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2019-03-31 0000016040 cbt:PerformanceChemicalsMember srt:AmericasMember 2018-10-01 2019-03-31 0000016040 cbt:PurificationSolutionsMember srt:AmericasMember 2018-10-01 2019-03-31 0000016040 cbt:SpecialtyFluidsMember srt:AmericasMember 2018-10-01 2019-03-31 0000016040 srt:AmericasMember 2018-10-01 2019-03-31 0000016040 cbt:ReinforcementMaterialsMember srt:AsiaPacificMember 2018-10-01 2019-03-31 0000016040 cbt:PerformanceChemicalsMember srt:AsiaPacificMember 2018-10-01 2019-03-31 0000016040 cbt:PurificationSolutionsMember srt:AsiaPacificMember 2018-10-01 2019-03-31 0000016040 cbt:SpecialtyFluidsMember srt:AsiaPacificMember 2018-10-01 2019-03-31 0000016040 srt:AsiaPacificMember 2018-10-01 2019-03-31 0000016040 cbt:ReinforcementMaterialsMember us-gaap:EMEAMember 2018-10-01 2019-03-31 0000016040 cbt:PerformanceChemicalsMember us-gaap:EMEAMember 2018-10-01 2019-03-31 0000016040 cbt:PurificationSolutionsMember us-gaap:EMEAMember 2018-10-01 2019-03-31 0000016040 cbt:SpecialtyFluidsMember us-gaap:EMEAMember 2018-10-01 2019-03-31 0000016040 us-gaap:EMEAMember 2018-10-01 2019-03-31

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 1-5667

 

Cabot Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

04-2271897

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

Two Seaport Lane

Boston, Massachusetts

02210-2019

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (617) 345-0100

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value per share

CBT

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

  

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The Company had 56,453,481 shares of common stock, $1.00 par value per share, outstanding as of May 6, 2020.

 

 

 


 

INDEX

 

Part I.

Financial Information

 

 

 

 

 

 

Item 1.

Financial Statements (unaudited)

 

 

 

Consolidated Statements of Operations

3

 

 

Consolidated Statements of Comprehensive Income (Loss)

4

 

 

Consolidated Balance Sheets

5

 

 

Consolidated Statements of Cash Flows

7

 

 

Consolidated Statements of Changes in Stockholders’ Equity

8

 

 

Notes to the Consolidated Financial Statements

10

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

38

 

Item 4.

Controls and Procedures

38

 

 

 

Part II.

Other Information

 

 

Item 1.

Legal Proceedings

39

 

Item 1A.

Risk Factors

39

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

40

 

Item 6.

Exhibits

40

 

2


 

Part I. Financial Information

Item 1.

Financial Statements

CABOT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

 

 

 

Three Months Ended March 31

 

 

Six Months Ended March 31

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In millions, except per share amounts)

 

Net sales and other operating revenues

 

$

710

 

 

$

844

 

 

$

1,437

 

 

$

1,665

 

Cost of sales

 

 

557

 

 

 

666

 

 

 

1,143

 

 

 

1,321

 

Gross profit

 

 

153

 

 

 

178

 

 

 

294

 

 

 

344

 

Selling and administrative expenses

 

 

114

 

 

 

70

 

 

 

178

 

 

 

143

 

Research and technical expenses

 

 

14

 

 

 

15

 

 

 

28

 

 

 

31

 

Specialty Fluids loss on sale and asset impairment

 

 

1

 

 

 

20

 

 

 

1

 

 

 

20

 

Income (loss) from operations

 

 

24

 

 

 

73

 

 

 

87

 

 

 

150

 

Interest and dividend income

 

 

3

 

 

 

2

 

 

 

6

 

 

 

4

 

Interest expense

 

 

(14

)

 

 

(14

)

 

 

(28

)

 

 

(29

)

Other income (expense)

 

 

(1

)

 

 

(12

)

 

 

(3

)

 

 

(6

)

Income (loss) before income taxes

   and equity in earnings of affiliated companies

 

 

12

 

 

 

49

 

 

 

62

 

 

 

119

 

(Provision) benefit for income taxes

 

 

(10

)

 

 

(20

)

 

 

(14

)

 

 

(13

)

Equity in earnings of affiliated companies, net of tax

 

 

1

 

 

 

 

 

 

1

 

 

 

 

Net income (loss)

 

 

3

 

 

 

29

 

 

 

49

 

 

 

106

 

Net income (loss) attributable to noncontrolling interests, net

   of tax

 

 

4

 

 

 

6

 

 

 

9

 

 

 

14

 

Net income (loss) attributable to Cabot Corporation

 

$

(1

)

 

$

23

 

 

$

40

 

 

$

92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

56.6

 

 

 

59.1

 

 

 

56.7

 

 

 

59.5

 

Diluted

 

 

56.6

 

 

 

59.3

 

 

 

56.8

 

 

 

59.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.01

)

 

$

0.39

 

 

$

0.70

 

 

$

1.53

 

Diluted

 

$

(0.01

)

 

$

0.39

 

 

$

0.70

 

 

$

1.53

 

 

The accompanying notes are an integral part of these consolidated financial statements.

