(Commission File Number) | (I.R.S. Employer Identification No.) | ||||
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
None | None |
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101. |
HEXION INC. | ||||||||
Date: | August 11, 2021 | /s/ George F. Knight | ||||||
George F. Knight | ||||||||
Executive Vice President, Chief Financial Officer |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||||
Net Sales (1): | |||||||||||||||||||||||
Adhesives | $ | 409 | $ | 252 | $ | 770 | $ | 581 | |||||||||||||||
Coatings and Composites | 443 | 283 | 835 | 641 | |||||||||||||||||||
Total | $ | 852 | $ | 535 | $ | 1,605 | $ | 1,222 | |||||||||||||||
Segment EBITDA: | |||||||||||||||||||||||
Adhesives | $ | 75 | $ | 43 | $ | 143 | $ | 98 | |||||||||||||||
Coatings and Composites | 108 | 26 | 173 | 65 | |||||||||||||||||||
Corporate and Other | (23) | (13) | (42) | (34) | |||||||||||||||||||
Total | $ | 160 | $ | 56 | $ | 274 | $ | 129 |
(In millions) | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||
Net sales | $ | 852 | $ | 535 | $ | 1,605 | $ | 1,222 | |||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 636 | 448 | 1,220 | 1,013 | |||||||||||||||||||
Selling, general and administrative expense | 83 | 45 | 153 | 109 | |||||||||||||||||||
Depreciation and amortization | 51 | 47 | 100 | 96 | |||||||||||||||||||
Asset impairments | — | — | — | 16 | |||||||||||||||||||
Business realignment costs | 8 | 18 | 13 | 38 | |||||||||||||||||||
Other operating expense, net | 3 | 5 | — | 12 | |||||||||||||||||||
Operating income (loss) | 71 | (28) | 119 | (62) | |||||||||||||||||||
Interest expense, net | 24 | 25 | 48 | 51 | |||||||||||||||||||
Other non-operating income | (3) | (4) | (7) | (4) | |||||||||||||||||||
Income (loss) from continuing operations before income tax and earnings from unconsolidated entities | 50 | (49) | 78 | (109) | |||||||||||||||||||
Income tax expense (benefit) | 9 | (6) | 25 | (9) | |||||||||||||||||||
Income (loss) from continuing operations before earnings from unconsolidated entities | 41 | (43) | 53 | (100) | |||||||||||||||||||
Earnings from unconsolidated entities, net of taxes | 1 | 1 | 1 | 2 | |||||||||||||||||||
Income (loss) from continuing operations, net of taxes | 42 | (42) | 54 | (98) | |||||||||||||||||||
Loss from discontinued operations, net of taxes | (4) | — | (5) | (3) | |||||||||||||||||||
Net income (loss) | $ | 38 | $ | (42) | $ | 49 | $ | (101) | |||||||||||||||
(In millions, except share data) | June 30, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents (including restricted cash of $3 and $4, respectively) | $ | 288 | $ | 204 | |||||||
Accounts receivable (net of allowance for doubtful accounts of $3) | 449 | 331 | |||||||||
Inventories: | |||||||||||
Finished and in-process goods | 230 | 180 | |||||||||
Raw materials and supplies | 114 | 85 | |||||||||
Current assets held for sale | 1 | 114 | |||||||||
Other current assets | 48 | 39 | |||||||||
Total current assets | 1,130 | 953 | |||||||||
Investment in unconsolidated entities | 11 | 10 | |||||||||
Deferred tax assets | 8 | 7 | |||||||||
Long-term assets held for sale | — | 342 | |||||||||
Other long-term assets | 80 | 85 | |||||||||
Property and equipment: | |||||||||||
Land | 79 | 79 | |||||||||
Buildings | 126 | 122 | |||||||||
Machinery and equipment | 1,293 | 1,270 | |||||||||
1,498 | 1,471 | ||||||||||
Less accumulated depreciation | (282) | (212) | |||||||||
1,216 | 1,259 | ||||||||||
Operating lease assets | 99 | 103 | |||||||||
Goodwill | 164 | 164 | |||||||||
Other intangible assets, net | 1,046 | 1,079 | |||||||||
Total assets | $ | 3,754 | $ | 4,002 | |||||||
