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Axalta Coating Systems reported for 2019 q2

Published: 2019-07-25 17:06:18 ET (After Market Close)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
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)
Bermuda
2851
98-1073028
(State or other jurisdiction of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(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:
Common Shares, $1.00 par value
AXTA
New York Stock Exchange
(Title of class)
(Trading symbol)
(Exchange on which registered)
Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (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 90days.Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files).YesNo

Indicate by check mark whether the Company is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule12b-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 Rule12b-2 of the Exchange Act).YesNo

As of July18, 2019, there were 233,263,277 shares of the registrant’s common shares outstanding.




Table of Contents


2


PART I FINANCIAL INFORMATION
ITEM1. FINANCIAL STATEMENTS (UNAUDITED)

AXALTA COATING SYSTEMS LTD.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share data)

Three Months Ended June 30,
Six Months Ended June 30,

2019
2018
2019
2018
Net sales
$
1,157.5

$
1,212.2

$
2,276.8

$
2,384.2

Cost of goods sold
748.4

793.8

1,499.7

1,569.8

Selling, general and administrative expenses
206.2

224.6

423.7

452.4

(Gain) loss on divestiture
(1.3
)

3.9


Research and development expenses
17.9

18.0

36.1

37.3

Amortization of acquired intangibles
28.4

29.3

56.9

58.2

Income from operations
157.9

146.5

256.5

266.5

Interest expense, net
41.0

39.3

82.3

78.7

Other (income) expense, net
(0.9
)
8.1

(1.9
)
5.9

Income before income taxes
117.8

99.1

176.1

181.9

Provision for income taxes
17.9

22.0

32.1

33.8

Net income
99.9

77.1

144.0

148.1

Less: Net income attributable to noncontrolling interests
1.5

2.2

2.2

3.3

Net income attributable to controlling interests
$
98.4

$
74.9

$
141.8

$
144.8

Basic earnings per share
$
0.42

$
0.31

$
0.61

$
0.60

Diluted earnings per share
$
0.42

$
0.31

$
0.60

$
0.59


The accompanying notes are an integral part of these condensed consolidated financial statements.


3


AXALTA COATING SYSTEMS LTD.
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(In millions)
Three Months Ended June 30,
Six Months Ended June 30,
2019
2018
2019
2018
Net income
$
99.9

$
77.1

$
144.0

$
148.1

Other comprehensive loss, before tax:
Foreign currency translation adjustments
(0.9
)
(112.4
)
12.4

(69.3
)
Unrealized (loss) gain on derivatives
(20.3
)
4.7

(34.9
)
12.6

Unrealized (loss) gain on pension plan obligations

(1.6
)
0.5

(1.3
)
Other comprehensive loss, before tax
(21.2
)
(109.3
)
(22.0
)
(58.0
)
Income tax provision (benefit) related to items of other comprehensive loss
(3.1
)
0.4

(4.8
)
1.7

Other comprehensive loss, net of tax
(18.1
)
(109.7
)
(17.2
)
(59.7
)
Comprehensive income (loss)
81.8

(32.6
)
126.8

88.4

Less: Comprehensive income (loss) attributable to noncontrolling interests
3.7

(0.6
)
4.9

1.4

Comprehensive income (loss) attributable to controlling interests
$
78.1

$
(32.0
)
$
121.9

$
87.0


The accompanying notes are an integral part of these condensed consolidated financial statements.

4


AXALTA COATING SYSTEMS LTD.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except per share data)

June30, 2019
December31, 2018
Assets


Current assets:


Cash and cash equivalents
$
577.3

$
693.6

Restricted cash
7.3

2.8

Accounts and notes receivable, net
980.6

860.8

Inventories
610.9

613.0

Prepaid expenses and other current assets
136.0

139.4

Total current assets
2,312.1

2,309.6

Property, plant and equipment, net
1,259.1

1,298.2

Goodwill
1,220.5

1,230.8

Identifiable intangibles, net
1,287.3

1,348.0

Other assets
613.9

489.1

Total assets
$
6,692.9

$
6,675.7

Liabilities, Shareholders’ Equity


Current liabilities:


