QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (Commission file number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
x | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Condensed Consolidated Statements of Operations | ||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
Condensed Consolidated Statements of Changes in Stockholders’ Equity | ||||||||
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | ||||||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | ||||||||
Item 4. Controls and Procedures | ||||||||
PART II - Other Information | ||||||||
Item 1. Legal Proceedings | ||||||||
Item 1A. Risk Factors | ||||||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||
Item 3. Defaults Upon Senior Securities | ||||||||
Item 4. Mine Safety Disclosures | ||||||||
Item 5. Other | ||||||||
Item 6. Exhibits | ||||||||
Signatures |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Research and development costs | ||||||||||||||||||||||||||
Gain related to litigation settlement | ( | ( | ||||||||||||||||||||||||
Other (income) expenses, net | ( | |||||||||||||||||||||||||
Income (loss) from operations | ( | |||||||||||||||||||||||||
Interest and other financial expense, net | ||||||||||||||||||||||||||
Reclassification of actuarial losses from AOCI | ||||||||||||||||||||||||||
Pre-tax income (loss) before earnings in affiliated companies and income taxes | ( | |||||||||||||||||||||||||
Income tax expense (benefit) | ( | |||||||||||||||||||||||||
Equity in earnings of affiliated companies, net of tax | ||||||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | |||||||||||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||||||||
Basic | $ | $ | ( | $ | $ | |||||||||||||||||||||
Diluted | $ | $ | ( | $ | $ | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||||
Foreign currency translation adjustments | ( | |||||||||||||||||||||||||
Unrealized net gains (losses) on hedges of a net investment in a foreign operation | ( | ( | ||||||||||||||||||||||||
Unrealized net gains (losses) on cash flow hedges | ( | ( | ||||||||||||||||||||||||
Gains on defined benefit plans | ||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | $ | ( | $ | $ | ( |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||
(In thousands, except share amounts) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||||||||
Accounts receivable, net | ||||||||||||||||||||
Other current financial assets | ||||||||||||||||||||
Inventories, net | ||||||||||||||||||||
Income tax receivables | ||||||||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||||||||
Total current assets | ||||||||||||||||||||
Property, plant and equipment, net | ||||||||||||||||||||
Right-of-use assets | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
Intangible assets, net | ||||||||||||||||||||
Investment in equity method affiliates | ||||||||||||||||||||
Deferred income tax assets | ||||||||||||||||||||
Other financial assets | ||||||||||||||||||||
Other assets | ||||||||||||||||||||
Total non-current assets | ||||||||||||||||||||
Total assets | $ | $ | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | $ | ||||||||||||||||||
Current portion of long term debt and other financial liabilities | ||||||||||||||||||||
Current portion of employee benefit plan obligation | ||||||||||||||||||||
Accrued liabilities | ||||||||||||||||||||
Income taxes payable | ||||||||||||||||||||
Other current liabilities | ||||||||||||||||||||
Total current liabilities | ||||||||||||||||||||
Long-term debt, net | ||||||||||||||||||||
Employee benefit plan obligation | ||||||||||||||||||||
Deferred income tax liabilities | ||||||||||||||||||||
Other liabilities | ||||||||||||||||||||
Total non-current liabilities | ||||||||||||||||||||
Commitments and contingencies | Note M | |||||||||||||||||||
Stockholders' Equity | ||||||||||||||||||||
Common stock | ||||||||||||||||||||
Authorized: | ||||||||||||||||||||
Issued – | ||||||||||||||||||||
Outstanding – | ||||||||||||||||||||
Less | ( | ( | ||||||||||||||||||
Additional paid-in capital | ||||||||||||||||||||
Retained earnings | ||||||||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||||||||
Total stockholders' equity | ||||||||||||||||||||
Total liabilities and stockholders' equity | $ | $ |
Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
(In thousands) | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||
Depreciation of property, plant and equipment and amortization of intangible assets and right of use assets | ||||||||||||||
Amortization of debt issuance costs | ||||||||||||||
Share-based incentive compensation | ||||||||||||||
Deferred tax (benefit) provision | ( | ( | ||||||||||||
Foreign currency transactions | ( | |||||||||||||
Reclassification of actuarial losses from AOCI | ||||||||||||||
Other operating non-cash items, net | ( | |||||||||||||
Changes in operating assets and liabilities, net: | ||||||||||||||
Trade receivables | ( | |||||||||||||
Inventories | ( | |||||||||||||
Trade payables | ( | |||||||||||||
Other provisions | ( | ( | ||||||||||||
Income tax liabilities | ||||||||||||||
Other assets and liabilities, net | ||||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Acquisition of intangible assets and property, plant and equipment | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Repayments of long-term debt | ( | ( | ||||||||||||
Cash inflows related to current financial liabilities | ||||||||||||||
Cash outflows related to current financial liabilities | ( | ( | ||||||||||||
Dividends paid to shareholders | ( | |||||||||||||
Taxes paid for shares issued under net settlement feature | ( | ( | ||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | ||||||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | ||||||||||||||
Effect of exchange rate changes on cash | ( | ( | ||||||||||||
Cash, cash equivalents and restricted cash at the end of the period | ||||||||||||||
Less restricted cash at the end of the period | ||||||||||||||
Cash and cash equivalents at the end of the period | $ | $ | ||||||||||||
