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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2020
or
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission File Number: 001-36733
AXALTA COATING SYSTEMS LTD.
(Exact name of registrant as specified in its charter)
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Bermuda |
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2851 |
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98-1073028 |
(State or other jurisdiction of
incorporation or organization)
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(Primary Standard Industrial Classification Code Number) |
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(I.R.S. Employer
Identification No.)
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Two Commerce Square
2001 Market Street
Suite 3600
Philadelphia, Pennsylvania 19103
(855) 547-1461
(Address, including zip code, and telephone number, including area code, of the registrant’s principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
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Common Shares, $1.00 par value |
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AXTA |
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New York Stock Exchange |
(Title of class) |
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(Trading symbol) |
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(Exchange on which registered) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Non-accelerated filer ☐ Accelerated filer ☐
Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 23, 2020, there were 235,359,947 shares of the registrant’s common shares outstanding.
Table of Contents
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
AXALTA COATING SYSTEMS LTD.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share data)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2020 |
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2019 |
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2020 |
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2019 |
Net sales |
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$ |
652.7 |
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$ |
1,157.5 |
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$ |
1,636.2 |
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$ |
2,276.8 |
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Cost of goods sold |
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499.2 |
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748.4 |
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1,146.0 |
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1,499.7 |
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Selling, general and administrative expenses |
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154.2 |
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202.4 |
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349.6 |
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418.0 |
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Other operating charges |
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24.7 |
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2.5 |
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56.3 |
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9.6 |
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Research and development expenses |
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11.2 |
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17.9 |
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27.8 |
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36.1 |
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Amortization of acquired intangibles |
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27.9 |
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28.4 |
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55.9 |
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56.9 |
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(Loss) income from operations |
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(64.5 |
) |
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157.9 |
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0.6 |
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256.5 |
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Interest expense, net |
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36.1 |
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41.0 |
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72.6 |
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82.3 |
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Other income, net |
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(2.2 |
) |
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(0.9 |
) |
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(1.4 |
) |
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(1.9 |
) |
(Loss) income before income taxes |
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(98.4 |
) |
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117.8 |
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(70.6 |
) |
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176.1 |
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(Benefit) provision for income taxes |
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(15.2 |
) |
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17.9 |
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(39.8 |
) |
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32.1 |
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Net (loss) income |
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(83.2 |
) |
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99.9 |
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(30.8 |
) |
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144.0 |
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Less: Net (loss) income attributable to noncontrolling interests |
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(0.4 |
) |
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1.5 |
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(0.2 |
) |
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2.2 |
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Net (loss) income attributable to controlling interests |
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$ |
(82.8 |
) |
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$ |
98.4 |
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$ |
(30.6 |
) |
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$ |
141.8 |
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Basic net (loss) income per share |
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$ |
(0.35 |
) |
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$ |
0.42 |
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$ |
(0.13 |
) |
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$ |
0.61 |
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Diluted net (loss) income per share |
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$ |
(0.35 |
) |
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$ |
0.42 |
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$ |
(0.13 |
) |
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$ |
0.60 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
AXALTA COATING SYSTEMS LTD.