Accounts payable
$
508.4

$
522.8

Current portion of borrowings
43.7

42.2

Other accrued liabilities
444.7

475.6

Total current liabilities
996.8

1,040.6

Long-term borrowings
3,812.4

3,821.8

Accrued pensions
259.0

261.9

Deferred income taxes
133.6

140.8

Other liabilities
184.0

100.1

Total liabilities
5,385.8

5,365.2

Commitments and contingencies (Note 6)


Shareholders’ equity:


Common shares, $1.00 par, 1,000.0 shares authorized, 248.5 and 246.7shares issued at June 30, 2019 and December31, 2018, respectively
248.2

245.3

Capital in excess of par
1,441.8

1,409.5

Retained earnings
336.0

198.6

Treasury shares (at cost) of 15.2 and 11.1 shares at June 30, 2019 and December 31, 2018, respectively
(417.5
)
(312.2
)
Accumulated other comprehensive loss
(356.0
)
(336.1
)
Total Axalta shareholders’ equity
1,252.5

1,205.1

Noncontrolling interests
54.6

105.4

Total shareholders’ equity
1,307.1

1,310.5

Total liabilities and shareholders’ equity
$
6,692.9

$
6,675.7


The accompanying notes are an integral part of these condensed consolidated financial statements.

5


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 (Accumulated deficit)
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 (loss):
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

Noncontrolling interests of acquired subsidiaries


5.7




(32.1
)
(26.4
)
Treasury share repurchases
(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

Changes in ownership of noncontrolling interests


(1.7
)



(22.5
)
(24.2
)
Treasury share repurchases
(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.

6



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 (Accumulated deficit)
Treasury Shares, at cost
Accumulated Other Comprehensive Loss
Non controlling Interests
Total
Balance at December 31, 2017
241.9

$
242.4

$
1,354.5

$
(21.4
)
$
(58.4
)
$
(241.0
)
$
131.7

$
1,407.8

Comprehensive income:
Net Income



69.9



1.1

71.0

Net realized and unrealized loss on derivatives, net of tax of $1.6 million





6.3


6.3

Long-term employee benefit plans, net of tax benefit of $0.3 million





0.6


0.6

Foreign currency translation, net of tax of $0.0 million





42.2

0.9

43.1

Total comprehensive income



69.9


49.1

2.0

121.0

Cumulative effect of an accounting change



12.9


(0.8
)
0.1

12.2

Recognition of stock-based compensation


8.4





8.4

Shares issued under compensation plans
1.4

0.9

5.3





6.2

Noncontrolling interests of acquired subsidiaries


2.9




(29.8
)
(26.9
)
Treasury share repurchases
(0.1
)



(3.3
)


(3.3
)
Dividends declared to noncontrolling interests






(1.0
)
(1.0
)
Balance at March 31, 2018
243.2

243.3

1,371.1

61.4

(61.7
)
(192.7
)
103.0

1,524.4

Comprehensive income (loss):
Net Income



74.9



2.2

77.1

Net realized and unrealized loss on derivatives, net of tax of $0.4 million





4.3


4.3

Long-term employee benefit plans, net of tax of $0.0 million





(1.6
)

(1.6
)
Foreign currency translation, net of tax of $0.0 million





(109.6
)
(2.8
)
(112.4
)
Total comprehensive income (loss)



74.9


(106.9
)
(0.6
)
(32.6
)
Recognition of stock-based compensation


9.7





9.7

Shares issued under compensation plans
0.7

1.2

3.7





4.9

Treasury share repurchases
(3.3
)



(100.5
)


(100.5
)
Balance at June 30, 2018
240.6

$
244.5

$
1,384.5

$
136.3

$
(162.2
)
$
(299.6
)
$
102.4

$
1,405.9


The accompanying notes are an integral part of these condensed consolidated financial statements.