3


 

CABOT CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED

 

 

 

Three Months Ended March 31

 

 

Six Months Ended March 31

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In millions)

 

Net income (loss)

 

$

3

 

 

$

29

 

 

$

49

 

 

$

106

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of tax

 

 

(78

)

 

 

8

 

 

 

(35

)

 

 

(16

)

Derivatives: net investment hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gains) losses reclassified to interest expense, net of tax

 

 

(1

)

 

 

(1

)

 

 

(2

)

 

 

(2

)

(Gains) losses excluded from effectiveness testing and amortized to interest expense, net of tax

 

 

1

 

 

 

 

 

 

1

 

 

 

 

Pension and other postretirement benefit liability adjustments, net of tax

 

 

 

 

 

 

 

 

1

 

 

 

22

 

Other comprehensive income (loss)

 

 

(78

)

 

 

7

 

 

 

(35

)

 

 

4

 

Comprehensive income (loss)

 

 

(75

)

 

 

36

 

 

 

14

 

 

 

110

 

Net income (loss) attributable to noncontrolling interests, net

   of tax

 

 

4

 

 

 

6

 

 

 

9

 

 

 

14

 

Foreign currency translation adjustment attributable to

   noncontrolling interests, net of tax

 

 

(3

)

 

 

2

 

 

 

 

 

 

2

 

Comprehensive income (loss) attributable to noncontrolling

   interests, net of tax

 

 

1

 

 

 

8

 

 

 

9

 

 

 

16

 

Comprehensive income (loss) attributable to Cabot Corporation

 

$

(76

)

 

$

28

 

 

$

5

 

 

$

94

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


 

CABOT CORPORATION

CONSOLIDATED BALANCE SHEETS

ASSETS

UNAUDITED

 

 

 

March 31, 2020

 

 

September 30, 2019

 

 

 

(In millions)

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

142

 

 

$

169

 

Accounts and notes receivable, net of reserve for doubtful

   accounts of $3 and $3

 

 

462

 

 

 

530

 

Inventories:

 

 

 

 

 

 

 

 

Raw materials

 

 

103

 

 

 

107

 

Finished goods

 

 

312

 

 

 

305

 

Other

 

 

54

 

 

 

54

 

Total inventories

 

 

469

 

 

 

466

 

Prepaid expenses and other current assets

 

 

98

 

 

 

45

 

Total current assets

 

 

1,171

 

 

 

1,210

 

Property, plant and equipment, net

 

 

1,369

 

 

 

1,348

 

Goodwill

 

 

82

 

 

 

90

 

Equity affiliates

 

 

36

 

 

 

39

 

Intangible assets, net

 

 

87

 

 

 

96

 

Deferred income taxes

 

 

181

 

 

 

163

 

Other assets

 

 

171

 

 

 

58

 

Total assets

 

$

3,097

 

 

$

3,004

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5


 

CABOT CORPORATION

CONSOLIDATED BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS’ EQUITY

UNAUDITED

 

 

 

March 31, 2020

 

 

September 30, 2019

 

 

 

(In millions, except share

 

 

 

and per share amounts)

 

Current liabilities:

 

 

 

 

 

 

 

 

Short-term borrowings

 

$

 

 

$

33

 

Accounts payable and accrued liabilities

 

 

530

 

 

 

537

 

Income taxes payable

 

 

26

 

 

 

22

 

Current portion of long-term debt

 

 

7

 

 

 

7

 

Total current liabilities

 

 

563

 

 

 

599

 

Long-term debt

 

 

1,190

 

 

 

1,024

 

Deferred income taxes

 

 

41

 

 

 

41

 

Other liabilities

 

 

268

 

 

 

206

 

Commitments and contingencies (Note G)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock:

 

 

 

 

 

 

 

 

Authorized: 2,000,000 shares of $1 par value

 

 

 

 

 

 

Issued and Outstanding: None and none

 

 

 

 

 

 

 

 

Common stock:

 

 

 

 

 

 

 

 

Authorized: 200,000,000 shares of $1 par value

 

 

 

 

 

 

 

 

Issued: 56,598,515 and 57,250,454 shares

 

 

 

 

 

 

 

 

Outstanding: 56,444,288 and 57,080,589 shares

 

 

56

 

 

 

57

 

Less cost of 154,227 and 169,865 shares of common treasury stock

 

 

(4

)

 

 

(5

)

Retained earnings

 

 

1,302

 

 

 

1,337

 

Accumulated other comprehensive income (loss)

 

 

(429

)

 

 

(391

)

Total Cabot Corporation stockholders' equity

 

 

925

 

 

 

998

 

Noncontrolling interests

 

 

110

 

 

 

136

 

Total stockholders' equity

 

 

1,035

 

 

 

1,134

 

Total liabilities and stockholders' equity

 

$

3,097

 

 

$

3,004

 

 

The accompanying notes are an integral part of these consolidated financial statements.

