (26.7) — (26.7) Total costs and expenses 399.4 0.5 399.9 Income from continuing operations before income taxes 10.5 (0.3) 10.2 Provision for income taxes (26.3) — (26.3) Loss from continuing operations (15.8) (0.3) (16.1) Income from discontinued operations, net of income taxes 31.3 — 31.3 Net income 15.5 (0.3) 15.2 Less: Net income attributable to noncontrolling interests (0.3) — (0.3) Net income attributable to GCP shareholders $ 15.2 $ (0.3) $ 14.9 Amounts Attributable to GCP Shareholders: Loss from continuing operations attributable to GCP shareholders $ (16.1) $ (0.3) $ (16.4) Income from discontinued operations, net of income taxes 31.3 — 31.3 Net income attributable to GCP shareholders $ 15.2 $ (0.3) $ 14.9 (Loss) Earnings Per Share Attributable to GCP Shareholders: Basic (loss) earnings per share: Loss from continuing operations attributable to GCP shareholders $ (0.22) $ (0.01) $ (0.23) Income from discontinued operations, net of income taxes $ 0.43 $ — $ 0.43 Net income attributable to GCP shareholders (1) $ 0.21 $ — $ 0.21 Weighted average number of basic shares 72.1 $ — 72.1 Diluted (loss) earnings per share: (2) Loss from continuing operations attributable to GCP shareholders $ (0.22) $ (0.01) $ (0.23) Income from discontinued operations, net of income taxes $ 0.43 $ — $ 0.43 Net income attributable to GCP shareholders (1) $ 0.21 $ — $ 0.21 Weighted average number of diluted shares 72.1 $ — 72.1 GCP Applied Technologies Inc. Consolidated Statements of Comprehensive Loss Year Ended December 31, 2018 (In millions) As Previously Reported Adjustments As Revised Net income $ 15.5 $ (0.3) $ 15.2 Other comprehensive loss: Defined benefit pension and other postretirement plans, net of income taxes (2.6) — (2.6) Currency translation adjustments (31.8) — (31.8) Gain from hedging activities, net of income taxes 0.1 — 0.1 Total other comprehensive loss (34.3) — (34.3) Comprehensive loss (18.8) (0.3) (19.1) Less: Comprehensive income attributable to noncontrolling interests (0.3) — (0.3) Comprehensive loss attributable to GCP shareholders $ (19.1) $ (0.3) $ (19.4) GCP Applied Technologies Inc. Consolidated Statements of Stockholders' Equity Year Ended December 31, 2018 (In millions) As Previously Reported Adjustments As Revised Balance, December 31, 2017 $ 492.0 $ — $ 492.0 Net income 15.5 (0.3) 15.2 Issuance of common stock in connection with stock plans — — — Share-based compensation 4.2 — 4.2 Exercise of stock options 5.5 — 5.5 Share repurchases (1.4) — (1.4) Other comprehensive loss (34.3) — (34.3) Dividends and other changes in noncontrolling interest (0.1) — (0.1) Balance, December 31, 2018 $ 481.4 $ (0.3) $ 481.1 GCP Applied Technologies Inc. Year Ended December 31, 2018 (In millions) As Previously Reported Adjustments As Revised OPERATING ACTIVITIES Net income $ 15.5 $ (0.3) $ 15.2 Less: Income from discontinued operations 31.3 — 31.3 Loss from continuing operations (15.8) (0.3) (16.1) Reconciliation to net cash (used in) provided by operating activities: Depreciation and amortization 42.0 — 42.0 Amortization of debt discount and financing costs 1.6 — 1.6 Unrealized loss on foreign currency 0.6 — 0.6 Stock-based compensation expense 3.7 — 3.7 Gain on termination and curtailment of pension and other postretirement benefit plans (0.2) — (0.2) Deferred income taxes 3.2 — 3.2 Loss on debt refinancing 59.8 — 59.8 Gain on disposal of property and equipment (0.9) — (0.9) Changes in assets and liabilities, excluding effect of currency translation: Trade accounts receivable 9.3 (0.3) 9.0 Inventories (7.8) — (7.8) Accounts payable (9.7) — (9.7) Pension assets and liabilities, net (7.0) — (7.0) Other assets and liabilities, net (3.4) 0.6 (2.8) Net cash provided by operating activities from continuing operations 75.4 — 75.4 Net cash used in operating activities from discontinued operations (133.0) — (133.0) Net cash used in operating activities (57.6) — (57.6) INVESTING ACTIVITIES Capital expenditures (55.0) — (55.0) Businesses acquired, net of cash acquired (29.5) — (29.5) Other investing activities (2.4) — (2.4) Net cash used in investing activities from continuing operations (86.9) — (86.9) Net cash provided by investing activities from discontinued operations 0.1 — 0.1 Net cash used in by investing activities (86.8) — (86.8) FINANCING ACTIVITIES Borrowings under credit arrangements 56.3 — 56.3 Repayments under credit arrangements (69.6) — (69.6) Proceeds from issuance of long term note obligations 350.0 — 350.0 Repayments of long term note obligations (578.3) — (578.3) Cash paid for debt financing costs (6.9) — (6.9) Payments of tax withholding obligations related to employee equity awards (1.4) — (1.4) Proceeds from exercise of stock options 5.5 — 5.5 Noncontrolling interest dividend (0.1) — (0.1) Other financing activities (2.8) — (2.8) Net cash used in by financing activities (247.3) — (247.3) Effect of currency exchange rate changes on cash and cash equivalents (3.7) — (3.7) Decrease in cash and cash equivalents (395.4) — (395.4) Cash and cash equivalents, beginning of period 721.5 — 721.5 Cash and cash equivalents, end of period $ 326.1 $ — $ 326.1 Supplemental cash flow disclosures: Cash paid for income taxes, net of refunds $ 23.1 $ — $ 23.1 Cash paid for interest on note and credit arrangements $ 46.3 $ — $ 46.3 Supplemental disclosure of non-cash investing activities: Property and equipment purchases unpaid and included in accounts payable $ 10.3 $ — $ 10.3 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) The amounts presented below reflect the revisions to previously filed unaudited interim consolidated financial data to correct immaterial prior period errors as discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies” and Note 22, “Revisions of Previously Issued Consolidated Financial Statements”. The revisions to the 2020 first, second and third quarterly unaudited interim consolidated financial statements, including the correction of the previously issued unaudited Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, Consolidated Statements of Stockholders’ Equity, Consolidated Statements of Cash Flows and related footnote disclosures, will be made in connection with the Company's future filings of its unaudited interim consolidated financial statements on Form 10-Q in 2021. Three Months Ended, Year Ended, (In millions, except per share amounts) March 31, 2020 June 30, 2020 September 30, 2020 (1) December 31, 2020 December 31, 2020 Net sales $ 216.7 $ 195.4 $ 248.4 $ 242.7 $ 903.2 Gross profit 82.8 77.4 101.8 95.9 357.9 Net income (loss) 1.8 (0.6) 100.1 (0.6) 100.7 Income (loss) from continuing operations attributable to GCP shareholders 2.0 (0.7) 100.0 (0.8) 100.5 Loss (income) from discontinued operations, net of income taxes : (0.3) — (0.1) 0.1 (0.3) Net income (loss) attributable to GCP shareholders $ 1.7 $ (0.7) $ 99.9 $ (0.7) $ 100.2 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income (loss) from continuing operations attributable to GCP shareholders $ 0.03 $ (0.01) $ 1.37 $ (0.01) $ 1.38 Loss (income) from discontinued operations, net of income taxes : $ — $ — $ — $ — $ — Net income (loss) attributable to GCP shareholders $ 0.02 $ (0.01) $ 1.37 $ (0.01) $ 1.37 Diluted earnings (loss) per share (2): Income (loss) from continuing operations attributable to GCP shareholders $ 0.03 $ (0.01) $ 1.37 $ (0.01) $ 1.37 Loss (income) from discontinued operations, net of income taxes : $ — $ — $ — $ — $ — Net income (loss) attributable to GCP shareholders $ 0.02 $ (0.01) $ 1.36 $ (0.01) $ 1.37 ________________________________ (1) During the three months ended September 30, 2020, GCP recognized a gain of $110.2 million on the sale of its corporate headquarters. Please refer to Note 6, "Lessee Arrangements" for further information on this transaction. (2) Dilutive effect is only applicable to the periods during which GCP generated net income from continuing operations. Three Months Ended, Year Ended, (In millions, except per share amounts) March 31, 2019 (1)(2) June 30, 2019 September 30, 2019 December 31, 2019 December 31, 2019 Net sales $ 226.1 $ 262.2 $ 266.9 $ 258.3 $ 1,013.5 Gross profit 82.0 98.8 104.8 98.1 383.7 Net income 21.2 2.9 16.3 6.5 46.9 Income from continuing operations attributable to GCP shareholders 14.2 3.4 16.6 6.6 40.8 Income (loss) from discontinued operations, net of income taxes : 6.8 (0.5) (0.4) (0.2) 5.7 Net income attributable to GCP shareholders $ 21.0 $ 2.9 $ 16.2 $ 6.4 $ 46.5 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 0.20 $ 0.05 $ 0.23 $ 0.09 $ 0.56 Income (loss) from discontinued operations, net of income taxes $ 0.09 $ (0.01) $ (0.01) $ — $ 0.08 Net income attributable to GCP shareholders $ 0.29 $ 0.04 $ 0.22 $ 0.09 $ 0.64 Diluted earnings (loss) per share (3): Income from continuing operations attributable to GCP shareholders $ 0.20 $ 0.05 $ 0.23 $ 0.09 $ 0.56 Income (loss) from discontinued operations, net of income taxes $ 0.09 $ (0.01) $ (0.01) $ — $ 0.08 Net income attributable to GCP shareholders $ 0.29 $ 0.04 $ 0.22 $ 0.09 $ 0.64 (1) During the three months ended March 31, 2019, GCP recognized a tax benefit of $20.2 million from the release of an uncertain tax position due to the finalization of the Transition Tax regulations issued in January 2019. (2) During the three months ended March 31, 2019, GCP recognized an after tax gain of $7.2 million on the sale of the delayed close entity in Indonesia related to Darex. Please refer to Note 21, "Discontinued Operations" for further information on these transactions. (3) Dilutive effect is only applicable to the periods during which GCP generated net income from continuing operations. Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. The following tables set forth the effects of the revisions of previously issued unaudited quarterly consolidated financial data to correct the prior period errors, as discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies” and Note 22, “Revisions of Previously Issued Consolidated Financial Statements”: Three Months Ended September 30, 2020 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 248.4 $ — $ 248.4 Gross profit 101.4 0.4 101.8 Net income 99.6 0.5 100.1 Income from continuing operations attributable to GCP shareholders 99.5 0.5 100.0 Loss from discontinued operations, net of income taxes (0.1) — (0.1) Net income attributable to GCP shareholders $ 99.4 $ 0.5 $ 99.9 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 1.36 $ 0.01 $ 1.37 Loss from discontinued operations, net of income taxes $ — $ — $ — Net income attributable to GCP shareholders $ 1.36 $ 0.01 $ 1.37 Diluted earnings (loss) per share : Income from continuing operations $ 1.36 $ 0.01 $ 1.37 Loss from discontinued operations, net of income taxes $ — $ — $ — Net income attributable to GCP shareholders $ 1.36 $ — $ 1.36 Three Months Ended June 30, 2020 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 195.4 $ — $ 195.4 Gross profit 76.4 1.0 77.4 Net loss (1.2) 0.6 (0.6) Loss from continuing operations attributable to GCP shareholders (1.3) 0.6 (0.7) Net loss attributable to GCP shareholders $ (1.3) $ 0.6 $ (0.7) Earnings (loss) per share attributable to GCP shareholders Basic loss per share: Loss from continuing operations attributable to GCP shareholders $ (0.02) $ 0.01 $ (0.01) Net loss attributable to GCP shareholders $ (0.02) $ 0.01 $ (0.01) Diluted loss per share : Loss from continuing operations attributable to GCP shareholders $ (0.02) $ 0.01 $ (0.01) Net loss attributable to GCP shareholders $ (0.02) $ 0.01 $ (0.01) Three Months Ended March 31, 2020 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 216.7 $ — $ 216.7 Gross profit 81.9 0.9 82.8 Net income 1.2 0.6 1.8 Income from continuing operations attributable to GCP shareholders 1.4 0.6 2.0 Loss from discontinued operations, net of income taxes (0.3) — (0.3) Net income attributable to GCP shareholders $ 1.1 $ 0.6 $ 1.7 Earnings (loss) per share attributable to GCP shareholders Basic earnings per share: Income from continuing operations attributable to GCP shareholders $ 0.02 $ 0.01 $ 0.03 Loss from discontinued operations, net of income taxes $ — $ — $ — Net income attributable to GCP shareholders $ 0.02 $ — $ 0.02 Diluted earnings per share : Income from continuing operations attributable to GCP shareholders $ 0.02 $ 0.01 $ 0.03 Loss from discontinued operations, net of income taxes $ — $ — $ — Net income attributable to GCP shareholders $ 0.02 $ — $ 0.02 Three Months Ended December 31, 2019 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 258.3 $ — $ 258.3 Gross profit 96.8 1.3 98.1 Net income 5.8 0.7 6.5 Income from continuing operations attributable to GCP shareholders 5.9 0.7 6.6 Loss from discontinued operations, net of income taxes (0.2) — (0.2) Net income attributable to GCP shareholders $ 5.7 $ 0.7 $ 6.4 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 0.08 $ 0.01 $ 0.09 Loss from discontinued operations, net of income taxes $ — $ — $ — Net income attributable to GCP shareholders $ 0.08 $ 0.01 $ 0.09 Diluted earnings (loss) (loss per share : Income from continuing operations attributable to GCP shareholders $ 0.08 $ 0.01 $ 0.09 Loss from discontinued operations, net of income taxes $ — $ — $ — Net income attributable to GCP shareholders $ 0.08 $ 0.01 $ 0.09 Three Months Ended September 30, 2019 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 266.9 $ — $ 266.9 Gross profit 105.1 (0.3) 104.8 Net income 16.7 (0.4) 16.3 Income from continuing operations attributable to GCP shareholders 17.0 (0.4) 16.6 Loss from discontinued operations, net of income taxes (0.4) — (0.4) Net income attributable to GCP shareholders $ 16.6 $ (0.4) $ 16.2 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 0.23 $ — $ 0.23 Loss from discontinued operations, net of income taxes $ (0.01) $ — $ (0.01) Net income attributable to GCP shareholders $ 0.23 $ (0.01) $ 0.22 Diluted earnings (loss) per share : Income from continuing operations attributable to GCP shareholders $ 0.23 $ — $ 0.23 Loss from discontinued operations, net of income taxes $ (0.01) $ — $ (0.01) Net income attributable to GCP shareholders $ 0.23 $ (0.01) $ 0.22 Three Months Ended June 30, 2019 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 262.2 $ — $ 262.2 Gross profit 99.0 (0.2) 98.8 Net income 2.6 0.3 2.9 Income from continuing operations attributable to GCP shareholders 3.1 0.3 3.4 Loss from discontinued operations, net of income taxes (0.5) — (0.5) Net income attributable to GCP shareholders $ 2.6 $ 0.3 $ 2.9 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 0.04 $ 0.01 $ 0.05 Loss from discontinued operations, net of income taxes $ (0.01) $ — $ (0.01) Net income attributable to GCP shareholders $ 0.04 $ — $ 0.04 Diluted earnings (loss) per share : Income from continuing operations $ 0.04 $ 0.01 $ 0.05 Loss from discontinued operations, net of income taxes $ (0.01) $ — $ (0.01) Net income attributable to GCP shareholders $ 0.04 $ — $ 0.04 Three Months Ended March 31, 2019 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 226.1 $ — $ 226.1 Gross profit 82.2 (0.2) 82.0 Net income 21.6 (0.4) 21.2 Income from continuing operations attributable to GCP shareholders 14.6 (0.4) 14.2 Income from discontinued operations, net of income taxes 6.8 — 6.8 Net income attributable to GCP shareholders $ 21.4 $ (0.4) $ 21.0 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 0.20 $ — $ 0.20 Income from discontinued operations, net of income taxes $ 0.09 $ — $ 0.09 Net income attributable to GCP shareholders $ 0.30 $ (0.01) $ 0.29 Diluted earnings (loss) per share : Income from continuing operations $ 0.20 $ — $ 0.20 Income from discontinued operations, net of income taxes $ 0.09 $ — $ 0.09 Net income attributable to GCP shareholders $ 0.29 $ — $ 0.29 |
Schedule II - Valuation & Quali
Schedule II - Valuation & Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation & Qualifying Accounts and Reserves | FINANCIAL STATEMENT SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (In millions) For the Year Ended December 31, 2020 Balance at beginning of period Additions charged to costs and expenses Deductions Other, net (1) Balance at end of period Valuation and qualifying accounts deducted from assets: Allowances for notes and accounts receivable $ 7.5 0.9 (1.4) — $ 7.0 Inventory obsolescence reserve $ 3.8 5.8 (4.5) — $ 5.1 Valuation allowance for deferred tax assets $ 17.2 1.6 (0.5) (2.0) $ 16.3 ___________________________________________________________________________________________________________________ (1) Various miscellaneous adjustments against reserves and effects of currency translation. For the Year Ended December 31, 2019 Balance at beginning of period Additions charged to costs and expenses Deductions Other, net (1) Balance at end of period Valuation and qualifying accounts deducted from assets: Allowances for notes and accounts receivable $ 5.8 3.5 (1.7) (0.1) $ 7.5 Inventory obsolescence reserve $ 2.7 5.5 (4.4) — $ 3.8 Valuation allowance for deferred tax assets $ 18.5 2.3 (1.3) (2.3) $ 17.2 ___________________________________________________________________________________________________________________ (1) Various miscellaneous adjustments against reserves and effects of currency translation. For the Year Ended December 31, 2018 Balance at beginning of period Additions charged to costs and expenses Deductions (1) Other, net (2) Balance at end of period Valuation and qualifying accounts deducted from assets: Allowances for notes and accounts receivable $ 5.7 1.6 (1.1) (0.4) $ 5.8 Inventory obsolescence reserve $ 2.4 5.0 (4.7) — $ 2.7 Valuation allowance for deferred tax assets $ 23.9 6.8 (10.8) (1.4) $ 18.5 ___________________________________________________________________________________________________________________ (1) Deductions from valuation allowance for deferred tax assets include $10.6 million related to the forfeiture of the Company’s 2017 Japan net operating loss resulting from the sale of Darex Japan. (2) Various miscellaneous adjustments against reserves and effects of currency translation. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements are presented on a consolidated basis and include all of the accounts and operations of GCP and its majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The financial statements reflect the financial position, results of operations and cash flows of GCP in accordance with generally accepted accounting principles in the United States ("GAAP") and with the instructions to Form 10-K. |
Discontinued Operations | Discontinued Operations On July 3, 2017, the Company completed the sale of Darex to Henkel. In conjunction with this transaction and applicable GAAP, the assets and liabilities related to Darex in the applicable delayed close countries have been reclassified and reflected as held for sale in the Consolidated Balance Sheets as of December 31, 2019, as discussed further in Note 21, "Discontinued Operations". Additionally, Darex results of operations and cash flows have been reclassified and reflected as "discontinued operations" in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows for all periods presented. |
Separation from Grace and Noncontrolling Interests | Separation from Grace On January 27, 2016, GCP entered into a separation and distribution agreement pursuant to which W.R. Grace & Co. ("Grace") agreed to transfer its Grace Construction Products operating segment and the packaging technologies business, operated under the “Darex” name, of its Grace Materials Technologies operating segment to GCP (the "Separation"). The Separation occurred on February 3, 2016, by means of a pro rata distribution to Grace stockholders of all of the then-outstanding shares of Company common stock, at which time GCP became an independent public company and its common stock listed and began trading under the symbol "GCP" on the New York Stock Exchange. Please refer to Note 16, "Related Party Transactions and Transactions with Grace" for further information on the Tax Sharing Agreement between GCP and Grace related to Separation. Subsequent to the Separation, Grace no longer represents a related party of the Company. All transactions between GCP and Grace have been included in these Consolidated Financial Statements. Noncontrolling Interests |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses for the periods presented. The Company assesses the estimates on an ongoing basis and records changes in estimates in the period they occur and become known. Actual results could differ from these estimates. GCP's accounting measurements that are most affected by management's estimates related to future events are as follows: • Goodwill and indefinite-lived intangible assets, which are subject to an impairment assessment on an annual basis or more frequently if events occur or circumstances change that would more likely than not reduce their fair values below carrying values. Such impairment assessment requires judgment based on market and operational conditions at the time it is conducted since it is based on estimates and assumptions related to determining fair values of reporting units and indefinite-lived intangible assets, including future expected cash flow projections, discount and royalty rates, as well as forecasts of long term sales growth rates (please refer to Note 7, "Goodwill and Other Intangible Assets"); • Realization values of net deferred tax assets which depend on projections of future taxable income (please refer to Note 9, "Income Taxes"); • Contingent liabilities, which depend on an assessment of the probability of loss occurrence and an estimate of ultimate resolution cost, that may arise from circumstances, such as legal disputes, environmental remediation, product liability claims, material commitments (please refer to Note 12, "Commitments and Contingencies") and income taxes (please refer to Note 9, "Income Taxes"); • Pension and postretirement liabilities that depend on assumptions regarding participant life spans, future inflation, discount rates and return on plan assets (please refer to Note 10, "Pension Plans and Other Postretirement Benefit Plans"); • Fair values of assets acquired and liabilities assumed in a business combination recognized based on the purchase method of accounting, including finite-lived intangible assets and their useful lives. Such fair value estimates depend on assumptions related to future expected cash flow projections, customer attrition rates, royalty cost savings, and appropriate discount rates used in computing present values (please refer to Note 20, "Acquisitions"); and |
Acquisitions | Acquisitions The Company accounts for business acquisitions that meet the definition of a business combination using the acquisition method of accounting, in accordance with which assets acquired and liabilities assumed are recorded at their respective fair values at the acquisition date. The fair value of the consideration transferred in a business combination, including any contingent consideration, is allocated to the assets acquired and liabilities assumed based on their respective fair values. Goodwill represents excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed. Acquisitions that do not meet the definition of a business combination are accounted for as asset acquisitions, and the purchase price is allocated to the net assets acquired based on their relative fair values without recognizing goodwill. Significant judgments are used in determining fair values of assets acquired and liabilities assumed. Fair value and intangible asset useful life determinations are based on, among other factors, estimates of future expected cash flows, customer attrition rates, royalty cost savings, and appropriate discount rates used in computing present values. These judgments may materially impact the estimates used in allocating the purchase price to assets acquired and liabilities assumed, as well as the Company’s current and future operating results. Actual results may vary from these estimates which may result in adjustments to goodwill and acquisition date fair values of assets and liabilities during a measurement period or upon a final determination of asset and liability fair values, whichever occurs first. Adjustments to fair values of assets and liabilities made after the end of the measurement period are recorded within the Company’s operating results. |
Operating Segments | Operating Segments GCP reports financial results of each of its operating and reportable segments that engage in business activities that generate revenues and expenses. GCP is engaged in the production and sale of specialty construction chemicals and specialty building materials through its two operating and reportable segments. Operating segments represents GCP's operations that engage in business activities for which discrete financial information is available and regularly reviewed by GCP's chief operating decision maker in deciding how to allocate resources and assess the segments' performance. |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash and cash equivalents include cash on hand and highly liquid instruments with original maturities of three months or less that are readily convertible to known amounts of cash. The recorded amounts are presented at amortized cost within the "Cash and cash equivalents" in the Company's Consolidated Balance Sheets and approximate fair value. |
Accounts Receivable, Allowance for Credit Losses | Accounts Receivable, Allowance for Credit Losses Trade accounts receivable are amounts due from customers for products sold or services performed in the ordinary course of business and are stated at their estimated net realizable value representing amounts expected to be collected. Allowance for credit losses is recorded upon the initial recognition of trade accounts receivable and reviewed during each reporting period over their contractual life. Allowance for credit losses is measured based on historical loss rates and the impact of current and future conditions, including an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables and collateral to the extent applicable. The Company evaluates the allowance for credit losses for the entire portfolio of trade accounts receivable on an aggregate basis due to similar risk characteristics of its customers based on similar industry and historical loss patterns. Accounts receivable balances are written off against the allowance for credit losses when the Company determines that the balances are not recoverable. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Costs are determined on a first-in, first-out ("FIFO") basis and include direct and certain indirect costs of materials and production. GCP provides allowances for excess, obsolete or damaged inventories based on their expected selling price, net of completion and disposal costs. Abnormal costs of production are expensed as incurred. |
Contract Assets and Contract Liabilities, Costs to Obtain a Contract and Revenue Recognition | Contract Assets and Contract LiabilitiesContract assets consist of unbilled amounts typically resulting from sales under long-term contracts when the revenue recognized exceeds the amount billed to the customer. Contract liabilities consist of advance customer payments and billings for revenue not meeting the criteria to be recognized and/or in excess of costs incurred.Costs to Obtain a Contract GCP pays external sales agents certain commissions based on actual customer sales and has determined that such amounts represent incremental costs incurred in obtaining such customer contracts. The performance obligations associated with these costs are satisfied at a point in time and accordingly the amortization period of such costs is less than one year. The Company expenses these costs as incurred in accordance with the practical expedient that allows for such treatment, as prescribed by ASC Topic 340-40, Costs to obtain or fulfill a contract Effective January 1, 2018, GCP has adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). |
Long-Lived Assets | Long-Lived Assets Properties and equipment are stated at cost, net of accumulated depreciation. Depreciation expense for properties and equipment is computed using the straight-line method and charged to results of operations to allocate the cost of the assets over their estimated useful lives. Estimated useful lives for properties and equipment range from: (i) 20 to 40 years for buildings, (ii) 3 to 7 years for information technology equipment, (iii) 3 to 10 years for operating machinery and equipment and (iv) 5 to 10 years for furniture and fixtures. Interest costs are capitalized as part of the historical cost of acquiring properties and equipment that constitute major project expenditures and require a period of time to get them ready for their intended use. Fully depreciated assets are retained in properties and equipment and related accumulated depreciation accounts until they are removed from service. Cost of disposed assets, net of accumulated depreciation, are derecognized upon their retirement or at the time of disposal, and the corresponding amount, net of any proceeds from disposal, is reflected in the Company's results of operations. Costs related to legal obligations associated with asset retirements, such as restoring a site to its original condition, are recognized as liabilities and corresponding assets at amounts equal to the net present value of estimated future cash flows that will be required to settle such liabilities. Capitalized asset costs are depreciated over the related asset's estimated useful life. |
Finite-Lived Intangible Assets | Intangible assets with finite lives consist of technology, customer relationships, trademarks and other intangibles and are amortized over their estimated useful lives, ranging from 1 to 20 years. Fair value and useful life determinations are based on, among other factors, estimates of future expected cash flows, customer attrition rates, royalty cost savings and appropriate discount rates used in computing present values. |
Impairment of Long-Lived Assets | GCP reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable based on indicators of impairment. For purposes of this test, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If the Company determines that indicators of potential impairment are present, it assesses the recoverability of a long-lived asset group by comparing the sum of its undiscounted future cash flows to its carrying value. The future cash flow period is based on the future service life of the primary asset within the long-lived asset group. If the carrying value of the long-lived asset group exceeds its future cash flows, the Company determines fair values of the individual net assets within the long-lived asset group to assess for potential impairment. If the aggregate fair values of the individual net assets of the group are less than their carrying values, an impairment loss is recognized for an amount in excess of the group’s aggregate carrying value over its fair value. The loss is allocated to the assets within the group based on their relative carrying values, with no asset reduced below its fair value determined in accordance with an income-based approach utilizing projected discounted cash flows model. |
Lessee Arrangements | Lessee Arrangements Effective January 1, 2019, GCP has adopted FASB issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842). |