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
(In millions)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2020 |
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2019 |
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2020 |
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2019 |
Net (loss) income |
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$ |
(83.2 |
) |
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$ |
99.9 |
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$ |
(30.8 |
) |
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$ |
144.0 |
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Other comprehensive income (loss), before tax: |
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Foreign currency translation adjustments |
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7.0 |
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(0.9 |
) |
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(79.5 |
) |
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12.4 |
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Unrealized loss on derivatives |
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(2.6 |
) |
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(20.3 |
) |
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(43.3 |
) |
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(34.9 |
) |
Unrealized gain on pension plan obligations |
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0.2 |
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— |
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— |
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0.5 |
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Other comprehensive income (loss), before tax |
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4.6 |
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(21.2 |
) |
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(122.8 |
) |
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(22.0 |
) |
Income tax benefit related to items of other comprehensive loss |
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(0.6 |
) |
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(3.1 |
) |
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(6.4 |
) |
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(4.8 |
) |
Other comprehensive income (loss), net of tax |
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5.2 |
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(18.1 |
) |
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(116.4 |
) |
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(17.2 |
) |
Comprehensive (loss) income |
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(78.0 |
) |
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81.8 |
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(147.2 |
) |
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126.8 |
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Less: Comprehensive income (loss) attributable to noncontrolling interests |
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0.5 |
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3.7 |
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(2.5 |
) |
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4.9 |
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Comprehensive (loss) income attributable to controlling interests |
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$ |
(78.5 |
) |
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$ |
78.1 |
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$ |
(144.7 |
) |
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$ |
121.9 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
AXALTA COATING SYSTEMS LTD.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
December 31, 2019 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
1,123.6 |
|
|
$ |
1,017.5 |
|
Restricted cash |
|
2.9 |
|
|
3.0 |
|
Accounts and notes receivable, net |
|
664.0 |
|
|
830.1 |
|
Inventories |
|
539.3 |
|
|
591.6 |
|
Prepaid expenses and other current assets |
|
150.4 |
|
|
131.2 |
|
Total current assets |
|
2,480.2 |
|
|
2,573.4 |
|
Property, plant and equipment, net |
|
1,158.2 |
|
|
1,223.0 |
|
Goodwill |
|
1,209.3 |
|
|
1,208.9 |
|
Identifiable intangibles, net |
|
1,158.1 |
|
|
1,223.9 |
|
Other assets |
|
662.8 |
|
|
588.8 |
|
Total assets |
|
$ |
6,668.6 |
|
|
$ |
6,818.0 |
|
Liabilities, Shareholders’ Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
331.9 |
|
|
$ |
483.7 |
|
Current portion of borrowings |
|
41.3 |
|
|
43.9 |
|
Other accrued liabilities |
|
487.7 |
|
|
545.3 |
|
Total current liabilities |
|
860.9 |
|
|
1,072.9 |
|
Long-term borrowings |
|
3,980.0 |
|
|
3,790.2 |
|
Accrued pensions |
|
278.3 |
|
|
285.2 |
|
Deferred income taxes |
|
108.7 |
|
|
115.5 |
|
Other liabilities |
|
182.1 |
|
|
144.6 |
|
Total liabilities |
|
5,410.0 |
|
|
5,408.4 |
|
Commitments and contingencies (Note 5) |
|
|
|
|
Shareholders’ equity: |
|
|
|
|
Common shares, $1.00 par, 1,000.0 shares authorized, 250.6 and 250.1 shares issued at June 30, 2020 and December 31, 2019, respectively |
|
250.5 |
|
|
249.9 |
|
Capital in excess of par |
|
1,479.5 |
|
|
1,474.1 |
|
Retained earnings |
|
411.1 |
|
|
443.2 |
|
Treasury shares, at cost, 15.2 shares at June 30, 2020 and December 31, 2019 |
|
(418.4 |
) |
|
(417.5 |
) |
Accumulated other comprehensive loss |
|
(509.6 |
) |
|
(395.5 |
) |
Total Axalta shareholders’ equity |
|
1,213.1 |
|
|
1,354.2 |
|
Noncontrolling interests |
|
45.5 |
|
|
55.4 |
|
Total shareholders’ equity |
|
1,258.6 |
|
|
1,409.6 |
|
Total liabilities and shareholders’ equity |
|
$ |
6,668.6 |
|
|
$ |
6,818.0 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
AXALTA COATING SYSTEMS LTD.
Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
Par/Stated Value |
|
Capital In Excess Of Par |
|
Retained Earnings |
|
Treasury Shares, at cost |
|
Accumulated Other Comprehensive Loss |
|
Non controlling Interests |
|
Total |
Balance at December 31, 2019 |
234.9 |
|
|
$ |
249.9 |
|
|
$ |
1,474.1 |
|
|
$ |
443.2 |
|
|
$ |
(417.5 |
) |
|
$ |
(395.5 |
) |
|
$ |
55.4 |
|
|
$ |
1,409.6 |
|
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
— |
|
|
— |
|
|
— |
|
|
52.2 |
|
|
— |
|
|
— |
|
|
0.2 |
|
|
52.4 |
|
Net realized and unrealized loss on derivatives, net of tax benefit of $6.0 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(34.7 |
) |
|
— |
|
|
(34.7 |
) |
Long-term employee benefit plans, net of tax benefit of $0.2 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.4 |
) |
|
— |
|
|
(0.4 |
) |
Foreign currency translation, net of tax of $0.0 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(83.3 |
) |
|
(3.2 |
) |
|
(86.5 |
) |
Total comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
52.2 |
|
|
— |
|
|
(118.4 |
) |
|
(3.0 |
) |
|
(69.2 |
) |
Cumulative effect of an accounting change |
— |
|
|
— |
|
|
— |
|
|
(1.5 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1.5 |
) |
Recognition of stock-based compensation |
— |
|
|
— |
|
|
5.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5.1 |
|
Shares issued under compensation plans |
0.4 |
|
|
0.5 |
|
|
(1.6 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.1 |
) |
Ownership changes relating to noncontrolling interests |
— |
|
|
— |
|
|
0.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
(2.1 |
) |
|
(1.6 |
) |
Dividends declared to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.5 |
) |
|
(0.5 |
) |
Balance at March 31, 2020 |
235.3 |
|
|
250.4 |
|
|
1,478.1 |
|
|
493.9 |
|
|
(417.5 |
) |
|
(513.9 |
) |
|
49.8 |
|
|
1,340.8 |
|
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
(82.8 |
) |
|
— |
|
|
— |
|
|
(0.4 |
) |
|
(83.2 |
) |
Net realized and unrealized loss on derivatives, net of tax benefit of $0.4 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2.2 |
) |
|
— |
|
|
(2.2 |
) |
Long-term employee benefit plans, net of tax of $0.2 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.4 |
|
|
— |
|
|
0.4 |
|
Foreign currency translation, net of tax of $0.0 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6.1 |
|
|
0.9 |
|
|
7.0 |
|
Total comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
(82.8 |
) |
|
— |
|
|
4.3 |
|
|
0.5 |
|
|
(78.0 |
) |
Recognition of stock-based compensation |
— |
|
|
— |
|
|
6.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6.1 |
|
Shares issued under compensation plans |
0.1 |
|
|
0.1 |
|
|
1.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1.2 |
|
Changes in redeemable noncontrolling interest |
— |
|
|
— |
|
|
(5.8 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(4.8 |
) |
|
(10.6 |
) |
Common stock purchases |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.9 |
) |
|
— |
|
|
— |
|
|
(0.9 |
) |
Balance at June 30, 2020 |
235.4 |
|
|
$ |
250.5 |
|
|
$ |
1,479.5 |
|
|
$ |
411.1 |
|
|
$ |
(418.4 |
) |
|
$ |
(509.6 |
) |
|
$ |
45.5 |
|
|
$ |
1,258.6 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
AXALTA COATING SYSTEMS LTD.
Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
Par/Stated Value |
|
Capital In Excess Of Par |
|
Retained earnings |
|
Treasury Shares, at cost |
|
Accumulated Other Comprehensive Loss |
|
Non controlling Interests |
|
Total |
Balance at December 31, 2018 |
235.6 |
|
|
$ |
245.3 |
|
|
$ |
1,409.5 |
|
|
$ |
198.6 |
|
|
$ |
(312.2 |
) |
|
$ |
(336.1 |
) |
|
$ |
105.4 |
|
|
$ |
1,310.5 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
— |
|
|
— |
|
|
— |
|
|
43.4 |
|
|
— |
|
|
— |
|
|
0.7 |
|
|
44.1 |
|
Net realized and unrealized loss on derivatives, net of tax benefit of $2.2 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(12.4 |
) |
|
— |
|
|
(12.4 |
) |
Long-term employee benefit plans, net of tax of $0.5 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Foreign currency translation, net of tax of $0.0 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12.8 |
|
|
0.5 |
|
|
13.3 |
|
Total comprehensive income |