7


AXALTA COATING SYSTEMS LTD.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)

Six Months Ended June 30,

2019
2018
Operating activities:


Net income
$
144.0


$
148.1

Adjustment to reconcile net income to cash provided by operating activities:


Depreciation and amortization
180.3

182.1

Amortization of deferred financing costs and original issue discount
4.4

3.9

Debt extinguishment and refinancing related costs
0.2

8.4

Deferred income taxes
(1.6
)
4.0

Realized and unrealized foreign exchange losses, net
2.8

6.1

Stock-based compensation
5.3

18.1

Loss on divestiture
3.9


Interest income on swaps designated as net investment hedges
(7.2
)

Other non-cash, net
(0.6
)
3.5

Changes in operating assets and liabilities:


Trade accounts and notes receivable
(152.9
)
(133.5
)
Inventories
(1.4
)
(31.8
)
Prepaid expenses and other assets
(81.6
)
(59.7
)
Accounts payable
20.7

37.0

Other accrued liabilities
(54.0
)
(60.6
)
Other liabilities
6.5

(4.6
)
Cash provided by operating activities
68.8

121.0

Investing activities:


Acquisitions, net of cash acquired
(1.9
)
(78.2
)
Purchase of property, plant and equipment
(47.2
)
(74.6
)
Proceeds from sale of consolidated joint venture, net
8.2


Interest proceeds on swaps designated as net investment hedges
7.2


Other investing activities, net

5.3

Cash used for investing activities
(33.7
)
(147.5
)
Financing activities:




Proceeds from long-term borrowings

468.9

Payments on short-term borrowings
(20.5
)
(23.0
)
Payments on long-term borrowings
(13.7
)
(498.5
)
Financing-related costs
(2.1
)
(4.5
)
Purchase of treasury stock
(105.3
)
(103.8
)
Proceeds from option exercises
25.9

10.5

Dividends paid to noncontrolling interests
(1.1
)
(1.0
)
Investments in noncontrolling interests
(31.1
)
(26.9
)
Deferred acquisition-related consideration

(5.9
)
Cash used for financing activities
(147.9
)
(184.2
)
Decrease in cash
(112.8
)
(210.7
)
Effect of exchange rate changes on cash
1.0

(8.4
)
Cash at beginning of period
696.4

772.9

Cash at end of period
$
584.6

$
553.8






Cash at end of period reconciliation:




Cash and cash equivalents
$
577.3

$
551.1

Restricted cash
7.3

2.7

Cash at end of period
$
584.6

$
553.8


The accompanying notes are an integral part of these condensed consolidated financial statements.

8

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") atJune30, 2019andDecember31, 2018, the results of operations, comprehensive income (loss) and changes in shareholders' equity for thethree and six months ended June 30, 2019and2018, 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 theCompany’s Annual Report on Form 10-K for the year endedDecember31, 2018. 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 thethree and six months ended June 30, 2019are not necessarily indicative of the results to be expected for a full year.
Reclassifications
During thesix months ended June30, 2019, the condensed consolidated statements of operations were updated to combine "Net sales" and "Other revenue" into "Net sales". The 2018 condensed consolidated statements of operations have been updated for comparability with the current year presentation.
Correction of Immaterial Errors to Prior Period Financial Statements
During the six months ended June30, 2019, the Company identified and corrected an error that affected the previously-issued 2018 annual and interim financial statements. Specifically, the financial statements reflected an investment in noncontrolling interest payment of $26.9 million within investing activities as opposed to its appropriate classification within financing activities. The Company determined that these corrections were immaterial to the previously-issued financial statements. However, given the significance of the error and for comparability purposes, we have revised the condensed consolidated statements of cash flows for the six months ended June 30, 2018, and will revise annual and interim periods in future filings. This revision has no impact on the consolidated or condensed consolidated statements of operations or balance sheets.
Six Months Ended June 30, 2018
As Reported
Revised
Cash used for investing activities
$
(174.4
)
$
(147.5
)
Cash used for financing activities
$
(157.3
)
$
(184.2
)

Recently Adopted Accounting Guidance
In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, "Leases," which, together with amendments comprising ASC 842, requires lessees to identify arrangements that should be accounted for as leases and generally recognized, for operating and finance leases with terms exceeding twelve months, a right-of-use (or "ROU") asset and lease liability on the balance sheet. In addition to this main provision, this standard included a number of additional changes to lease accounting. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted prior to this date. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either the adoption date or the beginning of the earliest comparative period presented in the financial statements as its date of initial application. We elected to adopt the new standard on January 1, 2019 and use the adoption date as our date of initial application. As a result, historical financial information will not be updated, and the disclosures required under the new standard will not be provided as of and for periods before January 1, 2019. See Note 7 for further information on the implementation of the standard.

