2018 Form 10-K Financial Statement

#000156459018029786 Filed on November 19, 2018

View on sec.gov

Income Statement

Concept 2018 2017 Q3 2017 Q2
Revenue $2.589B -$71.00M $870.0M
YoY Change -20.58% -109.42% 10.13%
Cost Of Revenue $1.726B -$137.0M $635.0M
YoY Change 9.24% -133.01% 14.62%
Gross Profit $863.0M $66.00M $235.0M
YoY Change 18.38% -80.53% -0.42%
Gross Profit Margin 33.33% 27.01%
Selling, General & Admin $692.0M $30.00M $182.0M
YoY Change 13.44% -89.83% 13.75%
% of Gross Profit 80.19% 45.45% 77.45%
Research & Development $73.00M $12.00M $20.00M
YoY Change 0.0% -42.86% -9.09%
% of Gross Profit 8.46% 18.18% 8.51%
Depreciation & Amortization $277.0M $47.00M $84.00M
YoY Change 4.53% -37.33% 42.37%
% of Gross Profit 32.1% 71.21% 35.74%
Operating Expenses $765.0M $69.00M $202.0M
YoY Change 12.01% -79.34% 10.99%
Operating Profit $102.0M -$3.000M $37.00M
YoY Change 108.16% -160.0% -35.09%
Interest Expense -$130.0M -$22.00M -$39.00M
YoY Change -37.8% -46.34% -7.14%
% of Operating Profit -127.45% -105.41%
Other Income/Expense, Net -$3.000M -$9.000M -$13.00M
YoY Change -80.0% -88.61%
Pretax Income $11.00M -$94.00M -$20.00M
YoY Change -105.61% -71.52% -200.0%
Income Tax -$8.000M $34.00M -$4.000M
% Of Pretax Income -72.73%
Net Earnings $114.0M -$57.00M -$33.00M
YoY Change 11300.0% -79.35% -146.48%
Net Earnings / Revenue 4.4% -3.79%
Basic Earnings Per Share $1.82 -$0.54
Diluted Earnings Per Share $1.79 -$913.5K -$0.54
COMMON SHARES
Basic Shares Outstanding 63.00M 62.00M
Diluted Shares Outstanding 64.00M 62.00M

Balance Sheet

Concept 2018 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $294.0M $566.0M $492.0M
YoY Change -48.06% -44.35% -59.51%
Cash & Equivalents $294.0M $566.0M $492.0M
Short-Term Investments
Other Short-Term Assets $300.0M $91.00M $73.00M
YoY Change 229.67% 2.25% -34.23%
Inventory $596.0M $634.0M $631.0M
Prepaid Expenses
Receivables $522.0M $612.0M $643.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.712B $1.903B $1.839B
YoY Change -10.04% -34.11% -36.83%
LONG-TERM ASSETS
Property, Plant & Equipment $1.655B $1.970B $1.937B
YoY Change -15.99% 3.68% -10.74%
Goodwill $2.315B $288.0M
YoY Change 8.28%
Intangibles $1.319B $1.316B
YoY Change 24.32%
Long-Term Investments $32.00M $32.00M
YoY Change 3.23% -48.39%
Other Assets $1.224B $422.0M $411.0M
YoY Change 177.55% -3.43% -55.28%
Total Long-Term Assets $6.547B $6.715B $6.667B
YoY Change -2.5% -5.58% -4.77%
TOTAL ASSETS
Total Short-Term Assets $1.712B $1.903B $1.839B
Total Long-Term Assets $6.547B $6.715B $6.667B
Total Assets $8.259B $8.618B $8.506B
YoY Change -4.17% -13.82% -14.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $331.0M $409.0M $392.0M
YoY Change -19.07% 8.78% -17.82%
Accrued Expenses $325.0M $324.0M $274.0M
YoY Change 12.85% 3.51% -34.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $235.0M $223.0M
YoY Change -100.0% 38.24% -68.85%
Long-Term Debt Due $254.0M $6.000M $6.000M
YoY Change 4133.33% -89.09%
Total Short-Term Liabilities $1.076B $968.0M $895.0M
YoY Change 11.16% -21.81% -46.44%
LONG-TERM LIABILITIES
Long-Term Debt $2.275B $2.584B $2.584B
YoY Change -11.96% 11.14% -22.07%
Other Long-Term Liabilities $1.216B $400.0M $361.0M
YoY Change -5.37% 10.8% -82.86%
Total Long-Term Liabilities $3.491B $4.244B $4.212B
YoY Change -9.77% -24.17% -22.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.076B $968.0M $895.0M
Total Long-Term Liabilities $3.491B $4.244B $4.212B
Total Liabilities $4.853B $5.212B $5.107B
YoY Change -6.89% -23.75% -28.85%
SHAREHOLDERS EQUITY
Retained Earnings $2.696B
YoY Change -0.3%
Common Stock $932.0M
YoY Change 0.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.406B $3.406B $3.399B
YoY Change
Total Liabilities & Shareholders Equity $8.259B $8.618B $8.506B
YoY Change -4.17% -13.82% -14.18%

Cashflow Statement

Concept 2018 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $114.0M -$57.00M -$33.00M
YoY Change 11300.0% -79.35% -146.48%
Depreciation, Depletion And Amortization $277.0M $47.00M $84.00M
YoY Change 4.53% -37.33% 42.37%
Cash From Operating Activities $297.0M $130.0M $195.0M
YoY Change -22.45% -52.38% 12.07%
INVESTING ACTIVITIES
Capital Expenditures $157.0M -$42.00M -$53.00M
YoY Change -6.55% -48.15% 12.77%
Acquisitions $11.00M
YoY Change -98.38%
Other Investing Activities -$45.00M -$5.000M -$877.0M
YoY Change -95.27% -88.64% 2336.11%
Cash From Investing Activities -$202.0M -$47.00M -$930.0M
YoY Change -81.95% -62.4% 1020.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $311.0M
YoY Change -66.01%
Cash From Financing Activities -368.0M -12.00M 621.0M
YoY Change -409.24% -93.06% -3752.94%
NET CHANGE
Cash From Operating Activities 297.0M 130.0M 195.0M
Cash From Investing Activities -202.0M -47.00M -930.0M
Cash From Financing Activities -368.0M -12.00M 621.0M
Net Change In Cash -272.0M 71.00M -114.0M
YoY Change -56.27% -384.0% -254.05%
FREE CASH FLOW
Cash From Operating Activities $297.0M $130.0M $195.0M
Capital Expenditures $157.0M -$42.00M -$53.00M
Free Cash Flow $140.0M $172.0M $248.0M
YoY Change -34.88% -51.41% 12.22%

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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;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;text-indent:3.51%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of Ashland&#8217;s 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;text-indent:3.51%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ashland&#8217;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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