Liabilities and Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 357 | $ | 339 | |||||||
Debt payable within one year | 43 | 82 | |||||||||
Interest payable | 28 | 30 | |||||||||
Income taxes payable | 20 | 6 | |||||||||
Accrued payroll and incentive compensation | 59 | 42 | |||||||||
Current liabilities associated with assets held for sale | 4 | 70 | |||||||||
Current portion of operating lease liabilities | 18 | 19 | |||||||||
Other current liabilities | 103 | 111 | |||||||||
Total current liabilities | 632 | 699 | |||||||||
Long-term liabilities: | |||||||||||
Long-term debt | 1,567 | 1,710 | |||||||||
Long-term pension and post employment benefit obligations | 236 | 250 | |||||||||
Deferred income taxes | 154 | 161 | |||||||||
Operating lease liabilities | 74 | 76 | |||||||||
Long-term liabilities associated with assets held for sale | — | 74 | |||||||||
Other long-term liabilities | 208 | 209 | |||||||||
Total liabilities | 2,871 | 3,179 | |||||||||
Equity | |||||||||||
Common stock—$0.01 par value; 100 shares authorized, issued and outstanding at both March 31, 2021 and December 31, 2020 | — | — | |||||||||
Paid-in capital | 1,184 | 1,169 | |||||||||
Accumulated other comprehensive loss | (31) | (27) | |||||||||
Accumulated deficit | (270) | (319) | |||||||||
Total equity | 883 | 823 | |||||||||
Total liabilities and equity | $ | 3,754 | $ | 4,002 |
(In millions) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||
Cash flows used in operating activities | |||||||||||
Net income (loss) | $ | 49 | $ | (101) | |||||||
Less: Loss from discontinued operations, net of tax | (5) | (3) | |||||||||
Income (loss) from continuing operations | 54 | (98) | |||||||||
Adjustments to reconcile net loss to net cash used in by operating activities: | |||||||||||
Depreciation and amortization | 100 | 96 | |||||||||
Non-cash asset impairments | — | 16 | |||||||||
Deferred tax benefit | (3) | (7) | |||||||||
Loss on sale of assets and dispositions | — | 8 | |||||||||
Unrealized foreign currency losses | 8 | 4 | |||||||||
Non-cash stock based compensation expense | 15 | 9 | |||||||||
Net change in assets and liabilities: | |||||||||||
Accounts receivable | (121) | (15) | |||||||||
Inventories | (82) | 4 | |||||||||
Accounts payable | 21 | (22) | |||||||||
Income taxes payable | 19 | (3) | |||||||||
Other assets, current and non-current | (3) | (1) | |||||||||
Other liabilities, current and non-current | (13) | (13) | |||||||||
Net cash used in operating activities from continuing operations | (5) | (22) | |||||||||
Net cash (used in) provided by operating activities from discontinued operations | (1) | 3 | |||||||||
Net cash used in operating activities | (6) | (19) | |||||||||
Cash flows provided by (used) in investing activities | |||||||||||
Capital expenditures | (52) | (52) | |||||||||
Proceeds from disposition of Held for Sale Business (see Note 4) | 304 | — | |||||||||
Proceeds from sale of assets and dispositions, net | 11 | — | |||||||||
Net cash provided by (used in) investing activities from continuing operations | 263 | (52) | |||||||||
Net cash used in investing activities from discontinued operations | (6) | (9) | |||||||||
Net cash provided by (used in) investing activities | 257 | (61) | |||||||||
Cash flows (used in) provided by financing activities | |||||||||||
Net short-term debt repayments | (7) | (14) | |||||||||
Borrowings of long-term debt | 130 | 181 | |||||||||
Repayments of long-term debt | (294) | (32) | |||||||||
Return of capital to parent | — | (10) | |||||||||
Net cash (used in) provided by financing activities | (171) | 125 | |||||||||
Effect of exchange rates on cash and cash equivalents, including restricted cash | 4 | (4) | |||||||||