Goodwill | Goodwill Goodwill arises from certain business combinations and represents the excess of a purchase price over the fair value of net tangible and identifiable intangible assets of the businesses acquired. GCP reviews its goodwill for impairment at the reporting unit level on an annual basis, or more often if impairment indicators are present based on events or changes in circumstances indicating that the carrying amount of goodwill may not be fully recoverable. Recoverability is assessed at the reporting unit level which is most directly associated with the business combination that resulted in the recognition of the goodwill. For the purpose of the goodwill impairment assessment based on the provisions of ASC 350, Intangibles—Goodwill and Other ("ASC 350"), GCP has determined that it has two reporting units which are its operating segments. In accordance with ASC 350, the Company first assesses qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company determines, based on this assessment, that it is more likely than not that the fair value of the reporting unit is less than its carrying value, it performs a quantitative goodwill impairment test by comparing these amounts. If the fair value of the reporting unit exceeds its carrying amount, no impairment loss is recognized. However, if the carrying amount exceeds the fair value, the goodwill of the reporting unit is impaired, and the amount of such excess is recognized as an impairment loss upon writing down goodwill to its fair value. Fair value of a reporting unit is determined based on Level 3 inputs using a combined weighted average of a market-based approach (utilizing fair value multiples of comparable publicly traded companies) and an income-based approach (utilizing discounted projected cash flows model). In applying the income-based approach, the fair value of each reporting unit is determined in accordance with the discounted projected cash flow valuation model based on the estimated projected future cash flows and terminal value discounted at the rate which reflects the weighted average costs of capital. The inputs and assumptions that are most likely to impact the reporting unit's fair value include the discount rate, long-term sales growth rates and forecasted operating margins. In applying the market-based approach, GCP determines the reporting unit’s business enterprise fair value based on inputs and assumptions related to average revenue multiples and earnings before interest, tax, depreciation and amortization multiples derived from its peer group which are weighted and adjusted for size, risk and growth of the individual reporting unit. Application of the goodwill impairment assessment requires judgment based on market and operational conditions at the time of the evaluation, including management’s best estimates of the reporting unit’s future business activity and the related estimates and assumptions of future cash flows from the assets that include the associated goodwill. Different estimates and assumptions of forecasted long-term sales growth rates, operating margins, future cash flows, weighted average cost of capital discount rate, as well as peer company multiples used in the valuation models could result in different estimates of the reporting unit’s fair value as of each testing date. These periodic evaluations could cause management to conclude that impairment factors exist, requiring an adjustment of these assets to their then-current fair market values. Future business conditions could differ materially from the projections made by management which could result in additional adjustments and impairment charges. GCP performed its annual impairment test as of October 31, 2020 and 2019 for the two reporting units. The Company performed a quantitative assessment as part of the impairment test in 2020, and the fair values of the reporting units were significantly in excess of their carrying values. As such, GCP did not recognize impairment losses as a result of the analysis. The Company performed qualitative assessment as a part of the impairment test in 2019 and determined that it was not likely that the fair values of the reporting units were less than their carrying amounts. As such, the Company did not perform quantitative assessments and did not recognize impairment losses as a result of the analysis. If events occur or circumstances change that would more likely than not reduce the fair values of the reporting units below their carrying values, goodwill will be evaluated for impairment between annual tests. There were no impairment losses recognized in any of the periods presented in the Consolidated Statements of Operations. |
Indefinite-Lived Intangible Assets | Indefinite-Lived Intangible Assets GCP reviews its indefinite-lived intangible assets for impairment annually, or whenever events or changes in circumstances indicate that the carrying amounts may not be fully recoverable. Indefinite-lived intangible assets are tested for impairment by performing either a qualitative evaluation or a quantitative test which requires judgment based on market and operational conditions at the time of the evaluation. GCP first assesses qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that indefinite-lived intangible assets are impaired. If GCP determines, based on this assessment, that it is more likely than not that the assets are impaired, it performs a quantitative impairment test by comparing the assets' fair values with their carrying values. No impairment loss is recognized if the fair values exceed the carrying values. However, if the carrying values of the indefinite-lived intangible assets exceed their fair values, the amount of such excess is recognized as an impairment loss during the period identified and the assets' carrying values are written down to their fair values. |
Income Tax | Income Tax As a global enterprise, GCP is subject to a complex array of tax regulations and needs to make assessments of applicable tax law and judgments in estimating its ultimate income tax liability. Income tax expense and income tax balances represent GCP’s federal, state and foreign income taxes as an independent company. GCP files a U.S. consolidated income tax return, along with foreign and state corporate income tax filings, as required. GCP's deferred taxes and effective tax rate may not be comparable to those of historical periods prior to the Separation. Please refer to Note 9, "Income Taxes," for details regarding estimates used in accounting for income tax matters, including unrecognized tax benefits. Deferred tax assets and liabilities are recognized with respect to the expected future tax consequences of events that have been recorded in the Consolidated Financial Statements. If it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is provided against such deferred tax assets. The assessment of realization of deferred tax assets is performed based on the weight of the positive and negative evidence available to indicate whether the asset is recoverable, including tax planning strategies that are prudent and feasible. Tax benefits from an uncertain tax position are recognized only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. GCP evaluates such likelihood based on relevant facts and tax law. |
Pension Benefits | Pension Benefits GCP's method of accounting for actuarial gains and losses relating to its global defined benefit pension plans is referred to as "mark-to-market accounting." In accordance with mark-to-market accounting, GCP's pension costs consist of two elements: 1) ongoing costs recognized quarterly, which include service and interest costs, expected returns on plan assets and amortization of prior service costs/credits; and 2) mark-to-market gains and losses recognized annually in the fourth quarter resulting from changes in actuarial assumptions, such as discount rates and the difference between actual and expected returns on plan assets. If a significant event occurs, such as a major plan amendment or curtailment, GCP's pension obligations and plan assets would be remeasured at an interim period and the mark-to-market gains or losses on remeasurement would be recognized in that period. |
Stock-Based Compensation Expense | GCP grants equity awards, including stock options, restricted stock units (the "RSUs"), PBUs with market conditions which vest upon the satisfaction of a performance condition and/or a service condition, as well as stock options with market conditions which vest upon the satisfaction of a service condition. GCP estimates the fair value of equity awards issued at the grant date. The fair value of the awards is recognized as stock-based compensation expense on a straight line basis, net of estimated forfeitures, for each separately vesting portion of the award over the employee’s requisite service period which may be a stated vesting period during which employees render services in exchange for equity and/or liability instruments of the Company. Estimates related to equity award forfeitures are adjusted to their actual amounts at the end of the vesting period resulting in the recognition of cumulative stock-based compensation expense only for those awards that actually vest. The fair value of RSUs is determined based on the number of shares granted and the closing market price of the Company’s common stock on the date of grant. The fair value of stock options is determined using the Black-Scholes option-pricing model which incorporates the assumptions related to the risk-free rate, options' expected term, expected stock price volatility and expected dividend yield. The risk-free rate is based on the U.S. Treasury yield curve published as of the grant date, with maturities approximating the expected term of the options. GCP estimates the expected term of the options based on the simplified method in accordance with the provisions of ASC Topic 718-20, Awards Classified as Equity , determined as the average term between the options’ vesting period and their contractual term. GCP estimates the expected stock price volatility based on an industry peer group’s historic stock prices over a period commensurate with the options’ expected term. The expected dividend yield is zero based on the Company’s history and expectation of not paying dividends on common shares. During the year ended December 31, 2020, GCP granted stock options with market conditions to the newly appointed CEO. Such options are expected to cliff vest in three years based on the achievement of certain targets ranging between 0% and 200% related to the Company’s common stock market price performance over a certain time period relative to the closing market price on the grant date. The fair value of stock options was determined using a Monte Carlo simulation based on the weighted-average value of options determined for each performance target and the assumptions related to the risk-free rate, options' expected term and expected stock price volatility computed based on the methodology consistent with the Black-Scholes option-pricing model. During the years ended December 31, 2020, 2019 and 2018, the Company granted performance-based restricted stock units (“PBUs”) to certain key employees. PBUs are performance-based units which are granted by the Company with market conditions. Such PBUs are expected to cliff vest over three years and will be settled in GCP common stock. PBUs granted in 2020 and 2019 are based on a three-year cumulative adjusted diluted earnings per share measure that is modified, up or down, based on the Company's TSR relative to the performance of the Russell 3000 Specialty Chemicals and Building Materials Indices. PBUs granted in 2018 are based on 3-year cumulative adjusted diluted earnings per share measure that is modified, up or down, based on the Company's total shareholder return ("TSR") relative to the performance of the Russell 3000 Index. PBUs are remeasured during each reporting period based on their expected payout which may range between 0% to 200% based on the achievement of performance targets required for the awards' vesting. Therefore, the stock-based compensation expense recognized for these awards during each reporting period is subject to volatility until the final payout target is determined at the end of the applicable performance period. PBUs granted during the years ended December 31, 2020, 2019 and 2018 were valued using a Monte Carlo simulation, which is commonly used for assessing the grant date fair value of equity awards with a relative TSR modifier. The risk-free rate is a continuous rate based on the U.S. Treasury yield curve published as of the grant date, based on maturity commensurate with the remaining performance period (expected term) of the PBUs. Expected volatility is based on the annualized historical volatility of GCP's stock price. Historical volatility is calculated based on a look-back period commensurate with the remaining performance period of the PBUs, or the longest available based on the Company's trading history as a public company. Correlation coefficients are used in the Monte Carlo valuation to simulate future stock prices. This includes correlations between: (i) the Company's stock price and the Index, and (ii) the stock price of each constituent included in the Index and the Index itself. The correlation coefficient is based on daily stock returns of the Company and the Index using a look-back period commensurate with the remaining performance period of the PBUs, or the longest available based on the Company's trading history as a public company. The expected dividend yield is zero based on the Company’s history and expectation of not paying dividends on common shares. Stock compensation costs are included within "Selling, general and administrative expenses" in the Consolidated Statements of Operations. Please refer to Note 17, "Stock Incentive Plans" for further information on equity awards. |
Research and Development Expense | Research and Development Expense Research and development costs are expensed as incurred and consist primarily of personnel expenses related to development of new products and enhancements to existing products. Research and development costs also include depreciation and amortization expenses related to research and development assets and expenses incurred in funding external research projects. |
Restructuring and Repositioning Expenses | Restructuring and Repositioning Expenses The Company records restructuring and repositioning expenses associated with the restructuring and repositioning actions approved by the Board of Directors. Restructuring actions are related to streamlining operations and improving profitability. Restructuring expenses generally include severance and other employee-related costs, contract termination costs, asset write offs, facility exit costs, moving and relocation, and other related costs. For the ongoing employee benefit arrangements provided to Company employees, GCP records severance and other employee termination costs associated with restructuring actions when the likelihood of future settlement is probable and the related benefit amounts can be reasonably estimated. For the one-time employee termination benefit arrangements, a liability for the termination benefits is measured at fair value and recognized on the communication date. Asset write offs are recorded in accordance with the Company's accounting policy on Long-Lived Assets described above. Repositioning activities generally represent major strategic or transformational actions to enhance the value and performance of the Company, improve business efficiency or optimize the Company’s footprint. Repositioning expenses include professional fees for legal, consulting, accounting and tax services, employment-related costs, such as recruitment, relocation and compensation, as well as other expenses incurred that are directly associated with the repositioning activity. Repositioning activities may also include capital expenditures. |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Foreign currency exchange gains (losses) generated from the settlement and remeasurement of these transactions are recognized in earnings and presented within “Other (income) expenses, net” in the Company’s Consolidated Statements of Operations. Net foreign currency transaction and remeasurement gains (losses) of $1.5 million, $(0.3) million and $(2.9) million, respectively, are reflected in “Other (income) expenses, net” for the years ended December 31, 2020, 2019 and 2018. Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at current exchange rates, while revenues, costs and expenses are translated at average exchange rates during each reporting period. The resulting currency translation adjustments are included in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. Highly Inflationary Economies The financial statements of any subsidiaries located in countries with highly inflationary economies are remeasured based on the currency designated as the functional currency, typically the U.S. dollar. Translation adjustments recognized as a result of such remeasurements are reflected in the results of operations in the Consolidated Statements of Operations. GCP began accounting for its operations in Argentina as a highly inflationary economy effective July 1, 2018. The functional currency of the Company's subsidiary operating in Argentina is the U.S. dollar and all remeasurement adjustments after the effective date are reflected in GCP's results operations in the Consolidated Statements of Operations. During the years ended December 31, 2020, 2019 and 2018, the Company incurred losses of $0.5 million, $1.1 million, and $1.1 million, respectively, related to the remeasurement of these monetary net assets which are included in "Other (income) expenses, net" in the Consolidated Statements of Operations. Net sales generated by the Argentina subsidiary were not material to the Company's consolidated net sales during the years ended December 31, 2020, 2019 and 2018. Monetary net assets denominated in local currency within the Company's Argentina subsidiary were not material to GCP's consolidated total assets as of December 31, 2020 and 2019. |
Earnings per Share | Earnings per Share GCP computes basic earnings (loss) per share by dividing net income (loss) by the weighted average common shares outstanding during the period. Diluted earnings (loss) per share is determined by dividing net income (loss) by diluted weighted average shares outstanding during the period. Diluted weighted average shares reflect the dilutive effect, if any, of potential common shares which consist of employee equity awards. To the extent their effect is dilutive, employee equity awards are included in the calculation of diluted income per share based on the treasury stock method. Potential common shares are excluded from the calculation of dilutive weighted average shares outstanding if their effect would be anti-dilutive at the balance sheet date based on a treasury stock method or due to a net loss from continuing operations. |
Reclassifications | Reclassifications Certain amounts in prior period financial statements have been reclassified to conform to the current period presentation. Such reclassifications have not materially affected previously reported amounts. |
Recently Issued and Recently Adopted Accounting Standards | Recently Issued Accounting Standards In December 2019, the Financial Accounting Standards Board ("FASB") amended Accounting Standards Codification ("ASC") 740, Income Taxes (issued under Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes ). This amendment removes certain exceptions to the general principles of ASC 740, and clarifies and amends existing guidance to improve consistent application. GCP expects to adopt the guidance on January 1, 2021 and does not expect for it to have a material impact on its results of operations, financial position and cash flows. Other accounting pronouncements recently issued, but not effective until after December 31, 2020 are not expected to have a material impact on the Company's financial position, results of operations or liquidity. Recently Adopted Accounting Standards Credit Losses In June 2016, FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which applies to most financial assets measured at amortized cost, as well as certain other instruments, including trade receivables, other receivables and other financial assets. Topic 326 replaces the incurred credit loss methodology with the expected credit loss model which requires recognition of an allowance against the assets’ amortized cost to reflect the amount expected to be collected. Expected credit losses are estimated over the contractual life of financial assets and recognized at inception. GCP has adopted Topic 326 effective January 1, 2020 using the modified retrospective approach. The adoption did not have a material impact on its financial position as of December 31, 2020 and results of operations and cash flows for the year ended December 31, 2020. GCP did not recognize any cumulative effect adjustments to the retained earnings as of January 1, 2020 as a result of the adoption. Goodwill In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350) . The amendments in this update eliminate the requirement to calculate the implied fair value of goodwill (Step 2) when measuring a goodwill impairment loss which is based on the excess of a reporting unit’s carrying amount over its fair value. The standard is effective for the Company for its annual or any interim goodwill impairment tests performed beginning on or after January 1, 2020. GCP adopted the standard effective January 1, 2020. The adoption did not have a material impact on its financial position, results of operations and cash flows upon adoption. Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) whereas a lessee is required to recognize in the statement of financial position a lease liability related to making lease payments and a right-of-use asset representing its right to control the use of the underlying asset during the lease term, including optional payments that are reasonably certain to occur. The Company adopted Topic 842 effective January 1, 2019 and elected a package of practical expedients allowing it to forgo the reassessment of expired or existing contracts to determine their lease classification, initial direct costs and whether any of such contracts represent or contain leases. The Company also made an accounting policy election to combine lease and non-lease components into a single lease component for each class of underlying assets for the arrangements in which GCP is a lessee, with the exception of a non-lease component related to inventory purchases. The Company separates purchases of raw materials, labor and certain other inventory-related costs from lease components based on their relative standalone values determined based on observable market information. Upon adoption of Topic 842, the Company elected a transition option allowing it to forgo the application of comparative period presentation in the financial statements during the year of adoption. The Company's Consolidated Financial Statements for the years ended December 31, 2020 and 2019 are presented in accordance with Topic 842, while the comparative periods have not been recast based on the new standard. The Company did not elect the hindsight practical expedient related to determining the lease term. The adoption of Topic 842 related to lease arrangements in which the Company is a lessee resulted in a recognition of operating lease right-of-use assets of $40.8 million and operating lease obligations of $40.9 million as of January 1, 2019. The adoption of Topic 842 did not result in significant accounting changes for finance leases which were not material as of January 1, 2019 and December 31, 2019. The adoption of Topic 842 related to lease arrangements in which the Company is a lessee did not have a material impact on the Company's results of operations and cash flows during the year ended December 31, 2019, as described in Note 6, "Lessee Arrangements." The Company generates revenue from certain sales arrangements within the SCC operating segment related to VERIFI ® and certain admixture contracts that include lease components, as discussed in Note 2, "Revenue from Lessor Arrangements and Contracts with Customers." Topic 842 provides a practical expedient which allows lessors to combine lease and non-lease components and account for them as one component if they have the same timing and pattern of transfer and the lease component is classified as an operating lease. The combined component is accounted for in accordance with Topic 842 if the lease component is predominant, and in accordance with Topic 606 if the non-lease component is predominant. The Company elected to apply the practical expedient prospectively based on a portfolio approach for certain classes of underlying assets. The Company does not include taxes (i.e. sales, use, value added or some excise taxes) in the contract consideration, variable lease payments or transaction price that are allocated among its products or services. The adoption of Topic 842 for the arrangements in which GCP is a lessor did not have a material impact on the Company's financial position as of December 31, 2019 and its results of operations and cash flows during the period then ended. Please refer to Note 2, "Revenue from Lessor Arrangements and Contracts with Customers" for further information on lease arrangements in which the Company is a lessor. Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815). The amendments in this update improve the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements by expanding and refining hedge accounting for both non-financial and financial risk components and aligning the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. GCP adopted the standard effective January 1, 2019. The standard did not have a material impact on the Company's financial position and its results of operations and cash flows upon adoption. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). GCP has adopted Topic 606 effective January 1, 2018 using the modified retrospective approach in accordance with which GCP has elected to apply the guidance to all open contracts that are not completed or that are active as of January 1, 2018 and not to retrospectively restate any of its contracts for modifications that occurred prior to the date of the adoption. Accordingly, such modifications are reflected in the amounts reported for satisfied and unsatisfied performance obligations, transaction price of such performance obligations, and allocations of the transaction price among contract components, as of the date of the initial application. The impact of applying this practical expedient was immaterial to the Company’s Consolidated Financial Statements. The impact of the adoption of Topic 606 on the Company's net sales, income from continuing operations before income taxes, and income (loss) from continuing operations was immaterial for the year ended December 31, 2018. The cumulative impact on the Company's retained earnings at January 1, 2018 was also not material. Please refer to Note 2, "Revenue from Lessor Arrangements and Contracts with Customers" for further information on the Company's revenue recognition policies. Stock Compensation In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718), which provides guidance related to the changes to the terms or conditions of a share-based payment award that require an application of modification accounting pursuant to Topic 718. GCP adopted the standard effective January 1, 2018. Such adoption did not have a material impact on its financial position as of December 31, 2018 and results of operations for the year then ended. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payments, which addresses a number of specific cash flow presentation issues with the objective of reducing existing diversity in practice. GCP adopted the standard effective January 1, 2018 and classified within the cash flows from financing activities a $53.3 million payment related to the redemption premium on the extinguishment of its 9.5% Senior Notes, consistent with the provisions of the guidance. Such payment was included in "Repayments of long term note obligations" in the Consolidated Statements of Cash Flows. Please refer to Note 8, "Debt and Other Borrowings" for further discussion of this transaction. There was no other material impact on the Company's Consolidated Statements of Cash Flows for the year ended December 31, 2018 as a result of the standard adoption. Income Taxes In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory |
Revenue from Lessor Arrangeme_2
Revenue from Lessor Arrangements and Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Components of Lease and Service Revenue | The following table summarizes the revenue recognized for these sales arrangements for the years ended December 31, 2020, 2019 and 2018 and distinguishes between the lease and non-lease components: Year Ended December 31, (In millions) 2020 2019 2018 Lease revenue (1) : Lease payments revenue $ 28.8 $ 26.8 $ 26.4 Variable lease revenue 10.3 7.8 6.7 Total lease revenue $ 39.1 $ 34.6 $ 33.1 Service revenue (2) : Fixed installation revenue $ 1.2 $ 0.1 $ 0.1 Variable revenue 6.4 4.9 4.1 Total service revenue $ 7.6 $ 5.0 $ 4.2 Total revenue $ 46.7 $ 39.6 $ 37.3 ________________________________ (1) Lease revenue consists of dispensers lease revenue, as well as an allocated portion of VERIFI® fixed fees and variable slump management fees. Lease revenue is included within "Net Sales" in the Consolidated Statements of Operations. (2) Service revenue consists of an allocated portion of VERIFI® fixed fees and variable slump management fees. Service revenue is included within "Net Sales" in the Consolidated Statements of Operations. |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The following is a summary of inventories presented in the Consolidated Balance Sheets at December 31, 2020 and December 31, 2019: December 31, (In millions) 2020 2019 Raw materials $ 41.3 $ 40.0 In process 4.2 4.0 Finished products and other 52.9 51.9 Total inventories $ 98.4 $ 95.9 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net Investment Hedges in Balance Sheets | The following table summarizes the fair value of the Company’s derivative instruments designated as net investment hedges as of December 31, 2020 and 2019: (In millions) December 31, 2020 December 31, 2019 Derivative asset (1) : Foreign exchange forward contracts $ — $ 1.1 Derivative liability (1) : Foreign exchange forward contracts $ (1.8) $ — __________________________ (1) The fair value of derivative instruments is measured based on expected future cash flows discounted at market interest rates using observable market inputs and classified as Level 2 within the fair value hierarchy. As of December 31, 2020, fair value of derivative liabilities of $0.4 million and $1.4 million, respectively, is recorded within "Other Current Liabilities" and "Other Liabilities" in the accompanying Consolidated Balance Sheets. As of December 31, 2019, fair value of derivative assets of $0.3 million and $0.8 million, respectively, is recorded within "Other Current Assets" and "Other Assets" in the accompanying Consolidated Balance Sheets. |
Net Investment Hedges in Consolidated Statements of Operations and Comprehensive Income | The following table summarizes the amounts recorded in the Company's Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) related to forward contracts designated as net investment hedges for the year ended December 31, 2020 and 2019: Year Ended December 31, (In millions) 2020 2019 Other (income) expenses, net Currency Translation Adjustments (1) Other (income) expenses, net Currency Translation Adjustments (1) Gains (losses) on foreign exchange forward contracts $ 1.0 $ (2.6) $ 0.6 $ 0.4 __________________________ (1) The amount is presented net of tax benefit of $0.9 million and net of tax expense of $0.1 million, respectively, for the years ended December 31, 2020 and 2019. |
Properties and Equipment (Table
Properties and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | The following is a summary of properties and equipment presented in the Consolidated Balance Sheets at December 31, 2020 and December 31, 2019: December 31, (In millions) 2020 2019 Land $ 8.1 $ 8.5 Buildings 116.7 138.1 Machinery, equipment and other 455.8 436.1 Information technology and equipment 86.5 82.5 Projects under construction 12.9 24.8 Properties and equipment, gross 680.0 690.0 Accumulated depreciation (454.4) (445.0) Properties and equipment, net $ 225.6 $ 245.0 |
Lessee Arrangements (Tables)
Lessee Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Expense and Supplemental Cash Flow Information | The following table summarizes components of lease expense for the years ended December 31, 2020 and 2019: Year Ended December 31, (In millions) 2020 2019 Operating lease expense $ 13.7 $ 12.6 Variable lease expense 5.9 4.4 Short-term lease expense 3.0 2.4 Total lease expense $ 22.6 $ 19.4 Year Ended December 31, (In millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11.2 $ 12.6 Operating lease right of use assets obtained in exchange for new lease obligations: Upon adoption of Topic 842 $ — $ 40.8 During the remainder of the period 14.8 5.9 Total $ 14.8 $ 46.7 |
Lease Liability Maturities | The following table summarizes lease liability maturities as of December 31, 2020: (In millions) Amount 2021 $ 9.4 2022 6.5 2023 4.0 2024 2.5 2025 2.0 Thereafter 21.3 Total undiscounted lease payments 45.7 Less: imputed interest (11.5) Present value of lease payments $ 34.2 Less: operating lease obligations payable within one year (8.0) Long-term operating lease obligations $ 26.2 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill attributable to each operating segment and the changes in those balances during the years ended December 31, 2020 and 2019, are as follows: (In millions) SCC SBM Total Balance, December 31, 2018 $ 62.3 $ 145.6 $ 207.9 Foreign currency translation (0.7) 1.7 1.0 Balance, December 31, 2019 $ 61.6 $ 147.3 $ 208.9 Foreign currency translation 1.6 4.5 6.1 Balance, December 31, 2020 $ 63.2 $ 151.8 $ 215.0 |
Schedule of Finite-Lived Intangible Assets | The following is a summary of the finite-lived intangible assets presented in the Consolidated Balance Sheets as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 (In millions) Gross Carrying Accumulated Net Book Value Gross Carrying Accumulated Net Book Value Customer relationships $ 88.4 $ 42.0 $ 46.4 $ 87.4 $ 35.3 $ 52.1 Technology 39.5 22.8 16.7 41.0 20.0 21.0 Trademarks 12.9 10.8 2.1 11.9 9.9 2.0 Other 6.7 5.4 1.3 6.5 5.1 1.4 Total $ 147.5 $ 81.0 $ 66.5 $ 146.8 $ 70.3 $ 76.5 |
Schedule of Estimated Future Annual Amortization Expense | As of December 31, 2020, the estimated future annual amortization expense for intangible assets is as follows: (In millions) Amount Year ending December 31, 2021 $ 8.9 2022 8.9 2023 8.5 2024 8.4 2025 7.8 Thereafter 24.0 Total $ 66.5 |
Debt and Other Borrowings (Tabl
Debt and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Components of Debt | The following is a summary of obligations related to the senior notes and other borrowings at December 31, 2020 and December 31, 2019: Year Ended December 31, (In millions) 2020 2019 5.5% Senior Notes due in 2026, net of unamortized debt issuance costs of $3.3 million and $3.9 million, respectively, at December 31, 2020 and 2019 $ 346.6 $ 346.1 Revolving credit facility due in 2023 (1) — — Other borrowings (2) 5.1 3.1 Total debt 351.7 349.2 Less debt payable within one year 2.8 2.7 Debt payable after one year $ 348.9 $ 346.5 Weighted average interest rates on total debt obligations outstanding 5.5 % 5.5 % __________________________ (1) Represents borrowings under the Revolving Credit Facility with an aggregate principal amount of $350.0 million as of December 31, 2020 and 2019. |
