$CBT
CABOT CORP

2021 Q1 Form 10-Q Financial Statement

#000156459021023910 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $842.0M $746.0M $710.0M
YoY Change 18.59% 2.61% -15.88%
Cost Of Revenue $628.0M $550.0M $553.0M
YoY Change 13.56% -6.14% -16.72%
Gross Profit $214.0M $196.0M $157.0M
YoY Change 36.31% 39.01% -11.8%
Gross Profit Margin 25.42% 26.27% 22.11%
Selling, General & Admin $71.00M $61.00M $63.00M
YoY Change 12.7% 7.02% -10.0%
% of Gross Profit 33.18% 31.12% 40.13%
Research & Development $14.00M $14.00M $14.00M
YoY Change 0.0% 0.0% -6.67%
% of Gross Profit 6.54% 7.14% 8.92%
Depreciation & Amortization $38.00M $39.00M $39.00M
YoY Change -2.56% 0.0% 2.63%
% of Gross Profit 17.76% 19.9% 24.84%
Operating Expenses $85.00M $75.00M $77.00M
YoY Change 10.39% 435.71% -9.41%
Operating Profit $129.0M $121.0M $80.00M
YoY Change 61.25% 92.06% -13.98%
Interest Expense -$11.00M -$10.00M -$11.00M
YoY Change 0.0% -9.09% -178.57%
% of Operating Profit -8.53% -8.26% -13.75%
Other Income/Expense, Net $1.000M -$9.000M -$1.000M
YoY Change -200.0% 350.0% -91.67%
Pretax Income $118.0M $99.00M $12.00M
YoY Change 883.33% 98.0% -75.51%
Income Tax $34.00M $29.00M $10.00M
% Of Pretax Income 28.81% 29.29% 83.33%
Net Earnings $75.00M $60.00M -$1.000M
YoY Change -7600.0% 46.34% -104.35%
Net Earnings / Revenue 8.91% 8.04% -0.14%
Basic Earnings Per Share $1.31 $1.06 -$0.01
Diluted Earnings Per Share $1.30 $1.06 -$0.01
COMMON SHARES
Basic Shares Outstanding 56.60M 56.50M 56.60M
Diluted Shares Outstanding 56.70M 56.60M 56.60M

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.0M $147.0M $142.0M
YoY Change 2.82% -15.03% -19.32%
Cash & Equivalents $150.0M $147.0M $142.0M
Short-Term Investments
Other Short-Term Assets $64.00M $62.00M $98.00M
YoY Change -34.69% 5.08% -58.82%
Inventory $436.0M $403.0M $469.0M
Prepaid Expenses
Receivables $578.0M $513.0M $462.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.224B $1.125B $1.171B
YoY Change 4.53% -5.94% -23.11%
LONG-TERM ASSETS
Property, Plant & Equipment $1.334B $1.353B $1.467B
YoY Change -9.07% -3.01% 13.11%
Goodwill $139.0M $134.0M $82.00M
YoY Change 69.51% 45.65%
Intangibles
YoY Change
Long-Term Investments $40.00M $41.00M $36.00M
YoY Change 11.11% 5.13% -5.26%
Other Assets $207.0M $161.0M $171.0M
YoY Change 21.05% -5.85% -25.65%
Total Long-Term Assets $1.823B $1.855B $1.926B
YoY Change -5.35% -5.12% 10.12%
TOTAL ASSETS
Total Short-Term Assets $1.224B $1.125B $1.171B
Total Long-Term Assets $1.823B $1.855B $1.926B
Total Assets $3.047B $2.980B $3.097B
YoY Change -1.61% -5.43% -5.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $562.0M $521.0M $512.0M
YoY Change 9.77% -0.57% -3.21%
Accrued Expenses $18.00M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $44.00M $13.00M $0.00
YoY Change 225.0% -100.0%
Long-Term Debt Due $8.000M $8.000M $7.000M
YoY Change 14.29% 14.29% 40.0%
Total Short-Term Liabilities $647.0M $570.0M $563.0M
YoY Change 14.92% -0.7% -50.31%
LONG-TERM LIABILITIES
Long-Term Debt $1.087B $1.085B $1.190B
YoY Change -8.66% -0.91% 77.08%
Other Long-Term Liabilities $308.0M $305.0M $268.0M
YoY Change 14.93% 5.54% 38.86%
Total Long-Term Liabilities $1.395B $1.390B $1.458B
YoY Change -4.32% 0.43% 68.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $647.0M $570.0M $563.0M
Total Long-Term Liabilities $1.395B $1.390B $1.458B
Total Liabilities $2.236B $1.960B $2.172B
YoY Change 2.95% 0.1% 0.18%
SHAREHOLDERS EQUITY
Retained Earnings $1.032B $1.302B
YoY Change -22.35% -4.75%
Common Stock $57.00M $56.00M
YoY Change 0.0% -5.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $811.0M $823.0M $925.0M
YoY Change
Total Liabilities & Shareholders Equity $3.047B $2.980B $3.097B
YoY Change -1.61% -5.43% -5.35%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income $75.00M $60.00M -$1.000M
YoY Change -7600.0% 46.34% -104.35%
Depreciation, Depletion And Amortization $38.00M $39.00M $39.00M
YoY Change -2.56% 0.0% 2.63%
Cash From Operating Activities $65.00M $21.00M $24.00M
YoY Change 170.83% -80.0% -73.33%
INVESTING ACTIVITIES
Capital Expenditures -$40.00M $29.00M -$51.00M
YoY Change -21.57% -57.35% 18.6%
Acquisitions
YoY Change
Other Investing Activities $3.000M $2.000M
YoY Change 50.0% -300.0%
Cash From Investing Activities -$37.00M -$29.00M -$49.00M
YoY Change -24.49% -62.34% 11.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000M
YoY Change -96.97%
Debt Paid & Issued, Net $66.00M
YoY Change 37.5%
Cash From Financing Activities 11.00M -38.00M 54.00M