Change in cash and cash equivalents, including restricted cash | 84 | 41 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 204 | 254 | |||||||||
Cash, cash equivalents and restricted cash at end of period | 288 | 295 | |||||||||
Supplemental disclosures of cash flow information | |||||||||||
Cash paid for: | |||||||||||
Interest, net | $ | 48 | $ | 53 | |||||||
Income taxes, net | 14 | 4 | |||||||||
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||||
Reconciliation: | |||||||||||||||||||||||
Net income (loss) | $ | 38 | $ | (42) | $ | 49 | $ | (101) | |||||||||||||||
Less: Net loss from discontinued operations | (4) | — | (5) | (3) | |||||||||||||||||||
Net income (loss) from continuing operations | 42 | (42) | 54 | (98) | |||||||||||||||||||
Income tax expense (benefit) | 9 | (6) | 25 | (9) | |||||||||||||||||||
Interest expense, net | 24 | 25 | 48 | 51 | |||||||||||||||||||
Depreciation and amortization (1) | 51 | 47 | 100 | 96 | |||||||||||||||||||
EBITDA | 126 | 24 | 227 | 40 | |||||||||||||||||||
Adjustments to arrive at Segment EBITDA: | |||||||||||||||||||||||
Asset impairments | $ | — | $ | — | $ | — | $ | 16 | |||||||||||||||
Business realignment costs (2) | 8 | 18 | 13 | 38 | |||||||||||||||||||
Transaction costs (3) | 7 | 1 | 7 | 3 | |||||||||||||||||||
Realized and unrealized foreign currency losses | — | — | 4 | 6 | |||||||||||||||||||
Other non-cash items (4) | 15 | 12 | 25 | 23 | |||||||||||||||||||
Other (5) | 4 | 1 | (2) | 3 | |||||||||||||||||||
Total adjustments | 34 | 32 | 47 | 89 | |||||||||||||||||||
Segment EBITDA | $ | 160 | $ | 56 | $ | 274 | $ | 129 | |||||||||||||||
Segment EBITDA: | |||||||||||||||||||||||
Adhesives | $ | 75 | $ | 43 | $ | 143 | $ | 98 | |||||||||||||||
Coatings and Composites | 108 | 26 | 173 | 65 | |||||||||||||||||||
Corporate and Other | (23) | (13) | (42) | (34) | |||||||||||||||||||
Total | $ | 160 | $ | 56 | $ | 274 | $ | 129 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||||
Severance costs | $ | 1 | $ | 2 | $ | — | $ | 10 | |||||||||||||||
In-process facility rationalizations | 1 | 1 | 2 | 7 | |||||||||||||||||||
Contractual costs from exited business | 2 | 4 | 4 | 4 | |||||||||||||||||||
Business services implementation | 1 | 8 | 3 | 12 | |||||||||||||||||||
Legacy environmental reserves | 2 | 2 | — | 4 | |||||||||||||||||||
Other | 1 | 1 | 4 | 1 | |||||||||||||||||||
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||||
Fixed asset write-offs | $ | 4 | $ | 5 | $ | 5 | $ | 7 | |||||||||||||||
Stock-based compensation costs | 9 | 4 | 15 | 9 | |||||||||||||||||||
Long-term retention programs | 2 | 3 | 4 | 6 | |||||||||||||||||||
Other | — | — | 1 | 1 | |||||||||||||||||||
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||||
Legacy and other non-recurring items | $ | 2 | $ | 2 | $ | 2 | $ | 4 | |||||||||||||||
IT outage recoveries, net | — | (3) | — | (4) | |||||||||||||||||||
Gain on sale of assets | — | — | (4) | — | |||||||||||||||||||
Financing fees and other | 2 | 2 | — | 3 | |||||||||||||||||||
Three Months Ended June 30, 2021 | Three Months Ended March 31, 2021 | Three Months Ended December 31, 2020 | Three Months Ended September 30, 2020 | ||||||||||||||||||||
Reconciliation: | |||||||||||||||||||||||
Net income (loss) | $ | 38 | $ | 11 | $ | (35) | $ | (94) | |||||||||||||||
Less: Net (loss) income from discontinued operations | (4) | (1) | 2 | (68) | |||||||||||||||||||
Net income (loss) from continuing operations | $ | 42 | $ | 12 | $ | (37) | $ | (26) | |||||||||||||||
Income tax expense (benefit) | 9 | 16 | 6 | 17 | |||||||||||||||||||
Interest expense, net | 24 | 24 | 24 | 25 | |||||||||||||||||||