— |
|
|
— |
|
|
— |
|
|
43.4 |
|
|
— |
|
|
0.4 |
|
|
1.2 |
|
|
45.0 |
|
Cumulative effect of an accounting change |
— |
|
|
— |
|
|
— |
|
|
(0.7 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(0.7 |
) |
Recognition of stock-based compensation |
— |
|
|
— |
|
|
6.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6.7 |
|
Shares issued under compensation plans |
1.1 |
|
|
1.7 |
|
|
9.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
11.4 |
|
Ownership changes relating to noncontrolling interests |
— |
|
|
— |
|
|
5.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
(32.1 |
) |
|
(26.4 |
) |
Common stock purchases |
(2.5 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(65.8 |
) |
|
— |
|
|
— |
|
|
(65.8 |
) |
Dividends declared to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.1 |
) |
|
(1.1 |
) |
Balance at March 31, 2019 |
234.2 |
|
|
247.0 |
|
|
1,431.6 |
|
|
241.3 |
|
|
(378.0 |
) |
|
(335.7 |
) |
|
73.4 |
|
|
1,279.6 |
|
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
— |
|
|
— |
|
|
— |
|
|
98.4 |
|
|
— |
|
|
— |
|
|
1.5 |
|
|
99.9 |
|
Net realized and unrealized loss on derivatives, net of tax of $2.7 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(17.6 |
) |
|
— |
|
|
(17.6 |
) |
Long-term employee benefit plans, net of tax of $0.4 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.4 |
|
|
— |
|
|
0.4 |
|
Foreign currency translation, net of tax of $0.0 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3.1 |
) |
|
2.2 |
|
|
(0.9 |
) |
Total comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
98.4 |
|
|
— |
|
|
(20.3 |
) |
|
3.7 |
|
|
81.8 |
|
Correction to previous cumulative effect upon adoption of ASU 2014-09 |
— |
|
|
— |
|
|
— |
|
|
(3.7 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3.7 |
) |
Recognition of stock-based compensation |
— |
|
|
— |
|
|
(1.4 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.4 |
) |
Shares issued under compensation plans |
0.7 |
|
|
1.2 |
|
|
13.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
14.5 |
|
Ownership changes relating to noncontrolling interests |
— |
|
|
— |
|
|
(1.7 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(22.5 |
) |
|
(24.2 |
) |
Common stock purchases |
(1.6 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(39.5 |
) |
|
— |
|
|
— |
|
|
(39.5 |
) |
Balance at June 30, 2019 |
233.3 |
|
|
$ |
248.2 |
|
|
$ |
1,441.8 |
|
|
$ |
336.0 |
|
|
$ |
(417.5 |
) |
|
$ |
(356.0 |
) |
|
$ |
54.6 |
|
|
$ |
1,307.1 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
AXALTA COATING SYSTEMS LTD.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2020 |
|
2019 |
Operating activities: |
|
|
|
|
Net (loss) income |
|
$ |
(30.8 |
) |
|
$ |
144.0 |
|
Adjustment to reconcile net income to cash (used for) provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
163.2 |
|
|
180.3 |
|
Amortization of deferred financing costs and original issue discount |
|
4.1 |
|
|
4.4 |
|
Debt extinguishment and refinancing related costs |
|
2.4 |
|
|
0.2 |
|
Deferred income taxes |
|
(61.2 |
) |
|
(1.6 |
) |
Realized and unrealized foreign exchange losses, net |
|
2.8 |
|
|
2.8 |
|
Stock-based compensation |
|
11.2 |
|
|
5.3 |
|
Divestitures and impairment charges |
|
3.2 |
|
|
3.9 |
|
Interest income on swaps designated as net investment hedges |
|
(7.3 |
) |
|
(7.2 |
) |
Other non-cash, net |
|
8.3 |
|
|
(0.6 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
Trade accounts and notes receivable |
|
136.8 |
|
|
(152.9 |
) |
Inventories |
|
32.5 |
|
|
(1.4 |
) |
Prepaid expenses and other assets |
|
(60.3 |
) |
|
(81.6 |
) |
Accounts payable |
|
(131.0 |
) |
|
20.7 |
|
Other accrued liabilities |
|
(87.9 |
) |
|
(54.0 |
) |
Other liabilities |
|
11.5 |
|
|
6.5 |
|
Cash (used for) provided by operating activities |
|
(2.5 |
) |
|
68.8 |
|
Investing activities: |
|
|
|
|
Acquisitions, net of cash acquired |
|
— |
|
|
(1.9 |
) |
Purchase of property, plant and equipment |
|
(42.4 |
) |
|
(47.2 |
) |
Proceeds from sale of consolidated joint venture, net of cash divested |
|
— |
|
|
8.2 |
|
Interest proceeds on swaps designated as net investment hedges |
|
7.3 |
|
|
7.2 |
|
Other investing activities, net |
|