9

Notes to Condensed Consolidated Financial Statements (Unaudited)
(In millions, unless otherwise noted)


The new standard provides a number of optional practical expedients in transition. We have elected the package of practical expedients, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We have also elected the practical expedient pertaining to land easements which permits entities to forgo the evaluation of existing land easement arrangements in transition to determine if they contain a lease. We did not elect the use-of-hindsight practical expedient. The new standard also provides practical expedients for an entity’s ongoing accounting. We have elected the short term lease exception and we will not recognize ROU assets or lease liabilities for qualifying leases (leases with a term of less than 12 months from lease commencement). We also elected the accounting policy election to not separate lease and non-lease components for all asset classes.
The Company implemented an outsourced software solution to support the ongoing accounting requirements that this standard will have on our consolidated financial statements. We have evaluated the completeness and accuracy of lease data entered into the software solution and updated our processes, policies and internal controls. Changes to our internal controls covered the identification, accounting and disclosure of leases both upon adoption and subsequent to adoption. Adoption of ASU 2016-02 at January 1, 2019 resulted in a one-time loss to retained earnings of $0.7 million on our condensed consolidated balance sheets and condensed consolidated statement of changes in shareholders’ equity related to the net difference of derecognition of existing assets and debt obligations associated with our leases currently accounted for as sale-leaseback financings, for which the ASU requires accounting for as a lease at the date of initial application.
Of the accounting standards we have adopted in 2019, the below standard did not have a material impact:
ASU
Effective Date
2018-16
Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes
January 1, 2019

(2)REVENUE
We recognize revenue at the point our contractual performance obligations with our customers are satisfied. This occurs at the point in time when control of our products transfer to the customer based on considerations of right to payment, transfer of legal title, physical possession, risks and rewards of ownership and customer acceptance. For the majority of our revenue, control transfers upon shipment of our products to our customers. Our remaining revenue is recorded upon delivery or consumption for our product sales or as incurred for services provided and royalties earned.
For certain customer arrangements within our light vehicle, industrial and commercial vehicle end-markets, revenue is recognized upon shipment, as this is the point in time we have concluded that control of our product has transferred to our customer based on our considerations of the indicators of control in the contracts, including right of use and risk and reward of ownership. For consignment arrangements, revenue is recognized upon actual consumption by our customers, as this represents the point in time that control is determined to have transferred to the customer based on the contractual arrangement.
In our refinish end-market, our product sales are typically supplied through a network of distributors. Control transfers and revenue is recognized when our products are delivered to our distribution customers. Variable consideration in the form of price, less discounts and rebates, are estimated and recorded, as a reduction to net sales, upon the sale of our products based on our ability to make a reasonable estimate of the amounts expected to be received or incurred. The estimates of variable consideration involve significant assumptions based on the best estimates of inventory held by distributors, applicable pricing, as well as the use of historical actuals for sales, discounts and rebates, which may result in changes in estimates in the future.
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 on the balance sheet. The contract asset balances at June30, 2019 and December 31, 2018 were $39.7 million and $47.2 million, respectively.

10

Notes to Condensed Consolidated Financial Statements (Unaudited)
(In millions, unless otherwise noted)


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 June30, 2019 and December31, 2018, the total carrying value of BIPs were $190.7 million and $190.8 million, respectively, and are presented within other assets on the condensed consolidated balance sheets. For the three and six months ended June 30, 2019 and 2018, $16.0 million, $33.1 million, $16.8 million and $