W R GRACE & CO

CIK:0001045309|SEC Filings

Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenues	$ 512.9	$ 418.7	$ 969.6	$ 840.2
Cost of goods sold	318.2	299.4	604.9	561.3
Gross profit	194.7	119.3	364.7	278.9
Selling, general and administrative expenses	78.7	71.9	153.3	143.0
Research and development expenses	17.8	16.7	35.2	33.7
Costs related to legacy matters	4.6	2.8	9.2	5.5
Equity in earnings of unconsolidated affiliate	(5.1)	(3.4)	(8.3)	(4.6)
Restructuring and repositioning expenses	11.8	23.9	24.6	26.6
Interest and Debt Expense Excluding Loss on Debt Extinguishment	19.8	19.2	38.8	37.5
Other (income) expense, net	3.4	(8.6)	(38.7)	(17.4)
Total costs and expenses	131.0	122.5	214.1	224.3
Income (loss) before income taxes	63.7	(3.2)	150.6	54.6
(Provision for) benefit from income taxes	(18.2)	(6.4)	(36.5)	(22.1)
Net income (loss)	45.5	(9.6)	114.1	32.5
Less: Net (income) loss attributable to noncontrolling interests	(0.1)	2.3	(0.3)	2.2
Net income (loss) attributable to W. R. Grace & Co. shareholders	$ 45.4	$ (7.3)	$ 113.8	$ 34.7
Basic earnings per share:
Net income (loss) (in dollars per share)	$ 0.68	$ (0.11)	$ 1.71	$ 0.52
Weighted average number of basic shares (in shares)	66.3	66.2	66.2	66.3
Diluted earnings per share:
Net income (loss) (in dollars per shares)	$ 0.68	$ (0.11)	$ 1.71	$ 0.52
Weighted average number of diluted shares (in shares)	66.4	66.2	66.3	66.4
Dividends per common share (in dollars per shares)	$ 0	$ 0.30	$ 0.33	$ 0.60

Consolidated Statements of Cash Flows (unaudited) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
OPERATING ACTIVITIES
Net income (loss)	$ 114.1	$ 32.5
Reconciliation to net cash provided by (used for) operating activities:
Depreciation and amortization	57.4	50.9
Equity in earnings of unconsolidated affiliate	(8.3)	(4.6)
Dividends received from unconsolidated affiliate	7.5	0.0
Costs related to legacy matters	9.2	5.5
Cash paid for legacy matters	(13.9)	(12.3)
Provision for (benefit from) income taxes	36.5	22.1
Cash paid for income taxes	(23.8)	(24.4)
Income tax refunds received	0.9	7.3
Defined benefit pension (income) expense	(9.5)	6.6
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	(25.6)	0.0
Cash paid under defined benefit pension arrangements	(10.6)	(8.4)
Net (gain) loss on sales of investments and disposals of assets	2.5	20.9
Changes in assets and liabilities, excluding effect of currency translation and acquisitions:
Trade accounts receivable	(33.0)	84.7
Inventories	(49.3)	41.7
Accounts payable	52.2	(38.0)
All other items, net	9.2	0.1
Net cash provided by (used for) operating activities	115.5	184.6
INVESTING ACTIVITIES
Cash paid for capital expenditures	(76.1)	(95.0)
Business acquired, net of cash acquired	(297.9)	0.0
Other investing activities, net	2.2	(24.2)
Net cash provided by (used for) investing activities	(371.8)	(119.2)
FINANCING ACTIVITIES
Borrowings under credit arrangements	305.0	9.1
Repayments of Debt and Lease Obligation	(8.5)	(12.8)
Proceeds from Issuance of Unsecured Debt	0.0	750.0
Cash paid for debt financing costs	(7.4)	(10.3)
Cash paid for repurchases of common stock	0.0	(40.4)
Proceeds from exercise of stock options	0.5	0.0
Dividends paid to shareholders	(22.0)	(40.4)
Other financing activities, net	(2.3)	(4.2)
Net cash provided by (used for) financing activities	265.3	651.0
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	(2.5)	(1.5)
Net increase (decrease) in cash, cash equivalents, and restricted cash	6.5	714.9
Cash, cash equivalents, and restricted cash, beginning of period	306.2	282.9
Cash, cash equivalents, and restricted cash, end of period	312.7	997.8
Supplemental disclosure of cash flow information
Interest Paid, Excluding Capitalized Interest, Operating Activities	34.4	32.6
Capital expenditures in accounts payable	28.8	18.5
Expenditures for other investing activities included in accounts payable	0.0	$ 3.7
Fine Chemistry Services Business of Albemarle Corporation
Supplemental disclosure of cash flow information
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	258.0
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	$ 258.0

Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 312.0	$ 304.5
Restricted cash and cash equivalents	0.7	1.7
Trade accounts receivable, less allowance of $2.3 (2020—$2.2)	297.0	264.1
Inventories	358.0	253.8
Other current assets	50.8	51.2
Total Current Assets	1,018.5	875.3
Properties and equipment, net of accumulated depreciation and amortization of $1,574.4 (2020—$1,550.1)	1,267.4	1,208.8
Goodwill	791.9	562.7
Technology and other intangible assets, net	517.5	320.8
Deferred income taxes	550.5	567.1
Investment in unconsolidated affiliate	174.7	175.5
Other assets	67.3	55.3
Total Assets	4,387.8	3,765.5
Current Liabilities
Debt payable within one year	17.2	15.3
Accounts payable	290.1	262.1
Other current liabilities	289.5	281.9
Total Current Liabilities	596.8	559.3
Debt payable after one year	2,268.2	1,975.1
Defined Benefit Pension Plan Liabilities Noncurrent Unfunded	504.9	520.7
Defined Benefit Pension Plan Liabilities Noncurrent Underfunded	89.1	128.3
Other liabilities	320.3	347.6
Total Liabilities	3,779.3	3,531.0
Commitments and Contingencies—Note 8
Preferred Stock, Shares Authorized	2,700
Preferred Stock, Shares Issued	2,700
Preferred Stock, Shares Outstanding	2,700
Preferred Stock, Par or Stated Value Per Share	$ 100,000
Preferred Stock, Value, Outstanding	$ 258.5	0.0
Equity
Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 66,269,318 (2020—66,190,410)	0.7	0.7
Paid-in capital	465.7	473.2
Retained earnings	740.3	648.8
Treasury stock, at cost: shares: 11,187,315 (2020—11,266,223)	(913.1)	(920.6)
Accumulated other comprehensive income (loss)	53.0	29.3
Total W. R. Grace & Co. Shareholders’ Equity	346.6	231.4
Noncontrolling interests	3.4	3.1
Total Equity	350.0	234.5
Total Liabilities and Equity	$ 4,387.8	$ 3,765.5