$ASH
ASHLAND INC.

2019 Q4 Form 10-Q Financial Statement

#000095012320000628 Filed on January 29, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $533.0M $609.0M $576.0M
YoY Change -7.47% -8.7% -31.59%
Cost Of Revenue $380.0M $415.0M $424.0M
YoY Change -10.38% 16.9% 5.47%
Gross Profit $153.0M $194.0M $152.0M
YoY Change 0.66% -37.82% -15.08%
Gross Profit Margin 28.71% 31.86% 26.39%
Selling, General & Admin $120.0M $87.00M $143.0M
YoY Change -16.08% 24.29% -7.14%
% of Gross Profit 78.43% 44.85% 94.08%
Research & Development $16.00M $15.00M $17.00M
YoY Change -5.88% -16.67% -10.53%
% of Gross Profit 10.46% 7.73% 11.18%
Depreciation & Amortization $61.00M $64.00M $81.00M
YoY Change -24.69% -5.88% 15.71%
% of Gross Profit 39.87% 32.99% 53.29%
Operating Expenses $136.0M $122.0M $160.0M
YoY Change -15.0% 10.91% -7.51%
Operating Profit $17.00M $72.00M -$7.000M
YoY Change -342.86% -64.36% -240.0%
Interest Expense -$10.00M -$23.00M -$55.00M
YoY Change -81.82% -74.73% 292.86%
% of Operating Profit -58.82% -31.94%
Other Income/Expense, Net -$1.000M -$2.000M -$1.000M
YoY Change 0.0% 100.0% 0.0%
Pretax Income $10.00M $49.00M -$47.00M
YoY Change -121.28% -800.0% 113.64%
Income Tax -$24.00M $23.00M $24.00M
% Of Pretax Income -240.0% 46.94%
Net Earnings $32.00M $411.0M -$48.00M
YoY Change -166.67% 4010.0% 1100.0%
Net Earnings / Revenue 6.0% 67.49% -8.33%
Basic Earnings Per Share $0.54 -$0.76
Diluted Earnings Per Share $0.53 $6.524M -$0.76
COMMON SHARES
Basic Shares Outstanding 60.00M 63.00M
Diluted Shares Outstanding 61.00M 63.00M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $157.0M $232.0M $149.0M
YoY Change 5.37% -21.09% -75.21%
Cash & Equivalents $157.0M $232.0M $149.0M
Short-Term Investments
Other Short-Term Assets $53.00M $64.00M $62.00M
YoY Change -14.52% 6.67% -32.61%
Inventory $633.0M $597.0M $619.0M
Prepaid Expenses
Receivables $441.0M $481.0M $448.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.344B $1.433B $1.991B
YoY Change -32.5% -16.3% 1.37%
LONG-TERM ASSETS
Property, Plant & Equipment $1.575B $1.577B $1.621B
YoY Change -2.84% -4.19% -16.66%
Goodwill $2.274B $1.800B $2.289B
YoY Change -0.66% -21.88% -7.52%
Intangibles $1.072B $1.088B $1.159B
YoY Change -7.51% -8.19% -10.71%
Long-Term Investments $6.000M
YoY Change -25.0%
Other Assets $411.0M $410.0M $398.0M
YoY Change 3.27% -1.44% -6.35%
Total Long-Term Assets $5.982B $5.818B $5.952B
YoY Change 0.5% -11.13% -11.04%
TOTAL ASSETS
Total Short-Term Assets $1.344B $1.433B $1.991B
Total Long-Term Assets $5.982B $5.818B $5.952B
Total Assets $7.326B $7.251B $7.943B
YoY Change -7.77% -12.2% -8.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $234.0M $313.0M $277.0M
YoY Change -15.52% -5.44% -27.49%
Accrued Expenses $245.0M $271.0M $257.0M
YoY Change -4.67% -17.38% -3.38%
Deferred Revenue
YoY Change
Short-Term Debt $179.0M $166.0M $229.0M
YoY Change -21.83% -34.65% -35.49%
Long-Term Debt Due $179.0M $0.00 $11.00M
YoY Change 1527.27% -100.0% -31.25%
Total Short-Term Liabilities $688.0M $757.0M $906.0M
YoY Change -24.06% -29.65% -9.67%
LONG-TERM LIABILITIES
Long-Term Debt $1.502B $1.501B $2.275B
YoY Change -33.98% -34.02% -11.96%
Other Long-Term Liabilities $426.0M $453.0M $433.0M
YoY Change -1.62% 7.35% 5.87%
Total Long-Term Liabilities $3.013B $2.923B $3.732B
YoY Change -19.27% -22.61% -12.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $688.0M $757.0M $906.0M
Total Long-Term Liabilities $3.013B $2.923B $3.732B
Total Liabilities $3.701B $3.680B $4.638B
YoY Change -20.2% -24.17% -11.76%
SHAREHOLDERS EQUITY
Retained Earnings $3.224B
YoY Change 17.24%
Common Stock $757.0M
YoY Change -20.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.625B $3.571B $3.305B
YoY Change
Total Liabilities & Shareholders Equity $7.326B $7.251B $7.943B
YoY Change -7.77% -12.2% -8.23%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income $32.00M $411.0M -$48.00M
YoY Change -166.67% 4010.0% 1100.0%
Depreciation, Depletion And Amortization $61.00M $64.00M $81.00M
YoY Change -24.69% -5.88% 15.71%
Cash From Operating Activities -$51.00M $148.0M -$67.00M
YoY Change -23.88% -26.73% 67.5%
INVESTING ACTIVITIES
Capital Expenditures $29.00M -$51.00M $33.00M
YoY Change -12.12% -27.14% 57.14%
Acquisitions
YoY Change
Other Investing Activities $11.00M $970.0M $7.000M
YoY Change 57.14% 32233.33% -333.33%
Cash From Investing Activities -$18.00M $919.0M -$26.00M
YoY Change -30.77% -1471.64% 8.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.000M
YoY Change -50.0%
Cash From Financing Activities -7.000M -966.0M -50.00M
YoY Change -86.0% 4290.91% -150.51%
NET CHANGE
Cash From Operating Activities -51.00M 148.0M -67.00M
Cash From Investing Activities -18.00M 919.0M -26.00M
Cash From Financing Activities -7.000M -966.0M -50.00M
Net Change In Cash -75.00M 101.0M -145.0M
YoY Change -48.28% -10.62% -514.29%
FREE CASH FLOW
Cash From Operating Activities -$51.00M $148.0M -$67.00M
Capital Expenditures $29.00M -$51.00M $33.00M
Free Cash Flow -$80.00M $199.0M -$100.0M
YoY Change -20.0% -26.84% 63.93%