Common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | Number | Amount | Treasury shares | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total | |||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Share based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock under equity compensation plans | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | Number | Amount | Treasury shares | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total | |||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Dividends paid - | $ | per share | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||
Share based compensation | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock under equity compensation plans | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Table of Contents—Notes | |||||
Note C. Leases | |||||
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
ROU Assets | |||||||||||
$ | $ | ||||||||||
Total | $ | $ | |||||||||
Lease Liabilities(1) | |||||||||||
Operating leases | |||||||||||
$ | $ | ||||||||||
Finance leases | |||||||||||
Total | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Raw materials, consumables and supplies, net | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods, net | |||||||||||
Total | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Accounts receivable | $ | $ | |||||||||
Expected credit losses | ( | ( | |||||||||
Accounts receivable, net of expected credit losses | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Current | |||||||||||
Current portion of term loan | $ | $ | |||||||||
Deferred debt issuance costs - term loan | ( | ( | |||||||||
Other short-term debt and obligations | |||||||||||
Current portion of long-term debt and other financial liabilities | |||||||||||
Non-current | |||||||||||
Term loan | |||||||||||
Deferred debt issuance costs - term loan | ( | ( | |||||||||
Long-term debt, net | |||||||||||
Total | $ | $ |
Fair Value Hierarchy | June 30, 2021 | December 31, 2020 | |||||||||||||||
(In thousands) | |||||||||||||||||
Receivables from hedges/derivatives | $ | $ | |||||||||||||||
Prepaid expenses and other current assets | Level 2 | ||||||||||||||||
Liabilities from derivatives | $ | $ | |||||||||||||||
Other current liabilities | Level 2 | ||||||||||||||||
Other liabilities (non-current) | Level 2 | ||||||||||||||||
Term loan | Level 2 | $ | $ | ||||||||||||||
Local bank loans | Level 2 | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Amortization of actuarial loss | |||||||||||||||||||||||
Net periodic pension cost | $ | $ | $ | $ |
Personnel Expenses | Demolition and Removal Costs | Ground Remediation Costs | Other | Total | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Provision at January 1, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Charges | ( | ( | |||||||||||||||||||||||||||
Cash paid | ( | ( | |||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | |||||||||||||||||||||||||
Provision at March 31, 2021 | |||||||||||||||||||||||||||||
Charges | ( | ||||||||||||||||||||||||||||
Cash paid | ( | ( | ( | ||||||||||||||||||||||||||
Foreign currency translation adjustment | |||||||||||||||||||||||||||||
Provision at June 30, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Personnel Expenses | Demolition and Removal Costs | Ground Remediation Costs | Other | Total | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Provision at January 1, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cash paid | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Provision at March 31, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cash paid | ( | ( | ( | ( | |||||||||||||||||||||||||
Foreign currency translation adjustment | |||||||||||||||||||||||||||||
Provision at June 30, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Currency Translation Adjustments | Hedging Activities Adjustments | Pension and Other Postretirement Benefit Liability Adjustment | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance at January 1, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | |||||||||||||||||||||
Income tax effects before reclassifications | ( | ( | ( | ||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||
Income tax effects on reclassifications | ( | ( | |||||||||||||||||||||
Currency translation AOCI | |||||||||||||||||||||||
Balance at March 31, 2021 | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Income tax effects before reclassifications | ( | ||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||
Income tax effects on reclassifications | ( | ( | |||||||||||||||||||||
Currency translation AOCI | ( | ( | ( | ||||||||||||||||||||
Balance at June 30, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Currency Translation Adjustments | Hedging Activities Adjustments | Pension and Other Postretirement Benefit Liability Adjustment | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance at January 1, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | ( | ||||||||||||||||||||
Income tax effects before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||
Income tax effects on reclassifications | ( | ( | |||||||||||||||||||||
Currency translation AOCI | |||||||||||||||||||||||
Balance at March 31, 2020 | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Income tax effects before reclassifications | ( | ||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||
Income tax effects on reclassifications | ( | ( | |||||||||||||||||||||
Currency translation AOCI | ( | ( | ( | ||||||||||||||||||||
Balance at June 30, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||
Net income (loss) for the period - attributable to ordinary equity holders of the parent | $ | $ | ( | $ | $ | ||||||||||||||||||
Weighted average number of ordinary shares | |||||||||||||||||||||||
Basic EPS | $ | $ | ( | $ | $ | ||||||||||||||||||
Dilutive effect of share based payments | |||||||||||||||||||||||
Weighted average number of diluted ordinary shares | |||||||||||||||||||||||
Diluted EPS | $ | $ | ( | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Effective income tax rates | % | % | % | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Rubber | % | % | % | % | |||||||||||||||||||
Specialty | % | % | % | % |
Rubber | Specialties | Corporate | Total Segments | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
2021 | |||||||||||||||||||||||
Net sales from external customers | $ | $ | $ | — | $ | ||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | — | $ | ||||||||||||||||||
Corporate charges | — | — | ( | ( | |||||||||||||||||||