YoY Change -79.63% -13.64% -437.5%
NET CHANGE
Cash From Operating Activities 65.00M 21.00M 24.00M
Cash From Investing Activities -37.00M -29.00M -49.00M
Cash From Financing Activities 11.00M -38.00M 54.00M
Net Change In Cash 39.00M -4.000M 29.00M
YoY Change 34.48% -200.0% -3.33%
FREE CASH FLOW
Cash From Operating Activities $65.00M $21.00M $24.00M
Capital Expenditures -$40.00M $29.00M -$51.00M
Free Cash Flow $105.0M -$8.000M $75.00M
YoY Change 40.0% -121.62% -43.61%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Calibri;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">G. Contingencies</p> <p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-style:italic;font-family:Calibri;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Respirator Liabilities</p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cabot has exposure in connection with a safety respiratory products business that a subsidiary acquired from American Optical Corporation (“AO”) in an April 1990 asset purchase transaction. The subsidiary manufactured respirators under the AO brand and disposed of that business in July 1995. In connection with its acquisition of the business, the subsidiary agreed, in certain circumstances, to assume a portion of AO’s liabilities, including costs of legal fees together with amounts paid in settlements and judgments, allocable to AO respiratory products used prior to the 1990 purchase by the Cabot subsidiary. In exchange for the subsidiary’s assumption of certain of AO’s respirator liabilities, AO agreed to provide to the subsidiary the benefits of: (i) AO’s insurance coverage for the period prior to the 1990 acquisition and (ii) a former owner’s indemnity of AO holding it harmless from any liability allocable to AO respiratory products used prior to May 1982. As more fully described in the 2020 10-K, the respirator liabilities generally involve claims for personal injury, including asbestosis, silicosis and coal worker’s pneumoconiosis, allegedly resulting from the use of respirators that are alleged to have been negligently designed and/or labeled. At no time did this respiratory product line represent a significant portion of the respirator market. In addition to Cabot’s subsidiary, other parties are responsible for significant portions of the costs of these respirator liabilities (as defined in the 2020 10-K, the “Payor Group”).</p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> On February 28, 2020, Cabot, with certain members of the Payor Group, entered into a settlement agreement resolving a large group of claims, including claims alleging serious injury, brought by coal workers in Kentucky and West Virginia represented by common legal counsel. The Company’s share of this liability was $65.2 million, and during the second quarter of fiscal 2020, Cabot recorded a charge of $50 million for this settlement, which was included in Selling and administrative expenses in the Consolidated Statements of Operations. The Company paid $32.6 million of the settlement during the third quarter of fiscal 2020 and the remaining $32.6 million in the first quarter of fiscal 2021.</p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cabot has a reserve to cover its expected share of liabilities for pending and future respirator liability claims, which is included in Other liabilities and Accounts payable and accrued liabilities on the Consolidated Balance Sheets. The Company expects these liabilities to be incurred over a number of years. The reserve was $22 million and $24 million as of March 31, 2021 and September 30, 2020, respectively. </p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s current estimate of the cost of its share of pending and future respirator liability claims is based on facts and circumstances existing at this time, including the number and nature of the remaining claims. Developments that could affect the Company’s estimate include, but are not limited to, (i) changes in the number of pending and future claims, (ii) changes in the rate of dismissals without payment of pending claims, (iii) significant changes in the average cost of resolving claims, including potential settlements of groups of claims, (iv) significant changes in the legal costs of defending these claims, (v) changes in the nature of claims received or changes in our assessment of the viability of these claims, (vi) trial and appellate outcomes, (vii) changes in the law and procedure applicable to these