6


 

CABOT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED

 

 

 

Six Months Ended March 31

 

 

 

2020

 

 

2019

 

 

 

(In millions)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

49

 

 

$

106

 

Adjustments to reconcile net income (loss) to cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

78

 

 

 

73

 

Impairment of held for sale assets

 

 

 

 

 

20

 

Impairment of investment in equity affiliate

 

 

 

 

 

11

 

Deferred tax provision (benefit)

 

 

(23

)

 

 

(29

)

Employee benefit plan settlement

 

 

 

 

 

6

 

Equity in earnings of affiliated companies

 

 

(1

)

 

 

 

Non-cash compensation

 

 

3

 

 

 

7

 

Other non-cash (income) expense

 

 

4

 

 

 

(1

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts and notes receivable

 

 

56

 

 

 

39

 

Inventories

 

 

(8

)

 

 

(51

)

Prepaid expenses and other current assets

 

 

(33

)

 

 

(7

)

Accounts payable and accrued liabilities

 

 

4

 

 

 

(77

)

Income taxes payable

 

 

5

 

 

 

(21

)

Other liabilities

 

 

(6

)

 

 

(27

)

Cash dividends received from equity affiliates

 

 

1

 

 

 

2

 

Cash provided (used) by operating activities

 

 

129

 

 

 

51

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(119

)

 

 

(97

)

Acquisition of business

 

 

(8

)

 

 

 

Other

 

 

1

 

 

 

(1

)

Cash provided (used) by investing activities

 

 

(126

)

 

 

(98

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Borrowings under financing arrangements

 

 

 

 

 

29

 

Proceeds from issuance (repayments) of commercial paper, net

 

 

(33

)

 

 

297

 

Proceeds from long-term debt

 

 

197

 

 

 

 

Repayments of long-term debt

 

 

(50

)

 

 

(75

)

Repayments of redeemable preferred stock

 

 

 

 

 

(25

)

Purchases of common stock

 

 

(44

)

 

 

(112

)

Proceeds from sales of common stock

 

 

3

 

 

 

1

 

Cash dividends paid to noncontrolling interests

 

 

(23

)

 

 

(17

)

Cash dividends paid to common stockholders

 

 

(40

)

 

 

(40

)

Cash provided (used) by financing activities

 

 

10

 

 

 

58

 

Effects of exchange rate changes on cash

 

 

(5

)

 

 

(10

)

Increase (decrease) in cash, cash equivalents and restricted cash

 

 

8

 

 

 

1

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

169

 

 

 

175

 

Cash, cash equivalents and restricted cash at end of period

 

$

177

 

 

$

176

 

 

The following table presents the Company’s cash, cash equivalents and restricted cash by category within the Consolidated Balance Sheets:

 

 

March 31, 2020

 

 

March 31, 2019

 

 

 

(In millions)

 

Cash and cash equivalents

 

$

142

 

 

$

176

 

Restricted cash classified within Prepaid expenses and other current assets

 

 

35

 

 

 

 

Cash, cash equivalents and restricted cash

 

$

177

 

 

$

176

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

7


 

CABOT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

UNAUDITED

 

 

 

Common Stock, Net of Treasury Stock

 

 

Additional

Paid-in

 

 

Retained

 

 

Accumulated Other Comprehensive

 

 

Total Cabot Corporation Stockholders’

 

 

Noncontrolling

 

 

Total Stockholders’

 

 

 

Shares

 

 

Cost

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Equity

 

 

Interests

 

 

Equity

 

 

 

(In millions, except share amounts)

 

Balance at September 30, 2019

 

 

57,081

 

 

$

52

 

 

$

 

 

$

1,337

 

 

$

(391

)

 

$

998

 

 

$

136

 

 

$

1,134

 

Adoption of accounting standards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

$

(3

)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41

 

 

 

 

 

 

 

41

 

 

 

5

 

 

 

46

 

Total other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40

 

 

 

40

 

 

 

3

 

 

 

43

 

Cash dividends paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $0.35 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20

)

 

 

 

 

 

 

(20

)

 

 

 

 

 

 

(20

)

Cash dividends declared to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19

)

 

 

(19

)

Issuance of stock under equity compensation plans

 

 

273

 

 

 

 

 

 

1