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | ( | ( | — | ( | |||||||||||||||||||
Gain related to litigation settlement | |||||||||||||||||||||||
Excluding equity in earnings of affiliated companies, net of tax | ( | — | — | ( | |||||||||||||||||||
Interest and other financial expense, net | ( | ( | |||||||||||||||||||||
Reclassification of actuarial losses from AOCI | ( | ( | |||||||||||||||||||||
Pre-tax income before earnings in affiliated companies and income taxes | $ | ||||||||||||||||||||||
2020 | |||||||||||||||||||||||
Net sales from external customers | $ | $ | $ | — | $ | ||||||||||||||||||
Adjusted EBITDA | $ | ( | $ | $ | — | $ | |||||||||||||||||
Corporate charges | — | — | ( | ( | |||||||||||||||||||
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | ( | ( | — | ( | |||||||||||||||||||
Gain related to litigation settlement | |||||||||||||||||||||||
Excluding equity in earnings of affiliated companies, net of tax | ( | — | — | ( | |||||||||||||||||||
Interest and other financial expense, net | ( | ( | |||||||||||||||||||||
Reclassification of actuarial losses from AOCI | ( | ( | |||||||||||||||||||||
Pre-tax loss before earnings in affiliated companies and income taxes | $ | ( |
Rubber | Specialties | Corporate | Total Segments | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
2021 | |||||||||||||||||||||||
Net sales from external customers | $ | $ | $ | — | $ | ||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | — | $ | ||||||||||||||||||
Corporate charges | — | — | ( | ( | |||||||||||||||||||
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | ( | ( | — | ( | |||||||||||||||||||
Gain related to litigation settlement | |||||||||||||||||||||||
Excluding equity in earnings of affiliated companies, net of tax | ( | — | — | ( | |||||||||||||||||||
Interest and other financial expense, net | ( | ( | |||||||||||||||||||||
Reclassification of actuarial losses from AOCI | ( | ( | |||||||||||||||||||||
Pre-tax income before earnings in affiliated companies and income taxes | $ | ||||||||||||||||||||||
2020 | |||||||||||||||||||||||
Net sales from external customers | $ | $ | $ | — | $ | ||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | — | $ | ||||||||||||||||||
Corporate charges | — | — | ( | ( | |||||||||||||||||||
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | ( | ( | — | ( | |||||||||||||||||||
Excluding equity in earnings of affiliated companies, net of tax | ( | — | — | ( | |||||||||||||||||||
Interest and other financial expense, net | ( | ( | |||||||||||||||||||||
Reclassification of actuarial losses from AOCI | ( | ( | |||||||||||||||||||||
Pre-tax income before earnings in affiliated companies and income taxes | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(In millions, unless otherwise indicated) | ||||||||||||||||||||||||||
Revenue | $ | 401.0 | $ | 202.6 | $ | 761.1 | $ | 538.7 | ||||||||||||||||||
Variable costs | (247.4) | (128.3) | (460.4) | (332.5) | ||||||||||||||||||||||
Contribution margin | 153.6 | 74.3 | 300.7 | 206.2 | ||||||||||||||||||||||
Freight | 24.0 | 11.6 | 46.5 | 30.8 | ||||||||||||||||||||||
Fixed costs | (67.5) | (52.0) | (134.6) | (112.9) | ||||||||||||||||||||||
Gross profit | $ | 110.1 | $ | 33.9 | $ | 212.6 | $ | 124.1 | ||||||||||||||||||
Volume (in kmt) | 250.3 | 156.9 | 504.4 | 392.0 | ||||||||||||||||||||||
Contribution margin per metric ton | $ | 613.9 | $ | 473.6 | $ | 596.2 | $ | 525.9 | ||||||||||||||||||
Gross profit per metric ton | $ | 439.8 | $ | 216.3 | $ | 421.5 | $ | 316.6 | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Net income (loss) | $ | 89.1 | $ | (17.8) | $ | 112.6 | $ | 0.3 | ||||||||||||||||||
Add back income tax expense | 33.4 | (5.8) | 41.8 | 1.7 | ||||||||||||||||||||||
Add back equity in earnings of affiliated companies, net of tax | (0.2) | (0.2) | (0.4) | (0.3) | ||||||||||||||||||||||
Pre-tax income (loss) before earnings in affiliated companies and income taxes | 122.3 | (23.8) | 154.0 | 1.7 | ||||||||||||||||||||||
Add back interest and other financial expense, net | 9.0 | 8.2 | 18.8 | 17.9 | ||||||||||||||||||||||
Add back reclassification of actuarial losses from AOCI | 1.2 | 2.7 | 2.5 | 5.1 | ||||||||||||||||||||||
Income (loss) from operations | 132.5 | (12.9) | 175.3 | 24.7 | ||||||||||||||||||||||
Add back depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 25.1 | 21.9 | 50.8 | 45.7 | ||||||||||||||||||||||
EBITDA | 157.6 | 9.0 | 226.1 | 70.4 | ||||||||||||||||||||||
Equity in earnings of affiliated companies, net of tax | 0.2 | 0.2 | 0.4 | 0.3 | ||||||||||||||||||||||
Extraordinary expense items related to COVID-19 | — | 2.7 | — | 2.7 | ||||||||||||||||||||||
Evonik legal settlement: | — | — | — | — | ||||||||||||||||||||||
Cash settlement | (79.5) | — | (79.5) | — | ||||||||||||||||||||||
Release of legal reserve, net | (3.4) | — | (3.4) | — | ||||||||||||||||||||||
Long term incentive plan | 1.2 | 1.2 | 2.3 | 0.1 | ||||||||||||||||||||||
EPA-related expenses | 0.5 | 1.0 | 2.2 | 3.6 | ||||||||||||||||||||||
Other adjustments (1) | 2.2 | 1.1 | 1.6 | 2.0 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 78.8 | $ | 15.2 | $ | 149.7 | $ | 79.1 | ||||||||||||||||||
Adjusted EBITDA Specialty Carbon Black | $ | 39.4 | $ | 16.5 | $ | 79.0 | $ | 44.5 | ||||||||||||||||||
Adjusted EBITDA Rubber Carbon Black | $ | 39.5 | $ | (1.2) | $ | 70.6 | $ | 34.5 |
Statement of Operations Data | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Net sales | $ | 401.0 | $ | 202.6 | $ | 761.1 | $ | 538.7 | ||||||||||||||||||
Cost of sales | 290.9 | 168.7 | 548.5 | 414.6 | ||||||||||||||||||||||
Gross profit | 110.1 | 33.9 | 212.6 | 124.1 | ||||||||||||||||||||||
Selling, general and administrative expenses | 55.1 | 38.5 | 107.4 | 83.1 | ||||||||||||||||||||||
Research and development costs | 5.9 | 4.4 | 10.7 | 9.4 | ||||||||||||||||||||||
Gain related to litigation settlement | (82.9) | 0.0 | (82.9) | 0.0 | ||||||||||||||||||||||
Other expenses (income),net | (0.5) | 3.9 | 2.1 | 6.9 | ||||||||||||||||||||||
Income (loss) from operations | 132.5 | (12.9) | 175.3 | 24.7 | ||||||||||||||||||||||
Interest and other financial expense, net | 9.0 | 8.2 | 18.8 | 17.9 | ||||||||||||||||||||||
Reclassification of actuarial losses from AOCI | 1.2 | 2.7 | 2.5 | 5.1 | ||||||||||||||||||||||
