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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Venator Materials PLC | NYSE:VNTR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.2687 | 0 | 01:00:00 |
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England and Wales
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98-1373159
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(State or other jurisdiction
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(I.R.S. Employer Identification No.)
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of incorporation or organization)
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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Emerging growth company
o
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Title of each class
|
Trading Symbol(s)
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Name of each exchange on which registered
|
Ordinary Shares, $0.001 par value per share
|
VNTR
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New York Stock Exchange
|
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Page
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•
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volatile global economic conditions;
|
•
|
cyclical and volatile TiO
2
product applications;
|
•
|
highly competitive industries and the need to innovate and develop new products;
|
•
|
our ability to successfully transfer production of certain specialty and differentiated products from our Pori, Finland manufacturing facility to other sites within our manufacturing network and the costs associated with such transfer and the closure of the facility;
|
•
|
economic conditions and regulatory changes following the likely exit of the United Kingdom (the "U.K.") from the European Union ("EU");
|
•
|
increased manufacturing regulations for some of our products, including the outcome of the pending potential classification of TiO
2
as a carcinogen in the EU or any increased regulatory scrutiny;
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•
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disruptions in production at our manufacturing facilities and our ability to cover resulting costs, including construction costs, and lost revenue with insurance proceeds;
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•
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fluctuations in currency exchange rates and tax rates;
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•
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price volatility or interruptions in supply of raw materials and energy;
|
•
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our ability to realize financial and operational benefits from our business improvement plans and initiatives;
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•
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changes to laws, regulations or the interpretation thereof;
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•
|
our ability to successfully grow and transform our business, including by way of acquisitions, divestments and restructuring initiatives;
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•
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differences in views with our joint venture participants;
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•
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high levels of indebtedness;
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•
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EHS laws and regulations;
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•
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our ability to obtain future capital on favorable terms;
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•
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seasonal sales patterns in our product markets;
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•
|
our ability to successfully defend legal claims against us, or to pursue legal claims against third parties;
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•
|
our ability to adequately protect our critical information technology systems;
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•
|
our ability to comply with expanding data privacy regulations;
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•
|
failure to maintain effective internal controls over financial reporting and disclosure;
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•
|