0.8 |
|
|
— |
|
Cash used for investing activities |
|
(34.3 |
) |
|
(33.7 |
) |
Financing activities: |
|
|
|
|
|
|
Proceeds from long-term borrowings |
|
500.0 |
|
|
— |
|
Payments on short-term borrowings |
|
(18.6 |
) |
|
(20.5 |
) |
Payments on long-term borrowings |
|
(313.1 |
) |
|
(13.7 |
) |
Financing-related costs |
|
(6.0 |
) |
|
(2.1 |
) |
Purchases of common stock |
|
(0.9 |
) |
|
(105.3 |
) |
Net cash flows associated with stock-based awards |
|
0.3 |
|
|
25.9 |
|
Purchase of noncontrolling interests |
|
(1.6 |
) |
|
(31.1 |
) |
Other financing activities, net |
|
(1.0 |
) |
|
(1.1 |
) |
Cash provided by (used for) financing activities |
|
159.1 |
|
|
(147.9 |
) |
Increase (decrease) in cash |
|
122.3 |
|
|
(112.8 |
) |
Effect of exchange rate changes on cash |
|
(16.3 |
) |
|
1.0 |
|
Cash at beginning of period |
|
1,020.5 |
|
|
696.4 |
|
Cash at end of period |
|
$ |
1,126.5 |
|
|
$ |
584.6 |
|
|
|
|
|
|
|
|
Cash at end of period reconciliation: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,123.6 |
|
|
$ |
577.3 |
|
Restricted cash |
|
2.9 |
|
|
7.3 |
|
Cash at end of period |
|
$ |
1,126.5 |
|
|
$ |
584.6 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
Notes to Condensed Consolidated Financial Statements (Unaudited)
(In millions, unless otherwise noted)
Index
Notes to Condensed Consolidated Financial Statements (Unaudited)
(In millions, unless otherwise noted)
(1) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The interim condensed consolidated financial statements included herein are unaudited. In the opinion of management, these statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the financial position of Axalta Coating Systems Ltd., a Bermuda exempted company limited by shares, and its consolidated subsidiaries ("Axalta," the "Company," "we," "our" and "us") at June 30, 2020 and December 31, 2019, the results of operations, comprehensive income (loss) and changes in shareholders' equity for the three and six months ended June 30, 2020 and 2019, and cash flows for the six months then ended. All intercompany balances and transactions have been eliminated.
These interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.
The interim unaudited condensed consolidated financial statements include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained. Certain of our joint ventures are accounted for on a one-month lag basis, the effect of which is not material.
The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for a full year.
Summary of Significant Accounting Policies Updates
Reclassifications
The condensed consolidated statements of operations for the three and six months ended June 30, 2019 have been updated for comparability with the current year presentation to separately present other operating charges as detailed in our annual report on Form 10-K for the year ended December 31, 2019.
Recently Adopted Accounting Guidance
On January 1, 2020, we adopted Accounting Standards Update ("ASU") 2016-13, “Financial Instruments - Credit Losses” under a modified retrospective approach for all financial assets. ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires considerations of a broader range of reasonable and supportable information to inform credit loss estimates. The provisions of this standard primarily impact the allowance for doubtful accounts on our trade receivables, in which we have applied historical loss percentages, combined with reasonable and supportable forecasts of future losses to the respective aging categories. Adoption of ASU 2016-13 at January 1, 2020 resulted in a one-time loss to retained earnings of $1.5 million on our condensed consolidated balance sheets and statements of shareholders' equity for the six months ended June 30, 2020.
In March 2020, we adopted ASU 2020-04, "Reference Rate Reform" which provides optional expedients exercisable through December 31, 2022 to ease the potential burden in accounting for the effects of reference rate reform on financial reporting. As of June 30, 2020, the expedients provided in this standard do not impact the Company. We will continue to monitor for potential impacts on our financial statements.