Pre-tax income (loss) before earnings in affiliated companies and income taxes | 122.3 | (23.8) | 154.0 | 1.7 | ||||||||||||||||||||||
Income tax expense (benefit) | 33.4 | (5.8) | 41.8 | 1.7 | ||||||||||||||||||||||
Equity in earnings of affiliated companies, net of tax | 0.2 | 0.2 | 0.4 | 0.3 | ||||||||||||||||||||||
Net income (loss) | $ | 89.1 | $ | (17.8) | $ | 112.6 | $ | 0.3 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(In millions, unless otherwise indicated) | ||||||||||||||||||||||||||
Specialty Carbon Black | ||||||||||||||||||||||||||
Net sales | $ | 156.3 | $ | 94.4 | $ | 300.4 | $ | 214.2 | ||||||||||||||||||
Cost of sales | (103.3) | (70.2) | (194.0) | (150.3) | ||||||||||||||||||||||
Gross profit | $ | 53.0 | $ | 24.2 | $ | 106.4 | $ | 63.9 | ||||||||||||||||||
Volume (kmt) | 68.1 | 49.5 | 139.5 | 107.8 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 39.3 | $ | 16.5 | $ | 79.0 | $ | 44.5 | ||||||||||||||||||
Adjusted EBITDA Margin (%) | 25.2 | 17.4 | 26.3 | 20.8 | ||||||||||||||||||||||
Rubber Carbon Black | ||||||||||||||||||||||||||
Net sales | $ | 244.7 | $ | 108.2 | $ | 460.7 | $ | 324.5 | ||||||||||||||||||
Cost of sales | (187.6) | (98.5) | (354.5) | (264.3) | ||||||||||||||||||||||
Gross profit | $ | 57.1 | $ | 9.7 | $ | 106.2 | $ | 60.2 | ||||||||||||||||||
Volume (kmt) | 182.2 | 107.4 | 364.9 | 284.2 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 39.5 | $ | (1.3) | $ | 70.7 | $ | 34.6 | ||||||||||||||||||
Adjusted EBITDA Margin (%) | 16.1 | (1.1) | 15.3 | 10.6 |
Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
(In millions) | ||||||||||||||
Net cash provided by operating activities | $ | 85.1 | $ | 90.6 | ||||||||||
Net cash used in investing activities | (58.3) | (89.4) | ||||||||||||
Net cash provided by (used in) financing activities | (16.6) | 81.7 | ||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
(In millions) | ||||||||||||||
Inventories | $ | 186.2 | $ | 141.5 | ||||||||||
Trade receivables | 303.2 | 234.8 | ||||||||||||
Trade payables | (151.7) | (131.3) | ||||||||||||
Net working capital | $ | 337.7 | $ | 245.0 |
Exhibit Number | Description | |||||||
31.1 | * | |||||||
31.2 | * | |||||||
32.1 | ** | |||||||
32.2 | ** | |||||||
101.0 | * | XBRL | ||||||
* | Filed herewith | |||||||
** | Furnished herewith | |||||||
ORION ENGINEERED CARBONS S.A. | ||||||||
August 5, 2021 | By | /s/ Lorin Crenshaw | ||||||
Name: Lorin Crenshaw | ||||||||
Title: Chief Financial Officer | ||||||||
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Statement [Abstract] | ||||
Net sales | $ 400,976 | $ 202,648 | $ 761,053 | $ 538,655 |
Cost of sales | 290,899 | 168,704 | 548,456 | 414,518 |
Gross profit | 110,077 | 33,944 | 212,597 | 124,137 |
Selling, general and administrative expenses | 55,064 | 38,547 | 107,417 | 83,066 |
Research and development costs | 5,942 | 4,449 | 10,702 | 9,405 |
Gain related to litigation settlement | (82,858) | 0 | (82,858) | 0 |
Other (income) expenses, net | (547) | 3,827 | 2,007 | 7,002 |
Income (loss) from operations | 132,476 | (12,879) | 175,329 | 24,664 |
Interest and other financial expense, net | 8,951 | 8,277 | 18,910 | 17,888 |
Reclassification of actuarial losses from AOCI | 1,224 | 2,654 | 2,452 | 5,052 |
Pre-tax income (loss) before earnings in affiliated companies and income taxes | 122,301 | (23,810) | 153,967 | 1,724 |
Income tax expense (benefit) | 33,490 | (5,879) | 41,764 | 1,756 |
Equity in earnings of affiliated companies, net of tax | 247 | 151 | 393 | 285 |
Net income (loss) | $ 89,058 | $ (17,780) | $ 112,596 | $ 253 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 60,652 | 60,487 | 60,649 | 60,361 |
Diluted (in shares) | 60,743 | 61,263 | 60,721 | 61,307 |
Earnings (loss) per share: | ||||
Basic (in USD per share) | $ 1.47 | $ (0.30) | $ 1.86 | $ 0 |
Diluted (in USD per share) | $ 1.47 | $ (0.29) | $ 1.85 | $ 0 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 89,058 | $ (17,780) | $ 112,596 | $ 253 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustments | 7,717 | 630 | 2,622 | (23,441) |
Unrealized net gains (losses) on hedges of a net investment in a foreign operation | (20) | (31) | 50 | 5 |
Unrealized net gains (losses) on cash flow hedges | 575 | (1,609) | 1,663 | (2,265) |
Gains on defined benefit plans | 717 | 1,595 | 1,926 | 3,442 |
Other comprehensive income (loss) | 8,989 | 585 | 6,261 | (22,259) |
Comprehensive income (loss) | $ 98,047 | $ (17,195) | $ 118,857 | $ (22,006) |
Condensed Consolidated Balance Sheets (Parenthetical) - shares |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized (in shares) | 65,035,579 | 65,035,579 |
Common stock, shares issued (in shares) | 60,992,259 | 60,992,259 |
Common stock, shares outstanding (in shares) | 60,590,526 | 60,487,117 |
Treasury stock, cost (in shares) | 401,733 | 505,142 |
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) |
3 Months Ended |
---|---|
Mar. 31, 2020
$ / shares
| |
Statement of Stockholders' Equity [Abstract] | |
Dividends paid (in dollars per share) | $ 0.20 |
Organization, Description of the Business and Summary of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization, Description of the Business and Summary of Significant Accounting Policies | Organization, Description of the Business and Summary of Significant Accounting Policies Orion Engineered Carbons S.A.’s unaudited condensed consolidated financial information includes Orion Engineered Carbons S.A. and its subsidiaries (“Orion” or the “Company”). The unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the Consolidated Financial Statements included in our Annual Report in Form 10-K for the fiscal year ended December 31, 2020. The accompanying unaudited Condensed Consolidated Financial Statements include all adjustments that are necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year. Summary of Significant Accounting Policies Adoption of accounting standards In January 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-01, Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The amendments in this update clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments in this update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. We adopted this standard on January 1, 2021. The adoption of this standard did not materially impact our Consolidated Financial Statements.
