$ASH
Ashland Inc

2021 Q1 Form 10-Q Financial Statement

#000156459021021744 Filed on April 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $509.0M $610.0M
YoY Change -16.56% -8.55%
Cost Of Revenue $349.0M $413.0M
YoY Change -15.5% -11.94%
Gross Profit $160.0M $197.0M
YoY Change -18.78% -0.51%
Gross Profit Margin 31.43% 32.3%
Selling, General & Admin $79.00M $103.0M
YoY Change -23.3% 13.19%
% of Gross Profit 49.38% 52.28%
Research & Development $11.00M $18.00M
YoY Change -38.89% 5.88%
% of Gross Profit 6.88% 9.14%
Depreciation & Amortization $37.00M $40.00M
YoY Change -7.5% -34.43%
% of Gross Profit 23.13% 20.3%
Operating Expenses $90.00M $103.0M
YoY Change -12.62% -20.77%
Operating Profit $48.00M -$468.0M
YoY Change -110.26% -1163.64%
Interest Expense -$21.00M -$60.00M
YoY Change -65.0%
% of Operating Profit -43.75%
Other Income/Expense, Net -$2.000M -$1.000M
YoY Change 100.0% 0.0%
Pretax Income $20.00M -$585.0M
YoY Change -103.42% -1371.74%
Income Tax -$5.000M -$10.00M
% Of Pretax Income -25.0%
Net Earnings $41.00M -$582.0M
YoY Change -107.04% -865.79%
Net Earnings / Revenue 8.06% -95.41%
Basic Earnings Per Share $0.68 -$9.61
Diluted Earnings Per Share $0.67 -$9.61
COMMON SHARES
Basic Shares Outstanding 61.00 61.00M
Diluted Shares Outstanding 62.00 61.00M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $373.0M $353.0M
YoY Change 5.67% 115.24%
Cash & Equivalents $373.0M $353.0M
Short-Term Investments
Other Short-Term Assets $86.00M $119.0M
YoY Change -27.73% 88.89%
Inventory $512.0M $611.0M
Prepaid Expenses
Receivables $447.0M $498.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.418B $1.645B
YoY Change -13.8% -21.18%
LONG-TERM ASSETS
Property, Plant & Equipment $1.664B $1.564B
YoY Change 6.39% -1.45%
Goodwill $1.760B $1.723B
YoY Change 2.15% -24.4%
Intangibles $971.0M $1.044B
YoY Change -6.99% -8.02%
Long-Term Investments
YoY Change
Other Assets $723.0M $402.0M
YoY Change 79.85% -2.19%
Total Long-Term Assets $5.246B $5.323B
YoY Change -1.45% -9.95%
TOTAL ASSETS
Total Short-Term Assets $1.418B $1.645B
Total Long-Term Assets $5.246B $5.323B
Total Assets $6.664B $6.968B
YoY Change -4.36% -12.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $217.0M $255.0M
YoY Change -14.9% -8.93%
Accrued Expenses $264.0M $218.0M
YoY Change 21.1% -6.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $471.0M
YoY Change -100.0% 80.46%
Long-Term Debt Due $3.000M $471.0M
YoY Change -99.36% 7750.0%
Total Short-Term Liabilities $569.0M $972.0M
YoY Change -41.46% 5.65%
LONG-TERM LIABILITIES
Long-Term Debt $1.571B $1.535B
YoY Change 2.35% -32.53%
Other Long-Term Liabilities $421.0M $416.0M
YoY Change 1.2% -2.35%
Total Long-Term Liabilities $2.981B $3.013B
YoY Change -1.06% -18.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $569.0M $972.0M
Total Long-Term Liabilities $2.981B $3.013B
Total Liabilities $3.550B $3.985B
YoY Change -10.92% -14.04%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.114B $2.983B
YoY Change
Total Liabilities & Shareholders Equity $6.664B $6.968B
YoY Change -4.36% -12.88%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $41.00M -$582.0M
YoY Change -107.04% -865.79%
Depreciation, Depletion And Amortization $37.00M $40.00M
YoY Change -7.5% -34.43%
Cash From Operating Activities $85.00M -$15.00M
YoY Change -666.67% -146.88%
INVESTING ACTIVITIES
Capital Expenditures -$25.00M -$37.00M
YoY Change -32.43% 0.0%
Acquisitions
YoY Change
Other Investing Activities $3.000M $7.000M
YoY Change -57.14% 16.67%
Cash From Investing Activities -$22.00M -$30.00M
YoY Change -26.67% -3.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.00M 241.0M
YoY Change -110.79% 1621.43%
NET CHANGE
Cash From Operating Activities 85.00M -15.00M
Cash From Investing Activities -22.00M -30.00M
Cash From Financing Activities -26.00M 241.0M
Net Change In Cash 37.00M 196.0M
YoY Change -81.12% 1206.67%
FREE CASH FLOW
Cash From Operating Activities $85.00M -$15.00M
Capital Expenditures -$25.00M -$37.00M
Free Cash Flow $110.0M $22.00M
YoY Change 400.0% -68.12%