Accounting Guidance Issued But Not Yet Adopted
In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes" as part of its initiative to reduce complexity in accounting standards. The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The new standard is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of ASU 2019-12 on our financial statements.
Risks and Uncertainties
In March 2020, the World Health Organization characterized the coronavirus ("COVID-19") a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The rapid spread of the pandemic and the continuously evolving responses to combat it have had an increasingly negative impact on the global economy. In view of the rapidly changing business environment, unprecedented market volatility and heightened degree of uncertainty resulting from COVID-19, we are currently unable to fully determine its future impact on our business. However, we are monitoring the progression of the pandemic and its potential effect on our financial position, results of operations and cash flows. The pandemic had a significant adverse impact on the Company's results of operations, financial condition and cash flows during 2020 and, over time, the effects could have a material adverse impact.
Notes to Condensed Consolidated Financial Statements (Unaudited)
(In millions, unless otherwise noted)
(2) REVENUE
Consideration for products in which control has transferred to our customers that is conditional on something other than the passage of time is recorded as a contract asset within prepaid expenses and other current assets on the balance sheet. The contract asset balances at June 30, 2020 and December 31, 2019 were $36.2 million and $37.5 million, respectively.
We provide certain customers with incremental up-front consideration, subject to clawback provisions, including Business Incentive Plan assets ("BIPs"), which is capitalized as a component of other assets and amortized over the estimated life of the contractual arrangement as a reduction of net sales. At June 30, 2020 and December 31, 2019, the total carrying value of BIPs were $178.8 million and $191.2 million, respectively, and are presented within other assets on the condensed consolidated balance sheets. For the three and six months ended June 30, 2020 and 2019, $16.4 million, $33.3 million, $16.0 million and $33.1 million, respectively, were amortized and reflected as reductions of net sales in the condensed consolidated statements of operations. The total carrying value of BIPs exclude other upfront incentives made in conjunction with long-term customer commitments of $92.3 million and $79.0 million at June 30, 2020 and December 31, 2019, respectively, which will be repaid in future periods.
See Note 16 for disaggregated net sales by end-market.
(3) GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS
Goodwill
The following table shows changes in the carrying amount of goodwill from December 31, 2019 to June 30, 2020 by reportable segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Coatings
|
|
Transportation
Coatings
|
|
Total |
Balance at December 31, 2019 |
|
$ |
1,130.9 |
|
|
$ |
78.0 |
|
|
$ |
1,208.9 |
|
Foreign currency translation |
|
0.2 |
|
|
0.2 |
|
|
0.4 |
|
Balance at June 30, 2020 |
|
$ |
1,131.1 |
|
|
$ |
78.2 |
|
|
$ |
1,209.3 |
|
Identifiable Intangible Assets
The following tables summarize the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Book
Value
|
|
Weighted Average
Amortization Periods (years)
|
Technology |
|
$ |
541.0 |
|
|
$ |
(338.0 |
) |
|
$ |
203.0 |
|
|
10.4 |
Trademarks - indefinite-lived |
|
265.9 |
|
|
— |
|
|
265.9 |
|
|
Indefinite |
Trademarks - definite-lived |
|
98.9 |
|
|
(32.8 |
) |
|
66.1 |
|
|
15.8 |
Customer relationships |
|
908.1 |
|
|
(290.7 |
) |
|
617.4 |
|
|
19.0 |
Other |
|
15.2 |
|
|
(9.5 |
) |
|
5.7 |
|
|
5.0 |
Total |
|
$ |
1,829.1 |
|
|
$ |
(671.0 |
) |
|
$ |
1,158.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 |
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Book
Value
|
|
Weighted Average
Amortization Periods (years)
|
Technology |
|
$ |
540.2 |
|
|
$ |
(310.6 |
) |
|
$ |
229.6 |
|
|
10.4 |
Trademarks—indefinite-lived |
|
264.9 |
|
|
— |
|
|
264.9 |
|
|
Indefinite |
Trademarks—definite-lived |
|
99.7 |
|
|
(30.1 |
) |
|
69.6 |
|
|
15.8 |
Customer relationships |
|
923.8 |
|
|
(271.3 |
) |
|
652.5 |
|
|
19.1 |