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Recent Accounting Pronouncements Not Yet Adopted |
6 Months Ended |
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Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted Reference Rate Reform (Topic 848)—In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04), a new standard. In January 2021, FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of ASC 848 and clarifies some of its guidance as part of the Board’s monitoring of global reference rate reform. This guidance permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company will adopt this guidance prospectively and will elect certain optional expedients through the end of the hedging relationship. This will enable the Company to update its assessments of effectiveness, probability, and hedged risk in order to continue hedge accounting for the designated hedges that reference a rate expected to be discontinued as a result of the reference rate reform without requiring de-designation of current hedging relationships. The Company is currently evaluating the potential impact the adoption of this standard will have on its financial statements and it will continue to evaluate the guidance to determine the timing and extent to which it will apply accounting relief provided by the guidance.
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The company’s right-of-use assets (“ROU”) assets and lease liabilities related to operating and finance leases reflected in the Consolidated Balance Sheets are as follows:
(1) In the Consolidated Balance Sheets are reflected in Current and Other Liabilities
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Leases | Leases The company’s right-of-use assets (“ROU”) assets and lease liabilities related to operating and finance leases reflected in the Consolidated Balance Sheets are as follows:
(1) In the Consolidated Balance Sheets are reflected in Current and Other Liabilities
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Inventories |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories, net of obsolete, unmarketable and slow-moving reserves are as follows:
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Accounts Receivable |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable The company had the following accounts receivable as of June 30, 2021 and December 31, 2020:
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Debt and Other Obligations |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Other Obligations | Debt and Other Obligations The Company had the following debt arrangements in place as of June 30, 2021 and December 31, 2020:
Discussion related to Other short-term debt and obligations is as follows: (a) Revolving credit facility To fund operating activities and generally safeguard the Company’s liquidity, the Company has entered into a revolving credit facility (“RCF”) of €250 million ($297 million). As of June 30, 2021, the total commitment of $297 million is split between a $95 million RCF tranche and $202 million of bilateral ancillary facilities established directly with several banks under the RCF. As of June 30, 2021, and December 31, 2020, no RCF borrowings, as defined in the Credit Agreement, had been drawn. However, as of June 30, 2021 and December 31, 2020, $44.8 million and $70.3 million, respectively, of drawings under ancillary facilities reduced the overall amount available under the RCF to $252.3 million and $236.5 million, respectively. (b) Local bank loans and other short-term borrowings As of June 30, 2021, the Company had partially drawn its uncommitted local credit line in Korea by $4.4 million and in Brazil by $2.0 million (December 31, 2020: $4.6 million and $0.8 million), respectively. Repurchase Agreement—On March 3, 2021 we entered in to a repurchase agreement to sell European Emission Allowance (“EUA”) certificates. Under the agreement, we sold 260 thousand EUA certificates for €10.04 million cash to a counterparty. The counterparty has an obligation to resell, and we have the obligation to purchase, the same or substantially the same EUA certificates at December 22, 2021 for €10.06 million. The difference between the consideration received and the amount of consideration to be paid is recognized as interest expense. At June 30, 2021, the amount outstanding was $12.0 million. Due to the short maturity, the carrying value approximates the fair value. For additional information relating to our debt, see Note H. Debt and Other Obligations, included in our Annual Report in Form 10-K for the year ended December 31, 2020.
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Financial Instruments and Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Measurement | Financial Instruments and Fair Value Measurement The Company measures financial instruments, such as derivatives, at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the following fair value hierarchy based on the lowest level input that is significant to the fair value measurement as a whole: •Level 1—Unadjusted quoted market prices in active markets for identical assets or liabilities that the entity can access at the measurement date. •Level 2—Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices such as quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves), and market-corroborated inputs. •Level 3—Unobservable inputs for the asset or liability. For financial assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting period. The following table shows the fair value measurement at June 30, 2021 and December 31, 2020. All measurements are based on observable inputs such as interest rates and are classified as Level 2 within the fair value hierarchy:
See Note L. Accounting for Derivative Instruments and Hedging Activities, included in our Annual Report in Form 10-K for the year ended December 31, 2020, for additional information relating to our derivatives instruments.
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Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit PlansProvisions for pensions are established to cover benefit plans for retirement, disability and surviving dependents’ pensions. The benefit obligations vary depending on the legal, tax and economic circumstances in the various countries in which the Company operates. Generally, the level of benefit depends on the length of service and the remuneration. Net periodic defined benefit pension benefit costs include the following:
Service costs were recorded within income from operations under selling, general and administrative expenses, interest cost in interest and other financial expense, net. The amortization of actuarial losses, associated with the pension obligations recorded in prior years, in accumulated other comprehensive income exceeding 10% of the defined benefit obligation are recorded ratably in the Condensed Consolidated Statements of Operations.
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Restructuring Expenses |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Expenses | Restructuring Expenses During 2016, the Company ceased operations at its plant in Ambes, France as part of the restructuring of its Rubber business segment. Details of restructuring activities and the related reserves for this facility were as follows:
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Accumulated Other Comprehensive Income/(Loss) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income/(Loss) | Accumulated Other Comprehensive Income/(Loss)Comprehensive income (loss) combines net income (loss) and other comprehensive income items, which are reported as components of stockholders’ equity in the accompanying Consolidated Balance Sheets. Changes in each component of Accumulated other comprehensive income (loss) (“AOCI”), net of tax, for the three and six months ended June 30, 2021 and 2020 are as follows:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per ShareBasic earnings per share (“EPS”) is computed by dividing net income attributable to Orion by the weighted average number of common stock outstanding during the period. Diluted EPS equals net income attributable to Orion divided by the weighted average number of common stock outstanding during the period, adjusted for the dilutive effect of our stock–based and other equity compensation awards. The following table reflects the income and share data used in the basic and diluted EPS computations:
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Income Taxes |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Company records its tax provision or benefit on an interim basis using an estimated annual effective tax rate. This rate is applied to the current period ordinary income to determine the income tax provision or benefit allocated to the interim period. Losses from jurisdictions for which no benefit can be recognized, and the income tax effects of unusual and infrequent items are excluded from the estimated annual effective tax rate and are recognized in the impacted interim period as discrete items. Valuation allowances are provided against the future tax benefits that arise from the losses in jurisdictions for which no benefit can be recognized. The estimated annual effective tax rate may be significantly impacted by nondeductible expenses and the Company’s projected earnings mix by tax jurisdiction. Adjustments to the estimated annual effective income tax rate are recognized in the period when such estimates are revised. Income tax expense for the six months ended June 30, 2021 amounted to $41.8 million compared to $1.8 million for the six months ended June 30, 2020. Income tax expense for the three months ended June 30, 2021 amounted to $33.5 million compared to income tax benefit of $5.9 million for the three months ended June 30, 2020. For the three and six months ended June 30, 2021 and 2020, our effective income tax rates were as follows:
The decrease in our effective tax rate for the six months ended June 30, 2021 was primarily attributable to the impact of a discrete deferred tax gain of $1.4 million on the revaluation of realizability of certain deferred tax assets compared with an discrete deferred tax expense of $1.2 million within the six months ended June 30, 2020 in relation to the lower pre-tax income 2020. The increase in our effective tax rate for the three months ended June 30, 2021 was primarily attributable to the impact of a discrete deferred tax gain of $0.7 million due to the reassessment of the recoverability of deferred tax assets compared with an discrete deferred tax expense of $1.0 million within the three months ended June 30, 2020 in relation to the negative pre-tax income.