Principal Maturities of Debt Outstanding | The principal maturities of debt obligations outstanding, net of debt issuance costs, were as follows at December 31, 2020: (In millions) Year ending December 31, Amount 2021 $ 2.8 2022 0.8 2023 0.8 2024 0.6 2025 0.1 Thereafter 346.6 Total debt $ 351.7 |
Carrying Amounts and Fair Values of Debt Instruments | At December 31, 2020 and 2019, the carrying amounts and fair values of GCP's debt are as follows: December 31, 2020 December 31, 2019 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value 5.5% Senior Notes due in 2026 $ 346.6 $ 362.0 $ 346.1 $ 366.3 Other borrowings 5.1 5.1 3.1 3.1 Total debt $ 351.7 $ 367.1 $ 349.2 $ 369.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Before Income Taxes | The components of income from continuing operations before income taxes and the related provision (benefit) for income taxes for 2020, 2019 and 2018 are as follows: Year Ended December 31, (In millions) 2020 2019 2018 Income from continuing operations before income taxes: Domestic $ 103.1 $ 15.2 $ 5.6 Foreign 34.6 20.0 4.6 Total $ 137.7 $ 35.2 $ 10.2 Provision (benefit) for income taxes: Federal—current $ 2.7 $ (13.4) $ 16.8 Federal—deferred 14.0 1.4 (0.6) State and local—current 3.9 1.0 (0.2) State and local—deferred 3.0 (0.4) (0.4) Foreign—current 10.9 6.4 12.1 Foreign—deferred 2.2 (1.0) (1.4) Total $ 36.7 $ (6.0) $ 26.3 |
Schedule of Provision for Income Taxes | The components of income from continuing operations before income taxes and the related provision (benefit) for income taxes for 2020, 2019 and 2018 are as follows: Year Ended December 31, (In millions) 2020 2019 2018 Income from continuing operations before income taxes: Domestic $ 103.1 $ 15.2 $ 5.6 Foreign 34.6 20.0 4.6 Total $ 137.7 $ 35.2 $ 10.2 Provision (benefit) for income taxes: Federal—current $ 2.7 $ (13.4) $ 16.8 Federal—deferred 14.0 1.4 (0.6) State and local—current 3.9 1.0 (0.2) State and local—deferred 3.0 (0.4) (0.4) Foreign—current 10.9 6.4 12.1 Foreign—deferred 2.2 (1.0) (1.4) Total $ 36.7 $ (6.0) $ 26.3 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the provision for income taxes at the U.S. federal income tax rates of 21% and GCP's overall income tax provision (benefit) are as follows: Year Ended December 31, (In millions) 2020 2019 2018 Tax provision at U.S. federal income tax rate $ 28.9 $ 7.4 $ 2.1 Change in provision resulting from: 2017 Tax Act — 3.9 (2.5) Recognition of outside basis differences 1.1 (0.3) 0.3 U.S. foreign income inclusions (0.7) 1.2 0.7 Effect of tax rates in foreign jurisdictions 2.6 3.6 3.2 Valuation allowance 1.1 1.0 6.8 State and local income taxes, net 5.5 0.9 (0.3) Nondeductible expenses and non-taxable items 3.7 1.7 — U.S. foreign income tax credits (1.5) (2.0) (5.7) Research and other state credits (0.8) (1.3) (1.2) Brazil refund — (3.2) — Change in rate (4.5) — 0.7 Unrecognized tax benefits (1) (1.1) (20.3) 20.7 Equity compensation 0.4 (0.2) (0.5) Other 2.0 1.6 2.0 Provision (benefit) for income taxes $ 36.7 $ (6.0) $ 26.3 __________________________ (1) Amounts in 2018 and 2019 are primarily related to an unrecognized tax benefit increase of $20.2 million in 2018 and the subsequent $20.2 million reversal in 2019 due to the regulatory clarification of the 2017 Tax Act in January 2019. |
Schedule of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities at December 31, 2020 and 2019 are as follows: (In millions) December 31, 2020 December 31, 2019 Deferred tax assets: Foreign net operating loss carryforwards $ 14.8 $ 16.8 Research and development — 0.7 Reserves and allowances 13.1 10.2 Pension benefits 8.8 11.0 Intangible assets/goodwill — — Stock compensation 1.9 2.2 Interest Limitation Carryover 0.1 10.3 Operating Lease Obligations 8.7 7.4 Foreign tax credit carryforwards 1.5 1.2 Other 2.1 1.3 Total deferred tax assets 51.0 61.1 Deferred tax liabilities: Properties and equipment (18.3) (14.3) Other (1.5) (1.2) Operating Lease Right of Use (8.7) (7.4) Intangible assets/goodwill (2.2) (1.1) Outside basis difference in Verifi ® (9.3) (6.9) Total deferred tax liabilities (40.0) (30.9) Valuation Allowance: Foreign net operating loss carryforwards (14.8) (16.0) Foreign tax credit carryforwards (1.5) (1.2) Total Valuation Allowance (16.3) (17.2) Net deferred tax assets (liabilities) $ (5.3) $ 13.0 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the unrecognized tax benefits excluding interest and penalties, for the three years ended December 31, 2020, is presented below. (In millions) Unrecognized Balance, December 31, 2017 $ 34.1 Additions for prior year tax positions 21.0 Additions for current year tax positions — Reductions for expirations of statute of limitations (2.0) Reductions for prior year tax positions and reclassifications (0.3) Balance, December 31, 2018 $ 52.8 Additions for prior year tax positions — Additions for current year tax positions — Reductions for expirations of statute of limitations (1.5) Reductions for prior year tax positions and reclassifications (19.5) Balance, December 31, 2019 $ 31.8 Additions for prior year tax positions 0.9 Additions for current year tax positions — Reductions for expirations of statute of limitations (1.9) Reductions for prior year tax positions and reclassifications — Balance, December 31, 2020 $ 30.8 |
Pension Plans and Other Postr_2
Pension Plans and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Net Funded Status of Over-Funded, Underfunded, and Unfunded Pension Plans | The following table presents the funded status of GCP's overfunded, underfunded and unfunded defined pension plans in continuing operations: (In millions) December 31, 2020 December 31, Overfunded defined benefit pension plans $ 29.7 $ 25.0 Long-term pension liabilities: Underfunded defined benefit pension plans (33.3) (40.8) Unfunded defined benefit pension plans (29.6) (26.7) Total long-term pension liabilities related to underfunded and unfunded defined benefit pension plans (62.9) (67.5) Pension liabilities included in other current liabilities (1.4) (1.2) Net funded status $ (34.6) $ (43.7) |
Schedule of Curtailment And Mark-To-Market Gains and Losses | The Company recognized the following curtailment gains related to non-U.S. pension plans: Year Ended December 31, 2019 2018 Net curtailment gains: Total net curtailment gains from continuing operations $ 1.2 $ 0.2 Total net curtailment gains from discontinued operations 0.2 — Total net curtailment gains $ 1.4 $ 0.2 |
Changes in Projected Benefit Obligations and Fair Value of Plan Assets | The following table summarizes the changes in benefit obligations, the fair values of retirement plan assets, and funded status during the years ended December 31, 2020 and 2019, including amounts presented in both continuing and discontinued operations. Defined Benefit Pension Plans U.S. Non-U.S. Total 2020 2019 2020 2019 2020 2019 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 171.9 $ 141.5 $ 265.6 $ 246.8 $ 437.5 $ 388.3 Service cost 6.1 6.3 1.0 2.6 7.1 8.9 Interest cost 5.0 5.8 4.1 5.4 9.1 11.2 Amendments — — 0.3 0.2 0.3 0.2 Settlements/curtailments — — — (1.4) — (1.4) Actuarial loss (gain) 19.1 27.8 28.3 20.2 47.4 48.0 Benefits paid (16.8) (9.5) (14.7) (15.4) (31.5) (24.9) Currency exchange translation adjustments — — 7.9 7.2 7.9 7.2 Benefit obligation at end of year $ 185.3 $ 171.9 $ 292.5 $ 265.6 $ 477.8 $ 437.5 Change in Plan Assets: Fair value of plan assets at beginning of year $ 123.0 $ 110.5 $ 270.8 $ 250.4 $ 393.8 $ 360.9 Actual return on plan assets 22.2 21.9 33.8 25.1 56.0 47.0 Employer contributions 15.9 0.1 1.5 2.6 17.4 2.7 Benefits paid (16.8) (9.5) (14.7) (15.4) (31.5) (24.9) Currency exchange translation adjustments — — 7.5 8.1 7.5 8.1 Fair value of plan assets at end of year $ 144.3 $ 123.0 $ 298.9 $ 270.8 $ 443.2 $ 393.8 Funded status at end of year (PBO basis) $ (41.0) $ (48.9) $ 6.4 $ 5.2 $ (34.6) $ (43.7) Amounts recognized in the Consolidated Balance Sheets: Non-current assets $ 1.4 $ — $ 28.3 $ 25.0 $ 29.7 $ 25.0 Current liabilities (0.6) (0.4) (0.8) (0.8) (1.4) (1.2) Non-current liabilities (41.8) (48.5) (21.1) (19.0) (62.9) (67.5) Net amount recognized $ (41.0) $ (48.9) $ 6.4 $ 5.2 $ (34.6) $ (43.7) Amounts recognized in Accumulated Other Comprehensive Loss: Prior service credit — — 2.5 2.3 2.5 2.3 Net amount recognized $ — $ — $ 2.5 $ 2.3 $ 2.5 $ 2.3 |
Schedule of Amounts Recognized in the Consolidated Balance Sheet | The following table summarizes the changes in benefit obligations, the fair values of retirement plan assets, and funded status during the years ended December 31, 2020 and 2019, including amounts presented in both continuing and discontinued operations. Defined Benefit Pension Plans U.S. Non-U.S. Total 2020 2019 2020 2019 2020 2019 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 171.9 $ 141.5 $ 265.6 $ 246.8 $ 437.5 $ 388.3 Service cost 6.1 6.3 1.0 2.6 7.1 8.9 Interest cost 5.0 5.8 4.1 5.4 9.1 11.2 Amendments — — 0.3 0.2 0.3 0.2 Settlements/curtailments — — — (1.4) — (1.4) Actuarial loss (gain) 19.1 27.8 28.3 20.2 47.4 48.0 Benefits paid (16.8) (9.5) (14.7) (15.4) (31.5) (24.9) Currency exchange translation adjustments — — 7.9 7.2 7.9 7.2 Benefit obligation at end of year $ 185.3 $ 171.9 $ 292.5 $ 265.6 $ 477.8 $ 437.5 Change in Plan Assets: Fair value of plan assets at beginning of year $ 123.0 $ 110.5 $ 270.8 $ 250.4 $ 393.8 $ 360.9 Actual return on plan assets 22.2 21.9 33.8 25.1 56.0 47.0 Employer contributions 15.9 0.1 1.5 2.6 17.4 2.7 Benefits paid (16.8) (9.5) (14.7) (15.4) (31.5) (24.9) Currency exchange translation adjustments — — 7.5 8.1 7.5 8.1 Fair value of plan assets at end of year $ 144.3 $ 123.0 $ 298.9 $ 270.8 $ 443.2 $ 393.8 Funded status at end of year (PBO basis) $ (41.0) $ (48.9) $ 6.4 $ 5.2 $ (34.6) $ (43.7) Amounts recognized in the Consolidated Balance Sheets: Non-current assets $ 1.4 $ — $ 28.3 $ 25.0 $ 29.7 $ 25.0 Current liabilities (0.6) (0.4) (0.8) (0.8) (1.4) (1.2) Non-current liabilities (41.8) (48.5) (21.1) (19.0) (62.9) (67.5) Net amount recognized $ (41.0) $ (48.9) $ 6.4 $ 5.2 $ (34.6) $ (43.7) Amounts recognized in Accumulated Other Comprehensive Loss: Prior service credit — — 2.5 2.3 2.5 2.3 Net amount recognized $ — $ — $ 2.5 $ 2.3 $ 2.5 $ 2.3 |
Schedule of Amounts Recognized in Other Comprehensive Income | The following table summarizes the changes in benefit obligations, the fair values of retirement plan assets, and funded status during the years ended December 31, 2020 and 2019, including amounts presented in both continuing and discontinued operations. Defined Benefit Pension Plans U.S. Non-U.S. Total 2020 2019 2020 2019 2020 2019 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 171.9 $ 141.5 $ 265.6 $ 246.8 $ 437.5 $ 388.3 Service cost 6.1 6.3 1.0 2.6 7.1 8.9 Interest cost 5.0 5.8 4.1 5.4 9.1 11.2 Amendments — — 0.3 0.2 0.3 0.2 Settlements/curtailments — — — (1.4) — (1.4) Actuarial loss (gain) 19.1 27.8 28.3 20.2 47.4 48.0 Benefits paid (16.8) (9.5) (14.7) (15.4) (31.5) (24.9) Currency exchange translation adjustments — — 7.9 7.2 7.9 7.2 Benefit obligation at end of year $ 185.3 $ 171.9 $ 292.5 $ 265.6 $ 477.8 $ 437.5 Change in Plan Assets: Fair value of plan assets at beginning of year $ 123.0 $ 110.5 $ 270.8 $ 250.4 $ 393.8 $ 360.9 Actual return on plan assets 22.2 21.9 33.8 25.1 56.0 47.0 Employer contributions 15.9 0.1 1.5 2.6 17.4 2.7 Benefits paid (16.8) (9.5) (14.7) (15.4) (31.5) (24.9) Currency exchange translation adjustments — — 7.5 8.1 7.5 8.1 Fair value of plan assets at end of year $ 144.3 $ 123.0 $ 298.9 $ 270.8 $ 443.2 $ 393.8 Funded status at end of year (PBO basis) $ (41.0) $ (48.9) $ 6.4 $ 5.2 $ (34.6) $ (43.7) Amounts recognized in the Consolidated Balance Sheets: Non-current assets $ 1.4 $ — $ 28.3 $ 25.0 $ 29.7 $ 25.0 Current liabilities (0.6) (0.4) (0.8) (0.8) (1.4) (1.2) Non-current liabilities (41.8) (48.5) (21.1) (19.0) (62.9) (67.5) Net amount recognized $ (41.0) $ (48.9) $ 6.4 $ 5.2 $ (34.6) $ (43.7) Amounts recognized in Accumulated Other Comprehensive Loss: Prior service credit — — 2.5 2.3 2.5 2.3 Net amount recognized $ — $ — $ 2.5 $ 2.3 $ 2.5 $ 2.3 |
Schedule of Assumptions Used | Defined Benefit Pension Plans U.S. Non-U.S. 2020 2019 2020 2019 Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: Discount rate 2.61 % 3.26 % 1.17 % 1.80 % Rate of compensation increase 3.91 % 4.00 % 2.47 % 3.12 % Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: Discount rate 3.26 % 4.33 % 1.80 % 2.48 % Expected return on plan assets 5.50 % 6.00 % 1.85 % 2.44 % Rate of compensation increase 4.10 % 4.10 % 3.13 % 3.03 % |
Components of Net Periodic Benefit Cost (Income) | (In millions) Year Ended December 31, Components of Net Periodic Benefit Cost (Income) and Other Amounts Recognized in Other Comprehensive (Income) Loss 2020 2019 2018 U.S. Non-U.S. Total U.S. Non-U.S. Total U.S. Non-U.S. Total Net Periodic Benefit Cost (Income): Service cost (1) $ 6.1 $ 1.0 $ 7.1 $ 6.3 $ 2.6 $ 8.9 $ 7.9 $ 3.0 $ 10.9 Interest cost 5.0 4.1 9.1 5.8 5.4 11.2 5.6 5.6 11.2 Expected return on plan assets (6.5) (4.7) (11.2) (6.5) (5.9) (12.4) (7.6) (6.9) (14.5) Amortization of prior service cost — 0.2 0.2 — 0.1 0.1 — — — Gain on termination, curtailment and settlement of pension plans — — — — (1.4) (1.4) — (0.2) (0.2) Pension mark-to-market adjustment 3.4 (0.6) 2.8 12.3 1.0 13.3 (9.5) (0.4) (9.9) Net periodic benefit cost (income) $ 8.0 $ — $ 8.0 $ 17.9 $ 1.8 $ 19.7 $ (3.6) $ 1.1 $ (2.5) Less: Net periodic benefit income from discontinued operations — — — — (0.2) (0.2) — — — Net periodic benefit cost (income) from continuing operations $ 8.0 $ — $ 8.0 $ 17.9 $ 2.0 $ 19.9 $ (3.6) $ 1.1 $ (2.5) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss: Net prior service cost $ — $ 0.3 $ 0.3 $ — $ 0.2 $ 0.2 $ — $ 2.7 $ 2.7 Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss $ 8.0 $ 0.3 $ 8.3 $ 17.9 $ 2.2 $ 20.1 $ (3.6) $ 3.8 $ 0.2 ________________________________ (1) Service cost component of net periodic benefit cost (income) is included in "Selling, general and administrative expenses" and "Cost of goods sold" in the Consolidated Statements of Operations. All other components of net periodic benefit cost (income) are presented in "Other (income) expenses, net," within the Consolidated Statements of Operations. |
Schedule of Accumulated and Projected Benefit Obligations in Excess of Fair Value of Plan Assets | The accumulated benefit obligation for all defined benefit pension plans, was approximately $473 million and $431 million, respectively, as of December 31, 2020 and 2019. Year Ended December 31, 2020 2019 Information for pension plans with projected benefit obligation in excess of plan assets Projected benefit obligations $ 201.0 $ 199.5 Accumulated benefit obligations 197.3 193.4 Fair value of plan assets 136.7 130.9 Year Ended December 31, 2020 2019 Information for pension plans with accumulated benefit obligation in excess of plan assets Projected benefit obligations $ 198.3 $ 197.1 Accumulated benefit obligations 195.5 191.9 Fair value of plan assets 134.3 128.8 |
Schedule of Expected Benefit Payments | As of December 31, 2020, the estimated expected future benefit payments related to future services are as follows: (In millions) Pension Plans Total U.S. Non-U.S. (1) Year ending December 31, Benefit Benefit 2021 $ 8.1 $ 11.0 $ 19.1 2022 8.3 11.5 19.8 2023 8.7 11.5 20.2 2024 8.7 11.8 20.5 2025 8.9 12.3 21.2 2026 - 2030 $ 42.9 $ 60.9 $ 103.8 ________________________________________ (1) Non-U.S. estimated benefit payments for 2021 and future periods have been translated at the applicable December 31, 2020 exchange rates. |
Target Allocation and Fair Value Hierarchy for Plan Assets Measured at Fair Value | The target allocation of investment assets at December 31, 2020 and the actual allocation at December 31, 2020 and 2019 for GCP's U.S. qualified pension plans were as follows: Target Actual Allocation of Plan Assets U.S. Qualified Pension Plans Asset Category: 2020 2020 2019 U.S. equity securities 24 % 24 % 27 % Non-U.S. equity securities 11 % 12 % 13 % Debt securities 65 % 60 % 55 % Other investments — % 4 % 5 % Total 100 % 100 % 100 % The following tables present the fair value hierarchy for the U.S. qualified pension plan assets measured at fair value, which are held in a trust by GCP, as of December 31, 2020 and 2019. Fair Value Measurements at December 31, 2020, Using Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs U.S. equity group trust funds $ 34.8 $ — $ 34.8 $ — Non-U.S. equity group trust funds 17.2 — 17.2 — Corporate bond group trust funds 70.0 — 70.0 — Other fixed income group trust funds 22.3 — 22.3 — Total Assets $ 144.3 $ — $ 144.3 $ — Fair Value Measurements at December 31, 2019, Using Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs U.S. equity group trust funds $ 32.7 $ — $ 32.7 $ — Non-U.S. equity group trust funds 16.4 — 16.4 — Corporate bond group trust funds 26.6 — 26.6 — Other fixed income group trust funds 6.8 — 6.8 — Common/collective trust funds 40.5 — 40.5 — Total Assets $ 123.0 $ — $ 123.0 $ — The target allocation of investment assets at December 31, 2020 and the actual allocation at December 31, 2020 and 2019, for the U.K. pension plan are as follows: Target Actual Allocation of Plan Assets United Kingdom Pension Plan Asset Category: 2020 2020 2019 Diversified growth funds 5 % 5 % 5 % Return-seeking fixed income investment 5 % 5 % 5 % U.K. gilts 34 % 37 % 34 % U.K. corporate bonds 4 % 3 % 3 % Insurance contracts 52 % 50 % 53 % Total 100 % 100 % 100 % The following table presents the fair value hierarchy for the non-U.S. pension plan assets measured at fair value as of December 31, 2020: Fair Value Measurements at December 31, 2020, Using (In millions) Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Common/collective trust funds $ 144.3 $ — $ 144.3 $ — Government and agency securities 2.9 — 2.9 — Corporate bonds 10.5 — 10.5 — Insurance contracts and other investments (1) 139.0 — 0.3 138.7 Cash 2.2 2.2 — — Total Assets $ 298.9 $ 2.2 $ 158.0 $ 138.7 _________________________________________ (1) At December 31, 2020, the fair value of the insurance contract has been determined using a discounted cash flow approach that maximizes observable inputs, such as current yields on similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. The following table presents the fair value hierarchy for the non-U.S. pension plan assets measured at fair value as of December 31, 2019: Fair Value Measurements at December 31, 2019, Using (In millions) Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Common/collective trust funds $ 123.0 $ — $ 123.0 $ — Government and agency securities 3.5 — 3.5 — Corporate bonds 9.9 — 9.9 — Insurance contracts and other investments (1) 128.2 — 0.3 127.9 Cash 6.2 6.2 — — Total Assets $ 270.8 $ 6.2 $ 136.7 $ 127.9 __________________________________________________ (1) At December 31, 2019, the fair value of the insurance contract has been determined using a discounted cash flow approach that maximizes observable inputs, such as current yields on similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. |
Schedule of Changes in Fair Value of Plan Assets | The following table presents a summary of the changes in the fair value of the plans' Level 3 assets for the years ended December 31, 2020 and 2019: (In millions) Insurance Contracts Balance, December 31, 2018 $ 123.3 Actual return on plan assets 8.2 Transfers out for premium (7.7) Currency exchange translation adjustments 4.1 Balance, December 31, 2019 $ 127.9 Actual return on plan assets 13.7 Purchases, sales and settlements, net — Transfers out for premium (7.5) Currency exchange translation adjustments 4.6 Balance, December 31, 2020 $ 138.7 |
Other Balance Sheet Accounts (T
Other Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Allowance for Credit Losses | The following table summarizes the activity for the allowance for credit losses during the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In millions) 2020 2019 2018 Beginning balance $ 7.5 $ 5.8 $ 5.7 Provision for expected credit losses 0.9 3.5 1.6 Write offs (1.4) (1.7) (1.1) Foreign currency translation adjustments — (0.1) (0.4) Ending balance $ 7.0 $ 7.5 $ 5.8 |
Schedule of Other Current Assets | The following is a summary of other current assets at December 31, 2020 and 2019: (In millions) December 31, 2020 December 31, Other Current Assets: Non-trade receivables $ 20.4 $ 22.1 Prepaid expenses and other current assets 11.1 13.4 Income taxes receivable 9.7 7.7 Total other current assets $ 41.2 $ 43.2 |
Schedule of Other Current Liabilities | The following is a summary of other current liabilities at December 31, 2020 and 2019: (In millions) December 31, 2020 December 31, Other Current Liabilities: Accrued customer volume rebates $ 24.4 $ 28.4 Accrued compensation (1) 25.0 16.2 Income taxes payable 7.1 10.4 Accrued interest 4.0 4.2 Restructuring liability 18.0 2.7 Pension liabilities 1.4 1.2 Other accrued liabilities 45.9 49.8 Total other current liabilities $ 125.8 $ 112.9 ________________________________ (1) Accrued compensation presented in the table above includes salaries and wages, as well as estimated amounts due under the annual employee incentive programs. |
Restructuring and Repositioni_2
Restructuring and Repositioning Expenses, Asset Write Offs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Expenses | The following table illustrates a summary of the charges incurred and planned in connection with restructuring and repositioning plans discussed above: (In millions) Severance /Employee Costs Asset Write Offs Other Associated Costs Total Restructuring Repositioning Total Costs Capital Expenditures 2019 Plan: (1) Estimated Total Costs $1 $1 $0-1 $2-3 $11 $13-14 $2-3 Cumulative Costs incurred to Date $0.9 $0.9 $0.3 $2.1 $10.5 $12.6 $2.1 2019 Phase 2 Plan: (2) Estimated Total Costs $25-29 $1 $— $26-30 $6-7 $32-37 $2 Cumulative Costs incurred to Date $25.2 $0.4 $— $25.6 $6.0 $31.6 $0.4 2018 Plan: Cumulative Costs incurred to Date $11.5 $7.9 $2.3 $21.7 $10.7 $32.4 $1.5 2017 Plan: Cumulative Costs incurred to Date $17.4 $1.4 $0.2 $19.0 $9.6 $28.6 $13.5 (1) As of December 31, 2020, the cumulative restructuring costs incurred under the 2019 Plan since its inception were $2.1 million, of which $1.7 million was related to the SCC segment and $0.4 million was related to the SBM segment. During 2020, estimated total pre-tax costs expected to be incurred in connection with the 2019 Plan decreased by $2.0 million due to lower severance and other associated costs. (2) As of December 31, 2020, the cumulative restructuring costs recognized under the 2019 Phase 2 Plan since its inception were $25.6 million, of which $6.9 million was attributable to the SCC segment, $6.9 million was attributable to the SBM segment, and $11.8 million was attributable to the Corporate. During 2020, estimated total pre-tax costs expected to be incurred in connection with the 2019 Phase 2 Plan increased by approximately $2.0 million from the prior estimate due to higher severance and other employee-related costs associated with the departure from the Company of its CEO, as well as certain executives and key employees. During 2020, the Company incurred $15.4 million of severance and employee-related costs in connection with such separation, including $2.4 million associated with accelerated vesting of stock options and RSUs. The following tables represent the repositioning expenses incurred and cash payments made under the plans discussed above and other plans during each period: December 31, 2020 (In millions) 2019 Plan 2019 Plan Phase 2 Strategic Alternatives Plan 2018 Plan 2017 Plan Total Repositioning Expenses $ 1.7 $ 3.6 $ — $ 0.1 $ — $ 5.4 Cash Paid for Repositioning Expenses 4.9 4.1 1.1 — 0.2 10.3 Capital Expenditures 1.3 0.3 — 0.6 1.1 3.3 Cash Paid for Capital Expenditures 1.4 0.4 — 0.7 1.6 4.1 December 31, 2019 (In millions) 2019 Plan 2019 Plan Phase 2 Strategic Alternatives Plan 2018 Plan 2017 Plan Total Repositioning Expenses $ 8.8 $ 2.4 $ 3.1 $ 5.3 $ 0.8 $ 20.4 Cash Paid for Repositioning Expenses 5.6 1.0 2.0 10.5 2.1 21.2 Capital Expenditures 0.8 0.1 — 0.9 5.0 6.8 Cash Paid for Capital Expenditures 0.6 — — 0.8 4.6 6.0 December 31, 2018 (In millions) 2019 Plan 2019 Plan Phase 2 Strategic Alternatives Plan 2018 Plan 2017 Plan Total Repositioning Expenses $ — $ — $ — $ 5.3 $ 4.3 $ 9.6 Cash Paid for Repositioning Expenses — — — 0.2 5.3 5.5 Capital Expenditures — — — — 5.5 5.5 Cash Paid for Capital Expenditures — — — — 6.8 6.8 As of December 31, 2020 (In millions) 2019 Plan 2019 Plan Phase 2 Strategic Alternatives Plan 2018 Plan 2017 Plan Cumulative Repositioning Expenses $ 10.5 $ 6.0 $ 3.1 $ 10.7 $ 9.6 Cumulative Cash Paid for Repositioning Expenses 10.5 5.1 3.1 10.7 9.6 Cumulative Capital Expenditure 2.1 0.4 — 1.5 13.5 Cumulative Cash Paid for Capital Expenditures 2.0 0.4 — 1.5 12.9 Restructuring Expenses and Asset Write Offs The following restructuring expenses and asset write off charges were incurred during each period: Year Ended December 31, (In millions) 2020 2019 2018 Severance and other employee costs $ 22.3 $ 4.1 $ 10.1 Facility exit costs — — 0.6 Asset write offs 2.6 4.3 4.5 Other associated costs (0.1) $ 1.8 $ — Total restructuring expenses and asset write offs $ 24.8 $ 10.2 $ 15.2 Less: restructuring expenses and asset write offs reflected in discontinued operations (0.1) 0.3 0.4 Total restructuring expenses and asset write offs from continuing operations $ 24.9 $ 9.9 $ 14.8 GCP incurred restructuring expenses and asset write off charges related to its two operating segments and Corporate function as follows: Year Ended December 31, (In millions) 2020 2019 2018 SCC $ 7.8 $ 4.5 $ 12.5 SBM 5.3 3.9 1.9 Corporate 11.8 1.5 0.4 Total restructuring expenses and asset write offs from continuing operations $ 24.9 $ 9.9 $ 14.8 Restructuring expenses and asset write offs reflected in discontinued operations (0.1) 0.3 0.4 Total restructuring expenses and asset write offs $ 24.8 $ 10.2 $ 15.2 |
Schedule of Restructuring Reserve | The following table summarizes the Company’s restructuring liability activity: 2019 Plan 2019 Phase 2 Plan 2018 Plan 2017 Plan Severance and Other Employee Costs Other Costs Severance and Other Employee Costs Severance and Other Employee Costs Other Costs Severance and Other Employee Costs Other Costs Other Plans Total Balance, December 31, 2017 $ — $ — $ — $ — $ — $ 11.6 $ 0.1 $ 1.1 $ 12.8 Expenses (1) — — — 11.4 0.6 (1.9) — 0.6 10.7 Payments — — — (3.6) (0.4) (7.5) (0.1) (1.2) (12.8) Impact of foreign currency and other — — — (0.1) — (0.4) — — (0.5) Balance, December 31, 2018 $ — $ — $ — $ 7.7 $ 0.2 $ 1.8 $ — $ 0.5 $ 10.2 Expenses (1) 0.7 — 3.1 0.1 0.7 — — 0.2 4.8 Payments (0.5) — (2.2) (6.6) (0.5) (1.7) — (0.6) (12.1) Impact of foreign currency and other — — — (0.2) — 0.1 — (0.1) (0.2) Balance, December 31, 2019 $ 0.2 $ — $ 0.9 $ 1.0 $ 0.4 $ 0.2 $ — $ — $ 2.7 Expenses (1) 0.2 0.3 19.7 — 0.1 — — — 20.3 Payments (0.3) (0.2) (3.3) (0.4) (0.4) (0.2) — — (4.8) Impact of foreign currency and other — — (0.1) (0.1) — — — (0.2) Balance, December 31, 2020 $ 0.1 $ 0.1 $ 17.3 $ 0.5 $ — $ — $ — $ — $ 18.0 __________________________ (1) Asset write off charges of $2.6 million, $4.3 million and $4.5 million, respectively, for the years ended December 31, 2020, 2019 and 2018 related to the restructuring activities described above are recorded with a corresponding reduction to "Properties and equipment, net" in the Consolidated Balance Sheets. During the year ended December 31, 2020, GCP recognized asset write off charges of $2.6 million, of which $2.5 million was attributable to the SCC segment and $0.1 million was attributable to the SBM segment. During the year ended December 31, 2019, GCP recognized asset write off charges of $4.3 million, of which $1.2 million was attributable to the SCC segment and $3.1 million was attributable to the SBM segment. During the year ended December 31, 2018, GCP recognized asset write off charges of $4.5 million, of which $4.3 million was attributable to the SCC segment and $0.2 million was attributable to the SBM segment. During the year ended December 31, 2020, other associated costs of $(0.4) million related to the 2018 Plan were attributable to the SBM segment and recorded with a corresponding reduction to "Operating Lease Obligation" in the Consolidated Balance Sheet. During the year ended December 31, 2019, other associated costs of $1.1 million related to the 2018 Plan were attributable to the SCC segment and consisted of: (i) $0.6 million of inventory write-offs recorded with a corresponding reduction to "Inventories, net" in the Consolidated Balance Sheets and (ii) $0.5 million of accounts receivable write-offs recorded with a corresponding reduction to "Trade Accounts Receivable" in the Consolidated Balance Sheets. These expenses are not recorded with a corresponding reduction to the restructuring liability and therefore, are not included in the table above. Stock based compensation expense of $2.4 million for the year ended December 31, 2020 is related to accelerated vesting of stock options and RSUs resulting from the termination of certain executive leadership members. Such expense is not recognized as a corresponding adjustment to the restructuring liability and therefore, is not included in the table above. |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Pre-tax, Tax, and After-tax Components of Other Comprehensive Income (Loss) | The following tables present the pre-tax, tax benefit (expense) and after-tax components of GCP's other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 (In millions) Pre-Tax Amount Tax Benefit After-Tax Amount Defined benefit pension and other postretirement plans: Net unrealized actuarial loss and prior service cost $ (0.5) $ 0.1 $ (0.4) Benefit plans, net (0.5) 0.1 (0.4) Currency translation adjustments (1) 5.9 0.9 6.8 Gain from hedging activities 0.1 — 0.1 Other comprehensive income attributable to GCP shareholders $ 5.5 $ 1.0 $ 6.5 Year Ended December 31, 2019 (In millions) Pre-Tax Amount Tax Benefit /(Expense) After-Tax Amount Defined benefit pension and other postretirement plans: Net unrealized actuarial loss and prior service cost $ (0.6) $ 0.1 $ (0.5) Benefit plans, net (0.6) 0.1 (0.5) Currency translation adjustments (1) 3.7 (0.1) 3.6 Loss from hedging activities (0.1) — (0.1) Other comprehensive income attributable to GCP shareholders $ 3.0 $ — $ 3.0 Year Ended December 31, 2018 (In millions) Pre-Tax Tax (Expense) /Benefit After-Tax Defined benefit pension and other postretirement plans: Assumption of net prior service credit $ (3.2) $ 0.6 $ (2.6) Benefit plans, net (3.2) 0.6 (2.6) Currency translation adjustments (31.8) — (31.8) Gain from hedging activities 0.1 — 0.1 Other comprehensive loss attributable to GCP shareholders $ (34.9) $ 0.6 $ (34.3) __________________________ (1) Currency translation adjustments related to the net investment hedge are presented net of income taxes, as discussed in Note 4, "Derivative Instruments." |
Schedule of Changes of Accumulated Other Comprehensive Income (Loss), Net of Tax | The following tables present the changes in accumulated other comprehensive loss, net of tax, for the years ended December 31, 2020, 2019 and 2018. Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total Balance, December 31, 2019 $ (2.7) $ (114.2) $ (0.1) $ (117.0) Other comprehensive (loss) income before reclassifications (0.4) 6.8 (0.1) 6.3 Amounts reclassified from accumulated other comprehensive loss — — 0.2 0.2 Net current-period other comprehensive (loss) income (0.4) 6.8 0.1 6.5 Balance, December 31, 2020 $ (3.1) $ (107.4) $ — $ (110.5) Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total Balance, December 31, 2018 $ (2.2) $ (117.8) $ — $ (120.0) Current-period other comprehensive (loss) income (0.5) 3.6 (0.1) 3.0 Balance, December 31, 2019 $ (2.7) $ (114.2) $ (0.1) $ (117.0) Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total Balance, December 31, 2017 $ 0.4 $ (86.0) $ (0.1) $ (85.7) Other comprehensive (loss) income before reclassifications (2.6) (31.8) 0.2 (34.2) Amounts reclassified from accumulated other comprehensive income — — (0.1) (0.1) Net current-period other comprehensive (loss) income (2.6) (31.8) 0.1 (34.3) Balance, December 31, 2018 $ (2.2) $ (117.8) $ — $ (120.0) |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Assumptions for Estimating the Fair Value of Stock Options | The following assumptions were utilized in the Black-Scholes option pricing model for estimating the fair value of GCP's stock options granted during the years ended December 31, 2019 and 2018: Year Ended December 31, Assumptions used to calculate expense for stock options: 2019 2018 Risk-free interest rate 1.70 - 2.64% 2.68 - 2.80% Average life of options (years) 5.5 - 6.5 5.5 - 6.5 Volatility 28.02 - 28.59% 27.91 - 30.65% Weighted average grant date fair value per stock option $8.66 $10.63 The fair value of stock options was determined using a Monte Carlo simulation based on the weighted-average value of options calculated for each performance target based on the following assumptions: Assumptions used to calculate expense for stock options: Year Ended December 31, 2020 Risk-free interest rate 0.22% Average life of options (years) 4.0 Volatility 40% Weighted average grant date fair value per stock option $5.15 |