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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:3.15%;margin-right:3.15%;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of estimates, risks and uncertainties</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:3.15%;margin-right:3.15%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of Ashland’s Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets (including goodwill and other intangible assets), income taxes and liabilities and receivables associated with asbestos litigation and environmental remediation. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ significantly from the estimates under different assumptions or conditions.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:3.15%;margin-right:3.15%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ashland’s results are affected by domestic and international economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, government fiscal policies and changes in the prices of certain key raw materials, can have a significant effect on operations. While Ashland maintains reserves for anticipated liabilities and carries various levels of insurance, Ashland could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings relating to asbestos, environmental remediation or other matters.</p>
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000
CY2019Q4 us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
0
CY2018Q4 us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
1000000
CY2019Q4 ash Environmental Remediation Expense Net Of Receivable Activity
EnvironmentalRemediationExpenseNetOfReceivableActivity
4000000
CY2018Q4 ash Environmental Remediation Expense Net Of Receivable Activity
EnvironmentalRemediationExpenseNetOfReceivableActivity
3000000
CY2019Q4 ash Maximum Reserve For Remediation Reserve Related To Any One Site In Hundredths
MaximumReserveForRemediationReserveRelatedToAnyOneSiteInHundredths
0.15
CY2018Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2018Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-1.14
CY2018Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Benefit Plan Improvement Tax Effect
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansBenefitPlanImprovementTaxEffect
-1000000
CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.275
CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.275
CY2019Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.250
CY2019Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
38000000
CY2019Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
38000000
CY2018Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-31000000
CY2018Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-31000000
CY2018Q4 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax
-7000000
CY2018Q4 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostsCreditArisingDuringPeriodNetOfTax
-6000000
CY2019Q4 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
38000000
CY2019Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
38000000
CY2018Q4 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-38000000
CY2018Q4 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-1000000
CY2018Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-37000000
CY2019Q4 ash Reconciliation Of Changes In Stockholders Equity
ReconciliationOfChangesInStockholdersEquity
3625000000
CY2018Q4 ash Reconciliation Of Changes In Stockholders Equity
ReconciliationOfChangesInStockholdersEquity
3305000000
CY2019Q4 ash Reconciliation Of Changes In Stockholders Equity Common Stock Dividends Per Share Declared
ReconciliationOfChangesInStockholdersEquityCommonStockDividendsPerShareDeclared
0.275
CY2018Q4 ash Reconciliation Of Changes In Stockholders Equity Common Stock Dividends Per Share Declared
ReconciliationOfChangesInStockholdersEquityCommonStockDividendsPerShareDeclared
0.250
CY2019Q4 ash Reconciliation Of Changes In Stockholders Equity Stock Issued During Period Shares New Issues
ReconciliationOfChangesInStockholdersEquityStockIssuedDuringPeriodSharesNewIssues
70461
CY2018Q4 ash Reconciliation Of Changes In Stockholders Equity Stock Issued During Period Shares New Issues
ReconciliationOfChangesInStockholdersEquityStockIssuedDuringPeriodSharesNewIssues
140614
CY2019Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5000000
CY2018Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6000000
CY2019Q4 ash Number Of Common Shares For Each Converted Performance Share
NumberOfCommonSharesForEachConvertedPerformanceShare
1
CY2019Q4 ash Maximum Cash Collection Period From Customer
MaximumCashCollectionPeriodFromCustomer
P60D
CY2019Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
533000000
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
576000000
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
17000000
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-7000000

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