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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 September 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.) |
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 October 19, 2020, there were 235,476,819 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 September 30, |
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Nine Months Ended September 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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$ |
1,026.9 |
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$ |
1,107.0 |
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$ |
2,663.1 |
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$ |
3,383.8 |
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Cost of goods sold |
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634.1 |
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707.4 |
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1,780.1 |
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2,207.1 |
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Selling, general and administrative expenses |
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166.5 |
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199.2 |
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516.1 |
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617.2 |
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Other operating charges |
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42.6 |
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31.8 |
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98.9 |
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41.4 |
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Research and development expenses |
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13.4 |
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17.4 |
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41.2 |
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53.5 |
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Amortization of acquired intangibles |
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28.6 |
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28.2 |
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84.5 |
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85.1 |
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Income from operations |
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141.7 |
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123.0 |
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142.3 |
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379.5 |
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Interest expense, net |
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39.8 |
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40.2 |
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112.4 |
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122.5 |
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Other expense (income), net |
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2.3 |
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(1.9) |
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0.9 |
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(3.8) |
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Income before income taxes |
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99.6 |
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84.7 |
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29.0 |
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260.8 |
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Provision (benefit) for income taxes |
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17.1 |
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18.3 |
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(22.7) |
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50.4 |
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Net income |
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82.5 |
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66.4 |
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51.7 |
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210.4 |
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Less: Net income (loss) attributable to noncontrolling interests |
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— |
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0.9 |
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(0.2) |
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3.1 |
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Net income attributable to controlling interests |
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$ |
82.5 |
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$ |
65.5 |
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$ |
51.9 |
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$ |
207.3 |
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Basic net income per share |
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$ |
0.35 |
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$ |
0.28 |
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$ |
0.22 |
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$ |
0.89 |
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Diluted net income per share |
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$ |
0.35 |
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$ |
0.28 |
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$ |
0.22 |
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$ |
0.88 |
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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 Income (Loss) (Unaudited)
(In millions)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2020 |
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2019 |
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2020 |
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2019 |
Net income |
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$ |
82.5 |
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$ |
66.4 |
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$ |
51.7 |
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$ |
210.4 |
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Other comprehensive income (loss), before tax: |
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Foreign currency translation adjustments |
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33.4 |
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(52.8) |
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(46.1) |
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(40.4) |
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Unrealized gain (loss) on derivatives |
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7.0 |
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(4.6) |
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(36.3) |
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(39.5) |
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Unrealized (loss) gain on pension plan obligations |
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(0.5) |