Summary of Stock Option Activity | The following table sets forth the information related to stock options denominated in GCP stock during the year ended December 31, 2020: Stock Option Activity Number Of Weighted Weighted Aggregated Outstanding, December 31, 2019 1,284 $ 22.66 3.18 $ 3,171 Options exercised 84 18.29 Options forfeited/expired/canceled 289 19.98 Options granted — — Outstanding, December 31, 2020 911 $ 23.91 2.49 $ 2,234 Exercisable, December 31, 2020 836 $ 23.49 2.42 $ 2,234 Vested and expected to vest, December 31, 2020 908 $ 23.90 2.49 $ 2,234 |
Summary of Restricted Stock Units Award Activity | The following table sets forth the RSU activity for the year ended December 31, 2020: RSU Activity: Number Of Weighted Outstanding, December 31, 2019 156 $ 27.33 RSU's settled 184 24.46 RSU's forfeited 2 22.83 RSU's granted 335 21.06 Outstanding, December 31, 2020 305 $ 22.14 Expected to vest as of December 31, 2020 285 $ 22.18 |
Schedule of Assumptions for Estimating the Fair Value of PBUs | The following table summarizes the assumptions used in the Monte Carlo simulations for estimating the grant date fair values of PBUs granted during the years ended December 31, 2020 , 2019 and 2018: Year Ended December 31, Assumptions used to calculate expense for PBUs: 2020 2019 2018 Expected term (remaining performance period) 2.85 years 2.86 years 2.86 years Expected volatility 29.85% 28.46% 28.56% Risk-free interest rate 1.21% 2.48% 2.38% Expected dividends — — — Correlation coefficient 53.43% 54.81% 38.98% Median correlation coefficient of constituents 54.01% 57.09% 39.96% |
Summary of Performance-Based Units Activity | The following table sets forth the PBU activity for the year ended December 31, 2020: PBU Activity: Number Of Weighted Outstanding, December 31, 2019 382 $ 29.51 PBU's forfeited 186 26.49 PBU's granted 147 22.43 Outstanding, December 31, 2020 343 $ 28.10 |
Operating Segment and Geograp_2
Operating Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Data | The following table presents information related to GCP's operating segments: Year Ended December 31, (In millions) 2020 2019 2018 Net Sales Specialty Construction Chemicals $ 518.9 $ 579.1 $ 643.5 Specialty Building Materials 384.3 434.4 481.9 Total net sales $ 903.2 $ 1,013.5 $ 1,125.4 Segment Operating Income Specialty Construction Chemicals segment operating income $ 52.9 $ 56.9 $ 40.2 Specialty Building Materials segment operating income 71.1 86.3 113.4 Total segment operating income $ 124.0 $ 143.2 $ 153.6 Depreciation and Amortization Specialty Construction Chemicals $ 27.6 $ 24.4 $ 24.2 Specialty Building Materials 14.9 14.8 14.7 Corporate 3.9 4.0 3.1 Total depreciation and amortization $ 46.4 $ 43.2 $ 42.0 Capital Expenditures Specialty Construction Chemicals $ 25.5 $ 44.2 $ 28.8 Specialty Building Materials 4.9 7.9 12.8 Corporate 5.7 4.6 13.4 Total capital expenditures $ 36.1 $ 56.7 $ 55.0 Total Assets Specialty Construction Chemicals $ 444.4 $ 431.9 $ 408.6 Specialty Building Materials 408.3 424.1 428.1 Corporate 564.9 444.8 441.5 Assets held for sale — 0.5 4.1 Total assets $ 1,417.6 $ 1,301.3 $ 1,282.3 |
Reconciliation of Operating Segment Data to Financial Statements | Total segment operating income for the years ended December 31, 2020, 2019 and 2018 is reconciled below to "Income from continuing operations before income taxes" presented in the Consolidated Statements of Operations: Year Ended December 31, (In millions) 2020 2019 2018 Total segment operating income $ 124.0 $ 143.2 $ 153.6 Corporate costs (26.2) (32.8) (27.4) Certain pension costs (5.2) (7.8) (7.6) Gain on sale of corporate headquarters 110.2 — — Shareholder activism and other related costs (2) (9.5) (5.3) — Gain on Brazil tax recoveries, net (1) — 0.6 — Repositioning expenses (5.4) (20.4) (9.6) Restructuring expenses and asset write offs (24.9) (9.9) (14.8) Pension MTM adjustment and other related costs, net (2.8) (13.3) 8.7 Gain on termination and curtailment of pension and other postretirement plans — 1.2 0.2 Legacy product, environmental and other claims (0.6) (0.1) — Third-party and other acquisition-related costs (0.7) (0.1) (2.5) Tax indemnification adjustments (1.6) (0.5) (0.5) Currency losses in Argentina — — (1.1) Amortization of acquired inventory fair value adjustment — — (0.2) Interest expense, net (3) (20.1) (20.0) (88.9) Net income attributable to noncontrolling interests 0.5 0.4 0.3 Income from continuing operations before income taxes $ 137.7 $ 35.2 $ 10.2 ______________________________ (1) Gain on Brazil tax recoveries, net primarily consists of a $1.7 million pre-tax gain related to indirect tax recoveries, and $1.1 million of legal fees and other charges relating to indirect and income tax recoveries. Please refer to Note 9, "Income Taxes" and Note 12, "Commitments and Contingencies" for further information. (2) Shareholder activism and other related costs consist primarily of professional fees incurred in connection with the actions by certain of GCP shareholders seeking changes in the composition of the Company's Board of Directors and nomination of candidates to stand for election at the 2019 and 2020 Annual Shareholders' Meetings, as well as other related matters. (3) Interest expense, net includes a loss of $59.8 million as a result of debt refinancing transaction completed on April 10, 2018. Please refer to Note 8, "Debt and Other Borrowings" for further information on the transaction. |
Sales by Product Group | The following table sets forth sales by product group within the SCC operating segment and the SBM operating segment during the years ended December 31, 2020 , 2019 and 2018: Year Ended December 31, (In millions) 2020 2019 2018 Specialty Construction Chemicals: Concrete $ 393.1 $ 434.8 $ 478.9 Cement 125.8 144.3 164.6 Total SCC Sales $ 518.9 $ 579.1 $ 643.5 Specialty Building Materials: Building Envelope $ 206.3 $ 246.3 $ 284.4 Residential Building Products 73.8 81.2 80.9 Specialty Construction Products 104.2 106.9 116.6 Total SBM Sales $ 384.3 $ 434.4 $ 481.9 Total Sales $ 903.2 $ 1,013.5 $ 1,125.4 |
Net Sales by Geographic Area | The following table sets forth net sales information related to the geographic areas in which GCP operates: Year Ended December 31, (In millions) 2020 2019 2018 Net Sales United States $ 474.0 $ 505.0 $ 538.8 Canada and Other 28.5 32.4 32.2 Total North America 502.5 537.4 571.0 Europe Middle East Africa 172.6 193.5 240.7 Asia Pacific 180.8 222.5 245.6 Latin America 47.3 60.1 68.1 Total $ 903.2 $ 1,013.5 $ 1,125.4 |
Long-lived Assets by Geographic Area | The following table sets forth long-lived asset information related to the geographic areas in which GCP operates: Year Ended December 31, (In millions) 2020 2019 Properties and Equipment, net United States $ 145.4 $ 166.7 Canada and Other 3.0 3.1 Total North America 148.4 169.8 Europe Middle East Africa (EMEA) 25.5 24.8 Asia Pacific 45.4 41.9 Latin America 6.3 8.5 Total $ 225.6 $ 245.0 Operating lease right-of-use assets United States $ 18.0 $ 12.7 Canada 0.4 0.1 Total North America 18.4 12.8 Europe, Middle East, and Africa 11.7 7.0 Asia Pacific 9.4 8.4 Latin America 0.5 1.1 Total $ 40.0 $ 29.3 Goodwill, Intangibles and Other Assets United States $ 100.6 $ 107.9 Canada and Other 7.4 7.9 Total North America 108.0 115.8 Europe Middle East Africa (EMEA) 171.9 167.9 Asia Pacific 19.8 17.9 Latin America 21.3 26.0 Total $ 321.0 $ 327.6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators Used in Calculating Basic and Diluted (Loss) Earnings Per Share | The following table sets forth a reconciliation of the numerators and denominators used in calculating basic and diluted earnings (loss) per share: Year Ended December 31, (In millions, except per share amounts) 2020 2019 2018 Numerators Income (loss) from continuing operations attributable to GCP shareholders $ 100.5 $ 40.8 $ (16.4) (Loss) income from discontinued operations, net of income taxes (0.3) 5.7 31.3 Net income attributable to GCP shareholders $ 100.2 $ 46.5 $ 14.9 Denominators Weighted average common shares—basic calculation 73.0 72.6 72.1 Dilutive effect of employee stock awards (2) 0.1 0.3 — Weighted average common shares—diluted calculation 73.1 72.9 72.1 Basic earnings (loss) per share Income (loss) from continuing operations attributable to GCP shareholders $ 1.38 $ 0.56 $ (0.23) Income from discontinued operations, net of income taxes $ — $ 0.08 $ 0.43 Net income attributable to GCP shareholders (1) $ 1.37 $ 0.64 $ 0.21 Diluted earnings (loss) per share (2) Income (loss) from continuing operations attributable to GCP shareholders $ 1.37 $ 0.56 $ (0.23) Income from discontinued operations, net of income taxes $ — $ 0.08 $ 0.43 Net income attributable to GCP shareholders (1) $ 1.37 $ 0.64 $ 0.21 _______________________________ (1) Amounts may not sum due to rounding. (2) Dilutive effect not applicable to the periods in which GCP generated a loss from continuing operations. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the purchase price paid and the amounts of assets acquired and liabilities assumed for the acquisition based upon their estimated fair values at the date of acquisition. (In millions) Net Assets Acquired Accounts receivable (approximates contractual value) $ 1.3 Inventories 0.5 Property, plant and equipment 0.1 Intangible assets 10.7 Goodwill 19.9 Accounts payable (1.0) Accrued liabilities (0.1) Deferred tax liabilities (1.9) Net assets acquired $ 29.5 |
Schedule of Intangible Assets Acquired | The following table presents the fair values of the intangible assets acquired and their weighted average amortization periods: Amount Weighted-Average Amortization Period Customer relationships $ 8.8 9 Developed technology 0.8 15 Trademarks and trade names 1.1 10 Total $ 10.7 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Reconciliation of Gain on Disposal | The following table includes a reconciliation of the gain on the sale of the Darex business related to delayed close entities recorded during the years ended December 31, 2019, and 2018: Year Ended December 31, (In millions) 2019 2018 Net proceeds included in gain $ 12.7 $ 55.4 Transaction costs — — Net assets derecognized (3.1) (11.9) Gain recognized before income taxes 9.6 43.5 Tax effect of gain recognized (2.4) (12.0) Gain recognized after income taxes $ 7.2 $ 31.5 |
Financial Statement Effects Related to Discontinued Operations | The following table sets forth the components of "(Loss) income from discontinued operations, net of income taxes" in the Consolidated Statements of Operations: Year Ended December 31, (In millions) 2020 2019 2018 Net sales $ — $ — $ 15.7 Cost of goods sold — — 15.9 Gross profit — — (0.2) Selling, general and administrative expenses 0.4 1.6 5.8 Restructuring expenses and asset impairments (0.1) 0.3 0.4 Gain on sale of business — (9.6) (43.5) Other expenses (income), net 0.1 0.1 (4.1) (Loss) income from discontinued operations before income taxes (0.4) 7.6 41.2 Benefit (provision) for income taxes 0.1 (1.9) (9.9) (Loss) income from discontinued operations, net of income taxes $ (0.3) $ 5.7 $ 31.3 |
Revisions of Previously Issue_2
Revisions of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | GCP Applied Technologies Inc. Year Ended December 31, 2019 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 1,013.5 $ — $ 1,013.5 Cost of goods sold 630.4 (0.6) 629.8 Gross profit 383.1 0.6 383.7 Selling, general and administrative expenses 273.0 (0.2) 272.8 Research and development expenses 18.4 — 18.4 Interest expense and related financing costs 22.7 — 22.7 Repositioning expenses 20.4 — 20.4 Restructuring expenses and asset write offs 9.9 — 9.9 Other expenses, net 4.3 — 4.3 Total costs and expenses 348.7 (0.2) 348.5 Income from continuing operations before income taxes 34.4 0.8 35.2 Benefit from income taxes 6.6 (0.6) 6.0 Income from continuing operations 41.0 0.2 41.2 Income from discontinued operations, net of income taxes 5.7 — 5.7 Net income 46.7 0.2 46.9 Less: Net income attributable to noncontrolling interests (0.4) — (0.4) Net income attributable to GCP shareholders $ 46.3 $ 0.2 $ 46.5 Amounts Attributable to GCP Shareholders: Income from continuing operations attributable to GCP shareholders $ 40.6 $ 0.2 $ 40.8 Income from discontinued operations, net of income taxes 5.7 — 5.7 Net income attributable to GCP shareholders $ 46.3 $ 0.2 $ 46.5 Earnings Per Share Attributable to GCP Shareholders: Basic earnings per share: Income from continuing operations attributable to GCP shareholders $ 0.56 $ — $ 0.56 Income from discontinued operations, net of income taxes $ 0.08 $ — $ 0.08 Net income attributable to GCP shareholders $ 0.64 $ — $ 0.64 Weighted average number of basic shares 72.6 — 72.6 Diluted earnings per share: Income from continuing operations attributable to GCP shareholders $ 0.56 $ — $ 0.56 Income from discontinued operations, net of income taxes $ 0.08 $ — $ 0.08 Net income attributable to GCP shareholders $ 0.64 $ — $ 0.64 Weighted average number of diluted shares 72.9 — 72.9 GCP Applied Technologies Inc. Year Ended December 31, 2019 (In millions) As Previously Reported Adjustments As Revised Net income $ 46.7 $ 0.2 $ 46.9 Other comprehensive income: Defined benefit pension and other postretirement plans, net of income taxes (0.5) — (0.5) Currency translation adjustments, net of income taxes 3.6 — 3.6 Loss from hedging activities, net of income taxes (0.1) — (0.1) Total other comprehensive income 3.0 — 3.0 Comprehensive income 49.7 0.2 49.9 Less: Comprehensive income attributable to noncontrolling interests (0.4) — (0.4) Comprehensive income attributable to GCP shareholders $ 49.3 $ 0.2 $ 49.5 GCP Applied Technologies Inc. As of Year Ended December 31, 2019 (In millions, except par value and shares) As Previously Reported Adjustments As Revised ASSETS Current Assets Cash and cash equivalents $ 325.0 $ — $ 325.0 Trade accounts receivable (net of allowances of $7.5 million) 183.7 — 183.7 Inventories, net 95.9 — 95.9 Other current assets 43.7 (0.5) 43.2 Total Current Assets 648.3 (0.5) 647.8 Properties and equipment, net 245.3 (0.3) 245.0 Operating lease right-of-use assets 29.3 — 29.3 Goodwill 208.9 — 208.9 Technology and other intangible assets, net 80.7 — 80.7 Deferred income taxes 26.1 — 26.1 Overfunded defined benefit pension plans 25.0 — 25.0 Other assets 38.0 — 38.0 Non-current assets held for sale 0.5 — 0.5 Total Assets $ 1,302.1 $ (0.8) $ 1,301.3 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Debt payable within one year $ 2.7 $ — $ 2.7 Operating lease obligations payable within one year 8.1 — 8.1 Accounts payable 88.4 — 88.4 Other current liabilities 113.6 (0.7) 112.9 Total Current Liabilities 212.8 (0.7) 212.1 Debt payable after one year 346.5 — 346.5 Operating lease obligations 21.6 — 21.6 Income taxes payable 41.4 — 41.4 Deferred income taxes 13.1 — 13.1 Unrecognized tax benefits 42.2 — 42.2 Underfunded and unfunded defined benefit pension plans 67.5 — 67.5 Other liabilities 15.9 — 15.9 Total Liabilities 761.0 (0.7) 760.3 Commitments and Contingencies Stockholders' Equity Preferred stock, par value $0.01; 50,000,000 shares authorized; no shares issued or outstanding — — — Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 72,850,268 0.7 — 0.7 Paid-in capital 53.4 — 53.4 Accumulated earnings 610.2 (0.1) 610.1 Accumulated other comprehensive loss (117.0) — (117.0) Treasury stock (8.6) — (8.6) Total GCP Stockholders' Equity 538.7 (0.1) 538.6 Noncontrolling interests 2.4 — 2.4 Total Stockholders' Equity 541.1 (0.1) 541.0 Total Liabilities and Stockholders' Equity $ 1,302.1 $ (0.8) $ 1,301.3 GCP Applied Technologies Inc. (In millions) As Previously Reported Adjustments As Revised Total Stockholders' Equity: Balance, December 31, 2018 $ 481.4 $ (0.3) $ 481.1 Net income 46.7 0.2 46.9 Issuance of common stock in connection with stock plans — — — Share-based compensation 6.2 — 6.2 Exercise of stock options 7.6 — 7.6 Share repurchases (3.8) — (3.8) Other comprehensive income 3.0 — 3.0 Balance, December 31, 2019 $ 541.1 $ (0.1) $ 541.0 GCP Applied Technologies Inc. Year Ended December 31, 2019 (In millions) As Previously Reported Adjustments As Revised OPERATING ACTIVITIES Net income $ 46.7 $ 0.2 $ 46.9 Less: Income from discontinued operations 5.7 — 5.7 Income from continuing operations 41.0 0.2 41.2 Reconciliation to net cash provided by (used in) operating activities: Depreciation and amortization 43.2 — 43.2 Amortization of debt discount and financing costs 1.4 — 1.4 Unrealized loss on foreign currency 0.1 — 0.1 Stock-based compensation expense 6.2 — 6.2 Gain on termination and curtailment of pension and other postretirement benefit plans (1.2) — (1.2) Deferred income taxes (19.3) 0.6 (18.7) Gain on disposal of property and equipment (0.7) — (0.7) Changes in assets and liabilities, excluding effect of currency translation: Trade accounts receivable 13.1 — 13.1 Inventories 13.9 — 13.9 Accounts payable (26.8) — (26.8) Pension assets and liabilities, net 18.9 — 18.9 Other assets and liabilities, net (11.8) (1.1) (12.9) Net cash provided by operating activities from continuing operations 78.0 (0.3) 77.7 Net cash used in operating activities from discontinued operations (13.7) — (13.7) Net cash provided by operating activities 64.3 (0.3) 64.0 INVESTING ACTIVITIES Capital expenditures (61.6) 0.3 (61.3) Other investing activities 0.5 — 0.5 Net cash used in investing activities from continuing operations (61.1) 0.3 (60.8) Net cash used in investing activities from discontinued operations (0.4) — (0.4) Net cash used in investing activities (61.5) 0.3 (61.2) FINANCING ACTIVITIES Repayments under credit arrangements (7.6) — (7.6) Payments of tax withholding obligations related to employee equity awards (3.8) — (3.8) Proceeds from exercise of stock options 7.6 — 7.6 Payments on finance lease obligations (0.8) — (0.8) Other financing activities (0.4) — (0.4) Net cash used in financing activities from continuing operations (5.0) — (5.0) Effect of currency exchange rate changes on cash and cash equivalents 1.1 — 1.1 Decrease in cash and cash equivalents (1.1) — (1.1) Cash and cash equivalents, beginning of period 326.1 — 326.1 Cash and cash equivalents, end of period $ 325.0 $ — $ 325.0 Supplemental disclosures of cash flow information: Cash paid for income taxes, net of refunds $ 12.7 $ — $ 12.7 Cash paid for interest on note and credit arrangements $ 19.9 $ — $ 19.9 Supplemental disclosure of non-cash investing activities: Property and equipment purchases unpaid and included in accounts payable $ 5.7 $ — $ 5.7 GCP Applied Technologies Inc. Year Ended December 31, 2018 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 1,125.4 $ — $ 1,125.4 Cost of goods sold 715.5 (0.2) 715.3 Gross profit 409.9 0.2 410.1 Selling, general and administrative expenses 289.1 0.5 289.6 Research and development expenses 20.2 — 20.2 Interest expense and related financing costs 92.4 — 92.4 Repositioning expenses 9.6 — 9.6 Restructuring expenses and asset write offs 14.8 — 14.8 Other income, net (26.7) — (26.7) Total costs and expenses 399.4 0.5 399.9 Income from continuing operations before income taxes 10.5 (0.3) 10.2 Provision for income taxes (26.3) — (26.3) Loss from continuing operations (15.8) (0.3) (16.1) Income from discontinued operations, net of income taxes 31.3 — 31.3 Net income 15.5 (0.3) 15.2 Less: Net income attributable to noncontrolling interests (0.3) — (0.3) Net income attributable to GCP shareholders $ 15.2 $ (0.3) $ 14.9 Amounts Attributable to GCP Shareholders: Loss from continuing operations attributable to GCP shareholders $ (16.1) $ (0.3) $ (16.4) Income from discontinued operations, net of income taxes 31.3 — 31.3 Net income attributable to GCP shareholders $ 15.2 $ (0.3) $ 14.9 (Loss) Earnings Per Share Attributable to GCP Shareholders: Basic (loss) earnings per share: Loss from continuing operations attributable to GCP shareholders $ (0.22) $ (0.01) $ (0.23) Income from discontinued operations, net of income taxes $ 0.43 $ — $ 0.43 Net income attributable to GCP shareholders (1) $ 0.21 $ — $ 0.21 Weighted average number of basic shares 72.1 $ — 72.1 Diluted (loss) earnings per share: (2) Loss from continuing operations attributable to GCP shareholders $ (0.22) $ (0.01) $ (0.23) Income from discontinued operations, net of income taxes $ 0.43 $ — $ 0.43 Net income attributable to GCP shareholders (1) $ 0.21 $ — $ 0.21 Weighted average number of diluted shares 72.1 $ — 72.1 GCP Applied Technologies Inc. Consolidated Statements of Comprehensive Loss Year Ended December 31, 2018 (In millions) As Previously Reported Adjustments As Revised Net income $ 15.5 $ (0.3) $ 15.2 Other comprehensive loss: Defined benefit pension and other postretirement plans, net of income taxes (2.6) — (2.6) Currency translation adjustments (31.8) — (31.8) Gain from hedging activities, net of income taxes 0.1 — 0.1 Total other comprehensive loss (34.3) — (34.3) Comprehensive loss (18.8) (0.3) (19.1) Less: Comprehensive income attributable to noncontrolling interests (0.3) — (0.3) Comprehensive loss attributable to GCP shareholders $ (19.1) $ (0.3) $ (19.4) GCP Applied Technologies Inc. Consolidated Statements of Stockholders' Equity Year Ended December 31, 2018 (In millions) As Previously Reported Adjustments As Revised Balance, December 31, 2017 $ 492.0 $ — $ 492.0 Net income 15.5 (0.3) 15.2 Issuance of common stock in connection with stock plans — — — Share-based compensation 4.2 — 4.2 Exercise of stock options 5.5 — 5.5 Share repurchases (1.4) — (1.4) Other comprehensive loss (34.3) — (34.3) Dividends and other changes in noncontrolling interest (0.1) — (0.1) Balance, December 31, 2018 $ 481.4 $ (0.3) $ 481.1 GCP Applied Technologies Inc. Year Ended December 31, 2018 (In millions) As Previously Reported Adjustments As Revised OPERATING ACTIVITIES Net income $ 15.5 $ (0.3) $ 15.2 Less: Income from discontinued operations 31.3 — 31.3 Loss from continuing operations (15.8) (0.3) (16.1) Reconciliation to net cash (used in) provided by operating activities: Depreciation and amortization 42.0 — 42.0 Amortization of debt discount and financing costs 1.6 — 1.6 Unrealized loss on foreign currency 0.6 — 0.6 Stock-based compensation expense 3.7 — 3.7 Gain on termination and curtailment of pension and other postretirement benefit plans (0.2) — (0.2) Deferred income taxes 3.2 — 3.2 Loss on debt refinancing 59.8 — 59.8 Gain on disposal of property and equipment (0.9) — (0.9) Changes in assets and liabilities, excluding effect of currency translation: Trade accounts receivable 9.3 (0.3) 9.0 Inventories (7.8) — (7.8) Accounts payable (9.7) — (9.7) Pension assets and liabilities, net (7.0) — (7.0) Other assets and liabilities, net (3.4) 0.6 (2.8) Net cash provided by operating activities from continuing operations 75.4 — 75.4 Net cash used in operating activities from discontinued operations (133.0) — (133.0) Net cash used in operating activities (57.6) — (57.6) INVESTING ACTIVITIES Capital expenditures (55.0) — (55.0) Businesses acquired, net of cash acquired (29.5) — (29.5) Other investing activities (2.4) — (2.4) Net cash used in investing activities from continuing operations (86.9) — (86.9) Net cash provided by investing activities from discontinued operations 0.1 — 0.1 Net cash used in by investing activities (86.8) — (86.8) FINANCING ACTIVITIES Borrowings under credit arrangements 56.3 — 56.3 Repayments under credit arrangements (69.6) — (69.6) Proceeds from issuance of long term note obligations 350.0 — 350.0 Repayments of long term note obligations (578.3) — (578.3) Cash paid for debt financing costs (6.9) — (6.9) Payments of tax withholding obligations related to employee equity awards (1.4) — (1.4) Proceeds from exercise of stock options 5.5 — 5.5 Noncontrolling interest dividend (0.1) — (0.1) Other financing activities (2.8) — (2.8) Net cash used in by financing activities (247.3) — (247.3) Effect of currency exchange rate changes on cash and cash equivalents (3.7) — (3.7) Decrease in cash and cash equivalents (395.4) — (395.4) Cash and cash equivalents, beginning of period 721.5 — 721.5 Cash and cash equivalents, end of period $ 326.1 $ — $ 326.1 Supplemental cash flow disclosures: Cash paid for income taxes, net of refunds $ 23.1 $ — $ 23.1 Cash paid for interest on note and credit arrangements $ 46.3 $ — $ 46.3 Supplemental disclosure of non-cash investing activities: Property and equipment purchases unpaid and included in accounts payable $ 10.3 $ — $ 10.3 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Summary and Statistical Information | Three Months Ended, Year Ended, (In millions, except per share amounts) March 31, 2020 June 30, 2020 September 30, 2020 (1) December 31, 2020 December 31, 2020 Net sales $ 216.7 $ 195.4 $ 248.4 $ 242.7 $ 903.2 Gross profit 82.8 77.4 101.8 95.9 357.9 Net income (loss) 1.8 (0.6) 100.1 (0.6) 100.7 Income (loss) from continuing operations attributable to GCP shareholders 2.0 (0.7) 100.0 (0.8) 100.5 Loss (income) from discontinued operations, net of income taxes : (0.3) — (0.1) 0.1 (0.3) Net income (loss) attributable to GCP shareholders $ 1.7 $ (0.7) $ 99.9 $ (0.7) $ 100.2 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income (loss) from continuing operations attributable to GCP shareholders $ 0.03 $ (0.01) $ 1.37 $ (0.01) $ 1.38 Loss (income) from discontinued operations, net of income taxes : $ — $ — $ — $ — $ — Net income (loss) attributable to GCP shareholders $ 0.02 $ (0.01) $ 1.37 $ (0.01) $ 1.37 Diluted earnings (loss) per share (2): Income (loss) from continuing operations attributable to GCP shareholders $ 0.03 $ (0.01) $ 1.37 $ (0.01) $ 1.37 Loss (income) from discontinued operations, net of income taxes : $ — $ — $ — $ — $ — Net income (loss) attributable to GCP shareholders $ 0.02 $ (0.01) $ 1.36 $ (0.01) $ 1.37 ________________________________ (1) During the three months ended September 30, 2020, GCP recognized a gain of $110.2 million on the sale of its corporate headquarters. Please refer to Note 6, "Lessee Arrangements" for further information on this transaction. (2) Dilutive effect is only applicable to the periods during which GCP generated net income from continuing operations. Three Months Ended, Year Ended, (In millions, except per share amounts) March 31, 2019 (1)(2) June 30, 2019 September 30, 2019 December 31, 2019 December 31, 2019 Net sales $ 226.1 $ 262.2 $ 266.9 $ 258.3 $ 1,013.5 Gross profit 82.0 98.8 104.8 98.1 383.7 Net income 21.2 2.9 16.3 6.5 46.9 Income from continuing operations attributable to GCP shareholders 14.2 3.4 16.6 6.6 40.8 Income (loss) from discontinued operations, net of income taxes : 6.8 (0.5) (0.4) (0.2) 5.7 Net income attributable to GCP shareholders $ 21.0 $ 2.9 $ 16.2 $ 6.4 $ 46.5 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 0.20 $ 0.05 $ 0.23 $ 0.09 $ 0.56 Income (loss) from discontinued operations, net of income taxes $ 0.09 $ (0.01) $ (0.01) $ — $ 0.08 Net income attributable to GCP shareholders $ 0.29 $ 0.04 $ 0.22 $ 0.09 $ 0.64 Diluted earnings (loss) per share (3): Income from continuing operations attributable to GCP shareholders $ 0.20 $ 0.05 $ 0.23 $ 0.09 $ 0.56 Income (loss) from discontinued operations, net of income taxes $ 0.09 $ (0.01) $ (0.01) $ — $ 0.08 Net income attributable to GCP shareholders $ 0.29 $ 0.04 $ 0.22 $ 0.09 $ 0.64 (1) During the three months ended March 31, 2019, GCP recognized a tax benefit of $20.2 million from the release of an uncertain tax position due to the finalization of the Transition Tax regulations issued in January 2019. (2) During the three months ended March 31, 2019, GCP recognized an after tax gain of $7.2 million on the sale of the delayed close entity in Indonesia related to Darex. Please refer to Note 21, "Discontinued Operations" for further information on these transactions. (3) Dilutive effect is only applicable to the periods during which GCP generated net income from continuing operations. Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. The following tables set forth the effects of the revisions of previously issued unaudited quarterly consolidated financial data to correct the prior period errors, as discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies” and Note 22, “Revisions of Previously Issued Consolidated Financial Statements”: Three Months Ended September 30, 2020 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 248.4 $ — $ 248.4 Gross profit 101.4 0.4 101.8 Net income 99.6 0.5 100.1 Income from continuing operations attributable to GCP shareholders 99.5 0.5 100.0 Loss from discontinued operations, net of income taxes (0.1) — (0.1) Net income attributable to GCP shareholders $ 99.4 $ 0.5 $ 99.9 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 1.36 $ 0.01 $ 1.37 Loss from discontinued operations, net of income taxes $ — $ — $ — Net income attributable to GCP shareholders $ 1.36 $ 0.01 $ 1.37 Diluted earnings (loss) per share : Income from continuing operations $ 1.36 $ 0.01 $ 1.37 Loss from discontinued operations, net of income taxes $ — $ — $ — Net income attributable to GCP shareholders $ 1.36 $ — $ 1.36 Three Months Ended June 30, 2020 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 195.4 $ — $ 195.4 Gross profit 76.4 1.0 77.4 Net loss (1.2) 0.6 (0.6) Loss from continuing operations attributable to GCP shareholders (1.3) 0.6 (0.7) Net loss attributable to GCP shareholders $ (1.3) $ 0.6 $ (0.7) Earnings (loss) per share attributable to GCP shareholders Basic loss per share: Loss from continuing operations attributable to GCP shareholders $ (0.02) $ 0.01 $ (0.01) Net loss attributable to GCP shareholders $ (0.02) $ 0.01 $ (0.01) Diluted loss per share : Loss from continuing operations attributable to GCP shareholders $ (0.02) $ 0.01 $ (0.01) Net loss attributable to GCP shareholders $ (0.02) $ 0.01 $ (0.01) Three Months Ended March 31, 2020 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 216.7 $ — $ 216.7 Gross profit 81.9 0.9 82.8 Net income 1.2 0.6 1.8 Income from continuing operations attributable to GCP shareholders 1.4 0.6 2.0 Loss from discontinued operations, net of income taxes (0.3) — (0.3) Net income attributable to GCP shareholders $ 1.1 $ 0.6 $ 1.7 Earnings (loss) per share attributable to GCP shareholders Basic earnings per share: Income from continuing operations attributable to GCP shareholders $ 0.02 $ 0.01 $ 0.03 Loss from discontinued operations, net of income taxes $ — $ — $ — Net income attributable to GCP shareholders $ 0.02 $ — $ 0.02 Diluted earnings per share : Income from continuing operations attributable to GCP shareholders $ 0.02 $ 0.01 $ 0.03 Loss from discontinued operations, net of income taxes $ — $ — $ — Net income attributable to GCP shareholders $ 0.02 $ — $ 0.02 Three Months Ended December 31, 2019 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 258.3 $ — $ 258.3 Gross profit 96.8 1.3 98.1 Net income 5.8 0.7 6.5 Income from continuing operations attributable to GCP shareholders 5.9 0.7 6.6 Loss from discontinued operations, net of income taxes (0.2) — (0.2) Net income attributable to GCP shareholders $ 5.7 $ 0.7 $ 6.4 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 0.08 $ 0.01 $ 0.09 Loss from discontinued operations, net of income taxes $ — $ — $ — Net income attributable to GCP shareholders $ 0.08 $ 0.01 $ 0.09 Diluted earnings (loss) (loss per share : Income from continuing operations attributable to GCP shareholders $ 0.08 $ 0.01 $ 0.09 Loss from discontinued operations, net of income taxes $ — $ — $ — Net income attributable to GCP shareholders $ 0.08 $ 0.01 $ 0.09 Three Months Ended September 30, 2019 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 266.9 $ — $ 266.9 Gross profit 105.1 (0.3) 104.8 Net income 16.7 (0.4) 16.3 Income from continuing operations attributable to GCP shareholders 17.0 (0.4) 16.6 Loss from discontinued operations, net of income taxes (0.4) — (0.4) Net income attributable to GCP shareholders $ 16.6 $ (0.4) $ 16.2 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 0.23 $ — $ 0.23 Loss from discontinued operations, net of income taxes $ (0.01) $ — $ (0.01) Net income attributable to GCP shareholders $ 0.23 $ (0.01) $ 0.22 Diluted earnings (loss) per share : Income from continuing operations attributable to GCP shareholders $ 0.23 $ — $ 0.23 Loss from discontinued operations, net of income taxes $ (0.01) $ — $ (0.01) Net income attributable to GCP shareholders $ 0.23 $ (0.01) $ 0.22 Three Months Ended June 30, 2019 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 262.2 $ — $ 262.2 Gross profit 99.0 (0.2) 98.8 Net income 2.6 0.3 2.9 Income from continuing operations attributable to GCP shareholders 3.1 0.3 3.4 Loss from discontinued operations, net of income taxes (0.5) — (0.5) Net income attributable to GCP shareholders $ 2.6 $ 0.3 $ 2.9 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 0.04 $ 0.01 $ 0.05 Loss from discontinued operations, net of income taxes $ (0.01) $ — $ (0.01) Net income attributable to GCP shareholders $ 0.04 $ — $ 0.04 Diluted earnings (loss) per share : Income from continuing operations $ 0.04 $ 0.01 $ 0.05 Loss from discontinued operations, net of income taxes $ (0.01) $ — $ (0.01) Net income attributable to GCP shareholders $ 0.04 $ — $ 0.04 Three Months Ended March 31, 2019 (In millions, except per share amounts) As Previously Reported Adjustments As Revised Net sales $ 226.1 $ — $ 226.1 Gross profit 82.2 (0.2) 82.0 Net income 21.6 (0.4) 21.2 Income from continuing operations attributable to GCP shareholders 14.6 (0.4) 14.2 Income from discontinued operations, net of income taxes 6.8 — 6.8 Net income attributable to GCP shareholders $ 21.4 $ (0.4) $ 21.0 Earnings (loss) per share attributable to GCP shareholders Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 0.20 $ — $ 0.20 Income from discontinued operations, net of income taxes $ 0.09 $ — $ 0.09 Net income attributable to GCP shareholders $ 0.30 $ (0.01) $ 0.29 Diluted earnings (loss) per share : Income from continuing operations $ 0.20 $ — $ 0.20 Income from discontinued operations, net of income taxes $ 0.09 $ — $ 0.09 Net income attributable to GCP shareholders $ 0.29 $ — $ 0.29 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Narrative (Details) | Jan. 01, 2018USD ($) | Dec. 31, 2020USD ($)segmentreporting_unit | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | Apr. 10, 2018 | Dec. 31, 2017USD ($) | Jul. 03, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of operating segments | segment | 2 | |||||||