Depreciation and amortization (2) | 51 | 49 | 48 | 47 | |||||||||||||||||||
EBITDA | $ | 126 | $ | 101 | $ | 41 | $ | 63 | |||||||||||||||
Adjustments to arrive at Segment EBITDA: | |||||||||||||||||||||||
Business realignment costs (3) | 8 | 5 | 12 | 19 | |||||||||||||||||||
Transaction costs (4) | 7 | — | 2 | 1 | |||||||||||||||||||
Realized and unrealized foreign currency losses (gains) | — | 4 | (3) | (3) | |||||||||||||||||||
Unrealized losses on pension and OPEB plan liabilities (5) | — | — | 4 | — | |||||||||||||||||||
Other non-cash items (6) | 15 | 10 | 14 | 6 | |||||||||||||||||||
Other (7) | 4 | (6) | 4 | 5 | |||||||||||||||||||
Total adjustments | 34 | 13 | 33 | 28 | |||||||||||||||||||
Segment EBITDA | $ | 160 | $ | 114 | $ | 74 | $ | 91 | |||||||||||||||
Segment EBITDA: | |||||||||||||||||||||||
Adhesives | $ | 75 | $ | 68 | $ | 58 | $ | 58 | |||||||||||||||
Coatings and Composites | 108 | 65 | 36 | 50 | |||||||||||||||||||
Corporate and Other | (23) | (19) | (20) | (17) | |||||||||||||||||||
Total | $ | 160 | $ | 114 | $ | 74 | $ | 91 |
Three Months Ended June 30, 2021 | Three Months Ended March 31, 2021 | Three Months Ended December 31, 2020 | Three Months Ended September 30, 2020 | ||||||||||||||||||||
Severance costs | $ | 1 | $ | (1) | $ | 2 | $ | 4 | |||||||||||||||
In-process facility rationalizations | 1 | 1 | 1 | 3 | |||||||||||||||||||
Contractual costs from exited business | 2 | 2 | 2 | 2 | |||||||||||||||||||
Business services implementation | 1 | 2 | 4 | 6 | |||||||||||||||||||
Legacy environmental reserves | 2 | (2) | 1 | 4 | |||||||||||||||||||
Other | 1 | 3 | 2 | — |
Three Months Ended June 30, 2021 | Three Months Ended March 31, 2021 | Three Months Ended December 31, 2020 | Three Months Ended September 30, 2020 | ||||||||||||||||||||
Fixed asset write-offs | $ | 4 | $ | 1 | $ | 6 | $ | — | |||||||||||||||
Stock-based compensation costs | 9 | 6 | 4 | 4 | |||||||||||||||||||
Long-term retention programs | 2 | 2 | 2 | 1 | |||||||||||||||||||
Other | — | 1 | 2 | 1 |
Three Months Ended June 30, 2021 | Three Months Ended March 31, 2021 | Three Months Ended December 31, 2020 | Three Months Ended September 30, 2020 | ||||||||||||||||||||
Legacy and other non-recurring items | $ | 2 | $ | — | $ | 2 | $ | 2 | |||||||||||||||
IT outage recoveries, net | — | — | — | — | |||||||||||||||||||
Gain on sale of assets | — | (4) | — | — | |||||||||||||||||||
Financing fees and other | 2 | (2) | 2 | 3 | |||||||||||||||||||
June 30, 2021 | |||||
LTM Period | |||||
Net loss | $ | (80) | |||
Net loss from discontinued operations | (71) | ||||
Net loss from continuing operations | $ | (9) | |||
Income tax expense | 48 | ||||
Interest expense, net | 97 | ||||
Depreciation and amortization | 195 | ||||
EBITDA | 331 | ||||
Adjustments to arrive at Pro Forma EBITDA: | |||||
Business realignment costs (1) | 44 | ||||
Realized and unrealized foreign currency gains | (2) | ||||
Unrealized losses on pension and postretirement benefits (2) | 4 | ||||
Transaction costs (3) | 10 | ||||
Other non-cash items (4) | 45 | ||||
Other (5) | 12 | ||||
Pro Forma EBITDA | $ | 444 | |||
Pro forma fixed charges (6) | $ | 80 | |||
Ratio of Pro Forma EBITDA to Fixed Charges (7) | 5.55 |
Three Months Ended June 30, 2021 | Three Months Ended March 31, 2021 | Three Months Ended December 31, 2020 | Three Months Ended September 30, 2020 | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | 38 | $ | (44) | $ | 156 | $ | (6) | |||||||||||||||
Capital expenditures | (30) | (28) | (40) | (28) | |||||||||||||||||||
Free Cash Flow (1) | 8 | $ | (72) | $ | 116 | $ | (34) |
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||
Debt payable within one year | $ | 43 | $ | 52 | $ | 82 | $ | 77 | |||||||||||||||