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Commitments and Contingencies |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental Matters EPA Action During 2008 and 2009, the U.S. Environmental Protection Agency (“EPA”) contacted all U.S. carbon black producers as part of an industry-wide EPA initiative, requesting extensive and comprehensive information under Section 114 of the U.S. Clean Air Act. The EPA used that information to determine, for each facility, that either: (i) the facility has been in compliance with the Clean Air Act; (ii) violations have occurred and enforcement litigation may be undertaken; or (iii) violations have occurred and a settlement of an enforcement case is appropriate. In response to information requests received by the Company’s U.S. facilities, the Company furnished information to the EPA on each of its U.S. facilities. EPA subsequently sent notices under Section 113(a) of the Clean Air Act in 2010 alleging violations of Prevention of Significant Deterioration (“PSD”) and Title V permitting requirements under the Clean Air Act at the Company’s Belpre (Ohio) facility. In October 2012, the Company received a corresponding notice and finding of violation (a “NOV”) alleging the failure to obtain PSD and Title V permits reflecting Best Available Control Technology (“BACT”) at several units of the Company’s Ivanhoe (Louisiana) facility, and in January 2013 the Company also received a NOV issued by the EPA for its facility in Borger (Texas) alleging the failure to obtain PSD and Title V permits reflecting BACT during the years 1996 to 2008. A comparable NOV for the Company’s U.S. facility in Orange (Texas) was issued by the EPA in February 2013; and EPA issued an additional NOV in March 2016 alleging more recent non-PSD air emissions violations primarily at the dryers and the incinerator of the Orange facility. In 2013, Orion began discussions with the EPA and the U.S. Department of Justice about a potential settlement to resolve the NOVs received, which ultimately led to a consent decree executed between Orion Engineered Carbons LLC (for purpose of this note M. “Orion”) and the United States (on behalf of the EPA), as well as the Louisiana Department of Environmental Quality. The consent decree (the “EPA CD”) became effective on June 7, 2018. The EPA CD resolves and settles the EPA’s claims of noncompliance set forth in the NOVs and in a respective complaint filed in court against Orion by the United States immediately prior to the filing of the consent decree. All five U.S. carbon black producers have settled with the U.S. government. Under Orion’s EPA CD, Orion is installing certain pollution control technology in order to further reduce emissions at its four U.S. manufacturing facilities in Ivanhoe (Louisiana), Belpre (Ohio), Borger (Texas), and Orange (Texas) over approximately five years. The EPA CD also requires the continuous monitoring of emissions reductions that Orion will need to comply with over a number of years. Orion has commenced the installation works for its Ivanhoe and Orange facilities. While the construction at Orange has been completed according to schedule despite COVID-19 related impacts, the construction at the Ivanhoe facility has been subject to COVID-19-related delays, and as a result we have declared force majeure with respect to the EPA CD and requested an extension of the timeline for completion of installations. The EPA has not confirmed our extension request but has deferred judgment on it at this time. In line with EPA’s respective request, Orion continues to provide regular updates to the EPA on the Ivanhoe installation works timeline and respective COVID-19 related impacts and mitigation measures. Under the EPA CD, Orion can choose either its Belpre or Borger facilities as the next site for installation of pollution control equipment with comparable effectiveness. We expect the capital expenditures for installation of pollution control equipment in the remaining Orion facilities to decrease due to economies of scale and synergies from prior installations. We also expect that the third and fourth plants will require significantly less costly pollution control equipment given the requirements of the EPA CD. We estimate the installations of monitoring and pollution control equipment at all four Orion plants in the U.S. will require capital expenditures in an approximate range between $270 million to $290 million of which approximately $155 million has been spent to date. To narrow this range, the Company is pursuing further scope design and estimation efforts. However, the actual total capital expenditures we might need to incur to fulfill the requirements of the EPA CD remain uncertain. The EPA CD allows some flexibility for Orion to choose among different technology solutions for reducing emissions and the locations where these solutions are implemented. The solutions Orion ultimately chooses to implement at its facilities other than Ivanhoe (Louisiana) and Orange (Texas), may differ in scope and operation from those it currently anticipates (including those discussed in the next paragraph) and, for any and all of its still affected three facilities, factors, such as timing, locations, target levels, changing cost estimates and local regulations, could cause actual capital expenditures to exceed or be lower than current expectations or affect Orion’s ability to meet the agreed target emission levels or target dates for installing required equipment as anticipated or at all. Orion also agreed to and paid a civil penalty of $0.8 million and agreed to perform environmental mitigation projects totaling $0.6 million. Noncompliance with applicable emissions limits could lead to further penalty payments to the EPA. As part of Orion’s compliance plan under the EPA CD, in April 2018 Orion signed a contract with Haldor Topsoe group to install its SNOXTM emissions control technology to remove SO2, NOx and dust particles from tail gases at Orion’s Ivanhoe, Louisiana Carbon Black production plant. The SNOXTM technology has not been used previously in the carbon black industry. Orion’s Share Purchase Agreement with Evonik in connection with the acquisition of the carbon black business line from Evonik Industries AG, completed on July 29, 2011 (“Acquisition), provided for a partial indemnity from Evonik against various exposures, including, but not limited to, capital investments, fines and costs arising in connection with Clean Air Act violations that occurred prior to July 29, 2011. Except for certain less relevant allegations contained in the second NOV received for the Company’s facility in Orange (Texas) in March 2016, all of the other allegations made by the EPA with regard to all four of the Company’s U.S. facilities - as discussed above - relate to alleged violations before July 29, 2011. The indemnity provided for a recovery from Evonik of a share of the costs (including fines), expenses (including reasonable attorney’s fees, but excluding costs for maintenance and control in the ordinary course of business and any internal cost of monitoring the remedy), liabilities, damages and losses suffered and was subject to various contractual provisions including provisions set forth in the Share Purchase Agreement with Evonik, such as a de minimis clause, a basket, overall caps (which apply to all covered exposures and all covered environmental exposures, in the aggregate), damage mitigation and cooperation requirements, as well as a statute of limitations provision. In June 2021, Orion and Evonik agreed to settle their disputes. Evonik made a one-time cash payment €66.55 million ($79.5 million) to Orion which resolved all pending claims and counterclaims of $3.4 million. In the Condensed Consolidated Financial Statements, we recorded a gain aggregating $82.9 million. Pledges and guarantees The Company has pledged the majority of its assets (amongst others shares in affiliates, bank accounts and receivables) within the different regions excluding China as collateral under the Credit Agreement. As of June 30, 2021, the Company had guarantees totaling $16.9 million issued by various financial institutions.