Allowance for doubtful accounts | $ 7,000,000 | $ 7,500,000 | $ 5,800,000 | $ 5,700,000 | ||||
Restructuring expenses and asset impairments | 24,800,000 | $ 10,200,000 | 15,200,000 | |||||
Asset write offs | 1,500,000 | |||||||
Intangible assets, fair value | $ 0 | |||||||
Weighted average discount rate for operating leases | 5.50% | 5.33% | ||||||
Number of reporting units for goodwill impairment testing | reporting_unit | 2 | |||||||
Goodwill, impairment charges | $ 0 | $ 0 | 0 | |||||
Indefinite-lived intangible assets, impairment charges | $ 0 | $ 0 | 0 | |||||
Performance period | 3 years | 3 years | ||||||
Operating lease right-of-use assets | $ 40,000,000 | $ 29,300,000 | ||||||
Operating lease obligations | 34,200,000 | |||||||
Repayments of long term note obligations | 0 | 0 | 578,300,000 | |||||
9.5% Senior Notes due in 2023 | Senior Notes | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Stated interest rate | 9.50% | 9.50% | ||||||
ASU 2016-02 - Topic 842 | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Operating lease right-of-use assets | 40,000,000 | $ 40,800,000 | ||||||
Operating lease obligations | $ 40,900,000 | |||||||
Accounting Standards Update 2016-15 | 9.5% Senior Notes due in 2023 | Senior Notes | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Repayments of long term note obligations | $ 53,300,000 | |||||||
Other (Income) Expense, Net | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Net foreign currency transaction and remeasurement gains (losses) | (1,500,000) | 300,000 | 2,900,000 | |||||
Other (Income) Expense, Net | Argentine Pesos | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Foreign exchange remeasurement loss | $ 500,000 | $ 1,100,000 | $ 1,100,000 | |||||
Restricted Stock Units (RSUs) | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Dividend yield | 0.00% | |||||||
Award vesting period | 3 years | |||||||
Market Price | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
Performance Based Units (PBUs) | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | |||||
Award vesting period | 3 years | |||||||
Performance period | 3 years | |||||||
Asset Impairment | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring expenses and asset impairments | $ 1,100,000 | $ 4,300,000 | $ 4,500,000 | |||||
Minimum | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Finite-lived intangible asset, useful life | 1 year | |||||||
Minimum | Market Price | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Expected payout, percent of target | 0.00% | |||||||
Minimum | Performance Based Units (PBUs) | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Expected payout, percent of target | 0.00% | |||||||
Minimum | Buildings | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Property, plant and equipment, useful life | 20 years | |||||||
Minimum | Information Technology and Equipment | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Property, plant and equipment, useful life | 3 years | |||||||
Minimum | Machinery, Equipment and Other | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Property, plant and equipment, useful life | 3 years | |||||||
Minimum | Furniture and Fixtures | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Property, plant and equipment, useful life | 5 years | |||||||
Maximum | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Finite-lived intangible asset, useful life | 20 years | |||||||
Maximum | Market Price | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Expected payout, percent of target | 200.00% | |||||||
Maximum | Performance Based Units (PBUs) | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Expected payout, percent of target | 200.00% | |||||||
Maximum | Buildings | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Property, plant and equipment, useful life | 40 years | |||||||
Maximum | Information Technology and Equipment | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Property, plant and equipment, useful life | 7 years | |||||||
Maximum | Machinery, Equipment and Other | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Property, plant and equipment, useful life | 10 years | |||||||
Maximum | Furniture and Fixtures | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Property, plant and equipment, useful life | 10 years | |||||||
Darex Packaging Technologies Business | Discontinued Operations, Disposed of by Sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Consideration received | $ 1,060,000,000 |
Revenue from Lessor Arrangeme_3
Revenue from Lessor Arrangements and Contracts with Customers - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Payment terms, lease component (or less) | 30 days | ||
Revenue, remaining performance obligation, expected timing of satisfaction | one to four years | ||
Period of sales returns allowed | 6 months | ||
VERIFI sales arrangements | Product | Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk, percentage (less than) | 10.00% | 10.00% | 10.00% |
Ductilcrete sales arrangements | Product | Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk, percentage (less than) | 10.00% | 10.00% | 10.00% |
Dispensers | |||
Disaggregation of Revenue [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
VERIFI Equipment | |||
Disaggregation of Revenue [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Payment terms | 30 days | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Payment terms | 60 days |
Revenue from Lessor Arrangeme_4
Revenue from Lessor Arrangements and Contracts with Customers - Lease and Service Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lease Revenue | |||||||||||
Total service revenue | $ 903.2 | $ 1,013.5 | $ 1,125.4 | ||||||||
Total revenue | $ 242.7 | $ 248.4 | $ 195.4 | $ 216.7 | $ 258.3 | $ 266.9 | $ 262.2 | $ 226.1 | 903.2 | 1,013.5 | 1,125.4 |
VERIFI sales arrangements | |||||||||||
Lease Revenue | |||||||||||
Lease payments revenue | 28.8 | 26.8 | 26.4 | ||||||||
Variable lease revenue | 10.3 | 7.8 | 6.7 | ||||||||
Total lease revenue | 39.1 | 34.6 | 33.1 | ||||||||
Total service revenue | 7.6 | 5 | 4.2 | ||||||||
Total revenue | 46.7 | 39.6 | 37.3 | ||||||||
VERIFI sales arrangements | Fixed installation revenue | |||||||||||
Lease Revenue | |||||||||||
Total service revenue | 1.2 | 0.1 | 0.1 | ||||||||
VERIFI sales arrangements | Variable revenue | |||||||||||
Lease Revenue | |||||||||||
Total service revenue | $ 6.4 | $ 4.9 | $ 4.1 |
Inventories, net - Schedule of
Inventories, net - Schedule of Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 41.3 | $ 40 |
In process | 4.2 | 4 |
Finished products and other | 52.9 | 51.9 |
Total inventories | $ 98.4 | $ 95.9 |
Inventories, net - Narrative (D
Inventories, net - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory [Line Items] | ||
Finished products purchased | $ 52.9 | $ 51.9 |
Finished Products Purchased | ||
Inventory [Line Items] | ||
Finished products purchased | $ 9.1 | $ 10.6 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020EUR (€)derivativeInstrument | |
Derivative [Line Items] | |
Number of contracts settled | derivativeInstrument | 1 |
Notional amount settled | € 10,000,000 |
Forward Exchange Forward Contracts | |
Derivative [Line Items] | |
Number of instruments entered | derivativeInstrument | 4 |
Aggregate notional amount | € 40,000,000 |
Forward Contract Maturing 2021 | |
Derivative [Line Items] | |
Aggregate notional amount | 10,000,000 |
Forward Contract Maturing 2022 | |
Derivative [Line Items] | |
Aggregate notional amount | 10,000,000 |
Forward Contract Maturing 2023 | |
Derivative [Line Items] | |
Aggregate notional amount | 10,000,000 |
Forward Contract Maturing 2024 | |
Derivative [Line Items] | |
Aggregate notional amount | € 10,000,000 |
Derivative Instruments - Net In
Derivative Instruments - Net Investment Hedges in Balance Sheets (Details) - Forward exchange forward contracts - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative asset | $ 0 | $ 1.1 |
Derivative Liability | (1.8) | 0 |
Derivative asset, current | 0.4 | 0.3 |
Derivative asset, noncurrent | $ 1.4 | $ 0.8 |
Derivative Instruments - Net _2
Derivative Instruments - Net Investment Hedges in Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Gains (losses) on foreign exchange forward contracts - currency translation adjustments, net of tax liability | $ 6.8 | $ 3.6 | $ (31.8) |
Forward exchange forward contracts | |||
Derivative [Line Items] | |||
Gains (losses) on foreign exchange forward contracts - other expenses (income), net | 1 | 0.6 | |
Gains (losses) on foreign exchange forward contracts - currency translation adjustments, net of tax liability | (2.6) | 0.4 | |
Gain on foreign exchange forward contracts - currency translation adjustments, tax liability | $ (0.9) | $ 0.1 |
Properties and Equipment (Detai
Properties and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | $ 680 | $ 690 |
Accumulated depreciation | (454.4) | (445) |
Properties and equipment, net | 225.6 | 245 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | 8.1 | 8.5 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | 116.7 | 138.1 |
Machinery, equipment and other | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | 455.8 | 436.1 |
Information technology and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | 86.5 | 82.5 |
Projects under construction | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | $ 12.9 | $ 24.8 |
Properties and Equipment - Narr
Properties and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 37.4 | $ 33.7 | $ 32.5 |
Lessee Arrangements - Narrative
Lessee Arrangements - Narrative (Details) - USD ($) $ in Millions | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | ||||
Operating lease, weighted average remaining lease term | 12 years 9 months 18 days | 13 years 6 months | ||
Operating lease liability | $ 34.2 | |||
Operating lease right-of-use assets | 40 | $ 29.3 | ||
Rent expense | $ 14.3 | |||
Proceeds from sale of corporate headquarters | $ 122.5 | |||
Transaction costs related to sale of real estate | 2.5 | |||
Gain on sale of corporate headquarters | $ 110.2 | 0 | $ 0 | |
Fair value hedge assets | 133.6 | |||
Carrying value | 20.9 | |||
Minimum monthly rental payments | $ 0.6 | |||
I Q H Q L P | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease renewal term | 6 months | |||
Operating lease right-of-use assets | $ 8.6 | |||
Gain on sale of corporate headquarters | $ 110.2 | |||
Lease term | 18 months | |||
Manufacturing Facilities | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease, lease term (up to) | 3 years 6 months | |||
Lease renewal term | 17 years 7 months 6 days | |||
Office Facilities | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use asset, decrease for change in lease term | 4.2 | |||
Operating lease liability, decrease for change in lease term | $ 4.2 | |||
Decrease in lease term | 30 years 9 months 18 days |
Lessee Arrangements - Lease Exp
Lessee Arrangements - Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 13.7 | $ 12.6 |
Variable lease expense | 5.9 | 4.4 |
Short-term lease expense | 3 | 2.4 |
Total lease expense | $ 22.6 | $ 19.4 |
Lessee Arrangements - Lease Lia
Lessee Arrangements - Lease Liability Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 9.4 | |
2022 | 6.5 | |
2023 | 4 | |
2024 | 2.5 | |
2025 | 2 | |
Thereafter | 21.3 | |
Total undiscounted lease payments | 45.7 | |
Less: imputed interest | (11.5) | |
Present value of lease payments | 34.2 | |
Less: operating lease obligations payable within one year | (8) | $ (8.1) |
Long-term operating lease obligations | $ 26.2 | $ 21.6 |
Lessee Arrangements - Supplemen
Lessee Arrangements - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||||
Operating cash flows from operating leases | $ 11.2 | $ 12.6 | ||
Operating lease right of use assets obtained in exchange for new lease obligations | 14.8 | $ 5.9 | $ 46.7 | |
ASU 2016-02 - Topic 842 | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease right of use assets obtained in exchange for new lease obligations | $ 40.8 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Balance Beginning | $ 208.9 | $ 207.9 |
Foreign currency translation | 6.1 | 1 |
Balance Ending | 215 | 208.9 |
SCC | ||
Goodwill [Roll Forward] | ||
Balance Beginning | 61.6 | 62.3 |
Foreign currency translation | 1.6 | (0.7) |
Balance Ending | 63.2 | 61.6 |
SBM | ||
Goodwill [Roll Forward] | ||
Balance Beginning | 147.3 | 145.6 |
Foreign currency translation | 4.5 | 1.7 |
Balance Ending | $ 151.8 | $ 147.3 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Net book value of intangible assets | $ 70.9 | $ 80.7 | |
Finite-lived intangible assets | 66.5 | 76.5 | |
Indefinite-lived intangible assets | 4.4 | 4.2 | |
Amortization of intangible assets | $ 9 | $ 9.5 | $ 9.5 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 147.5 | $ 146.8 |
Accumulated Amortization | 81 | 70.3 |
Net Book Value | 66.5 | 76.5 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 88.4 | 87.4 |
Accumulated Amortization | 42 | 35.3 |
Net Book Value | 46.4 | 52.1 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 39.5 | 41 |
Accumulated Amortization | 22.8 | 20 |
Net Book Value | 16.7 | 21 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12.9 | 11.9 |
Accumulated Amortization | 10.8 | 9.9 |
Net Book Value | 2.1 | 2 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6.7 | 6.5 |
Accumulated Amortization | 5.4 | 5.1 |
Net Book Value | $ 1.3 | $ 1.4 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2021 | $ 8.9 | |
2022 | 8.9 | |
2023 | 8.5 | |
2024 | 8.4 | |
2025 | 7.8 | |
Thereafter | 24 | |
Net Book Value | $ 66.5 | $ 76.5 |
Debt and Other Borrowings - Com
Debt and Other Borrowings - Components of Debt (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 10, 2018 | Apr. 09, 2018 |
Debt Instrument [Line Items] | ||||
Total debt | $ 351,700,000 | $ 349,200,000 | ||
Less debt payable within one year | 2,800,000 | 2,700,000 | ||
Debt payable after one year | $ 348,900,000 | $ 346,500,000 | ||
Weighted average interest rates on total debt obligations outstanding | 5.50% | 5.50% | ||
Finance lease obligations | $ 3,000,000 | $ 1,300,000 | ||
Senior Notes | Five Point Five Percent Senior Notes Due in 2026 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 346,600,000 | 346,100,000 | $ 346,900,000 | |
Stated interest rate | 5.50% | 5.50% | ||
Unamortized debt issuance costs | $ 3,300,000 | 3,900,000 | ||
Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 350,000,000 | $ 250,000,000 | ||
Credit Facility | Amended Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Total debt | 0 | 0 | ||
Maximum borrowing capacity | 350,000,000 | 350,000,000 | $ 350,000,000 | |
Other Borrowings | ||||
Debt Instrument [Line Items] | ||||
Total debt | 5,100,000 | 3,100,000 | ||
Lines of Credit and Other Borrowings | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 2,100,000 | $ 1,800,000 |
Debt and Other Borrowings - Pri
Debt and Other Borrowings - Principal Maturities of Debt Outstanding (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 2.8 | |
2022 | 0.8 | |
2023 | 0.8 | |
2024 | 0.6 | |
2025 | 0.1 | |
Thereafter | 346.6 | |
Total debt | $ 351.7 | $ 349.2 |
Debt and Other Borrowings - Nar
Debt and Other Borrowings - Narrative (Details) - USD ($) | Apr. 10, 2018 | Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 09, 2018 | Jan. 01, 2018 |
Debt Instrument [Line Items] | |||||||
Proceeds from revolving loans | $ 2,200,000 | $ 0 | $ 56,300,000 | ||||
Repayments of revolving loans | 1,900,000 | 7,600,000 | 69,600,000 | ||||
Proceeds from issuance of senior notes | 0 | 0 | 350,000,000 | ||||
Loss on debt refinancing | $ 59,800,000 | 0 | 0 | 59,800,000 | |||
Interest paid | 19,500,000 | 19,900,000 | 46,300,000 | ||||
Carrying Amount | 351,700,000 | 349,200,000 | |||||
Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding letters of credit | $ 2,600,000 | 5,900,000 | |||||
Credit Facility | U.S. | |||||||
Debt Instrument [Line Items] | |||||||
Pledged equity to credit facilities, percentage | 100.00% | ||||||
Credit Facility | United Kingdom | |||||||
Debt Instrument [Line Items] | |||||||
Pledged equity to credit facilities, percentage | 65.00% | ||||||
Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 350,000,000 | $ 250,000,000 | |||||
Repayments of revolving loans | $ 50,000,000 | ||||||
Interest paid | $ 0 | 0 | |||||
Write off of deferred debt issuance cost | 400,000 | ||||||
Payment of deferred financing costs | $ 4,800,000 | ||||||
Outstanding borrowings | 0 | 0 | |||||
Aggregate available principal amount | 347,400,000 | ||||||
Unamortized debt issuance costs | $ 2,200,000 | 3,100,000 | |||||
Credit Facility | Revolving Credit Facility | Minimum | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.50% | ||||||
Credit Facility | Revolving Credit Facility | Minimum | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.50% | ||||||
Credit Facility | Revolving Credit Facility | Maximum | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.00% | ||||||
Credit Facility | Revolving Credit Facility | Maximum | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.00% | ||||||
9.5% Senior Notes due in 2023 | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 9.50% | 9.50% | |||||
Face amount of debt redeemed | $ 525,000,000 | ||||||
Repayments senior notes, including interest and redemption premium | 587,900,000 | ||||||
Repayments of senior notes, net of proceeds used for repayment | 191,000,000 | ||||||
Loss on debt refinancing | 59,400,000 | $ 59,400,000 | |||||
Payment of redemption premium | 53,300,000 | ||||||
Interest paid | 9,600,000 | ||||||
Write off of deferred debt issuance cost | $ 6,100,000 | ||||||
Five Point Five Percent Senior Notes Due in 2026 | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.50% | 5.50% | |||||
Aggregate principal amount | $ 350,000,000 | ||||||
Proceeds from issuance of senior notes | 350,000,000 | ||||||
Loan origination fees | 3,100,000 | ||||||
Carrying Amount | $ 346,900,000 | $ 346,600,000 | 346,100,000 | ||||
Issuance amount, percentage of par value | 99.10% | ||||||
Debt discount | $ 3,100,000 | ||||||
Debt discount, percentage of par value | 0.90% | ||||||
Payment of deferred financing costs | $ 1,600,000 | ||||||
Redemption price percentage | 100.00% | ||||||
Indenture, minimum discharge of final judgments | $ 50,000,000 | ||||||
Debt issuance costs, gross | $ 4,700,000 | ||||||
Unamortized debt issuance costs | 3,300,000 | 3,900,000 | |||||
Five Point Five Percent Senior Notes Due in 2026 | Senior Notes | At any Time and From Time to Time Prior to April 15, 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Redemption price percentage | 105.50% | ||||||
Percentage of principal amount to be redeemed | 40.00% | ||||||
Five Point Five Percent Senior Notes Due in 2026 | Senior Notes | After April 15, 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Redemption price percentage | 102.80% | ||||||
Five Point Five Percent Senior Notes Due in 2026 | Senior Notes | After April 15, 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Redemption price percentage | 101.40% | ||||||
Five Point Five Percent Senior Notes Due in 2026 | Senior Notes | After April 15, 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Redemption price percentage | 100.00% | ||||||
Five Point Five Percent Senior Notes Due in 2026 | Senior Notes | Upon Occurrence of Change in Control | |||||||
Debt Instrument [Line Items] | |||||||
Redemption price percentage | 101.00% | ||||||
Amended Credit Facility | Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 350,000,000 | 350,000,000 | 350,000,000 | ||||
Proceeds from revolving loans | $ 50,000,000 | ||||||
Carrying Amount | $ 0 | 0 | |||||
Aggregate available principal amount | $ 344,100,000 |
Debt and Other Borrowings - Car
Debt and Other Borrowings - Carrying Amount and Fair Value of Debt Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 10, 2018 |
Debt Instrument [Line Items] | |||
Carrying Amount | $ 351.7 | $ 349.2 | |
Significant Other Observable Inputs (Level 2) | |||
Debt Instrument [Line Items] | |||
Fair Value | 367.1 | 369.4 | |
Other borrowings | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 5.1 | 3.1 | |
Other borrowings | Significant Other Observable Inputs (Level 2) | |||
Debt Instrument [Line Items] | |||
Fair Value | 5.1 | 3.1 | |
Five Point Five Percent Senior Notes Due in 2026 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Carrying Amount | $ 346.6 | 346.1 | $ 346.9 |
Stated interest rate | 5.50% | 5.50% | |
Five Point Five Percent Senior Notes Due in 2026 | Senior Notes | Significant Other Observable Inputs (Level 2) | |||
Debt Instrument [Line Items] | |||
Fair Value | $ 362 | $ 366.3 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes and Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income from continuing operations before income taxes: | |||
Domestic | $ 103.1 | $ 15.2 | $ 5.6 |
Foreign | 34.6 | 20 | 4.6 |
Income from continuing operations before income taxes | 137.7 | 35.2 | 10.2 |
Provision (benefit) for income taxes: | |||
Federal—current | 2.7 | (13.4) | 16.8 |
Federal—deferred | 14 | 1.4 | (0.6) |
State and local—current | 3.9 | 1 | (0.2) |
State and local—deferred | 3 | (0.4) | (0.4) |
Foreign—current | 10.9 | 6.4 | 12.1 |
Foreign—deferred | 2.2 | (1) | (1.4) |
Total | $ 36.7 | $ (6) | $ 26.3 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||||
Cares Act, income tax expense (benefit) | $ 5.5 | ||||
2017 Tax Act, measurement period adjustment, capital gains, income tax expense (benefit) | $ 20.2 | 1.8 | $ (20.2) | $ 20.2 | |
Increase (Decrease) Deferred Tax Assets | 9.3 | ||||
2017 Tax Act, income tax payable, capital gains | 13 | 3.7 | |||
Transition tax, tax benefit from the release of an uncertain tax position | 20.2 | ||||
Additional measurement period adjustment | 0.2 | ||||
2017 Tax Act, measurement period adjustment, income tax expense | 17.9 | ||||
2017 Tax Act, measurement period adjustment, transition tax, income tax benefit | 2.5 | ||||
2017 Tax Act, revaluation of deferred tax assets, measurement period adjustment, income tax expense | 0.2 | ||||
2017 Tax Act, transition tax liability | 28.4 | ||||
Income tax (benefit) provision | $ 36.7 | $ (6) | $ 26.3 | ||
Effective tax rate | (26.70%) | 17.00% | (257.80%) | ||
Covered employee benefits and compensation | $ 1.9 | ||||
Deferred tax assets state tax | 5.2 | ||||
Change in tax rate | 1 | ||||
Tax provision partially offset | 5.5 | ||||
Change in rate | (4.5) | $ 0 | $ 0.7 | ||
U.S. foreign income tax credits | 1.5 | 2 | 5.7 | ||
2017 Tax Act | 0 | 3.9 | (2.5) | ||
Effect of tax rates in foreign jurisdictions | 2.6 | 3.6 | 3.2 | ||
Expense for non-deductible expenses | 3.7 | 1.7 | 0 | ||
Expense for increase in valuation allowance | 1.1 | 1 | 6.8 | ||
Foreign tax credit carryforwards | 1.5 | 1.2 | |||
Deferred tax assets, valuation allowance | 16.3 | 17.2 | |||
Increase (decrease) in valuation allowance | (0.9) | (1.3) | |||
Operating loss carryforwards | 53.8 | ||||
Undistributed earnings of foreign subsidiaries | 558.7 | ||||
Deferred tax liability not recognized associated with undistributed earnings | 7.8 | ||||
Unrecognized tax benefits that would impact effective tax rate | 30 | 31.6 | 52.4 | ||
Interest and penalties accrued on uncertain tax positions | 11 | 10.6 | |||
Unrecognized tax benefits | 30.8 | 31.8 | 52.8 | $ 34.1 | |
Decrease in unrecognized tax benefits reasonably possible in next twelve months | 2.6 | ||||
W.R. Grace & Co. | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized tax benefits | 1.2 | 2.6 | $ 3 | ||
Decrease in unrecognized tax benefits reasonably possible in next twelve months | 0.6 | ||||
Operating Loss Carryforward, Foreign | |||||
Income Tax Contingency [Line Items] | |||||
Foreign tax credit carryforwards | 0.3 | ||||
Deferred tax assets, valuation allowance | 14.8 | 16 | |||
Increase (decrease) in valuation allowance | (1.2) | (2.5) | |||
Foreign Net Operating Loss Carryforwards, Rate Change Impact | |||||
Income Tax Contingency [Line Items] | |||||
Increase (decrease) in valuation allowance | (1.1) | ||||
Foreign Net Operating Loss Carryforwards, Foreign Exchange Impact | |||||
Income Tax Contingency [Line Items] | |||||
Increase (decrease) in valuation allowance | (1.2) | (1.2) | |||
Foreign Net Operating Loss Carryforwards, Net Valuation Releases | |||||
Income Tax Contingency [Line Items] | |||||
Increase (decrease) in valuation allowance | (0.5) | (0.2) | |||
US Foreign Tax Credit Carryover | |||||
Income Tax Contingency [Line Items] | |||||
Increase (decrease) in valuation allowance | 0.3 | ||||
Foreign Tax Credit Carryforwards | |||||
Income Tax Contingency [Line Items] | |||||
Deferred tax assets, valuation allowance | 1.5 | 1.2 | |||
Increase (decrease) in valuation allowance | 1.3 | 1.2 | |||
Foreign Valuation Allowance | |||||
Income Tax Contingency [Line Items] | |||||
Expense for increase in valuation allowance | 0.8 | ||||
Australian Taxation Office | Foreign Tax Authority | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | 1.2 | ||||
Brazil | |||||
Income Tax Contingency [Line Items] | |||||
Change in rate | $ 3.2 | ||||
Brazil | Foreign Tax Authority | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | 17.5 | ||||
Chile | Foreign Tax Authority | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | 3.9 | ||||
France | Foreign Tax Authority | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | 11.6 | ||||
Germany | Foreign Tax Authority | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | 6.6 | ||||
India | Foreign Tax Authority | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | $ 8.8 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Tax provision at U.S. federal income tax rate | $ 28.9 | $ 7.4 | $ 2.1 | |
Change in provision resulting from: | ||||
2017 Tax Act | 0 | 3.9 | (2.5) | |
Recognition of outside basis differences | 1.1 | (0.3) | 0.3 | |
U.S. foreign income inclusions | (0.7) | 1.2 | 0.7 | |
Effect of tax rates in foreign jurisdictions | 2.6 | 3.6 | 3.2 | |
Valuation allowance | 1.1 | 1 | 6.8 | |
State and local income taxes, net | 5.5 | 0.9 | (0.3) | |
Nondeductible expenses and non-taxable items | 3.7 | 1.7 | 0 | |
U.S. foreign income tax credits | (1.5) | (2) | (5.7) | |
Research and other state credits | (0.8) | (1.3) | (1.2) | |
Brazil refund | 0 | (3.2) | 0 | |
Change in rate | (4.5) | 0 | 0.7 | |
Unrecognized tax benefits | (1.1) | (20.3) | 20.7 | |
Equity compensation | 0.4 | (0.2) | (0.5) | |
Other | 2 | 1.6 | 2 | |
Total | 36.7 | (6) | 26.3 | |
2017 Tax Act, measurement period adjustment, capital gains, income tax expense (benefit) | $ 20.2 | $ 1.8 | $ (20.2) | $ 20.2 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Foreign net operating loss carryforwards | $ 14.8 | $ 16.8 |
Research and development | 0 | 0.7 |
Reserves and allowances | 13.1 | 10.2 |
Pension benefits | 8.8 | 11 |
Intangible assets/goodwill | 0 | 0 |
Stock compensation | 1.9 | 2.2 |
Interest Limitation Carryover | 0.1 | 10.3 |
Operating Lease Obligations | 8.7 | 7.4 |
Foreign tax credit carryforwards | 1.5 | 1.2 |
Other | 2.1 | 1.3 |
Total deferred tax assets | 51 | 61.1 |
Deferred tax liabilities: | ||
Properties and equipment | (18.3) | (14.3) |
Other | (1.5) | (1.2) |
Operating Lease Right of Use | (8.7) | (7.4) |
Intangible assets/goodwill | (2.2) | (1.1) |
Outside basis difference in Verifi® | (9.3) | (6.9) |
Total deferred tax liabilities | (40) | (30.9) |
Valuation Allowance: | ||
Valuation allowance | (16.3) | (17.2) |
Net deferred tax assets (liabilities) | (5.3) | |
Net deferred tax assets (liabilities) | 13 | |
Foreign net operating loss carryforwards | ||
Deferred tax assets: | ||
Foreign tax credit carryforwards | 0.3 | |
Valuation Allowance: | ||
Valuation allowance | (14.8) | (16) |
Foreign tax credit carryforwards | ||
Valuation Allowance: | ||
Valuation allowance | $ (1.5) | $ (1.2) |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrecognized Tax Benefits | |||
Beginning balance | $ 31.8 | $ 52.8 | $ 34.1 |
Additions for prior year tax positions | 0.9 | 0 | 21 |
Additions for current year tax positions | 0 | 0 | 0 |
Reductions for expirations of statute of limitations | (1.9) | (1.5) | (2) |
Reductions for prior year tax positions and reclassifications | 0 | (19.5) | (0.3) |
Ending balance | $ 30.8 | $ 31.8 | $ 52.8 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefit Plans - Net Funded Status of Over-Funded, Underfunded, and Unfunded Pension Plans (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded defined benefit pension plans | $ 29.7 | $ 25 |
Underfunded defined benefit pension plans | (62.9) | (67.5) |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded defined benefit pension plans | 29.7 | 25 |
Net funded status | (34.6) | (43.7) |
Continuing Operations | Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded defined benefit pension plans | 29.7 | 25 |
Underfunded defined benefit pension plans | (33.3) | (40.8) |
Unfunded defined benefit pension plans | (29.6) | (26.7) |
Total long-term pension liabilities related to underfunded and unfunded defined benefit pension plans | (62.9) | (67.5) |
Pension liabilities included in other current liabilities | (1.4) | (1.2) |
Net funded status | $ (34.6) | $ (43.7) |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefit Plans - Narrative (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | $ 0 | $ 1,200,000 | $ 200,000 | |
Expected return on plan assets | 5.50% | |||
Defined contribution plan, percent of employee contributions matched | 100.00% | |||
Defined contribution plan, percent of employee's salary for matching contributions | 6.00% | |||
Defined contribution plan, additional percent of employee contributions matched under plan amendment | 2.00% | |||
Defined contribution plan, matching contributions vesting period | 3 years | |||
Costs related to defined contribution retirement plan | $ 4,600,000 | 4,600,000 | 4,600,000 | |
U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Mark-to-market gains (losses) | $ (3,400,000) | $ (12,300,000) | 9,500,000 | |
Discount rate | 2.61% | 3.26% | ||
Expected return on plan assets | 5.50% | 6.00% | ||
Employer contributions | $ 15,000,000 | |||
United Kingdom | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 0.98% | |||
Expected return on plan assets | 1.57% | |||
United Kingdom | Benefit Obligation of Non-U.S. Pension Plans | Geographic Concentration Risk | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Concentration risk, percentage | 85.00% | 85.00% | ||
United Kingdom | Non-U.S. Pension Plan Assets | Geographic Concentration Risk | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Concentration risk, percentage | 92.00% | 91.00% | ||
Non-U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 1.17% | 1.80% | ||
Expected return on plan assets | 1.85% | 2.44% | ||
Non-U.S. | Total Pension Assets | Geographic Concentration Risk | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Concentration risk, percentage | 67.00% | 67.00% | ||
Other Countries | Non-U.S. Pension Plan Assets | Geographic Concentration Risk | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Concentration risk, percentage | 8.00% | 9.00% | ||
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Mark-to-market gains (losses) | $ (2,800,000) | $ (13,300,000) | 9,900,000 | |
Prior service cost | 2,500,000 | 2,300,000 | ||
Benefit obligation | $ 388,300,000 | 477,800,000 | 437,500,000 | 388,300,000 |
(Underfunded) overfunded status | (34,600,000) | (43,700,000) | ||
Accumulated benefit obligation | 473,000,000 | 431,000,000 | ||
Accumulated other comprehensive income, net of tax | 2,500,000 | 2,300,000 | ||
Employer contributions | 17,400,000 | 2,700,000 | ||
Pension Plans | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
(Underfunded) overfunded status | (34,600,000) | (43,700,000) | ||
Long-term liability | 62,900,000 | 67,500,000 | ||
Pension Plans | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | 0 | 0 | 0 | |
Mark-to-market gains (losses) | (3,400,000) | (12,300,000) | 9,500,000 | |
Prior service cost | 0 | 0 | ||
Benefit obligation | 141,500,000 | 185,300,000 | 171,900,000 | 141,500,000 |
(Underfunded) overfunded status | (41,000,000) | (48,900,000) | ||
Accumulated other comprehensive income, net of tax | 0 | 0 | ||
Employer contributions | 15,900,000 | 100,000 | ||
Pension Plans | U.S. | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Long-term liability | 41,800,000 | 48,500,000 | ||
Pension Plans | United Kingdom | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | 1,200,000 | |||
Pension Plans | United Kingdom | High Court Judgment for Guaranteed Minimum Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Prior service cost | 2,700,000 | 2,700,000 | ||
Expected annual amortization expense of prior service cost | $ 100,000 | 100,000 | ||
Amortization period of prior service cost | 19 years | |||
Pension Plans | Non-U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | 1,400,000 | 200,000 | ||
Mark-to-market gains (losses) | 600,000 | (1,000,000) | 400,000 | |