Long term debt | 1,567 | 1,714 | 1,710 | 1,756 | |||||||||||||||||||
Total Debt (1) | $ | 1,610 | $ | 1,766 | $ | 1,792 | $ | 1,833 | |||||||||||||||
Less: Unrestricted cash and cash equivalents | (286) | (131) | (200) | (154) | |||||||||||||||||||
Net Debt (2) | $ | 1,324 | $ | 1,635 | $ | 1,592 | $ | 1,679 |
December 31, 2020 | |||||
Carrying amounts of major classes of assets held for sale: | |||||
Accounts receivable | $ | 66 | |||
Finished and in-process goods | 18 | ||||
Raw materials and supplies | 17 | ||||
Other current assets | 12 | ||||
Total current assets | 113 | ||||
Investment in unconsolidated entities | 5 | ||||
Deferred tax assets | 2 | ||||
Other long-term assets | 7 | ||||
Property, plant and equipment, net | 310 | ||||
Operating lease assets | 13 | ||||
Goodwill | 14 | ||||
Other intangible assets, net | 61 | ||||
Discontinued operations impairment | (75) | ||||
Total long-term assets | 337 | ||||
Total assets held for sale | $ | 450 | |||
Carrying amounts of major classes of liabilities held for sale: | |||||
Accounts payable | $ | 52 | |||
Income taxes payable | 1 | ||||
Accrued payroll | 3 | ||||
Current portion of operating lease liabilities | 2 | ||||
Other current liabilities | 9 | ||||
Total current liabilities | 67 | ||||
Long-term pension and post employment benefit obligations | 36 | ||||
Deferred income taxes | 22 | ||||
Operating lease liabilities | 5 | ||||
Other long-term liabilities | 8 | ||||
Total long-term liabilities | 71 | ||||
Total liabilities held for sale | $ | 138 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||||
Major line items constituting pretax income of discontinued operations: | |||||||||||||||||||||||
Net sales | $ | 53 | $ | 97 | $ | 216 | $ | 242 | |||||||||||||||
Cost of sales (exclusive of depreciation and amortization) | 46 | 84 | 183 | 205 | |||||||||||||||||||
Selling, general and administrative expense | 5 | 10 | 16 | 21 | |||||||||||||||||||
Depreciation and amortization | — | 9 | — | 18 | |||||||||||||||||||
Loss on sale of business | 10 | — | 10 | — | |||||||||||||||||||
Asset impairments | — | — | 16 | — | |||||||||||||||||||
Business realignment costs | — | — | — | 1 | |||||||||||||||||||
Other operating income, net | — | (1) | — | (1) | |||||||||||||||||||
Operating (loss) income | (8) | (5) | (9) | (2) | |||||||||||||||||||
Other non-operating income, net | (5) | — | (5) | — | |||||||||||||||||||
Loss from discontinued operations before income tax, earnings from unconsolidated entities | (3) | (5) | (4) | (2) | |||||||||||||||||||
Income tax expense (benefit) | 1 | (5) | 2 | 1 | |||||||||||||||||||
Loss from discontinued operations, net of tax | $ | (4) | $ | — | $ | (6) | $ | (3) | |||||||||||||||
Earnings from unconsolidated entities, net of tax | — | — | 1 | — | |||||||||||||||||||
Net loss attributable to discontinued operations | $ | (4) | $ | — | $ | (5) | $ | (3) |
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Cover |
Aug. 11, 2021 |
---|---|
Document Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Aug. 11, 2021 |
Entity Registrant Name | HEXION INC. |
Entity Incorporation, State or Country Code | NJ |
Entity File Number | 1-71 |
Entity Tax Identification Number | 13-0511250 |
Entity Address, Address Line One | 180 East Broad St., |
Entity Address, City or Town | Columbus, |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 43215-3799 |
City Area Code | 614 |
Local Phone Number | 225-4000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Central Index Key | 0000013239 |
Amendment Flag | false |
Entity Emerging Growth Company | false |
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