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Financial Information by Segment |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information by Segment | Financial Information by Segment Segment information We disclose the results of each of our operating segments in accordance with ASC 280, Segment Reporting. We manage our business in two operating segments, Rubber Carbon Black and Specialty Carbon Black. •Rubber carbon black—Used in the reinforcement of rubber in tires and mechanical rubber goods. •Specialties—Used as pigments and performance additives in coatings, polymers, printing and special applications. The CEO, CFO and certain other senior management members, together, are the chief operating decision maker (“CODM”). Discrete financial information is available for each of the segments, and the CODM uses operating results of each operating segments for performance evaluation and resource allocation. Our CODM uses Adjusted EBITDA as the primary measure for reviewing our segment profitability. We define segment Adjusted EBITDA as Income from operations before depreciation and amortization, adjusted for acquisition related expenses, restructuring expenses, consulting fees related to Company strategy, share of profit or loss of joint venture and certain other items. The CODM does not review reportable segment asset or liability information for purposes of assessing performance or allocating resources. The following table shows the percent of revenue recognized in each of the Company’s reportable segment:
Adjustment items are not allocated to the individual segments as they are managed on a group basis. Segment reconciliation for the three months ended June 30, 2021 and 2020:
Segment reconciliation for the six months ended June 30, 2021 and 2020:
The sales information noted above relates to external customers only. “Corporate” includes income and expense that cannot be directly allocated to the business segments or are managed on corporate level and includes finance income and expenses, taxes and items with less bearing on the underlying core business. In the Consolidated Statements of Operations, shipping and handling costs of $24.0 million and $11.6 million for the three months ended June 30, 2021 and 2020, respectively, and $46.5 million and $30.8 million for the six months ended June 30, 2021 and 2020, respectively, were reflected in Selling, general and administrative expenses.
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Organization, Description of the Business and Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Adoption of accounting standards, and Recent accounting pronouncements not yet adopted | Adoption of accounting standards In January 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-01, Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The amendments in this update clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments in this update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. We adopted this standard on January 1, 2021. The adoption of this standard did not materially impact our Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted Reference Rate Reform (Topic 848)—In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04), a new standard. In January 2021, FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of ASC 848 and clarifies some of its guidance as part of the Board’s monitoring of global reference rate reform. This guidance permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company will adopt this guidance prospectively and will elect certain optional expedients through the end of the hedging relationship. This will enable the Company to update its assessments of effectiveness, probability, and hedged risk in order to continue hedge accounting for the designated hedges that reference a rate expected to be discontinued as a result of the reference rate reform without requiring de-designation of current hedging relationships. The Company is currently evaluating the potential impact the adoption of this standard will have on its financial statements and it will continue to evaluate the guidance to determine the timing and extent to which it will apply accounting relief provided by the guidance.
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Leases (Tables) |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Right-of-Use Assets And Liabilities | The company’s right-of-use assets (“ROU”) assets and lease liabilities related to operating and finance leases reflected in the Consolidated Balance Sheets are as follows:
(1) In the Consolidated Balance Sheets are reflected in Current and Other Liabilities
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Inventories (Tables) |
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Schedule of Inventory, Net | Inventories, net of obsolete, unmarketable and slow-moving reserves are as follows:
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Accounts Receivable (Tables) |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accounts receivables | The company had the following accounts receivable as of June 30, 2021 and December 31, 2020:
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Debt and Other Obligations (Tables) |
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Schedule of Debt Arrangements | The Company had the following debt arrangements in place as of June 30, 2021 and December 31, 2020:
Discussion related to Other short-term debt and obligations is as follows: (a) Revolving credit facility To fund operating activities and generally safeguard the Company’s liquidity, the Company has entered into a revolving credit facility (“RCF”) of €250 million ($297 million). As of June 30, 2021, the total commitment of $297 million is split between a $95 million RCF tranche and $202 million of bilateral ancillary facilities established directly with several banks under the RCF. As of June 30, 2021, and December 31, 2020, no RCF borrowings, as defined in the Credit Agreement, had been drawn. However, as of June 30, 2021 and December 31, 2020, $44.8 million and $70.3 million, respectively, of drawings under ancillary facilities reduced the overall amount available under the RCF to $252.3 million and $236.5 million, respectively. (b) Local bank loans and other short-term borrowings As of June 30, 2021, the Company had partially drawn its uncommitted local credit line in Korea by $4.4 million and in Brazil by $2.0 million (December 31, 2020: $4.6 million and $0.8 million), respectively.