Prior service cost | 2,500,000 | 2,300,000 | ||
Benefit obligation | $ 246,800,000 | 292,500,000 | 265,600,000 | 246,800,000 |
(Underfunded) overfunded status | 6,400,000 | 5,200,000 | ||
Accumulated other comprehensive income, net of tax | 2,500,000 | 2,300,000 | ||
Employer contributions | 1,500,000 | 2,600,000 | ||
Expected employer contributions in next twelve months | 1,400,000 | |||
Pension Plans | Non-U.S. | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | 1,200,000 | 200,000 | ||
Long-term liability | 21,100,000 | 19,000,000 | ||
Postretirement Health Care Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Long-term liability, initial recognition | 2,000,000 | 2,000,000 | ||
Accumulated other comprehensive income, net of tax, initial recognition | 600,000 | 600,000 | ||
Accumulated other comprehensive income, tax, initial recognition | $ 200,000 | 200,000 | ||
Other postretirement benefits, expense, initial recognition | 1,200,000 | |||
Long-term liability | 2,600,000 | 2,200,000 | ||
Accumulated other comprehensive income, net of tax | 900,000 | 700,000 | ||
Accumulated other comprehensive income, tax | 300,000 | 200,000 | ||
Other postretirement benefits, expense | $ 200,000 | $ 100,000 | $ 1,300,000 |
Pension Plans and Other Postr_5
Pension Plans and Other Postretirement Benefit Plans - Curtailment and Mark-to-Market Gains and Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment [Abstract] | |||
Gain on termination and curtailment of pension and other postretirement plans | $ 0 | $ 1.2 | $ 0.2 |
Pension Plans | Non-U.S. | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment [Abstract] | |||
Gain on termination and curtailment of pension and other postretirement plans | 1.4 | 0.2 | |
Pension Plans | Non-U.S. | Continuing Operations | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment [Abstract] | |||
Gain on termination and curtailment of pension and other postretirement plans | 1.2 | 0.2 | |
Pension Plans | Non-U.S. | Discontinued Operations | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment [Abstract] | |||
Gain on termination and curtailment of pension and other postretirement plans | $ 0.2 | $ 0 |
Pension Plans and Other Postr_6
Pension Plans and Other Postretirement Benefit Plans - Summary of Changes in Benefit Obligations and Fair Values of Retirement Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | $ 29.7 | $ 25 | |
Current liabilities | (1.4) | (1.2) | |
U.S. | |||
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 123 | ||
Employer contributions | 15 | ||
Fair value of plan assets at end of year | 144.3 | 123 | |
Non-U.S. | |||
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 270.8 | ||
Fair value of plan assets at end of year | 298.9 | 270.8 | |
Pension Plans | |||
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | 437.5 | 388.3 | |
Service cost | 7.1 | 8.9 | $ 10.9 |
Interest cost | 9.1 | 11.2 | 11.2 |
Amendments | 0.3 | 0.2 | |
Settlements/curtailments | 0 | (1.4) | |
Actuarial loss (gain) | 47.4 | 48 | |
Benefits paid | (31.5) | (24.9) | |
Currency exchange translation adjustments | 7.9 | 7.2 | |
Benefit obligation at end of year | 477.8 | 437.5 | 388.3 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 393.8 | 360.9 | |
Actual return on plan assets | 56 | 47 | |
Employer contributions | 17.4 | 2.7 | |
Benefits paid | (31.5) | (24.9) | |
Currency exchange translation adjustments | 7.5 | 8.1 | |
Fair value of plan assets at end of year | 443.2 | 393.8 | 360.9 |
Net funded status | (34.6) | (43.7) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | 29.7 | 25 | |
Net amount recognized | (34.6) | (43.7) | |
Amounts recognized in Accumulated Other Comprehensive Loss: | |||
Prior service credit | 2.5 | 2.3 | |
Net amount recognized | 2.5 | 2.3 | |
Pension Plans | Continuing Operations | |||
Change in Plan Assets: | |||
Net funded status | (34.6) | (43.7) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | 29.7 | 25 | |
Current liabilities | (1.4) | (1.2) | |
Non-current liabilities | (62.9) | (67.5) | |
Pension Plans | U.S. | |||
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | 171.9 | 141.5 | |
Service cost | 6.1 | 6.3 | 7.9 |
Interest cost | 5 | 5.8 | 5.6 |
Amendments | 0 | 0 | |
Settlements/curtailments | 0 | 0 | |
Actuarial loss (gain) | 19.1 | 27.8 | |
Benefits paid | (16.8) | (9.5) | |
Currency exchange translation adjustments | 0 | 0 | |
Benefit obligation at end of year | 185.3 | 171.9 | 141.5 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 123 | 110.5 | |
Actual return on plan assets | 22.2 | 21.9 | |
Employer contributions | 15.9 | 0.1 | |
Benefits paid | (16.8) | (9.5) | |
Currency exchange translation adjustments | 0 | 0 | |
Fair value of plan assets at end of year | 144.3 | 123 | 110.5 |
Net funded status | (41) | (48.9) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | 1.4 | 0 | |
Net amount recognized | (41) | (48.9) | |
Amounts recognized in Accumulated Other Comprehensive Loss: | |||
Prior service credit | 0 | 0 | |
Net amount recognized | 0 | 0 | |
Pension Plans | U.S. | Continuing Operations | |||
Amounts recognized in the Consolidated Balance Sheets: | |||
Current liabilities | (0.6) | (0.4) | |
Non-current liabilities | (41.8) | (48.5) | |
Pension Plans | Non-U.S. | |||
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | 265.6 | 246.8 | |
Service cost | 1 | 2.6 | 3 |
Interest cost | 4.1 | 5.4 | 5.6 |
Amendments | 0.3 | 0.2 | |
Settlements/curtailments | 0 | (1.4) | |
Actuarial loss (gain) | 28.3 | 20.2 | |
Benefits paid | (14.7) | (15.4) | |
Currency exchange translation adjustments | 7.9 | 7.2 | |
Benefit obligation at end of year | 292.5 | 265.6 | 246.8 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 270.8 | 250.4 | |
Actual return on plan assets | 33.8 | 25.1 | |
Employer contributions | 1.5 | 2.6 | |
Benefits paid | (14.7) | (15.4) | |
Currency exchange translation adjustments | 7.5 | 8.1 | |
Fair value of plan assets at end of year | 298.9 | 270.8 | $ 250.4 |
Net funded status | 6.4 | 5.2 | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | 28.3 | 25 | |
Net amount recognized | 6.4 | 5.2 | |
Amounts recognized in Accumulated Other Comprehensive Loss: | |||
Prior service credit | 2.5 | 2.3 | |
Net amount recognized | 2.5 | 2.3 | |
Pension Plans | Non-U.S. | Continuing Operations | |||
Amounts recognized in the Consolidated Balance Sheets: | |||
Current liabilities | (0.8) | (0.8) | |
Non-current liabilities | $ (21.1) | $ (19) |
Pension Plans and Other Postr_7
Pension Plans and Other Postretirement Benefit Plans - Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: | ||
Expected return on plan assets | 5.50% | |
U.S. | ||
Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: | ||
Discount rate | 2.61% | 3.26% |
Rate of compensation increase | 3.91% | 4.00% |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: | ||
Discount rate | 3.26% | 4.33% |
Expected return on plan assets | 5.50% | 6.00% |
Rate of compensation increase | 4.10% | 4.10% |
Non-U.S. | ||
Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: | ||
Discount rate | 1.17% | 1.80% |
Rate of compensation increase | 2.47% | 3.12% |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: | ||
Discount rate | 1.80% | 2.48% |
Expected return on plan assets | 1.85% | 2.44% |
Rate of compensation increase | 3.13% | 3.03% |
Pension Plans and Other Postr_8
Pension Plans and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 7.1 | $ 8.9 | $ 10.9 |
Interest cost | 9.1 | 11.2 | 11.2 |
Expected return on plan assets | (11.2) | (12.4) | (14.5) |
Amortization of prior service cost | 0.2 | 0.1 | 0 |
Gain on termination, curtailment and settlement of pension plans | 0 | (1.4) | (0.2) |
Pension mark-to-market adjustment | 2.8 | 13.3 | (9.9) |
Net periodic benefit cost (income) | (8) | (19.7) | 2.5 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss: | |||
Net prior service cost | 0.3 | 0.2 | 2.7 |
Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss | 8.3 | 20.1 | 0.2 |
U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension mark-to-market adjustment | 3.4 | 12.3 | (9.5) |
U.S. | Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 6.1 | 6.3 | 7.9 |
Interest cost | 5 | 5.8 | 5.6 |
Expected return on plan assets | (6.5) | (6.5) | (7.6) |
Amortization of prior service cost | 0 | 0 | 0 |
Gain on termination, curtailment and settlement of pension plans | 0 | 0 | 0 |
Pension mark-to-market adjustment | 3.4 | 12.3 | (9.5) |
Net periodic benefit cost (income) | (8) | (17.9) | 3.6 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss: | |||
Net prior service cost | 0 | 0 | 0 |
Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss | 8 | 17.9 | (3.6) |
Non-U.S. | Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 1 | 2.6 | 3 |
Interest cost | 4.1 | 5.4 | 5.6 |
Expected return on plan assets | (4.7) | (5.9) | (6.9) |
Amortization of prior service cost | 0.2 | 0.1 | 0 |
Gain on termination, curtailment and settlement of pension plans | 0 | (1.4) | (0.2) |
Pension mark-to-market adjustment | (0.6) | 1 | (0.4) |
Net periodic benefit cost (income) | 0 | (1.8) | (1.1) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss: | |||
Net prior service cost | 0.3 | 0.2 | 2.7 |
Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss | 0.3 | 2.2 | 3.8 |
Discontinued Operations | Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost (income) | 0 | (0.2) | 0 |
Discontinued Operations | U.S. | Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost (income) | 0 | 0 | 0 |
Discontinued Operations | Non-U.S. | Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost (income) | 0 | (0.2) | 0 |
Continuing Operations | Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost (income) | (8) | (19.9) | 2.5 |
Continuing Operations | U.S. | Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost (income) | (8) | (17.9) | 3.6 |
Continuing Operations | Non-U.S. | Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost (income) | $ 0 | $ (2) | $ (1.1) |
Pension Plans and Other Postr_9
Pension Plans and Other Postretirement Benefit Plans -Accumulated Benefit Obligation For Benefit Pension Plans (Details) - Pension Plans - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Information for pension plans with projected benefit obligation in excess of plan assets | ||
Projected benefit obligations | $ 201 | $ 199.5 |
Accumulated benefit obligations | 197.3 | 193.4 |
Fair value of plan assets | 136.7 | 130.9 |
Information for pension plans with accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligations | 198.3 | 197.1 |
Accumulated benefit obligations | 195.5 | 191.9 |
Fair value of plan assets | $ 134.3 | $ 128.8 |
Pension Plans and Other Post_10
Pension Plans and Other Postretirement Benefit Plans - Estimated Expected Future Benefit Payments (Details) - Pension Plans $ in Millions | Dec. 31, 2020USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2021 | $ 19.1 |
2022 | 19.8 |
2023 | 20.2 |
2024 | 20.5 |
2025 | 21.2 |
2026 - 2030 | 103.8 |
U.S. | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2021 | 8.1 |
2022 | 8.3 |
2023 | 8.7 |
2024 | 8.7 |
2025 | 8.9 |
2026 - 2030 | 42.9 |
Non-U.S. | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2021 | 11 |
2022 | 11.5 |
2023 | 11.5 |
2024 | 11.8 |
2025 | 12.3 |
2026 - 2030 | $ 60.9 |
Pension Plans and Other Post_11
Pension Plans and Other Postretirement Benefit Plans - Allocation of Plan Assets (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
U.S. | U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 24.00% | |
Percentage of Plan Assets | 24.00% | 27.00% |
U.S. | Non-U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 11.00% | |
Percentage of Plan Assets | 12.00% | 13.00% |
U.S. | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 65.00% | |
Percentage of Plan Assets | 60.00% | 55.00% |
U.S. | Other investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 4.00% | 5.00% |
United Kingdom | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
United Kingdom | Diversified growth funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 5.00% | |
Percentage of Plan Assets | 5.00% | 5.00% |
United Kingdom | Return-seeking fixed income investment | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 5.00% | |
Percentage of Plan Assets | 5.00% | 5.00% |
United Kingdom | U.K. gilts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 34.00% | |
Percentage of Plan Assets | 37.00% | 34.00% |
United Kingdom | U.K. corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 4.00% | |
Percentage of Plan Assets | 3.00% | 3.00% |
United Kingdom | Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 52.00% | |
Percentage of Plan Assets | 50.00% | 53.00% |
Pension Plans and Other Post_12
Pension Plans and Other Postretirement Benefit Plans - Fair Value Measurements of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 144.3 | $ 123 | |
U.S. | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 144.3 | 123 | |
U.S. | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | U.S. equity group trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 34.8 | 32.7 | |
U.S. | U.S. equity group trust funds | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | U.S. equity group trust funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 34.8 | 32.7 | |
U.S. | U.S. equity group trust funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Non-U.S. equity group trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.2 | 16.4 | |
U.S. | Non-U.S. equity group trust funds | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Non-U.S. equity group trust funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.2 | 16.4 | |
U.S. | Non-U.S. equity group trust funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Corporate bond group trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 70 | 26.6 | |
U.S. | Corporate bond group trust funds | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Corporate bond group trust funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 70 | 26.6 | |
U.S. | Corporate bond group trust funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Other fixed income group trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22.3 | 6.8 | |
U.S. | Other fixed income group trust funds | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Other fixed income group trust funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22.3 | 6.8 | |
U.S. | Other fixed income group trust funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Common/collective trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 40.5 | ||
U.S. | Common/collective trust funds | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
U.S. | Common/collective trust funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 40.5 | ||
U.S. | Common/collective trust funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 298.9 | 270.8 | |
Non-U.S. | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.2 | 6.2 | |
Non-U.S. | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 158 | 136.7 | |
Non-U.S. | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 138.7 | 127.9 | |
Non-U.S. | Common/collective trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 144.3 | 123 | |
Non-U.S. | Common/collective trust funds | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Common/collective trust funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 144.3 | 123 | |
Non-U.S. | Common/collective trust funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Government and agency securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.9 | 3.5 | |
Non-U.S. | Government and agency securities | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Government and agency securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.9 | 3.5 | |
Non-U.S. | Government and agency securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.5 | 9.9 | |
Non-U.S. | Corporate bonds | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Corporate bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.5 | 9.9 | |
Non-U.S. | Corporate bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Insurance contracts and other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 139 | 128.2 | |
Non-U.S. | Insurance contracts and other investments | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Insurance contracts and other investments | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.3 | 0.3 | |
Non-U.S. | Insurance contracts and other investments | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 138.7 | 127.9 | $ 123.3 |
Non-U.S. | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.2 | 6.2 | |
Non-U.S. | Cash | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.2 | 6.2 | |
Non-U.S. | Cash | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Cash | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Pension Plans and Other Post_13
Pension Plans and Other Postretirement Benefit Plans - Schedule of Changes in Fair Value Measurement Level 3 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Purchases, sales and settlements, net | $ 0 | |
Non-U.S. | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of year | 270.8 | |
Fair value of plan assets at end of year | 298.9 | $ 270.8 |
Non-U.S. | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of year | 127.9 | |
Fair value of plan assets at end of year | 138.7 | 127.9 |
Non-U.S. | Insurance contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of year | 128.2 | |
Fair value of plan assets at end of year | 139 | 128.2 |
Non-U.S. | Insurance contracts | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of year | 127.9 | 123.3 |
Actual return on plan assets | 13.7 | 8.2 |
Transfers out for premium | (7.5) | (7.7) |
Currency exchange translation adjustments | 4.6 | 4.1 |
Fair value of plan assets at end of year | $ 138.7 | $ 127.9 |
Other Balance Sheet Accounts -
Other Balance Sheet Accounts - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 7.5 | $ 5.8 | $ 5.7 |
Provision for expected credit losses | 0.9 | 3.5 | 1.6 |
Write offs | (1.4) | (1.7) | (1.1) |
Foreign currency translation adjustments | 0 | (0.1) | (0.4) |
Ending balance | $ 7 | $ 7.5 | $ 5.8 |
Other Balance Sheet Accounts _2
Other Balance Sheet Accounts - Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Non-trade receivables | $ 20.4 | $ 22.1 |
Prepaid expenses and other current assets | 11.1 | 13.4 |
Income taxes receivable | 9.7 | 7.7 |
Total other current assets | $ 41.2 | $ 43.2 |
Other Balance Sheet Accounts _3
Other Balance Sheet Accounts - Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Other Current Liabilities | ||
Accrued customer volume rebates | $ 24.4 | $ 28.4 |
Accrued compensation | 25 | 16.2 |
Income taxes payable | 7.1 | 10.4 |
Accrued interest | 4 | 4.2 |
Restructuring liability | 18 | 2.7 |
Pension liabilities | 1.4 | 1.2 |
Other accrued liabilities | 45.9 | 49.8 |
Total other current liabilities | $ 125.8 | $ 112.9 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Amended Credit Agreement | Financial Standby Letter of Credit | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 5.9 | $ 6.8 |
Reduction in Taxes | ||
Loss Contingencies [Line Items] | ||
Gain related to income tax settlement, net | 1.3 | |
Legal fees and other charges related to tax settlement | $ 0.4 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Millions | Jul. 30, 2020USD ($) | Mar. 13, 2020 | Mar. 15, 2019purchase_right$ / sharesshares | Dec. 31, 2020$ / sharesshares | Oct. 01, 2020$ / shares | Dec. 31, 2019$ / sharesshares | May 11, 2017$ / shares |
Class of Stock [Line Items] | |||||||
Common stock dividend, number of preferred share purchase rights for each share of common stock | purchase_right | 1 | ||||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred share purchase right, ratio of number of shares per right | 0.01 | ||||||
Preferred stock, par (in usd per share) | $ 0.01 | $ 0.01 | |||||
Preferred share purchase right, period after acquisition announcement after which rights become exercisable | 10 days | ||||||
Preferred share purchase right, market value of acquiring corporate shares | 20.00% | 15.00% | |||||
Preferred share purchase right, purchase price of acquiring corporate shares | 20.00% | 15.00% | |||||
Preferred share purchase right, number of shares of common stock issued if rights extinguished by board | 0.001% | 0.001% | |||||
Preferred share purchase right, market value of common stock that Acquiring Person may acquire for exercise price (in usd per share) | $ 300 | ||||||
Preferred share purchase right, market value of common stock that Acquiring Person may acquire for exercise price, percentage | 50.00% | ||||||
Preferred share purchase right, minimum ownership percentage at which existing rights become exercisable | 1 | ||||||
Preferred share purchase right, minimum beneficial ownership percentage for grandfathered treatment (in usd per share) | $ 150 | ||||||
Preferred share purchase right, minimum beneficial ownership percentage change for rights to become exercisable (in usd per share) | 300 | ||||||
Preferred stock, authorized (in shares) | shares | 50,000,000 | 50,000,000 | |||||
Authorized a program to repurchase up | $ | $ 100 | ||||||
Stock repurchase (in Shares) | shares | 0 | ||||||
Series A Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, par (in usd per share) | 0.01 | $ 0.01 | $ 0.01 | ||||
Preferred share purchase right, exercise price (in usd per share) | $ 150 | ||||||
Preferred stock, authorized (in shares) | shares | 10,000,000 | 50,000,000 | 50,000,000 |
Restructuring and Repositioni_3
Restructuring and Repositioning Expenses, Asset Write Offs - Narrative (Details) $ in Millions | Jul. 31, 2019 | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Restructuring Cost and Reserve [Line Items] | |||||
Number of operating segments | segment | 2 | ||||
2019 Plan, restructuring activities | Minimum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected workforce reduction percent | 8.00% | ||||
2019 Plan, restructuring activities | Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected workforce reduction percent | 10.00% | ||||
2018 Plan, restructuring activities | Minimum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected workforce reduction percent | 8.00% | ||||
2018 Plan, restructuring activities | Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected workforce reduction percent | 10.00% | ||||
Restructuring liabilities | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring liability | $ | $ 18 | $ 2.7 | $ 10.2 | $ 12.8 |
Restructuring and Repositioni_4
Restructuring and Repositioning Expenses, Asset Write Offs - Restructuring Expenses (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
2019 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | $ 12.6 |
Expected capital expenditures | 2.1 |
2019 Plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 2 |
2019 Plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 3 |
2019 Phase 2 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 2 |
Costs incurred to date | 31.6 |
Expected capital expenditures | 0.4 |
2018 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 32.4 |
Expected capital expenditures | 1.5 |
2017 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 28.6 |
Expected capital expenditures | 13.5 |
Severance /Employee Costs | 2019 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 1 |
Costs incurred to date | 0.9 |
Severance /Employee Costs | 2019 Phase 2 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 25.2 |
Restructuring cost period increase | 2 |
Restructuring costs | 15.4 |
Severance /Employee Costs | 2019 Phase 2 Plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 25 |
Severance /Employee Costs | 2019 Phase 2 Plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 29 |
Severance /Employee Costs | 2018 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 11.5 |
Severance /Employee Costs | 2017 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 17.4 |
Asset Write Offs | 2019 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 1 |
Costs incurred to date | 0.9 |
Asset Write Offs | 2019 Phase 2 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 1 |
Costs incurred to date | 0.4 |
Asset Write Offs | 2018 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 7.9 |
Asset Write Offs | 2017 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 1.4 |
Other Associated Costs | 2019 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0.3 |
Other Associated Costs | 2019 Plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 0 |
Other Associated Costs | 2019 Plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 1 |
Other Associated Costs | 2019 Phase 2 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 0 |
Costs incurred to date | 0 |
Other Associated Costs | 2018 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 2.3 |
Other Associated Costs | 2017 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0.2 |
Total Restructuring | 2019 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 2.1 |
Total Restructuring | 2019 Plan | Specialty Construction Chemicals | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 1.7 |
Total Restructuring | 2019 Plan | Specialty Building Materials | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0.4 |
Total Restructuring | 2019 Plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 2 |
Total Restructuring | 2019 Plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 3 |
Total Restructuring | 2019 Phase 2 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 25.6 |
Total Restructuring | 2019 Phase 2 Plan | Specialty Construction Chemicals | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 6.9 |
Total Restructuring | 2019 Phase 2 Plan | Specialty Building Materials | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 6.9 |
Total Restructuring | 2019 Phase 2 Plan | Corporate Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 11.8 |
Total Restructuring | 2019 Phase 2 Plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 26 |
Total Restructuring | 2019 Phase 2 Plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 30 |
Total Restructuring | 2018 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 21.7 |
Total Restructuring | 2017 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 19 |
Repositioning | 2019 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 11 |
Costs incurred to date | 10.5 |
Repositioning | 2019 Phase 2 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 6 |
Repositioning | 2019 Phase 2 Plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 6 |
Repositioning | 2019 Phase 2 Plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 7 |
Repositioning | 2018 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 10.7 |
Repositioning | 2017 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 9.6 |
Accelerated Vesting Of Stock Options And R S Us | 2019 Plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 13 |
Accelerated Vesting Of Stock Options And R S Us | 2019 Plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 14 |
Accelerated Vesting Of Stock Options And R S Us | 2019 Phase 2 Plan | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring costs | 2.4 |
Accelerated Vesting Of Stock Options And R S Us | 2019 Phase 2 Plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 32 |
Accelerated Vesting Of Stock Options And R S Us | 2019 Phase 2 Plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | $ 37 |
Restructuring and Repositioni_5
Restructuring and Repositioning Expenses, Asset Write Offs - Expenses Incurred and Cash Payment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Plan 2019 Repositioning Activities | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | $ 1.7 | $ 8.8 | $ 0 |
Payments for Restructuring | 4.9 | 5.6 | 0 |
Plan 2019 Capital Expenditures | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 1.3 | 0.8 | 0 |
Payments for Restructuring | 1.4 | 0.6 | 0 |
Capital Expenditures Incurred To Date | 2.1 | ||
Cumulative Cash Paid for Capital Expenditures | 2 | ||
Plan 2019 Phase2 Repositioning Activities | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 3.6 | 2.4 | 0 |
Payments for Restructuring | 4.1 | 1 | 0 |
Plan 2019 Phase2 Capital Expenditures | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 0.3 | 0.1 | 0 |
Payments for Restructuring | 0.4 | 0 | 0 |
Capital Expenditures Incurred To Date | 0.4 | ||
Cumulative Cash Paid for Capital Expenditures | 0.4 | ||
Strategic Alternatives Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 0 | 3.1 | 0 |
Payments for Restructuring | 1.1 | 2 | 0 |
Strategic Alternatives Plan | Repositioning | |||
Restructuring Cost and Reserve [Line Items] | |||
Costs incurred to date | 3.1 | ||
Cumulative Cash Paid for Repositioning Expenses | 3.1 | ||
Plan Strategic Alternatives Capital Expenditures | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 0 | 0 | 0 |
Payments for Restructuring | 0 | 0 | 0 |
Capital Expenditures Incurred To Date | 0 | ||
Cumulative Cash Paid for Capital Expenditures | 0 | ||
2018 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 0.1 | 5.3 | 5.3 |
Payments for Restructuring | 0 | 10.5 | 0.2 |
Costs incurred to date | 32.4 | ||
2018 Plan | Repositioning | |||
Restructuring Cost and Reserve [Line Items] | |||
Costs incurred to date | 10.7 | ||
Cumulative Cash Paid for Repositioning Expenses | 10.7 | ||
Plan 2018 Capital Expenditures | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 0.6 | 0.9 | 0 |
Payments for Restructuring | 0.7 | 0.8 | 0 |
Capital Expenditures Incurred To Date | 1.5 | ||
Cumulative Cash Paid for Capital Expenditures | 1.5 | ||
2017 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 0 | 0.8 | 4.3 |
Payments for Restructuring | 0.2 | 2.1 | 5.3 |
2017 Plan | Repositioning | |||
Restructuring Cost and Reserve [Line Items] | |||
Costs incurred to date | 9.6 | ||
Cumulative Cash Paid for Repositioning Expenses | 9.6 | ||
Plan 2017 Capital Expenditures | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 1.1 | 5 | 5.5 |
Payments for Restructuring | 1.6 | 4.6 | 6.8 |
Capital Expenditures Incurred To Date | 13.5 | ||
Cumulative Cash Paid for Capital Expenditures | 12.9 | ||
Repositioning | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 5.4 | 20.4 | 9.6 |
Payments for Restructuring | 10.3 | 21.2 | 5.5 |
Capital Expenditures | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 3.3 | 6.8 | 5.5 |
Payments for Restructuring | 4.1 | $ 6 | $ 6.8 |
2019 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Costs incurred to date | 12.6 | ||
2019 Plan | Repositioning | |||
Restructuring Cost and Reserve [Line Items] | |||
Costs incurred to date | 10.5 | ||
Cumulative Cash Paid for Repositioning Expenses | 10.5 | ||
2019 Phase 2 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Costs incurred to date | 31.6 | ||
2019 Phase 2 Plan | Repositioning | |||
Restructuring Cost and Reserve [Line Items] | |||
Costs incurred to date | 6 | ||
Cumulative Cash Paid for Repositioning Expenses | $ 5.1 |
Restructuring and Repositioni_6
Restructuring and Repositioning Expenses, Asset Write Offs - Restructuring Costs by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Severance and other employee costs | $ 22.3 | $ 4.1 | $ 10.1 |
Facility exit costs | 0 | 0 | 0.6 |
Asset write offs | 2.6 | 4.3 | 4.5 |
Other associated costs | (0.1) | 1.8 | |
Total restructuring expenses and asset write offs | 24.8 | 10.2 | 15.2 |
Restructuring expenses and asset write offs reflected in discontinued operations | (0.1) | 0.3 | 0.4 |
Total restructuring expenses and asset write offs from continuing operations | 24.9 | 9.9 | 14.8 |
Other Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Other associated costs | 0 | ||
Operating Segments | SCC | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset write offs from continuing operations | 7.8 | 4.5 | 12.5 |
Operating Segments | SBM | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset write offs from continuing operations | 5.3 | 3.9 | 1.9 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset write offs from continuing operations | $ 11.8 | $ 1.5 | $ 0.4 |
Restructuring and Repositioni_7
Restructuring and Repositioning Expenses, Asset Write Offs - Restructuring Liability (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | |||
Provision for expected credit losses | $ 0.9 | $ 3.5 | $ 1.6 |
Stock-based compensation expense | 7 | 6.2 | 3.7 |
Other Costs | SCC | |||
Restructuring Reserve [Roll Forward] | |||
Expenses | (0.4) | 1.1 | |
Inventory write-offs | 0.6 | ||
Provision for expected credit losses | 0.5 | ||
Asset Impairment | |||
Restructuring Reserve [Roll Forward] | |||
Asset write off charges | 2.6 | 4.3 | 4.5 |
Asset Impairment | SCC | |||
Restructuring Reserve [Roll Forward] | |||
Asset write off charges | 2.5 | 1.2 | 4.3 |
Asset Impairment | SBM | |||
Restructuring Reserve [Roll Forward] | |||
Asset write off charges | 0.1 | 3.1 | 0.2 |
2019 Plan | Severance and Other Employee Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0.2 | 0 | 0 |
Expenses | 0.2 | 0.7 | 0 |
Payments | (0.3) | (0.5) | 0 |
Impact of foreign currency and other | 0 | 0 | 0 |
Ending balance | 0.1 | 0.2 | 0 |
2019 Plan | Other Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Expenses | 0.3 | 0 | 0 |
Payments | (0.2) | 0 | 0 |
Impact of foreign currency and other | 0 | 0 | |
Ending balance | 0.1 | 0 | 0 |
2019 Phase 2 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Stock-based compensation expense | 2.4 | ||
2019 Phase 2 Plan | Severance and Other Employee Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0.9 | 0 | 0 |
Expenses | 19.7 | 3.1 | 0 |
Payments | (3.3) | (2.2) | 0 |
Impact of foreign currency and other | 0 | 0 | 0 |
