CYTEC INDUSTRIES INC/DE/

CIK:0000912513|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net sales	$ 497.3	$ 506.8	$ 1,520.5	$ 1,523.0
Manufacturing cost of sales	326.8	342.0	1,040.4	1,018.2
Selling and technical services	35.4	35.3	106.9	109.6
Research and process development	12.8	12.0	37.3	37.2
Administrative and general	34.7	31.0	95.2	93.3
Amortization of acquisition intangibles	3.4	3.6	10.3	10.9
Earnings from operations	84.2	82.9	230.4	253.8
Other expense, net	1.5	1.6	3.0	2.2
Interest expense, net	4.0	3.1	11.6	9.3
Earnings from continuing operations before income taxes	78.7	78.2	215.8	242.3
Income tax provision	19.2	24.4	57.6	70.2
Earnings from continuing operations	59.5	53.8	158.2	172.1
Net (loss) gain on sale of discontinued operations, net of tax	0.0	(0.2)	(1.5)	11.0
(Loss) earnings from discontinued operations, net of tax	0.0	(0.2)	(1.5)	11.0
Net earnings	59.5	53.6	156.7	183.1
Comprehensive income	$ 30.7	$ 2.1	$ 89.5	$ 134.1
Basic earnings per common share
Continuing operations	$ 0.83	$ 0.74	$ 2.20	$ 2.38
Discontinued operations	0.00	0.00	(0.02)	0.15
Basic earnings (loss) per common share:	0.83	0.74	2.18	2.53
Diluted earnings per common share
Continuing operations	0.81	0.73	2.16	2.34
Discontinued operations	0.00	0.00	(0.02)	0.15
Diluted earnings (loss) per common share:	0.81	0.73	2.14	2.49
Dividends per common share	$ 0.125	$ 0.125	$ 0.375	$ 0.250

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows provided by (used in) operating activities
Net earnings	$ 156.7	$ 183.1
(Loss) earnings from discontinued operations, net of tax	(1.5)	11.0
Net earnings from continuing operations	158.2	172.1
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
Depreciation	52.1	46.5
Amortization	13.4	13.5
Share-based compensation	10.0	9.8
Deferred income taxes	5.4	18.8
Pension and postretirement benefit (income) expense	(2.3)	0.7
Contributions to pension and postretirement plans	(11.6)	(10.6)
Non-cash loss on disposal of assets	0.9	1.9
Unrealized (gain) loss on foreign currency forward contracts	(5.8)	7.9
Changes in operating assets and liabilities:
Trade accounts receivable	(38.0)	(50.1)
Other receivables	4.3	(5.6)
Inventories	(11.8)	(48.7)
Other assets	(5.0)	1.1
Accounts payable	13.3	22.4
Accrued expenses	(19.0)	(1.6)
Income taxes payable	(2.5)	4.2
Other liabilities	(1.6)	(10.6)
Net cash provided by operating activities of continuing operations	160.0	171.7
Net cash (used in) provided by operating activities of discontinued operations	(3.2)	0.3
Net cash provided by operating activities	156.8	172.0
Cash flows used in investing activities:
Additions to plants, equipment and facilities	(96.9)	(170.3)
Other investing activities, net	0.0	(0.1)
Net cash used in investing activities	(96.9)	(170.4)
Cash flows provided by (used in) financing activities:
Proceeds from long-term debt	0.5	1.3
Payments on long-term debt	(0.9)	(0.4)
Proceeds from (Repayments of) Short-term Debt	0.0	2.9
Dividends, Cash	(26.8)	(17.9)
Proceeds from the exercise of stock options	9.9	14.3
Excess tax benefits from share-based payment arrangements	3.8	6.7
Net cash (used in) provided by financing activities	(13.5)	6.9
Effect of currency rate changes on cash and cash equivalents	(9.4)	(7.7)
Increase in cash and cash equivalents	37.0	0.8
Cash and cash equivalents, beginning of period	133.9	151.8
Cash and cash equivalents, end of period	$ 170.9	$ 152.6

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 170.9	$ 133.9
Trade accounts receivable, less allowance for doubtful accounts of $3.5 and $3.8 at September 30, 2015 and December 31, 2014, respectively	286.2	265.1
Other accounts receivable	72.9	74.6
Inventories	309.4	307.6
Deferred income taxes	35.1	27.4
Other current assets	21.9	26.2
Total current assets	896.4	834.8
Plants, equipment and facilities, at cost	1,699.7	1,680.8
Less: accumulated depreciation	(589.0)	(559.4)
Net plant investment	1,110.7	1,121.4
Acquisition intangibles, net of accumulated amortization of $80.1 and $70.8 at September 30, 2015 and December 31, 2014, respectively	128.7	141.6
Goodwill	502.0	508.8
Deferred income taxes	32.8	41.2
Other assets	137.5	119.4
Total assets	2,808.1	2,767.2
Current liabilities
Accounts payable	179.1	172.4
Current maturities of long-term debt	1.5	1.2
Accrued expenses	160.3	184.6
Income taxes payable	9.2	8.4
Deferred income taxes	0.4	0.3
Total current liabilities	350.5	366.9
Liabilities
Long-term debt	740.1	741.7
Pension and other postretirement benefit liabilities	229.1	245.9
Other noncurrent liabilities	156.3	170.3
Deferred income taxes	34.5	31.4
Stockholders’ equity
Preferred stock, 20,000,000 shares authorized; none issued and outstanding	0.0	0.0
Common stock, $.01 par value per share, 150,000,000 shares authorized; issued 99,822,154 at September 30, 2015 and 99,772,436 at December 31, 2014	1.0	1.0
Additional paid-in capital	481.7	474.2
Retained earnings	1,829.3	1,699.6
Accumulated other comprehensive (loss) income	(54.1)	13.1
Treasury stock, at cost, 28,275,035 shares at September 30, 2015 and 28,732,931 shares at December 31, 2014	(960.3)	(976.9)
Total stockholders’ equity	1,297.6	1,211.0
Total liabilities and stockholders’ equity	$ 2,808.1	$ 2,767.2