XML 61 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies (Tables)
 6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Affects of Adopting New Accounting Policies
 
Six Months Ended June 30, 2017
(In millions)
Previously Reported
 
Revised
 
Effect of Change
Other investing activities
$
(0.5
)
 
$
0.3

 
$
0.8

Net cash provided by (used for) investing activities
(59.6
)
 
(58.8
)
 
0.8

Cash, cash equivalents, and restricted cash, beginning of period
90.6

 
100.6

 
10.0

Cash, cash equivalents, and restricted cash, end of period
161.8

 
172.6

 
10.8

The tables below present the effect of the adoption of ASC 606 on Grace’s Consolidated Statements of Operations and Consolidated Balance Sheets.
Consolidated Statements of Operations
 
Three months ended June 30, 2018
(In millions)
Under ASC 605
 
As Reported (ASC 606)
 
Effect of Change
Net sales
$
485.4

 
$
485.7

 
$
0.3

Gross profit
198.4

 
198.7

 
0.3

Income (loss) before income taxes
63.3

 
63.6

 
0.3

Provision for income taxes
(24.9
)
 
(25.0
)
 
(0.1
)
Net income (loss)
38.4

 
38.6

 
0.2

Net income (loss) attributable to W. R. Grace & Co. Shareholders
38.6

 
38.8

 
0.2

 
Six Months Ended June 30, 2018
(In millions)
Under ASC 605
 
As Reported (ASC 606)
 
Effect of Change
Net sales
$
916.8

 
$
917.2

 
$
0.4

Gross profit
367.8

 
368.2

 
0.4

Income (loss) before income taxes
131.4

 
131.8

 
0.4

Provision for income taxes
(49.7
)
 
(49.8
)
 
(0.1
)
Net income (loss)
81.7

 
82.0

 
0.3

Net income (loss) attributable to W. R. Grace & Co. Shareholders
82.1

 
82.4

 
0.3

Consolidated Balance Sheets
 
June 30, 2018
(In millions)
Under ASC 605
 
As Reported (ASC 606)
 
Effect of Change
Deferred income taxes
$
536.2

 
$
535.4

 
$
(0.8
)
Other liabilities
192.3

 
188.7

 
(3.6
)
Retained earnings
622.7

 
625.5

 
2.8

Consolidated Statements of Operations
 
Three Months Ended June 30, 2017
(In millions)
Previously Reported
 
Revised
 
Effect of Change
Cost of goods sold
$
260.2

 
$
262.3

 
$
2.1

Gross profit
169.3

 
167.2

 
(2.1
)
Selling, general and administrative expenses
70.3

 
70.8

 
0.5

Research and development expenses
12.9

 
13.6

 
0.7

Other (income) expense
(9.6
)
 
(12.9
)
 
(3.3
)
 
Six Months Ended June 30, 2017
(In millions)
Previously Reported
 
Revised
 
Effect of Change
Cost of goods sold
$
505.0

 
$
507.1

 
$
2.1

Gross profit
322.5

 
320.4

 
(2.1
)
Selling, general and administrative expenses
136.8

 
137.8

 
1.0

Research and development expenses
26.1

 
27.5

 
1.4

Other (income) expense
(11.8
)
 
(16.3
)
 
(4.5
)