Ending balance | 17.3 | 0.9 | 0 |
2018 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Expenses | 0.1 | 5.3 | 5.3 |
Payments | 0 | (10.5) | (0.2) |
2018 Plan | Severance and Other Employee Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 1 | 7.7 | 0 |
Expenses | 0 | 0.1 | 11.4 |
Payments | (0.4) | (6.6) | (3.6) |
Impact of foreign currency and other | (0.1) | (0.2) | (0.1) |
Ending balance | 0.5 | 1 | 7.7 |
2018 Plan | Other Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0.4 | 0.2 | 0 |
Expenses | 0.1 | 0.7 | 0.6 |
Payments | (0.4) | (0.5) | (0.4) |
Impact of foreign currency and other | (0.1) | 0 | 0 |
Ending balance | 0 | 0.4 | 0.2 |
2017 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Expenses | 0 | 0.8 | 4.3 |
Payments | (0.2) | (2.1) | (5.3) |
2017 Plan | Severance and Other Employee Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0.2 | 1.8 | 11.6 |
Expenses | 0 | 0 | (1.9) |
Payments | (0.2) | (1.7) | (7.5) |
Impact of foreign currency and other | 0 | 0.1 | (0.4) |
Ending balance | 0 | 0.2 | 1.8 |
2017 Plan | Other Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0 | 0.1 |
Expenses | 0 | 0 | 0 |
Payments | 0 | 0 | (0.1) |
Impact of foreign currency and other | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Other Plans | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0.5 | 1.1 |
Expenses | 0 | 0.2 | 0.6 |
Payments | 0 | (0.6) | (1.2) |
Impact of foreign currency and other | 0 | (0.1) | 0 |
Ending balance | 0 | 0 | 0.5 |
Total | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 2.7 | 10.2 | 12.8 |
Expenses | 20.3 | 4.8 | 10.7 |
Payments | (4.8) | (12.1) | (12.8) |
Impact of foreign currency and other | (0.2) | (0.2) | (0.5) |
Ending balance | $ 18 | $ 2.7 | $ 10.2 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Pre-Tax, Tax, and After-Tax Components of Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
After-Tax Amount | |||
Total other comprehensive income (loss) | $ 6.5 | $ 3 | $ (34.3) |
Assumption of net prior service credit | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | (0.6) | (3.2) | |
Tax Benefit /(Expense) | |||
Other comprehensive income (loss), tax | 0.1 | 0.6 | |
After-Tax Amount | |||
Total other comprehensive income (loss) | (0.5) | (2.6) | |
Benefit plans, net | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | (0.5) | (0.6) | (3.2) |
Tax Benefit /(Expense) | |||
Other comprehensive income (loss), tax | 0.1 | 0.1 | 0.6 |
After-Tax Amount | |||
Total other comprehensive income (loss) | (0.4) | (0.5) | (2.6) |
Currency translation adjustments | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | 5.9 | 3.7 | (31.8) |
Tax Benefit /(Expense) | |||
Other comprehensive income (loss), tax | 0.9 | (0.1) | 0 |
After-Tax Amount | |||
Total other comprehensive income (loss) | 6.8 | 3.6 | (31.8) |
Gain from hedging activities | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | 0.1 | (0.1) | |
Tax Benefit /(Expense) | |||
Other comprehensive income (loss), tax | 0 | 0 | |
After-Tax Amount | |||
Total other comprehensive income (loss) | 0.1 | (0.1) | |
Hedging Activities | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | 0.1 | ||
Tax Benefit /(Expense) | |||
Other comprehensive income (loss), tax | 0 | ||
After-Tax Amount | |||
Total other comprehensive income (loss) | 0.1 | ||
Other comprehensive income attributable to GCP shareholders | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | 5.5 | 3 | (34.9) |
Tax Benefit /(Expense) | |||
Other comprehensive income (loss), tax | 1 | 0 | 0.6 |
After-Tax Amount | |||
Total other comprehensive income (loss) | $ 6.5 | $ 3 | $ (34.3) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in accumulated other comprehensive income (loss), net of tax | |||
Beginning Balance | $ 541 | $ 481.1 | $ 492 |
Other comprehensive income (loss) before reclassifications | 6.3 | (34.2) | |
Amounts reclassified from accumulated other comprehensive loss | 0.2 | (0.1) | |
Total other comprehensive income (loss) | 6.5 | 3 | (34.3) |
Ending Balance | 654.1 | 541 | 481.1 |
Defined Benefit Pension and Other Postretirement Plans | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Beginning Balance | (2.7) | (2.2) | 0.4 |
Other comprehensive income (loss) before reclassifications | (0.4) | (2.6) | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Total other comprehensive income (loss) | (0.4) | (0.5) | (2.6) |
Ending Balance | (3.1) | (2.7) | (2.2) |
Currency Translation Adjustments | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Beginning Balance | (114.2) | (117.8) | (86) |
Other comprehensive income (loss) before reclassifications | 6.8 | (31.8) | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Total other comprehensive income (loss) | 6.8 | 3.6 | (31.8) |
Ending Balance | (107.4) | (114.2) | (117.8) |
Gain from hedging activities | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Beginning Balance | (0.1) | 0 | |
Other comprehensive income (loss) before reclassifications | (0.1) | ||
Amounts reclassified from accumulated other comprehensive loss | 0.2 | ||
Total other comprehensive income (loss) | 0.1 | (0.1) | |
Ending Balance | 0 | (0.1) | 0 |
Hedging Activities | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Beginning Balance | 0 | (0.1) | |
Other comprehensive income (loss) before reclassifications | 0.2 | ||
Amounts reclassified from accumulated other comprehensive loss | (0.1) | ||
Total other comprehensive income (loss) | 0.1 | ||
Ending Balance | 0 | ||
Total | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Beginning Balance | (117) | (120) | (85.7) |
Total other comprehensive income (loss) | 6.5 | 3 | (34.3) |
Ending Balance | $ (110.5) | $ (117) | $ (120) |
Related Party Transactions an_2
Related Party Transactions and Transactions with Grace - Related Party Expenses and Agreements (Details) $ in Millions | May 28, 2020derivativeInstrument | Dec. 31, 2020USD ($)derivativeInstrument | Dec. 31, 2019USD ($) |
Starboard | |||
Related Party Transaction [Line Items] | |||
Number of directors appointed by noncontrolling interest | derivativeInstrument | 8 | 8 | |
Reimbursement of director fees, maximum | $ 2 | ||
Starboard | GCP Applied Technologies | |||
Related Party Transaction [Line Items] | |||
Noncontrolling interest ownership percentage | 9.00% | ||
W.R. Grace & Co. | Other assets | |||
Related Party Transaction [Line Items] | |||
Indemnified receivables, tax | $ 1.8 | $ 3.5 | |
W.R. Grace & Co. | Other current liabilities | |||
Related Party Transaction [Line Items] | |||
Indemnified payables, tax | $ 1 | $ 1 |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - USD ($) | Oct. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 15, 2019 | May 11, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares of common stock available for issuance (in shares) | 7,700,000 | |||||
Authorized for issuance (in shares) | 1,000,000 | 8,000,000 | ||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Shares granted, value | $ 5,000,000 | |||||
Stock-based compensation expense | $ 7,000,000 | $ 6,200,000 | $ 3,700,000 | |||
Reduction in stock-based compensation expense for remeasurement based on expected payout | 600,000 | 2,400,000 | 5,200,000 | |||
Income tax benefit recognized for stock-based compensation | $ 500,000 | $ 1,500,000 | $ 600,000 | |||
Number of shares repurchased (in shares) | 75,000 | 151,900 | 45,100 | |||
Payments of tax withholding obligations related to employee equity awards | $ 1,700,000 | $ 3,800,000 | $ 1,400,000 | |||
Grants in period (in shares) | 0 | |||||
2019 Phase 2 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 2,400,000 | |||||
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued in period (in shares) | 143,128 | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued in period (in shares) | 388,348 | |||||
Stock options, exercise price, percent of market value on the date of grant | 100.00% | |||||
Weighted average grant date fair value of options granted (in usd per share) | $ 8.66 | $ 10.63 | ||||
Intrinsic value of all options exercised | $ 400,000 | $ 3,000,000 | $ 4,800,000 | |||
Stock Options | Tranche One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 1 year | |||||
Stock Options | Tranche Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 2 years | |||||
Stock Options | Tranche Three | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Stock Options | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option awards, contractual term | 5 years | |||||
Stock Options | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option awards, contractual term | 10 years | |||||
Stock Options With Market Conditions | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reduction in stock-based compensation expense for remeasurement based on expected payout | $ (1,900,000) | |||||
Stock option awards, contractual term | 4 years 9 months 18 days | |||||
Award vesting period | 3 years | |||||
Intrinsic value of all options exercised | $ 1,000,000 | |||||
Grants in period (in shares) | 388,348 | |||||
Preferred share purchase right, exercise price (in usd per share) | $ 20.96 | |||||
Unrecognized stock-based compensation expense for stock options | $ 388,348 | |||||
Unrecognized stock-based compensation expense, period of recognition | 2 years 9 months 18 days | |||||
Stock Options With Market Conditions | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected payout, percent of target | 0.00% | |||||
Stock Options With Market Conditions | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected payout, percent of target | 200.00% | |||||
Restricted Stock Units (RSUs) and Performance Based Units (PBUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized stock-based compensation expense, period of recognition | 2 years | |||||
Unrecognized compensation expense related to the RSU and PBU awards | $ 5,300,000 | |||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Award vesting percentage | 100.00% | |||||
Weighted average grant date fair value of other awards granted (in usd per share) | $ 21.06 | $ 26.77 | $ 29.28 | |||
Awards settled (in shares) | 184,000 | |||||
Shares distributed (in shares) | 302,000 | 117,000 | ||||
Fully vested awards settled in cash | $ 1,200,000 | |||||
Fair value of awards vested | $ 4,200,000 | $ 7,400,000 | $ 4,800,000 | |||
Sign-On Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 2 years | |||||
Award vesting percentage | 100.00% | |||||
Performance Based Units (PBUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Weighted average grant date fair value of other awards granted (in usd per share) | $ 22.43 | |||||
Fair value of awards vested | $ 2,000,000 | |||||
Performance Based Units (PBUs) | Granted 2018 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant date fair value of other awards granted (in usd per share) | $ 22.43 | $ 27.19 | $ 34.20 | |||
Performance Based Units (PBUs) | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected payout, percent of target | 0.00% | |||||
Performance Based Units (PBUs) | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected payout, percent of target | 200.00% | |||||
Inducement Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares of common stock available for issuance (in shares) | 1,000,000 | 500,000 |
Stock Incentive Plans - Valuati
Stock Incentive Plans - Valuation Assumptions - Stock Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate, minimum | 1.70% | 2.68% | |
Risk-free interest rate, maximum | 2.64% | 2.80% | |
Volatility, minimum | 28.02% | 27.91% | |
Volatility, maximum | 28.59% | 30.65% | |
Weighted average grant date fair value per stock option (in usd per share) | $ 8.66 | $ 10.63 | |
Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average life of options (years) | 5 years 6 months | 5 years 6 months | |
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average life of options (years) | 6 years 6 months | 6 years 6 months | |
Stock Options With Market Conditions | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate, maximum | 0.22% | ||
Average life of options (years) | 4 years | ||
Volatility, maximum | 40.00% | ||
Weighted average grant date fair value per stock option (in usd per share) | $ 5.15 |
Stock Incentive Plans - Stock O
Stock Incentive Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number Of Shares | ||
Outstanding, beginning balance (in shares) | 1,284 | |
Options exercised (in shares) | 84 | |
Options forfeited/expired/canceled (in shares) | 289 | |
Options granted (in shares) | 0 | |
Outstanding, ending balance (in shares) | 911 | 1,284 |
Exercisable (in shares) | 836 | |
Vested and expected to vest (in shares) | 908 | |
Weighted Average Exercise Price | ||
Outstanding, beginning balance (in usd per share) | $ 22.66 | |
Options exercised (in usd per share) | 18.29 | |
Options forfeited/expired/canceled (in usd per share) | 19.98 | |
Options granted (in usd per share) | 0 | |
Outstanding, ending balance (in usd per share) | 23.91 | $ 22.66 |
Exercisable (in usd per share) | 23.49 | |
Vested and expected to vest (in usd per share) | $ 23.90 | |
Other Disclosures | ||
Outstanding, weighted-average remaining contractual term | 2 years 5 months 26 days | 3 years 2 months 4 days |
Exercisable, weighted-average remaining contractual term | 2 years 5 months 1 day | |
Vested and expected to vest, weighted-average remaining contractual term | 2 years 5 months 26 days | |
Outstanding, aggregated intrinsic value | $ 2,234 | $ 3,171 |
Exercisable, aggregated intrinsic value | 2,234 | |
Vested and expected to vest, aggregated intrinsic value | $ 2,234 | |
Stock Options | ||
Number Of Shares | ||
Outstanding, beginning balance (in shares) | 1,500 | |
Outstanding, ending balance (in shares) |
Stock Incentive Plans - Restric
Stock Incentive Plans - Restricted Stock Units Award Activity (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number Of Shares | |||
Outstanding, beginning balance (in shares) | 156 | 400 | |
Awards settled (in shares) | 184 | ||
Awards forfeited (in shares) | 2 | ||
Awards granted (in shares) | 335 | ||
Outstanding, ending balance (in shares) | 305 | 156 | 400 |
Expected to vest (in shares) | 285 | ||
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning balance (in usd per share) | $ 27.33 | ||
Awards settled (in usd per share) | 24.46 | ||
Awards forfeited (in usd per share) | 22.83 | ||
Awards granted (in usd per share) | 21.06 | $ 26.77 | $ 29.28 |
Outstanding, ending balance (in usd per share) | 22.14 | $ 27.33 | |
Expected to vest (in usd per share) | $ 22.18 |
Stock Incentive Plans - Valua_2
Stock Incentive Plans - Valuation Assumptions - Performance Based Units (Details) - Performance Based Units (PBUs) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (remaining performance period) | 2 years 10 months 6 days | 2 years 10 months 9 days | 2 years 10 months 9 days |
Expected volatility | 29.85% | 28.46% | 28.56% |
Risk-free interest rate | 1.21% | 2.48% | 2.38% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Correlation coefficient | 53.43% | 54.81% | 38.98% |
Median correlation coefficient of constituents | 54.01% | 57.09% | 39.96% |
Stock Incentive Plans - Perform
Stock Incentive Plans - Performance Based Units Award Activity (Details) - Performance Based Units (PBUs) shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Number Of Shares | |
Outstanding, beginning balance (in shares) | shares | 382 |
Awards forfeited (in shares) | shares | 186 |
Awards granted (in shares) | shares | 147 |
Outstanding, ending balance (in shares) | shares | 343 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning balance (in usd per share) | $ / shares | $ 29.51 |
Awards forfeited (in usd per share) | $ / shares | 26.49 |
Awards granted (in usd per share) | $ / shares | 22.43 |
Outstanding, ending balance (in usd per share) | $ / shares | $ 28.10 |
Operating Segment and Geograp_3
Operating Segment and Geographic Information - Narrative (Details) - segment | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | ||
Number of operating segments | 2 | |
Long-Lived Assets | Geographic Concentration Risk | United Kingdom | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 20.00% | 20.00% |
Operating Segment and Geograp_4
Operating Segment and Geographic Information - Schedule of Operating Segment Data (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 903.2 | $ 1,013.5 | $ 1,125.4 |
Segment Operating Income | 143.2 | 153.6 | |
Depreciation and Amortization | 46.4 | 43.2 | 42 |
Capital Expenditures | 36.1 | 56.7 | 55 |
Total Assets | 1,417.6 | 1,301.3 | 1,282.3 |
Specialty Construction Chemicals | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 518.9 | 579.1 | 643.5 |
Specialty Building Materials | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 384.3 | 434.4 | 481.9 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Segment Operating Income | 124 | 143.2 | 153.6 |
Operating Segments | Specialty Construction Chemicals | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 518.9 | 579.1 | 643.5 |
Segment Operating Income | 52.9 | 56.9 | 40.2 |
Depreciation and Amortization | 27.6 | 24.4 | 24.2 |
Capital Expenditures | 25.5 | 44.2 | 28.8 |
Total Assets | 444.4 | 431.9 | 408.6 |
Operating Segments | Specialty Building Materials | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 384.3 | 434.4 | 481.9 |
Segment Operating Income | 71.1 | 86.3 | 113.4 |
Depreciation and Amortization | 14.9 | 14.8 | 14.7 |
Capital Expenditures | 4.9 | 7.9 | 12.8 |
Total Assets | 408.3 | 424.1 | 428.1 |
Corporate costs | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 3.9 | 4 | 3.1 |
Capital Expenditures | 5.7 | 4.6 | 13.4 |
Total Assets | 564.9 | 444.8 | 441.5 |
Discontinued Operations, Held-for-sale | |||
Segment Reporting Information [Line Items] | |||
Total Assets | $ 0 | $ 0.5 | $ 4.1 |
Operating Segment and Geograp_5
Operating Segment and Geographic Information - Reconciliation of Operating Segment Data to Financial Statements (Details) - USD ($) $ in Millions | Apr. 10, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||||
Total segment operating income | $ 143.2 | $ 153.6 | ||
Corporate costs | $ (264.5) | (272.8) | (289.6) | |
Gain on sale of corporate headquarters | 110.2 | 0 | 0 | |
Repositioning expenses | (5.4) | (20.4) | (9.6) | |
Restructuring expenses and asset write offs | (24.9) | (9.9) | (14.8) | |
Gain on termination and curtailment of pension and other postretirement plans | 0 | 1.2 | 0.2 | |
Net income attributable to noncontrolling interests | 0.5 | 0.4 | 0.3 | |
Income from continuing operations before income taxes | 137.7 | 35.2 | 10.2 | |
Loss on debt refinancing | $ 59.8 | 0 | 0 | 59.8 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total segment operating income | 124 | 143.2 | 153.6 | |
Corporate costs | ||||
Segment Reporting Information [Line Items] | ||||
Corporate costs | (26.2) | (32.8) | (27.4) | |
Restructuring expenses and asset write offs | (11.8) | (1.5) | (0.4) | |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Certain pension costs | (5.2) | (7.8) | (7.6) | |
Gain on sale of corporate headquarters | 110.2 | 0 | ||
Shareholder activism and other related costs | (9.5) | (5.3) | 0 | |
Gain on Brazil tax recoveries, net | 0 | 0.6 | 0 | |
Repositioning expenses | (5.4) | (20.4) | (9.6) | |
Restructuring expenses and asset write offs | (24.9) | (9.9) | (14.8) | |
Pension MTM adjustment and other related costs, net | (2.8) | (13.3) | 8.7 | |
Gain on termination and curtailment of pension and other postretirement plans | 0 | 1.2 | 0.2 | |
Legacy product, environmental and other claims | (0.6) | (0.1) | 0 | |
Third-party and other acquisition-related costs | (0.7) | (0.1) | (2.5) | |
Tax indemnification adjustments | (1.6) | (0.5) | (0.5) | |
Currency losses in Argentina | 0 | 0 | (1.1) | |
Amortization of acquired inventory fair value adjustment | 0 | 0 | (0.2) | |
Interest expense, net | (20.1) | (20) | (88.9) | |
Net income attributable to noncontrolling interests | 0.5 | 0.4 | $ 0.3 | |
Reduction in Taxes | ||||
Segment Reporting Information [Line Items] | ||||
Gain on Brazil tax recoveries, net | $ 1.3 | |||
Amount awarded from other party | 1.7 | |||
Expense and other charges | $ 1.1 |
Operating Segment and Geograp_6
Operating Segment and Geographic Information - Sales by Product Group (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||
Net Sales | $ 903.2 | $ 1,013.5 | $ 1,125.4 |
Specialty Construction Chemicals | |||
Revenue from External Customer [Line Items] | |||
Net Sales | 518.9 | 579.1 | 643.5 |
Specialty Construction Chemicals | Concrete | |||
Revenue from External Customer [Line Items] | |||
Net Sales | 393.1 | 434.8 | 478.9 |
Specialty Construction Chemicals | Cement | |||
Revenue from External Customer [Line Items] | |||
Net Sales | 125.8 | 144.3 | 164.6 |
Specialty Building Materials | |||
Revenue from External Customer [Line Items] | |||
Net Sales | 384.3 | 434.4 | 481.9 |
Specialty Building Materials | Building Envelope | |||
Revenue from External Customer [Line Items] | |||
Net Sales | 206.3 | 246.3 | 284.4 |
Specialty Building Materials | Residential Building Products | |||
Revenue from External Customer [Line Items] | |||
Net Sales | 73.8 | 81.2 | 80.9 |
Specialty Building Materials | Specialty Construction Products | |||
Revenue from External Customer [Line Items] | |||
Net Sales | $ 104.2 | $ 106.9 | $ 116.6 |
Operating Segment and Geograp_7
Operating Segment and Geographic Information - Geographic Area Data (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 903.2 | $ 1,013.5 | $ 1,125.4 |
Properties and equipment, net | 225.6 | 245 | |
Operating lease right-of-use assets | 40 | 29.3 | |
Goodwill, Intangibles and Other Assets | 321 | 327.6 | |
Total North America | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 502.5 | 537.4 | 571 |
Properties and equipment, net | 148.4 | 169.8 | |
Operating lease right-of-use assets | 18.4 | 12.8 | |
Goodwill, Intangibles and Other Assets | 108 | 115.8 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 474 | 505 | 538.8 |
Properties and equipment, net | 145.4 | 166.7 | |
Operating lease right-of-use assets | 18 | 12.7 | |
Goodwill, Intangibles and Other Assets | 100.6 | 107.9 | |
Canada and Other | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 28.5 | 32.4 | 32.2 |
Properties and equipment, net | 3 | 3.1 | |
Operating lease right-of-use assets | 0.4 | 0.1 | |
Goodwill, Intangibles and Other Assets | 7.4 | 7.9 | |
Europe Middle East Africa | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 172.6 | 193.5 | 240.7 |
Properties and equipment, net | 25.5 | 24.8 | |
Operating lease right-of-use assets | 11.7 | 7 | |
Goodwill, Intangibles and Other Assets | 171.9 | 167.9 | |
Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 180.8 | 222.5 | 245.6 |
Properties and equipment, net | 45.4 | 41.9 | |
Operating lease right-of-use assets | 9.4 | 8.4 | |
Goodwill, Intangibles and Other Assets | 19.8 | 17.9 | |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 47.3 | 60.1 | $ 68.1 |
Properties and equipment, net | 6.3 | 8.5 | |
Operating lease right-of-use assets | 0.5 | 1.1 | |
Goodwill, Intangibles and Other Assets | $ 21.3 | $ 26 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Numerators and Denominators Used in Calculating Basic and Diluted (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Numerators | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders | $ (0.8) | $ 100 | $ (0.7) | $ 2 | $ 6.6 | $ 16.6 | $ 3.4 | $ 14.2 | $ 100.5 | $ 40.8 | $ (16.4) | ||||
(Loss) income from discontinued operations, net of income taxes | 0.1 | (0.1) | 0 | (0.3) | (0.2) | (0.4) | (0.5) | 6.8 | (0.3) | 5.7 | 31.3 | ||||
Net income attributable to GCP shareholders | $ (0.7) | $ 99.9 | $ (0.7) | $ 1.7 | $ 6.4 | $ 16.2 | $ 2.9 | $ 21 | $ 100.2 | $ 46.5 | $ 14.9 | ||||
Denominators | |||||||||||||||
Weighted average common shares—basic calculation (in shares) | 73 | 72.6 | 72.1 | ||||||||||||
Dilutive effect of employee stock awards (in shares) | 0.1 | 0.3 | 0 | ||||||||||||
Weighted average common shares—diluted calculation (in shares) | [1] | 73.1 | 72.9 | 72.1 | |||||||||||
Basic earnings (loss) per share | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | $ (0.01) | $ 1.37 | $ (0.01) | $ 0.03 | $ 0.09 | $ 0.23 | $ 0.05 | $ 0.20 | $ 1.38 | $ 0.56 | $ (0.23) | ||||
Income from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.01) | 0.09 | 0 | 0.08 | 0.43 | ||||
Net income attributable to GCP shareholders (in usd per share) | (0.01) | 1.37 | (0.01) | 0.02 | 0.09 | 0.22 | 0.04 | 0.29 | 1.37 | [2] | 0.64 | [2] | 0.21 | [2] | |
Diluted (loss) earnings per share | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | (0.01) | 1.37 | (0.01) | 0.03 | 0.09 | 0.23 | 0.05 | 0.20 | 1.37 | [1] | 0.56 | [1] | (0.23) | [1] | |
Income from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.01) | 0.09 | 0 | [1] | 0.08 | [1] | 0.43 | [1] | |
Net income attributable to GCP shareholders (in usd per share) | $ (0.01) | $ 1.36 | $ (0.01) | $ 0.02 | $ 0.09 | $ 0.22 | $ 0.04 | $ 0.29 | $ 1.37 | [1],[2] | $ 0.64 | [1],[2] | $ 0.21 | [1],[2] | |
[1] | Dilutive effect is only applicable to the years during which GCP generated net income from continuing operations. | ||||||||||||||
[2] | Amounts may not sum due to rounding. |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share due to income from continuing operations (in shares) | 600,000 | 600,000 | 0 |
Outstanding stock options (in shares) | 911,000 | 1,284,000 | |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Outstanding stock options (in shares) | 1,500,000 | ||
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Outstanding RSUs (in shares) | 305,000 | 156,000 | 400,000 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Millions | May 04, 2018 | May 17, 2017 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Consideration transferred | $ 91.1 | ||
Cash acquired | $ 16.1 | ||
RIW | Clydebridge Holdings | |||
Business Acquisition [Line Items] | |||
Percentage of stock acquired | 100.00% | ||
Clydebridge Holdings | |||
Business Acquisition [Line Items] | |||
Percentage of stock acquired | 100.00% | ||
Consideration transferred | $ 29.7 | ||
Cash acquired | 10 | ||
Cash paid | 29.8 | ||
Working capital adjustments | $ 0.1 | ||
Measurement period adjustments, increase (decrease) in consideration paid | $ (0.2) | ||
Measurement period adjustments, increase (decrease) in inventories | $ (0.2) | ||
Intangible assets, weighted average amortization period | 10 years | ||
Stirling Lloyd | |||
Business Acquisition [Line Items] | |||
Percentage of stock acquired | 100.00% | ||
Measurement period adjustments, increase (decrease) in consideration paid | $ 3.1 | ||
Stirling Lloyd | Other Income (Expense), Net | |||
Business Acquisition [Line Items] | |||
Measurement period adjustments, increase (decrease) in consideration paid | $ 2.6 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 04, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 215 | $ 208.9 | $ 207.9 | |
Clydebridge Holdings | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable (approximates contractual value) | $ 1.3 | |||
Inventories | 0.5 | |||
Property, plant and equipment | 0.1 | |||
Intangible assets | 10.7 | |||
Goodwill | 19.9 | |||
Accounts payable | (1) | |||
Accrued liabilities | (0.1) | |||
Deferred tax liabilities | (1.9) | |||
Net assets acquired | $ 29.5 |
Acquisitions - Intangible Asset
Acquisitions - Intangible Assets Acquired (Details) - Clydebridge holdings $ in Millions | May 04, 2018USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets | $ 10.7 |
Weighted average amortization period | 10 years |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets | $ 8.8 |
Weighted average amortization period | 9 years |
Technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets | $ 0.8 |
Weighted average amortization period | 15 years |
Trademarks | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets | $ 1.1 |
Weighted average amortization period | 10 years |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) | Jul. 03, 2017 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
After-tax gain on sale | $ 7,200,000 | ||||
Non-current assets held for sale | $ 500,000 | $ 0 | |||
Discontinued Operations, Disposed of by Sale | Darex Packaging Technologies Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration received/receivable for disposal | $ 1,060,000,000 | ||||
After-tax gain on sale | 7,200,000 | $ 31,500,000 | |||
Non-current assets held for sale | 500,000 | 0 | |||
Tax expense on gain | 2,400,000 | $ 12,000,000 | |||
Term of Transition Services Agreement | 36 months | ||||
Indemnification payable | 900,000 | 600,000 | |||
Discontinued Operations, Disposed of by Sale | Darex Packaging Technologies Business | Other Current Liabilities | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal group, deferred consideration | $ 500,000 | $ 0 |
Discontinued Operations - Recon
Discontinued Operations - Reconciliation of Gain on Sale (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain recognized after income taxes | $ 7.2 | ||
Darex Packaging Technologies Business | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds included in gain | $ 12.7 | $ 55.4 | |
Transaction costs | 0 | 0 | |
Net assets derecognized | (3.1) | (11.9) | |
Gain recognized before income taxes | 9.6 | 43.5 | |
Tax effect of gain recognized | (2.4) | (12) | |
Gain recognized after income taxes | $ 7.2 | $ 31.5 |
Discontinued Operations - Incom
Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
(Loss) income from discontinued operations, net of income taxes | $ 0.1 | $ (0.1) | $ 0 | $ (0.3) | $ (0.2) | $ (0.4) | $ (0.5) | $ 6.8 | $ (0.3) | $ 5.7 | $ 31.3 |
Darex Packaging Technologies Business | Discontinued Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 0 | 0 | 15.7 | ||||||||
Cost of goods sold | 0 | 0 | 15.9 | ||||||||
Gross profit | 0 | 0 | (0.2) | ||||||||
Selling, general and administrative expenses | 0.4 | 1.6 | 5.8 | ||||||||
Restructuring expenses and asset impairments | (0.1) | 0.3 | 0.4 | ||||||||
Gain on sale of business | 0 | (9.6) | (43.5) | ||||||||
Other expenses (income), net | 0.1 | 0.1 | (4.1) | ||||||||
(Loss) income from discontinued operations before income taxes | (0.4) | 7.6 | 41.2 | ||||||||
Benefit (provision) for income taxes | 0.1 | (1.9) | (9.9) | ||||||||
(Loss) income from discontinued operations, net of income taxes | $ (0.3) | $ 5.7 | $ 31.3 |
Revisions of Previously Issue_3
Revisions of Previously Issued Consolidated Financial Statements - Statements of Operations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net sales | $ 242.7 | $ 248.4 | $ 195.4 | $ 216.7 | $ 258.3 | $ 266.9 | $ 262.2 | $ 226.1 | $ 903.2 | $ 1,013.5 | $ 1,125.4 | ||||
Cost of goods sold | 545.3 | 629.8 | 715.3 | ||||||||||||
Gross profit | 95.9 | 101.8 | 77.4 | 82.8 | 98.1 | 104.8 | 98.8 | 82 | 357.9 | 383.7 | 410.1 | ||||
Selling, general and administrative expenses | 264.5 | 272.8 | 289.6 | ||||||||||||
Research and development expenses | 17.9 | 18.4 | 20.2 | ||||||||||||
Interest expense and related financing costs | 21.5 | 22.7 | 92.4 | ||||||||||||
Repositioning expenses | 5.4 | 20.4 | 9.6 | ||||||||||||
Restructuring expenses and asset write offs | 24.9 | 9.9 | 14.8 | ||||||||||||
Other (income) expenses, net | (3.8) | 4.3 | (26.7) | ||||||||||||
Total costs and expenses | 220.2 | 348.5 | 399.9 | ||||||||||||
Income from continuing operations before income taxes | 137.7 | 35.2 | 10.2 | ||||||||||||
(Provision) benefit from income taxes | (36.7) | 6 | (26.3) | ||||||||||||
Income (loss) from continuing operations | 101 | 41.2 | (16.1) | ||||||||||||
(Loss) income from discontinued operations, net of income taxes | (0.3) | 5.7 | 31.3 | ||||||||||||
Net income | (0.6) | 100.1 | (0.6) | 1.8 | 6.5 | 16.3 | 2.9 | 21.2 | 100.7 | 46.9 | 15.2 | ||||
Less: Net income attributable to noncontrolling interests | (0.5) | (0.4) | (0.3) | ||||||||||||
Net income attributable to GCP shareholders | (0.7) | 99.9 | (0.7) | 1.7 | 6.4 | 16.2 | 2.9 | 21 | 100.2 | 46.5 | 14.9 | ||||
Amounts Attributable to GCP Shareholders: | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders | (0.8) | 100 | (0.7) | 2 | 6.6 | 16.6 | 3.4 | 14.2 | 100.5 | 40.8 | (16.4) | ||||
(Loss) income from discontinued operations, net of income taxes | 0.1 | (0.1) | 0 | (0.3) | (0.2) | (0.4) | (0.5) | 6.8 | (0.3) | 5.7 | 31.3 | ||||
Net income attributable to GCP shareholders | $ (0.7) | $ 99.9 | $ (0.7) | $ 1.7 | $ 6.4 | $ 16.2 | $ 2.9 | $ 21 | $ 100.2 | $ 46.5 | $ 14.9 | ||||
Basic earnings (loss) per share: | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | $ (0.01) | $ 1.37 | $ (0.01) | $ 0.03 | $ 0.09 | $ 0.23 | $ 0.05 | $ 0.20 | $ 1.38 | $ 0.56 | $ (0.23) | ||||
Income from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.01) | 0.09 | 0 | 0.08 | 0.43 | ||||
Net income attributable to GCP shareholders (in usd per share) | (0.01) | 1.37 | (0.01) | 0.02 | 0.09 | 0.22 | 0.04 | 0.29 | $ 1.37 | [1] | $ 0.64 | [1] | $ 0.21 | [1] | |
Weighted average number of basic shares (in shares) | 73 | 72.6 | 72.1 | ||||||||||||
Diluted (loss) earnings per share | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | (0.01) | 1.37 | (0.01) | 0.03 | 0.09 | 0.23 | 0.05 | 0.20 | $ 1.37 | [2] | $ 0.56 | [2] | $ (0.23) | [2] | |
Income from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.01) | 0.09 | 0 | [2] | 0.08 | [2] | 0.43 | [2] | |
Net income attributable to GCP shareholders (in usd per share) | $ (0.01) | $ 1.36 | $ (0.01) | $ 0.02 | $ 0.09 | $ 0.22 | $ 0.04 | $ 0.29 | $ 1.37 | [1],[2] | $ 0.64 | [1],[2] | $ 0.21 | [1],[2] | |
Weighted average number of diluted shares (in shares) | [2] | 73.1 | 72.9 | 72.1 | |||||||||||