claims, (viii) the financial viability of the parties that contribute to the payment of respirator claims, (ix) exhaustion or changes in the recoverability of the insurance coverage maintained by certain members of the Payor Group, or a change in the availability of the indemnity provided by a former owner of AO, (x) changes in the allocation of costs among the various parties paying legal and settlement costs, and (xi) a determination that the assumptions that were used to estimate Cabot’s share of liability are no longer reasonable. The Company cannot determine the impact of these potential developments on its current estimate of its share of liability for existing and future claims. Because reserves are limited to amounts that are probable and estimable as of a relevant measurement date, and there is inherent difficulty in projecting the impact of potential developments on Cabot’s share of liability for these existing and future claims, the actual amount of these liabilities for pending and future claims could be different than the reserved amount.</p> <p style="margin-top:4pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-style:italic;font-family:Calibri;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Other Matters</p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has various other lawsuits, claims and contingent liabilities arising in the ordinary course of its business and with respect to its divested businesses. The Company does not believe that any of these matters will have a material adverse effect on its financial position; however, litigation is inherently unpredictable. Cabot could incur judgments, enter into settlements or revise its expectations regarding the outcome of certain matters, and such developments could have a material impact on its results of operations in the period in which the amounts are accrued or its cash flows in the period in which the amounts are paid.</p>
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CY2021Q1 cbt Participating Securities
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CY2020Q1 cbt Participating Securities
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cbt Participating Securities
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CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021Q1 cbt Restructuring Charges Benefit
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cbt Restructuring Charges Benefit
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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CY2020Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
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CY2020Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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CY2020Q1 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
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CY2021Q1 us-gaap Long Term Debt Fair Value
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CY2020Q3 us-gaap Long Term Debt Fair Value
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us-gaap Number Of Reportable Segments
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CY2021Q1 us-gaap Revenues
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CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2020Q1 us-gaap Revenues
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us-gaap Revenues
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Revenues
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cbt Percentage Of Sale Of Equity Method Affiliates
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1
CY2020Q1 cbt Percentage Of Sale Of Equity Method Affiliates
PercentageOfSaleOfEquityMethodAffiliates
1
CY2021Q1 cbt Percentage Of Sale Of Equity Method Affiliates
PercentageOfSaleOfEquityMethodAffiliates
1
cbt Percentage Of Sale Of Equity Method Affiliates
PercentageOfSaleOfEquityMethodAffiliates
1
CY2020Q1 cbt Percentage Of Sale Of Equity Method Affiliates
PercentageOfSaleOfEquityMethodAffiliates
1
cbt Percentage Of Sale Of Equity Method Affiliates
PercentageOfSaleOfEquityMethodAffiliates
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CY2021Q1 us-gaap Revenues
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CY2020Q1 us-gaap Revenues
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710000000
us-gaap Revenues
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1588000000
us-gaap Revenues
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