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<p style="text-align:justify;margin-bottom:0pt;margin-top: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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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Before Tax
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us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2021Q1 ash Reconciliation Of Changes In Stockholders Equity
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CY2020Q1 ash Reconciliation Of Changes In Stockholders Equity
ReconciliationOfChangesInStockholdersEquity
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CY2021Q1 ash Reconciliation Of Changes In Stockholders Equity
ReconciliationOfChangesInStockholdersEquity
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CY2020Q1 ash Reconciliation Of Changes In Stockholders Equity
ReconciliationOfChangesInStockholdersEquity
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CY2021Q1 ash Reconciliation Of Changes In Stockholders Equity Common Stock Dividends Per Share Declared
ReconciliationOfChangesInStockholdersEquityCommonStockDividendsPerShareDeclared
0.275
CY2020Q1 ash Reconciliation Of Changes In Stockholders Equity Common Stock Dividends Per Share Declared
ReconciliationOfChangesInStockholdersEquityCommonStockDividendsPerShareDeclared
0.275
ash Reconciliation Of Changes In Stockholders Equity Common Stock Dividends Per Share Declared
ReconciliationOfChangesInStockholdersEquityCommonStockDividendsPerShareDeclared
0.550
ash Reconciliation Of Changes In Stockholders Equity Common Stock Dividends Per Share Declared
ReconciliationOfChangesInStockholdersEquityCommonStockDividendsPerShareDeclared
0.550
CY2021Q1 ash Reconciliation Of Changes In Stockholders Equity Stock Issued During Period Shares New Issues
ReconciliationOfChangesInStockholdersEquityStockIssuedDuringPeriodSharesNewIssues
41512
CY2020Q1 ash Reconciliation Of Changes In Stockholders Equity Stock Issued During Period Shares New Issues
ReconciliationOfChangesInStockholdersEquityStockIssuedDuringPeriodSharesNewIssues
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ash Reconciliation Of Changes In Stockholders Equity Stock Issued During Period Shares New Issues
ReconciliationOfChangesInStockholdersEquityStockIssuedDuringPeriodSharesNewIssues
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ash Reconciliation Of Changes In Stockholders Equity Stock Issued During Period Shares New Issues
ReconciliationOfChangesInStockholdersEquityStockIssuedDuringPeriodSharesNewIssues
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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ash Maximum Cash Collection Period From Customer
MaximumCashCollectionPeriodFromCustomer
P60D
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
610000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1149000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1143000000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
71000000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-468000000
us-gaap Operating Income Loss
OperatingIncomeLoss
112000000
us-gaap Operating Income Loss
OperatingIncomeLoss
-451000000
CY2021Q1 us-gaap Depreciation
Depreciation
40000000
CY2020Q1 us-gaap Depreciation
Depreciation
40000000
us-gaap Depreciation
Depreciation
81000000
us-gaap Depreciation
Depreciation
80000000
CY2021Q1 us-gaap Adjustment For Amortization
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22000000
CY2020Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
21000000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
43000000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
42000000
CY2021Q1 ash Earnings Before Interest Tax Depreciation And Amortization
EarningsBeforeInterestTaxDepreciationAndAmortization
133000000
CY2020Q1 ash Earnings Before Interest Tax Depreciation And Amortization
EarningsBeforeInterestTaxDepreciationAndAmortization
-407000000
ash Earnings Before Interest Tax Depreciation And Amortization
EarningsBeforeInterestTaxDepreciationAndAmortization
236000000
ash Earnings Before Interest Tax Depreciation And Amortization
EarningsBeforeInterestTaxDepreciationAndAmortization
-329000000
CY2021Q1 us-gaap Assets
Assets
6664000000
CY2020Q3 us-gaap Assets
Assets
6877000000

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