XML 53 R43.htm IDEA: XBRL DOCUMENT v2.4.0.8
Chapter 11 Information (Details 2) (USD $)
In Millions, unless otherwise specified
 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Dec. 31, 2013
Dec. 31, 2012
Jun. 30, 2014
Chapter 11 Filing Entities
Jun. 30, 2013
Chapter 11 Filing Entities
Jun. 30, 2014
Chapter 11 Filing Entities
Jun. 30, 2013
Chapter 11 Filing Entities
Dec. 31, 2013
Chapter 11 Filing Entities
Dec. 31, 2011
Chapter 11 Filing Entities
Chapter 11 information                        
Payment to Settle Certain Liabilities Subject to Compromise     $ 1,340.6                  
Default Interest Settlement on Prepetition Debt 0   0   129.0              
Components of liabilities subject to compromise are as follows:                        
Asbestos-related contingencies         2,092.4           2,092.4  
Pre-petition bank debt plus accrued interest 0   0   1,137.8           1,100.0  
Environmental contingencies                     134.5  
Unfunded special pension arrangements                     129.4  
Income tax contingencies                     76.6  
Postretirement benefits other than pension                     57.2  
Liabilities Subject to Compromise, Drawn Letters of Credit and Accrued Interest                     37.8  
Accounts payable                     34.3  
Retained obligations of divested businesses                     29.9  
Other accrued liabilities                     94.3  
Reclassification to current liabilities                     (10.3) [1]  
Liabilities Subject to Compromise 0   0                  
Reconciliation of the changes in pre-filing date liability balances                        
Balance, Filing Date April 2, 2001     3,776.1           3,776.1      
Cash disbursements and/or reclassifications under Bankruptcy Court orders:                        
Payment of environmental settlement liability     (7.0) (6.3)                
Balance, end of period 0   0                  
Chapter 11 Expenses                        
Legal and financial advisory fees             3.0 3.8 9.2 8.8    
Interest income             0 (0.5) (0.1) (0.7)    
Chapter 11 expenses, net of interest income 3.0 3.3 9.1 8.1     3.0 3.3 9.1 8.1    
Debtor-in-Possession Statements of Operations                        
Net sales, including intercompany 838.0 802.8 1,582.5 1,512.7           720.3    
Cost of goods sold, including intercompany, exclusive of depreciation and amortization shown separately below                   444.1    
Selling, general and administrative expenses 144.0 142.1 280.8 275.4           121.0    
Depreciation and amortization     68.0 61.8           34.6    
Research and development expenses 20.3 16.6 40.8 33.5           18.8    
Interest expense and related financing costs 11.1 10.9 22.3 21.4           18.6    
Restructuring expenses     2.7                  
Provision for environmental remediation 3.4 1.3 4.6 2.3                
Other income, net 10.9 3.9 20.9 11.8           (31.5)    
Total costs and expenses 191.9 167.6 381.0 335.9           613.7    
Income before income taxes and equity in net income of non-filing entities                   106.6    
Benefit from (provision for) income taxes 7.7 (42.5) (22.1) (73.8)           (45.3)    
Income before equity in net income of non-filing entities                   61.3    
Equity in net income of non-filing entities                   88.1    
Net income attributable to W. R. Grace and Co. shareholders 136.2 90.3 186.3 149.4           149.4    
Operating Activities                        
Net income attributable to W. R. Grace and Co. shareholders 136.2 90.3 186.3 149.4           149.4    
Reconciliation to net cash (used for) provided by operating activities:                        
Depreciation and amortization     68.0 61.8           34.6    
Equity in net income of non-filing entities                   (88.1)    
Provision for income taxes (7.7) 42.5 22.1 73.8           45.3    
Income taxes paid, net of refunds     (16.4) (26.9)           (3.4)    
Pension and Other Postretirement Benefit Expense     11.5 16.1           7.4    
Payments under defined benefit pension arrangements     (89.1) (58.0)           (52.8)    
Changes in assets and liabilities, excluding the effect of foreign currency translation:                        
Trade accounts receivable     (57.4) (3.3)           (10.3)    
Inventories     (39.8) (37.0)           (29.8)    
Accounts payable     20.3 37.1           16.8    
All other items, net     1.7 (45.1)           14.4    
Net cash provided by (used for) operating activities                   83.5    
Investing Activities                        
Capital expenditures     (81.5) (73.7)           (39.9)    
Payments for (Proceeds from) Short-term Investments     0 500.0           500.0    
Transfer to restricted cash and cash equivalents     395.4 29.1           5.1    
Net cash used for investing activities                   (534.8)    
Financing activities                        
Net repayments under credit arrangements     1,101.1 18.6           0    
Repayments under credit arrangements     (662.2) (35.6)           (0.4)    
Proceeds from exercise of stock options     12.5 25.2           25.2    
Net cash provided by financing activities                   24.8    
Net decrease in cash and cash equivalents                   (426.5)    
Cash and cash equivalents, beginning of period     964.8 1,336.9         585.1     1,064.2
Cash and cash equivalents, end of period 283.9 942.4 283.9 942.4       637.7   637.7   1,064.2
Current Assets                        
Cash and cash equivalents 283.9 942.4 283.9 942.4       637.7   637.7   1,064.2
Restricted cash and cash equivalents 0   0   395.4           340.5  
Trade accounts receivable, net 539.9   539.9   481.8           149.7  
Receivables from non-filing entities, net                     173.0  
Inventories 334.6   334.6   295.3           138.9  
Other current assets 92.3   92.3   99.0           69.3  
Total Current Assets 1,466.0   1,466.0   2,294.4           1,456.5  
Properties and equipment, net 835.2   835.2   829.9           484.5  
Goodwill 467.7   467.7   457.5           279.9  
Technology and other intangible assets, net 305.2   305.2   315.5           249.1  
Deferred income taxes 619.9   619.9   845.9           817.3  
Asbestos-related insurance 0   0   500.0           500.0  
Loans receivable from non-filing entities, net                     283.8  
Investment in non-filing entities                     531.3  
Investment in unconsolidated affiliate 102.7   102.7   96.2           96.2  
Other assets 61.4   61.4   40.0           16.5  
Total Assets 3,903.8   3,903.8   5,396.1           4,715.1  
Liabilities Not Subject to Compromise                        
Current liabilities 1,279.4   1,279.4   635.6           247.4  
Underfunded defined benefit pension plans                     52.2  
Other liabilities 140.7   140.7   60.8           78.7  
Total Liabilities Not Subject to Compromise 3,333.0   3,333.0   1,048.8           378.3  
Liabilities Subject to Compromise 0   0                  
Total Liabilities 3,333.0   3,333.0   4,824.9           4,154.4  
Total W. R. Grace & Co. Shareholders' Equity 559.4   559.4   560.6           560.6  
Noncontrolling interests in Chapter 11 filing entities 11.4   11.4   10.6           0.1  
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 570.8 483.0 570.8 483.0 571.2 319.8         560.7  
Total Liabilities and Equity 3,903.8   3,903.8   5,396.1           4,715.1  
Interest accrued on pre-petition liabilities subject to compromise     $ 3.4 $ 18.4                
[1] (1)As of December 31, 2013, $10.3 million of certain pension and postretirement benefit obligations subject to compromise have been presented in "other current liabilities" in the accompanying Consolidated Balance Sheets in accordance with ASC 715 "Compensation—Retirement Benefits."