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0.5 |
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(0.5) |
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1.0 |
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Other comprehensive income (loss), before tax |
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39.9 |
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(56.9) |
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(82.9) |
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(78.9) |
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Income tax provision (benefit) related to items of other comprehensive income (loss) |
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1.0 |
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(0.5) |
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(5.4) |
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(5.3) |
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Other comprehensive income (loss), net of tax |
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38.9 |
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(56.4) |
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(77.5) |
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(73.6) |
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Comprehensive income (loss) |
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121.4 |
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10.0 |
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(25.8) |
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136.8 |
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Less: Comprehensive (loss) income attributable to noncontrolling interests |
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(0.5) |
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0.3 |
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(3.0) |
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5.2 |
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Comprehensive income (loss) attributable to controlling interests |
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$ |
121.9 |
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$ |
9.7 |
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$ |
(22.8) |
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$ |
131.6 |
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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)
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September 30, 2020 |
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December 31, 2019 |
Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
1,341.3 |
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$ |
1,017.5 |
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Restricted cash |
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2.9 |
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3.0 |
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Accounts and notes receivable, net |
|
824.2 |
|
|
830.1 |
|
Inventories |
|
536.7 |
|
|
591.6 |
|
Prepaid expenses and other current assets |
|
145.2 |
|
|
131.2 |
|
|
|
|
|
|
Total current assets |
|
2,850.3 |
|
|
2,573.4 |
|
Property, plant and equipment, net |
|
1,165.2 |
|
|
1,223.0 |
|
Goodwill |
|
1,245.8 |
|
|
1,208.9 |
|
Identifiable intangibles, net |
|
1,148.6 |
|
|
1,223.9 |
|
Other assets |
|
626.6 |
|
|
588.8 |
|
|
|
|
|
|
Total assets |
|
$ |
7,036.5 |
|
|
$ |
6,818.0 |
|
Liabilities, Shareholders’ Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
482.9 |
|
|
$ |
483.7 |
|
Current portion of borrowings |
|
48.7 |
|
|
43.9 |
|
Other accrued liabilities |
|
533.6 |
|
|
545.3 |
|
|
|
|
|
|
Total current liabilities |
|
1,065.2 |
|
|
1,072.9 |
|
Long-term borrowings |
|
4,010.9 |
|
|
3,790.2 |
|
Accrued pensions |
|
284.0 |
|
|
285.2 |
|
Deferred income taxes |
|
108.5 |
|
|
115.5 |
|
Other liabilities |
|
183.2 |
|
|
144.6 |
|
|
|
|
|
|
Total liabilities |
|
5,651.8 |
|
|
5,408.4 |
|
Commitments and contingencies (Note 5) |
|
|
|
|
Shareholders’ equity: |
|
|
|
|
Common shares, $1.00 par, 1,000.0 shares authorized, 250.7 and 250.1 shares issued at September 30, 2020 and December 31, 2019, respectively |
|
250.6 |
|
|
249.9 |
|
Capital in excess of par |
|
1,484.1 |
|
|
1,474.1 |
|
Retained earnings |
|
493.6 |
|
|
443.2 |
|
Treasury shares, at cost, 15.2 shares at September 30, 2020 and December 31, 2019 |
|
(418.4) |
|
|
(417.5) |
|
Accumulated other comprehensive loss |
|
(470.2) |
|
|
(395.5) |
|
Total Axalta shareholders’ equity |
|
1,339.7 |
|
|
1,354.2 |
|
Noncontrolling interests |
|
45.0 |
|
|
55.4 |
|
Total shareholders’ equity |
|
1,384.7 |
|
|
1,409.6 |
|
Total liabilities and shareholders’ equity |
|
$ |
7,036.5 |
|
|
$ |
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 |
|
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
— |
|
|
— |
|
|
— |
|
|
82.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
82.5 |
|
Net realized and unrealized gain on derivatives, net of tax of $1.0 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6.0 |
|
|
— |
|
|
6.0 |
|
Long-term employee benefit plans, net of tax of $0.0 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.5) |
|
|
— |
|
|
(0.5) |
|
Foreign currency translation, net of tax of $0.0 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
33.9 |
|
|
(0.5) |
|
|
33.4 |
|
Total comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
82.5 |
|
|
— |
|
|
39.4 |
|
|
(0.5) |
|
|
121.4 |
|
Recognition of stock-based compensation |
— |
|
|
— |
|
|
4.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4.7 |
|
Shares issued under compensation plans |
0.1 |
|
|
0.1 |
|
|
(0.1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2020 |
235.5 |
|
|
$ |
250.6 |
|
|
$ |
1,484.1 |
|
|
$ |
493.6 |
|
|
$ |
(418.4) |
|
|
$ |
(470.2) |
|
|
$ |
45.0 |
|
|
$ |
1,384.7 |
|
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 benefit of $2.7 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(17.6) |
|
|
— |
|
|
(17.6) |
|
Long-term employee benefit plans, net of tax benefit 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 |
|
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
— |
|
|
— |
|
|
— |
|
|
65.5 |
|
|
— |
|
|
— |
|
|
0.9 |
|
|
66.4 |
|
Net realized and unrealized loss on derivatives, net of tax benefit of $0.7 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3.9) |
|
|
— |
|
|
(3.9) |
|
Long-term employee benefit plans, net of tax of $0.2 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
0.3 |
|
Foreign currency translation, net of tax of $0.0 million |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(52.2) |
|
|
(0.6) |
|
|
(52.8) |
|
Total comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
65.5 |
|
|
— |
|
|
(55.8) |
|
|
0.3 |
|
|
10.0 |
|
Recognition of stock-based compensation |
— |
|
|
— |
|
|
4.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4.2 |
|
Shares issued under compensation plans |
1.3 |
|
|
1.4 |
|
|
17.9 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
19.3 |
|
Changes in ownership of noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.5) |
|
|
(0.5) |
|
Dividends declared to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.4) |
|
|
(0.4) |
|
Balance at September 30, 2019 |
234.6 |
|
|
$ |
249.6 |
|
|
$ |
1,463.9 |
|
|
$ |
401.5 |
|
|
$ |
(417.5) |
|
|
$ |
(411.8) |
|
|
$ |
54.0 |
|
|
$ |
|