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net sales | $ 248.4 | $ 195.4 | $ 216.7 | $ 258.3 | $ 266.9 | $ 262.2 | $ 226.1 | $ 1,013.5 | $ 1,125.4 | ||||||
Cost of goods sold | 630.4 | 715.5 | |||||||||||||
Gross profit | 101.4 | 76.4 | 81.9 | 96.8 | 105.1 | 99 | 82.2 | 383.1 | 409.9 | ||||||
Selling, general and administrative expenses | 273 | 289.1 | |||||||||||||
Research and development expenses | 18.4 | 20.2 | |||||||||||||
Interest expense and related financing costs | 22.7 | 92.4 | |||||||||||||
Repositioning expenses | 20.4 | 9.6 | |||||||||||||
Restructuring expenses and asset write offs | 9.9 | 14.8 | |||||||||||||
Other (income) expenses, net | 4.3 | (26.7) | |||||||||||||
Total costs and expenses | 348.7 | 399.4 | |||||||||||||
Income from continuing operations before income taxes | 34.4 | 10.5 | |||||||||||||
(Provision) benefit from income taxes | 6.6 | (26.3) | |||||||||||||
Income (loss) from continuing operations | 41 | (15.8) | |||||||||||||
(Loss) income from discontinued operations, net of income taxes | 5.7 | 31.3 | |||||||||||||
Net income | 99.6 | (1.2) | 1.2 | 5.8 | 16.7 | 2.6 | 21.6 | 46.7 | 15.5 | ||||||
Less: Net income attributable to noncontrolling interests | (0.4) | (0.3) | |||||||||||||
Net income attributable to GCP shareholders | 99.4 | (1.3) | 1.1 | 5.7 | 16.6 | 2.6 | 21.4 | 46.3 | 15.2 | ||||||
Amounts Attributable to GCP Shareholders: | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders | 99.5 | (1.3) | 1.4 | 5.9 | 17 | 3.1 | 14.6 | 40.6 | (16.1) | ||||||
(Loss) income from discontinued operations, net of income taxes | (0.1) | (0.3) | (0.2) | (0.4) | (0.5) | 6.8 | 5.7 | 31.3 | |||||||
Net income attributable to GCP shareholders | $ 99.4 | $ (1.3) | $ 1.1 | $ 5.7 | $ 16.6 | $ 2.6 | $ 21.4 | $ 46.3 | $ 15.2 | ||||||
Basic earnings (loss) per share: | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | $ 1.36 | $ (0.02) | $ 0.02 | $ 0.08 | $ 0.23 | $ 0.04 | $ 0.20 | $ 0.56 | $ (0.22) | ||||||
Income from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | (0.01) | (0.01) | 0.09 | 0.08 | 0.43 | |||||||
Net income attributable to GCP shareholders (in usd per share) | 1.36 | (0.02) | 0.02 | 0.08 | 0.23 | 0.04 | 0.30 | $ 0.64 | $ 0.21 | ||||||
Weighted average number of basic shares (in shares) | 72.6 | 72.1 | |||||||||||||
Diluted (loss) earnings per share | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | 1.36 | (0.02) | 0.02 | 0.08 | 0.23 | 0.04 | 0.20 | $ 0.56 | $ (0.22) | ||||||
Income from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | (0.01) | (0.01) | 0.09 | 0.08 | 0.43 | |||||||
Net income attributable to GCP shareholders (in usd per share) | $ 1.36 | $ (0.02) | $ 0.02 | $ 0.08 | $ 0.23 | $ 0.04 | $ 0.29 | $ 0.64 | $ 0.21 | ||||||
Weighted average number of diluted shares (in shares) | 72.9 | 72.1 | |||||||||||||
Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Cost of goods sold | (0.6) | (0.2) | |||||||||||||
Gross profit | 0.4 | 1 | 0.9 | 1.3 | (0.3) | (0.2) | (0.2) | 0.6 | 0.2 | ||||||
Selling, general and administrative expenses | (0.2) | 0.5 | |||||||||||||
Research and development expenses | 0 | 0 | |||||||||||||
Interest expense and related financing costs | 0 | 0 | |||||||||||||
Repositioning expenses | 0 | 0 | |||||||||||||
Restructuring expenses and asset write offs | 0 | 0 | |||||||||||||
Other (income) expenses, net | 0 | 0 | |||||||||||||
Total costs and expenses | (0.2) | 0.5 | |||||||||||||
Income from continuing operations before income taxes | 0.8 | (0.3) | |||||||||||||
(Provision) benefit from income taxes | (0.6) | 0 | |||||||||||||
Income (loss) from continuing operations | 0.2 | (0.3) | |||||||||||||
(Loss) income from discontinued operations, net of income taxes | 0 | 0 | |||||||||||||
Net income | 0.5 | 0.6 | 0.6 | 0.7 | (0.4) | 0.3 | (0.4) | 0.2 | (0.3) | ||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | |||||||||||||
Net income attributable to GCP shareholders | 0.5 | 0.6 | 0.6 | 0.7 | (0.4) | 0.3 | (0.4) | 0.2 | (0.3) | ||||||
Amounts Attributable to GCP Shareholders: | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders | 0.5 | 0.6 | 0.6 | 0.7 | (0.4) | 0.3 | (0.4) | 0.2 | (0.3) | ||||||
(Loss) income from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net income attributable to GCP shareholders | $ 0.5 | $ 0.6 | $ 0.6 | $ 0.7 | $ (0.4) | $ 0.3 | $ (0.4) | $ 0.2 | $ (0.3) | ||||||
Basic earnings (loss) per share: | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0 | $ 0.01 | $ 0 | $ 0 | $ (0.01) | ||||||
Income from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net income attributable to GCP shareholders (in usd per share) | 0.01 | 0.01 | 0 | 0.01 | (0.01) | 0 | (0.01) | $ 0 | $ 0 | ||||||
Weighted average number of basic shares (in shares) | 0 | 0 | |||||||||||||
Diluted (loss) earnings per share | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0.01 | 0 | $ 0 | $ (0.01) | ||||||
Income from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net income attributable to GCP shareholders (in usd per share) | $ 0 | $ 0.01 | $ 0 | $ 0.01 | $ (0.01) | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Weighted average number of diluted shares (in shares) | 0 | 0 | |||||||||||||
[1] | Amounts may not sum due to rounding. | ||||||||||||||
[2] | Dilutive effect is only applicable to the years during which GCP generated net income from continuing operations. |
Revisions of Previously Issue_4
Revisions of Previously Issued Consolidated Financial Statements - Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | $ (0.6) | $ 100.1 | $ (0.6) | $ 1.8 | $ 6.5 | $ 16.3 | $ 2.9 | $ 21.2 | $ 100.7 | $ 46.9 | $ 15.2 |
Other comprehensive income (loss): | |||||||||||
Defined benefit pension and other postretirement plans, net of income taxes | (0.4) | (0.5) | (2.6) | ||||||||
Currency translation adjustments, net of income taxes | 6.8 | 3.6 | (31.8) | ||||||||
Gain (loss) from hedging activities, net of income taxes | 0.1 | (0.1) | 0.1 | ||||||||
Total other comprehensive income (loss) | 6.5 | 3 | (34.3) | ||||||||
Comprehensive income (loss) | 107.2 | 49.9 | (19.1) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | (0.5) | (0.4) | (0.3) | ||||||||
Comprehensive income (loss) attributable to GCP shareholders | $ 106.7 | 49.5 | (19.4) | ||||||||
As Previously Reported | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | 99.6 | (1.2) | 1.2 | 5.8 | 16.7 | 2.6 | 21.6 | 46.7 | 15.5 | ||
Other comprehensive income (loss): | |||||||||||
Defined benefit pension and other postretirement plans, net of income taxes | (0.5) | (2.6) | |||||||||
Currency translation adjustments, net of income taxes | 3.6 | (31.8) | |||||||||
Gain (loss) from hedging activities, net of income taxes | (0.1) | 0.1 | |||||||||
Total other comprehensive income (loss) | 3 | (34.3) | |||||||||
Comprehensive income (loss) | 49.7 | (18.8) | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | (0.4) | (0.3) | |||||||||
Comprehensive income (loss) attributable to GCP shareholders | 49.3 | (19.1) | |||||||||
Adjustments | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | $ 0.5 | $ 0.6 | $ 0.6 | $ 0.7 | $ (0.4) | $ 0.3 | $ (0.4) | 0.2 | (0.3) | ||
Other comprehensive income (loss): | |||||||||||
Defined benefit pension and other postretirement plans, net of income taxes | 0 | 0 | |||||||||
Currency translation adjustments, net of income taxes | 0 | 0 | |||||||||
Gain (loss) from hedging activities, net of income taxes | 0 | 0 | |||||||||
Total other comprehensive income (loss) | 0 | 0 | |||||||||
Comprehensive income (loss) | 0.2 | (0.3) | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income (loss) attributable to GCP shareholders | $ 0.2 | $ (0.3) |
Revisions of Previously Issue_5
Revisions of Previously Issued Consolidated Financial Statements- Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||||
Cash and cash equivalents | $ 482.7 | $ 325 | ||
Trade accounts receivable (net of allowances of $7.5 million) | 169.4 | 183.7 | ||
Inventories, net | 98.4 | 95.9 | ||
Other current assets | 41.2 | 43.2 | ||
Total Current Assets | 791.7 | 647.8 | ||
Properties and equipment, net | 225.6 | 245 | ||
Operating lease right-of-use assets | 40 | 29.3 | ||
Goodwill | 215 | 208.9 | $ 207.9 | |
Technology and other intangible assets, net | 70.9 | 80.7 | ||
Deferred income taxes | 9.6 | 26.1 | ||
Overfunded defined benefit pension plans | 29.7 | 25 | ||
Other assets | 35.1 | 38 | ||
Non-current assets held for sale | 0 | 0.5 | ||
Total Assets | 1,417.6 | 1,301.3 | 1,282.3 | |
Current Liabilities | ||||
Debt payable within one year | 2.8 | 2.7 | ||
Operating lease obligations payable within one year | 8 | 8.1 | ||
Accounts payable | 87.8 | 88.4 | ||
Other current liabilities | 125.8 | 112.9 | ||
Total Current Liabilities | 224.4 | 212.1 | ||
Debt payable after one year | 348.9 | 346.5 | ||
Operating lease obligations | 26.2 | 21.6 | ||
Income taxes payable | 28.4 | 41.4 | ||
Deferred income taxes | 14.9 | 13.1 | ||
Unrecognized tax benefits | 41 | 42.2 | ||
Underfunded and unfunded defined benefit pension plans | 62.9 | 67.5 | ||
Other liabilities | 16.8 | 15.9 | ||
Total Liabilities | 763.5 | 760.3 | ||
Commitments and contingencies | ||||
Stockholders' Equity | ||||
Preferred stock, par value $0.01; 10,000,000 shares authorized; no shares issued or outstanding | 0 | 0 | ||
Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 73,082,066 and 72,850,268, respectively | 0.7 | 0.7 | ||
Paid-in capital | 61.9 | 53.4 | ||
Accumulated earnings | 710.3 | 610.1 | ||
Accumulated other comprehensive loss | (110.5) | (117) | ||
Treasury stock | (10.7) | (8.6) | ||
Total GCP Stockholders' Equity | 651.7 | 538.6 | ||
Noncontrolling interests | 2.4 | 2.4 | ||
Total Liabilities and Stockholders' Equity | 1,417.6 | 1,301.3 | ||
Accounts receivable net of allowances | $ 7 | 7.5 | $ 5.8 | $ 5.7 |
As Previously Reported | ||||
Current Assets | ||||
Cash and cash equivalents | 325 | |||
Trade accounts receivable (net of allowances of $7.5 million) | 183.7 | |||
Inventories, net | 95.9 | |||
Other current assets | 43.7 | |||
Total Current Assets | 648.3 | |||
Properties and equipment, net | 245.3 | |||
Operating lease right-of-use assets | 29.3 | |||
Goodwill | 208.9 | |||
Technology and other intangible assets, net | 80.7 | |||
Deferred income taxes | 26.1 | |||
Overfunded defined benefit pension plans | 25 | |||
Other assets | 38 | |||
Non-current assets held for sale | 0.5 | |||
Total Assets | 1,302.1 | |||
Current Liabilities | ||||
Debt payable within one year | 2.7 | |||
Operating lease obligations payable within one year | 8.1 | |||
Accounts payable | 88.4 | |||
Other current liabilities | 113.6 | |||
Total Current Liabilities | 212.8 | |||
Debt payable after one year | 346.5 | |||
Operating lease obligations | 21.6 | |||
Income taxes payable | 41.4 | |||
Deferred income taxes | 13.1 | |||
Unrecognized tax benefits | 42.2 | |||
Underfunded and unfunded defined benefit pension plans | 67.5 | |||
Other liabilities | 15.9 | |||
Total Liabilities | 761 | |||
Commitments and contingencies | ||||
Stockholders' Equity | ||||
Preferred stock, par value $0.01; 10,000,000 shares authorized; no shares issued or outstanding | 0 | |||
Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 73,082,066 and 72,850,268, respectively | 0.7 | |||
Paid-in capital | 53.4 | |||
Accumulated earnings | 610.2 | |||
Accumulated other comprehensive loss | (117) | |||
Treasury stock | (8.6) | |||
Total GCP Stockholders' Equity | 538.7 | |||
Noncontrolling interests | 2.4 | |||
Total Liabilities and Stockholders' Equity | 1,302.1 | |||
Adjustments | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | |||
Trade accounts receivable (net of allowances of $7.5 million) | 0 | |||
Inventories, net | 0 | |||
Other current assets | (0.5) | |||
Total Current Assets | (0.5) | |||
Properties and equipment, net | (0.3) | |||
Operating lease right-of-use assets | 0 | |||
Goodwill | 0 | |||
Technology and other intangible assets, net | 0 | |||
Deferred income taxes | 0 | |||
Overfunded defined benefit pension plans | 0 | |||
Other assets | 0 | |||
Non-current assets held for sale | 0 | |||
Total Assets | (0.8) | |||
Current Liabilities | ||||
Debt payable within one year | 0 | |||
Operating lease obligations payable within one year | 0 | |||
Accounts payable | 0 | |||
Other current liabilities | (0.7) | |||
Total Current Liabilities | (0.7) | |||
Debt payable after one year | 0 | |||
Operating lease obligations | 0 | |||
Income taxes payable | 0 | |||
Deferred income taxes | 0 | |||
Unrecognized tax benefits | 0 | |||
Underfunded and unfunded defined benefit pension plans | 0 | |||
Other liabilities | 0 | |||
Total Liabilities | (0.7) | |||
Commitments and contingencies | ||||
Stockholders' Equity | ||||
Preferred stock, par value $0.01; 10,000,000 shares authorized; no shares issued or outstanding | 0 | |||
Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 73,082,066 and 72,850,268, respectively | 0 | |||
Paid-in capital | 0 | |||
Accumulated earnings | (0.1) | |||
Accumulated other comprehensive loss | 0 | |||
Treasury stock | 0 | |||
Total GCP Stockholders' Equity | (0.1) | |||
Noncontrolling interests | 0 | |||
Total Liabilities and Stockholders' Equity | $ (0.8) |
Revisions of Previously Issue_6
Revisions of Previously Issued Consolidated Financial Statements- Consolidated Balance Sheets (Additional Information) (Details) - $ / shares | Dec. 31, 2020 | Oct. 01, 2020 | Dec. 31, 2019 | Mar. 15, 2019 | May 11, 2017 |
Accounting Changes and Error Corrections [Abstract] | |||||
Preferred stock, par (in usd per share) | $ 0.01 | $ 0.01 | |||
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 | |||
Preferred stock shares issued (in shares) | 0 | ||||
Preferred stock, outstanding (in shares) | 0 | ||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 300,000,000 | 300,000,000 | |||
Common stock, outstanding (in shares) | 73,082,066 | 72,850,268 |
Revisions of Previously Issue_7
Revisions of Previously Issued Consolidated Financial Statements - Consolidated Statements of Stockholders' Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Beginning Balance | $ 541 | $ 481.1 | $ 541 | $ 481.1 | $ 492 | ||||||||
Net income | $ (0.6) | $ 100.1 | $ (0.6) | 1.8 | $ 6.5 | $ 16.3 | $ 2.9 | 21.2 | 100.7 | 46.9 | 15.2 | ||
Issuance of common stock in connection with stock plans | 0 | 0 | |||||||||||
Share-based compensation | 7 | [1] | 6.2 | 4.2 | |||||||||
Exercise of stock options | [2] | 1.5 | 7.6 | 5.5 | |||||||||
Share repurchases | [3] | (2.1) | (3.8) | (1.4) | |||||||||
Other comprehensive income | 6.5 | 3 | (34.3) | ||||||||||
Dividends and other changes in noncontrolling interest | (0.1) | ||||||||||||
Ending Balance | $ 654.1 | 541 | 654.1 | 541 | 481.1 | ||||||||
As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Beginning Balance | 541.1 | 481.4 | 541.1 | 481.4 | 492 | ||||||||
Net income | 99.6 | (1.2) | 1.2 | 5.8 | 16.7 | 2.6 | 21.6 | 46.7 | 15.5 | ||||
Issuance of common stock in connection with stock plans | 0 | 0 | |||||||||||
Share-based compensation | 6.2 | 4.2 | |||||||||||
Exercise of stock options | 7.6 | 5.5 | |||||||||||
Share repurchases | (3.8) | (1.4) | |||||||||||
Other comprehensive income | 3 | (34.3) | |||||||||||
Dividends and other changes in noncontrolling interest | (0.1) | ||||||||||||
Ending Balance | 541.1 | 541.1 | 481.4 | ||||||||||
Adjustments | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Beginning Balance | (0.1) | (0.3) | $ (0.1) | (0.3) | 0 | ||||||||
Net income | $ 0.5 | $ 0.6 | $ 0.6 | 0.7 | $ (0.4) | $ 0.3 | $ (0.4) | 0.2 | (0.3) | ||||
Issuance of common stock in connection with stock plans | 0 | 0 | |||||||||||
Share-based compensation | 0 | 0 | |||||||||||
Exercise of stock options | 0 | 0 | |||||||||||
Share repurchases | 0 | 0 | |||||||||||
Other comprehensive income | 0 | 0 | |||||||||||
Dividends and other changes in noncontrolling interest | 0 | ||||||||||||
Ending Balance | $ (0.1) | $ (0.1) | $ (0.3) | ||||||||||
[1] | During 2020, $2.4 million of the stock-based compensation expense is included in "Restructuring expenses and asset write offs" related to accelerated vesting of stock options and RSUs due to the departure from the Company of its CEO, as well as certain executives and key employees. | ||||||||||||
[2] | The par value of shares issued is not included in the table due to rounding. | ||||||||||||
[3] | Refer to Note 17, “Stock Incentive Plans”, for further information. |
Revisions of Previously Issue_8
Revisions of Previously Issued Consolidated Financial Statements - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions | Apr. 10, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
OPERATING ACTIVITIES | ||||||||||||
Net income | $ (0.6) | $ 100.1 | $ (0.6) | $ 1.8 | $ 6.5 | $ 16.3 | $ 2.9 | $ 21.2 | $ 100.7 | $ 46.9 | $ 15.2 | |
Less: (Loss) income from discontinued operations | 0.1 | (0.1) | 0 | (0.3) | (0.2) | (0.4) | (0.5) | 6.8 | (0.3) | 5.7 | 31.3 | |
Income (loss) from continuing operations | 101 | 41.2 | (16.1) | |||||||||
Reconciliation to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization | 46.4 | 43.2 | 42 | |||||||||
Amortization of debt discount and financing costs | 1.5 | 1.4 | 1.6 | |||||||||
Unrealized loss on foreign currency | 5.1 | 0.1 | 0.6 | |||||||||
Stock-based compensation expense | 4.6 | 6.2 | 3.7 | |||||||||
Gain on termination and curtailment of pension and other postretirement benefit plans | 0 | (1.2) | (0.2) | |||||||||
Deferred income taxes | 1.3 | (18.7) | 3.2 | |||||||||
Loss on debt refinancing | $ (59.8) | 0 | 0 | (59.8) | ||||||||
Gain on disposal of property and equipment | (110) | (0.7) | (0.9) | |||||||||
Changes in assets and liabilities, excluding effect of currency translation: | ||||||||||||
Trade accounts receivable | 17 | 13.1 | 9 | |||||||||
Inventories | (1.5) | 13.9 | (7.8) | |||||||||
Accounts payable | (2.3) | (26.8) | (9.7) | |||||||||
Pension assets and liabilities, net | (9.1) | 18.9 | (7) | |||||||||
Other assets and liabilities, net | 19.3 | (12.9) | (2.8) | |||||||||
Net cash provided by operating activities from continuing operations | 73.3 | 77.7 | 75.4 | |||||||||
Net cash used in operating activities from discontinued operations | (2.7) | (13.7) | (133) | |||||||||
Net cash provided by (used in) operating activities | 70.6 | 64 | (57.6) | |||||||||
INVESTING ACTIVITIES | ||||||||||||
Capital expenditures | (36) | (61.3) | (55) | |||||||||
Businesses acquired, net of cash acquired | 0 | 0 | (29.5) | |||||||||
Other investing activities | 0.6 | 0.5 | (2.4) | |||||||||
Net cash provided by (used in) investing activities from continuing operations | 87.1 | (60.8) | (86.9) | |||||||||
Net cash (used in) provided by investing activities from discontinued operations | 0 | (0.4) | 0.1 | |||||||||
Net cash provided by (used in) investing activities | 87.1 | (61.2) | (86.8) | |||||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from revolving loans | 2.2 | 0 | 56.3 | |||||||||
Repayments under credit arrangements | (1.9) | (7.6) | (69.6) | |||||||||
Proceeds from issuance of long term note obligations | 0 | 0 | 350 | |||||||||
Repayments of long term note obligations | 0 | 0 | (578.3) | |||||||||
Cash paid for debt financing costs | 0 | 0 | (6.9) | |||||||||
Payments of tax withholding obligations related to employee equity awards | (1.7) | (3.8) | (1.4) | |||||||||
Proceeds from exercise of stock options | 1.1 | 7.6 | 5.5 | |||||||||
Noncontrolling interest dividend | (0.5) | 0 | (0.1) | |||||||||
Payments on finance lease obligations | (0.8) | (0.8) | 0 | |||||||||
Other financing activities | (0.4) | (0.4) | (2.8) | |||||||||
Net cash used in financing activities | (2) | (5) | (247.3) | |||||||||
Effect of currency exchange rate changes on cash and cash equivalents | 2 | 1.1 | (3.7) | |||||||||
Increase (decrease) in cash and cash equivalents | 157.7 | (1.1) | (395.4) | |||||||||
Cash and cash equivalents, beginning of period | 325 | 326.1 | 325 | 326.1 | 721.5 | |||||||
Cash and cash equivalents, end of period | $ 482.7 | 325 | 482.7 | 325 | 326.1 | |||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid for income taxes, net of refunds | 35.4 | 12.7 | 23.1 | |||||||||
Cash paid for interest on note and credit arrangements | 19.5 | 19.9 | 46.3 | |||||||||
Supplemental disclosure of non-cash investing activities: | ||||||||||||
Property and equipment purchases unpaid and included in accounts payable | 5.9 | 5.7 | 10.3 | |||||||||
As Previously Reported | ||||||||||||
OPERATING ACTIVITIES | ||||||||||||
Net income | 99.6 | (1.2) | 1.2 | 5.8 | 16.7 | 2.6 | 21.6 | 46.7 | 15.5 | |||
Less: (Loss) income from discontinued operations | (0.1) | (0.3) | (0.2) | (0.4) | (0.5) | 6.8 | 5.7 | 31.3 | ||||
Income (loss) from continuing operations | 41 | (15.8) | ||||||||||
Reconciliation to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization | 43.2 | 42 | ||||||||||
Amortization of debt discount and financing costs | 1.4 | 1.6 | ||||||||||
Unrealized loss on foreign currency | 0.1 | 0.6 | ||||||||||
Stock-based compensation expense | 6.2 | 3.7 | ||||||||||
Gain on termination and curtailment of pension and other postretirement benefit plans | (1.2) | (0.2) | ||||||||||
Deferred income taxes | (19.3) | 3.2 | ||||||||||
Loss on debt refinancing | (59.8) | |||||||||||
Gain on disposal of property and equipment | (0.7) | (0.9) | ||||||||||
Changes in assets and liabilities, excluding effect of currency translation: | ||||||||||||
Trade accounts receivable | 13.1 | 9.3 | ||||||||||
Inventories | 13.9 | (7.8) | ||||||||||
Accounts payable | (26.8) | (9.7) | ||||||||||
Pension assets and liabilities, net | 18.9 | (7) | ||||||||||
Other assets and liabilities, net | (11.8) | (3.4) | ||||||||||
Net cash provided by operating activities from continuing operations | 78 | 75.4 | ||||||||||
Net cash used in operating activities from discontinued operations | (13.7) | (133) | ||||||||||
Net cash provided by (used in) operating activities | 64.3 | (57.6) | ||||||||||
INVESTING ACTIVITIES | ||||||||||||
Capital expenditures | (61.6) | (55) | ||||||||||
Businesses acquired, net of cash acquired | (29.5) | |||||||||||
Other investing activities | 0.5 | (2.4) | ||||||||||
Net cash provided by (used in) investing activities from continuing operations | (61.1) | (86.9) | ||||||||||
Net cash (used in) provided by investing activities from discontinued operations | (0.4) | 0.1 | ||||||||||
Net cash provided by (used in) investing activities | (61.5) | (86.8) | ||||||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from revolving loans | 56.3 | |||||||||||
Repayments under credit arrangements | (7.6) | (69.6) | ||||||||||
Proceeds from issuance of long term note obligations | 350 | |||||||||||
Repayments of long term note obligations | (578.3) | |||||||||||
Cash paid for debt financing costs | (6.9) | |||||||||||
Payments of tax withholding obligations related to employee equity awards | (3.8) | (1.4) | ||||||||||
Proceeds from exercise of stock options | 7.6 | 5.5 | ||||||||||
Noncontrolling interest dividend | (0.1) | |||||||||||
Payments on finance lease obligations | (0.8) | |||||||||||
Other financing activities | (0.4) | (2.8) | ||||||||||
Net cash used in financing activities | (5) | (247.3) | ||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | 1.1 | (3.7) | ||||||||||
Increase (decrease) in cash and cash equivalents | (1.1) | (395.4) | ||||||||||
Cash and cash equivalents, beginning of period | 325 | 326.1 | 325 | 326.1 | 721.5 | |||||||
Cash and cash equivalents, end of period | 325 | 325 | 326.1 | |||||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid for income taxes, net of refunds | 12.7 | 23.1 | ||||||||||
Cash paid for interest on note and credit arrangements | 19.9 | 46.3 | ||||||||||
Supplemental disclosure of non-cash investing activities: | ||||||||||||
Property and equipment purchases unpaid and included in accounts payable | 5.7 | 10.3 | ||||||||||
Adjustments | ||||||||||||
OPERATING ACTIVITIES | ||||||||||||
Net income | 0.5 | $ 0.6 | 0.6 | 0.7 | (0.4) | 0.3 | (0.4) | 0.2 | (0.3) | |||
Less: (Loss) income from discontinued operations | $ 0 | 0 | 0 | $ 0 | $ 0 | 0 | 0 | 0 | ||||
Income (loss) from continuing operations | 0.2 | (0.3) | ||||||||||
Reconciliation to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization | 0 | 0 | ||||||||||
Amortization of debt discount and financing costs | 0 | 0 | ||||||||||
Unrealized loss on foreign currency | 0 | 0 | ||||||||||
Stock-based compensation expense | 0 | 0 | ||||||||||
Gain on termination and curtailment of pension and other postretirement benefit plans | 0 | 0 | ||||||||||
Deferred income taxes | 0.6 | 0 | ||||||||||
Loss on debt refinancing | 0 | |||||||||||
Gain on disposal of property and equipment | 0 | 0 | ||||||||||
Changes in assets and liabilities, excluding effect of currency translation: | ||||||||||||
Trade accounts receivable | 0 | (0.3) | ||||||||||
Inventories | 0 | 0 | ||||||||||
Accounts payable | 0 | 0 | ||||||||||
Pension assets and liabilities, net | 0 | 0 | ||||||||||
Other assets and liabilities, net | (1.1) | 0.6 | ||||||||||
Net cash provided by operating activities from continuing operations | (0.3) | 0 | ||||||||||
Net cash used in operating activities from discontinued operations | 0 | 0 | ||||||||||
Net cash provided by (used in) operating activities | (0.3) | 0 | ||||||||||
INVESTING ACTIVITIES | ||||||||||||
Capital expenditures | 0.3 | 0 | ||||||||||
Businesses acquired, net of cash acquired | 0 | |||||||||||
Other investing activities | 0 | 0 | ||||||||||
Net cash provided by (used in) investing activities from continuing operations | 0.3 | 0 | ||||||||||
Net cash (used in) provided by investing activities from discontinued operations | 0 | 0 | ||||||||||
Net cash provided by (used in) investing activities | 0.3 | 0 | ||||||||||
FINANCING ACTIVITIES | ||||||||||||
Proceeds from revolving loans | 0 | |||||||||||
Repayments under credit arrangements | 0 | 0 | ||||||||||
Proceeds from issuance of long term note obligations | 0 | |||||||||||
Repayments of long term note obligations | 0 | |||||||||||
Cash paid for debt financing costs | 0 | |||||||||||
Payments of tax withholding obligations related to employee equity awards | 0 | 0 | ||||||||||
Proceeds from exercise of stock options | 0 | 0 | ||||||||||
Noncontrolling interest dividend | 0 | |||||||||||
Payments on finance lease obligations | 0 | |||||||||||
Other financing activities | 0 | 0 | ||||||||||
Net cash used in financing activities | 0 | 0 | ||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | 0 | 0 | ||||||||||
Increase (decrease) in cash and cash equivalents | 0 | 0 | ||||||||||
Cash and cash equivalents, beginning of period | $ 0 | $ 0 | $ 0 | 0 | 0 | |||||||
Cash and cash equivalents, end of period | $ 0 | 0 | 0 | |||||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid for income taxes, net of refunds | 0 | 0 | ||||||||||
Cash paid for interest on note and credit arrangements | 0 | 0 | ||||||||||
Supplemental disclosure of non-cash investing activities: | ||||||||||||
Property and equipment purchases unpaid and included in accounts payable | $ 0 | $ 0 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net Sales | $ 242.7 | $ 248.4 | $ 195.4 | $ 216.7 | $ 258.3 | $ 266.9 | $ 262.2 | $ 226.1 | $ 903.2 | $ 1,013.5 | $ 1,125.4 | ||||
Gross profit | 95.9 | 101.8 | 77.4 | 82.8 | 98.1 | 104.8 | 98.8 | 82 | 357.9 | 383.7 | 410.1 | ||||
Net income (loss) | (0.6) | 100.1 | (0.6) | 1.8 | 6.5 | 16.3 | 2.9 | 21.2 | 100.7 | 46.9 | 15.2 | ||||
Income (loss) from continuing operations attributable to GCP shareholders | (0.8) | 100 | (0.7) | 2 | 6.6 | 16.6 | 3.4 | 14.2 | 100.5 | 40.8 | (16.4) | ||||
Loss (income) from discontinued operations, net of income taxes: | 0.1 | (0.1) | 0 | (0.3) | (0.2) | (0.4) | (0.5) | 6.8 | (0.3) | 5.7 | 31.3 | ||||
Net income attributable to GCP shareholders | $ (0.7) | $ 99.9 | $ (0.7) | $ 1.7 | $ 6.4 | $ 16.2 | $ 2.9 | $ 21 | $ 100.2 | $ 46.5 | $ 14.9 | ||||
Basic earnings (loss) per share: | |||||||||||||||
Income from continuing operations attributable to GCP shareholders (in usd per share) | $ (0.01) | $ 1.37 | $ (0.01) | $ 0.03 | $ 0.09 | $ 0.23 | $ 0.05 | $ 0.20 | $ 1.38 | $ 0.56 | $ (0.23) | ||||
Income (loss) from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.01) | 0.09 | 0 | 0.08 | 0.43 | ||||
Net income attributable to GCP shareholders (in usd per share) | (0.01) | 1.37 | (0.01) | 0.02 | 0.09 | 0.22 | 0.04 | 0.29 | 1.37 | [1] | 0.64 | [1] | 0.21 | [1] | |
Diluted (loss) earnings per share | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | (0.01) | 1.37 | (0.01) | 0.03 | 0.09 | 0.23 | 0.05 | 0.20 | 1.37 | [2] | 0.56 | [2] | (0.23) | [2] | |
Income from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.01) | 0.09 | 0 | [2] | 0.08 | [2] | 0.43 | [2] | |
Net income attributable to GCP shareholders (in usd per share) | $ (0.01) | $ 1.36 | $ (0.01) | $ 0.02 | $ 0.09 | $ 0.22 | $ 0.04 | $ 0.29 | $ 1.37 | [1],[2] | $ 0.64 | [1],[2] | $ 0.21 | [1],[2] | |
Gain on sale of corporate headquarters | $ 110.2 | $ 0 | $ 0 | ||||||||||||
2017 Tax Act, measurement period adjustment, capital gains, income tax expense (benefit) | $ 20.2 | $ 1.8 | (20.2) | 20.2 | |||||||||||
After-tax gain on sale | 7.2 | ||||||||||||||
I Q H Q L P | |||||||||||||||
Diluted (loss) earnings per share | |||||||||||||||
Gain on sale of corporate headquarters | $ 110.2 | ||||||||||||||
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net Sales | $ 248.4 | $ 195.4 | $ 216.7 | $ 258.3 | $ 266.9 | $ 262.2 | 226.1 | 1,013.5 | 1,125.4 | ||||||
Gross profit | 101.4 | 76.4 | 81.9 | 96.8 | 105.1 | 99 | 82.2 | 383.1 | 409.9 | ||||||
Net income (loss) | 99.6 | (1.2) | 1.2 | 5.8 | 16.7 | 2.6 | 21.6 | 46.7 | 15.5 | ||||||
Income (loss) from continuing operations attributable to GCP shareholders | 99.5 | (1.3) | 1.4 | 5.9 | 17 | 3.1 | 14.6 | 40.6 | (16.1) | ||||||
Loss (income) from discontinued operations, net of income taxes: | (0.1) | (0.3) | (0.2) | (0.4) | (0.5) | 6.8 | 5.7 | 31.3 | |||||||
Net income attributable to GCP shareholders | $ 99.4 | $ (1.3) | $ 1.1 | $ 5.7 | $ 16.6 | $ 2.6 | $ 21.4 | $ 46.3 | $ 15.2 | ||||||
Basic earnings (loss) per share: | |||||||||||||||
Income from continuing operations attributable to GCP shareholders (in usd per share) | $ 1.36 | $ (0.02) | $ 0.02 | $ 0.08 | $ 0.23 | $ 0.04 | $ 0.20 | $ 0.56 | $ (0.22) | ||||||
Income (loss) from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | (0.01) | (0.01) | 0.09 | 0.08 | 0.43 | |||||||
Net income attributable to GCP shareholders (in usd per share) | 1.36 | (0.02) | 0.02 | 0.08 | 0.23 | 0.04 | 0.30 | 0.64 | 0.21 | ||||||
Diluted (loss) earnings per share | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | 1.36 | (0.02) | 0.02 | 0.08 | 0.23 | 0.04 | 0.20 | 0.56 | (0.22) | ||||||
Income from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | (0.01) | (0.01) | 0.09 | 0.08 | 0.43 | |||||||
Net income attributable to GCP shareholders (in usd per share) | $ 1.36 | $ (0.02) | $ 0.02 | $ 0.08 | $ 0.23 | $ 0.04 | $ 0.29 | $ 0.64 | $ 0.21 | ||||||
Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net Sales | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Gross profit | 0.4 | 1 | 0.9 | 1.3 | (0.3) | (0.2) | (0.2) | 0.6 | 0.2 | ||||||
Net income (loss) | 0.5 | 0.6 | 0.6 | 0.7 | (0.4) | 0.3 | (0.4) | 0.2 | (0.3) | ||||||
Income (loss) from continuing operations attributable to GCP shareholders | 0.5 | 0.6 | 0.6 | 0.7 | (0.4) | 0.3 | (0.4) | 0.2 | (0.3) | ||||||
Loss (income) from discontinued operations, net of income taxes: | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net income attributable to GCP shareholders | $ 0.5 | $ 0.6 | $ 0.6 | $ 0.7 | $ (0.4) | $ 0.3 | $ (0.4) | $ 0.2 | $ (0.3) | ||||||
Basic earnings (loss) per share: | |||||||||||||||
Income from continuing operations attributable to GCP shareholders (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0 | $ 0.01 | $ 0 | $ 0 | $ (0.01) | ||||||
Income (loss) from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net income attributable to GCP shareholders (in usd per share) | 0.01 | 0.01 | 0 | 0.01 | (0.01) | 0 | (0.01) | 0 | 0 | ||||||
Diluted (loss) earnings per share | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0.01 | 0 | 0 | (0.01) | ||||||
Income from discontinued operations, net of income taxes (in usd per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net income attributable to GCP shareholders (in usd per share) | $ 0 | $ 0.01 | $ 0 | $ 0.01 | $ (0.01) | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
[1] | Amounts may not sum due to rounding. | ||||||||||||||
[2] | Dilutive effect is only applicable to the years during which GCP generated net income from continuing operations. |
Schedule II - Valuation & Qua_2
Schedule II - Valuation & Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowances for notes and accounts receivable | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 7.5 | $ 5.8 | $ 5.7 |
Additions charged to costs and expenses | 0.9 | 3.5 | 1.6 |
Deductions | (1.4) | (1.7) | (1.1) |
Other, net | 0 | (0.1) | (0.4) |
Balance at end of period | 7 | 7.5 | 5.8 |
Inventory obsolescence reserve | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 3.8 | 2.7 | 2.4 |
Additions charged to costs and expenses | 5.8 | 5.5 | 5 |
Deductions | (4.5) | (4.4) | (4.7) |
Other, net | 0 | 0 | 0 |
Balance at end of period | 5.1 | 3.8 | 2.7 |
Valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 17.2 | 18.5 | 23.9 |
Additions charged to costs and expenses | 1.6 | 2.3 | 6.8 |
Deductions | (0.5) | (1.3) | (10.8) |
Other, net | (2) | (2.3) | (1.4) |
Balance at end of period | $ 16.3 | $ 17.2 | 18.5 |
Japan net operating loss carryforward | Valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Deductions | $ (10.6) |