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Financial Instruments and Fair Value Measurement (Tables) |
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Schedule of Fair Value Measurements | All measurements are based on observable inputs such as interest rates and are classified as Level 2 within the fair value hierarchy:
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Employee Benefit Plans (Tables) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Net periodic defined benefit pension benefit costs include the following:
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Restructuring Expenses (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | Details of restructuring activities and the related reserves for this facility were as follows:
|
Accumulated Other Comprehensive Income/(Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in AOCI, Net of Tax | Changes in each component of Accumulated other comprehensive income (loss) (“AOCI”), net of tax, for the three and six months ended June 30, 2021 and 2020 are as follows:
|
Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted EPS | The following table reflects the income and share data used in the basic and diluted EPS computations:
|
Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Tax Rate Reconciliation | For the three and six months ended June 30, 2021 and 2020, our effective income tax rates were as follows:
|
Financial Information by Segment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Relative Size of Revenue Recognized in each Reportable Segment | The following table shows the percent of revenue recognized in each of the Company’s reportable segment:
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Schedule of Segment Reconciliation | Segment reconciliation for the three months ended June 30, 2021 and 2020:
|
Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials, consumables and supplies, net | $ 74,297 | $ 57,011 |
Work in process | 94 | 322 |
Finished goods, net | 111,772 | 84,128 |
Total | $ 186,163 | $ 141,461 |
Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Receivables [Abstract] | ||
Accounts receivable | $ 305,749 | $ 240,590 |
Expected credit losses | (2,585) | (5,794) |
Accounts receivable, net of expected credit losses | $ 303,164 | $ 234,796 |
Debt and Other Obligations - Narrative (Details) € in Thousands, $ in Millions |
Mar. 03, 2021
EUR (€)
emissionsCertificate
|
Dec. 22, 2021
EUR (€)
|
Jun. 30, 2021
USD ($)
|
---|---|---|---|
Debt Instrument [Line Items] | |||
Number of emission allowance certificates sold | emissionsCertificate | 260,000 | ||
Proceeds from sale of emissions certificate | € 10,040 | ||
Interest payable | $ | $ 12.0 | ||
Forecast | |||
Debt Instrument [Line Items] | |||
Emissions certificates, repurchase obligation amount | € 10,060 |
Financial Instruments and Fair Value Measurement - Narrative (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables from hedges/derivatives | $ 0 | $ 195 |
Prepaid expenses and other current assets | 0 | 195 |
Liabilities from derivatives | 14,687 | 23,127 |
Other current liabilities | 704 | 296 |
Other liabilities (non-current) | 13,983 | 22,831 |
Term loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of loans | 647,810 | 667,980 |
Local bank loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of loans | $ 63,225 | $ 75,640 |
Employee Benefit Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Retirement Benefits [Abstract] | ||||
Service cost | $ 312 | $ 266 | $ 633 | $ 569 |
Interest cost | 263 | 283 | 520 | 578 |
Amortization of actuarial loss | 1,224 | 2,654 | 2,452 | 5,052 |
Net periodic pension cost | $ 1,799 | $ 3,203 | $ 3,605 | $ 6,199 |
Actuarial losses as a percentage of defined benefit obligations | 10.00% |
Restructuring Expenses - Schedule of Restructuring Activities and Related Reserves (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
|
Restructuring Reserve | ||||
Beginning balance | $ 7,322 | $ 8,039 | $ 3,223 | $ 4,766 |
Charges | 720 | (322) | ||
Cash paid | (274) | (43) | (708) | (1,431) |
Foreign currency translation adjustment | 93 | (352) | 58 | (112) |
Ending balance | 7,861 | 7,322 | 2,573 | 3,223 |
Personnel Expenses | ||||
Restructuring Reserve | ||||
Beginning balance | 3,041 | 3,559 | 2,805 | 3,400 |
Charges | (323) | (322) | ||
Cash paid | (49) | (43) | (486) | (514) |
Foreign currency translation adjustment | 46 | (153) | 53 | (81) |
Ending balance | 2,715 | 3,041 | 2,372 | 2,805 |
Demolition and Removal Costs | ||||
Restructuring Reserve | ||||
Beginning balance | 219 | 229 | 148 | 561 |
Charges | 0 | 0 | ||
Cash paid | (225) | 0 | (74) | (402) |
Foreign currency translation adjustment | 6 | (10) | 2 | (11) |
Ending balance | 0 | 219 | 76 | 148 |
Ground Remediation Costs | ||||
Restructuring Reserve | ||||
Beginning balance | 4,062 | 4,251 | 222 | 488 |
Charges | 1,043 | 0 | ||
Cash paid | 0 | 0 | (148) | (252) |
Foreign currency translation adjustment | 41 | (189) | 2 | (14) |
Ending balance | 5,146 | 4,062 | 76 | 222 |
Other | ||||
Restructuring Reserve | ||||
Beginning balance | 0 | 0 | 48 | 317 |
Charges | 0 | 0 | ||
Cash paid | 0 | 0 | 0 | (263) |
Foreign currency translation adjustment | 0 | 0 | 1 | (6) |
Ending balance | $ 0 | $ 0 | $ 49 | $ 48 |
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||||
Net income (loss) for the period - attributable to ordinary equity holders of the parent | $ 89,058 | $ 23,538 | $ (17,780) | $ 18,033 | $ 112,596 | $ 253 |
Weighted average number of ordinary shares (in thousands of shares) (in shares) | 60,652 | 60,487 | 60,649 | 60,361 | ||
Basic EPS (in USD per share) | $ 1.47 | $ (0.30) | $ 1.86 | $ 0 | ||
Dilutive effect of share based payments (in thousands of shares) (in shares) | 91 | 776 | 72 | 946 | ||
Weighted average number of diluted ordinary shares (in thousands of shares) (in shares) | 60,743 | 61,263 | 60,721 | 61,307 | ||
Diluted EPS (in USD per share) | $ 1.47 | $ (0.29) | $ 1.85 | $ 0 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 33,490 | $ (5,879) | $ 41,764 | $ 1,756 |
Effective income tax rates | 27.30% | 24.80% | 27.10% | 87.40% |
Net discrete tax expense (gain) | $ (700) | $ 1,000 | $ (1,400) | $ 1,200 |
Financial Information by Segment - Narrative (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
segment
|
Jun. 30, 2020
USD ($)
|
|
Segment Reporting [Abstract] | ||||
Number of operating segments | 2 | |||
Number of reportable segments | 2 | |||
Shipping and handling expense | $ | $ 24.0 | $ 11.6 | $ 46.5 | $ 30.8 |
Financial Information by Segment -Schedule of the Relative Size of Revenue Recognized in each Reportable Segment (Details) - Revenue generated - Product Concentration Risk |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Rubber | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 61.00% | 53.00% | 61.00% | 60.00% |
Specialty | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 39.00% | 47.00% | 39.00% | 40.00% |
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