our indemnification of Huntsman and other commitments and contingencies;
|
•
|
financial difficulties and related problems experienced by our customers, vendors, suppliers and other business partners;
|
•
|
failure to enforce our intellectual property rights;
|
•
|
our ability to effectively manage our labor force; and
|
•
|
conflicts, military actions, terrorist attacks, cyber-attacks and general instability.
|
(In millions, except par value)
|
March 31, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
(a)
|
$
|
80
|
|
|
$
|
165
|
|
Accounts receivable (net of allowance for doubtful accounts of $4 and $5, respectively)
(a)
|
400
|
|
|
351
|
|
||
Accounts receivable from affiliates
|
10
|
|
|
—
|
|
||
Inventories
(a)
|
503
|
|
|
538
|
|
||
Prepaid expenses
|
17
|
|
|
20
|
|
||
Other current assets
|
53
|
|
|
51
|
|
||
Total current assets
|
1,063
|
|
|
1,125
|
|
||
Property, plant and equipment, net
(a)
|
985
|
|
|
994
|
|
||
Operating lease right-of-use assets
|
44
|
|
|
—
|
|
||
Intangible assets, net
(a)
|
15
|
|
|
16
|
|
||
Investment in unconsolidated affiliates
|
84
|
|
|
83
|
|
||
Deferred income taxes
|
178
|
|
|
178
|
|
||
Other noncurrent assets
|
97
|
|
|
89
|
|
||
Total assets
|
$
|
2,466
|
|
|
$
|
2,485
|
|
LIABILITIES AND EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts payable
(a)
|
$
|
331
|
|
|
$
|
382
|
|
Accounts payable to affiliates
|
15
|
|
|
18
|
|
||
Accrued liabilities
(a)
|
124
|
|
|
135
|
|
||
Current operating lease liability
|
10
|
|
|
—
|
|
||
Current portion of debt
(a)
|
7
|
|
|
8
|
|
||
Total current liabilities
|
487
|
|
|
543
|
|
||
Long-term debt
|
739
|
|
|
740
|
|
||
Operating lease liability
|
36
|
|
|
—
|
|
||
Other noncurrent liabilities
|
298
|
|
|
313
|
|
||
Noncurrent payable to affiliates
|
34
|
|
|
34
|
|
||
Total liabilities
|
1,594
|
|
|
1,630
|
|
||
Commitments and contingencies (Notes 12 and 13)
|
|
|
|
||||
Equity
|
|
|
|
||||
Ordinary shares $0.001 par value, 200 shares authorized, each, 107 and 106 issued and outstanding, respectively
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
1,317
|
|
|
1,316
|
|
||
Retained deficit
|
(99
|
)
|
|
(96
|
)
|
||
Accumulated other comprehensive loss
|
(354
|
)
|
|
(373
|
)
|
||
Total Venator Materials PLC shareholders' equity
|
864
|
|
|
847
|
|
||
Noncontrolling interest in subsidiaries
|
8
|
|
|
8
|
|
||
Total equity
|
872
|
|
|
855
|
|
||
Total liabilities and equity
|
$
|
2,466
|
|
|
$
|
2,485
|
|
|
|
|
|
|
(a)
|
At
March 31, 2019
and
December 31, 2018
, the following amounts from consolidated variable interest entities are included in the respective balance sheet captions above:
$5
each of cash and cash equivalents;
$6
and
$5
of accounts receivable, net;
$1
each of inventories;
$5
each of property, plant and equipment, net;
$14
each of intangible assets, net;
$1
each of accounts payable;
$3
and
$4
of accrued liabilities; and
$2
each of current portion of debt, respectively. See "
Note 6. Variable Interest Entities
."
|
|
Three months ended
March 31, |
||||||
(Dollars in millions, except per share amounts)
|
2019
|
|
2018
|
||||
Trade sales, services and fees, net
|
$
|
562
|
|
|
$
|
622
|
|
Cost of goods sold
|
486
|
|
|
454
|
|
||
Operating expenses:
|
|
|
|
||||
Selling, general and administrative
|
47
|
|
|
54
|
|
||
Restructuring, impairment, and plant closing and transition costs
|
12
|
|
|
9
|
|
||
Other operating expense (income), net
|
8
|
|
|
(3
|
)
|
||
Total operating expenses
|
67
|
|
|
60
|
|
||
Operating income
|
9
|
|
|
108
|
|
||
Interest expense
|
(14
|
)
|
|
(13
|
)
|
||
Interest income
|
3
|
|
|
3
|
|
||
Other income
|
1
|
|
|
2
|
|
||
(Loss) income before income taxes
|
(1
|
)
|
|
100
|
|
||
Income tax expense
|
(1
|
)
|
|
(20
|
)
|
||
Net (loss) income
|
(2
|
)
|
|
80
|
|
||
Net income attributable to noncontrolling interests
|
(1
|
)
|
|
(2
|
)
|
||
Net (loss) income attributable to Venator
|
$
|
(3
|
)
|
|
$
|
78
|
|
|
|
|
|
||||
Net (losses) earnings per share:
|
|
|
|
||||
Basic (loss) income attributable to Venator Materials PLC ordinary shareholders
|
$
|
(0.03
|
)
|
|
$
|
0.73
|
|
Diluted (loss) income attributable to Venator Materials PLC ordinary shareholders
|
$
|
(0.03
|
)
|
|
$
|
0.73
|
|
|
Three months ended
March 31, |
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Net (loss) income
|
$
|
(2
|
)
|
|
$
|
80
|
|
Other comprehensive income, net of tax:
|
|
|
|
||||
Foreign currency translation adjustment
|
11
|
|
|
57
|
|
||
Pension and other postretirement benefits adjustments
|
4
|
|
|
3
|
|
||
Hedging instruments
|
4
|
|
|
(7
|
)
|
||
Total other comprehensive income, net of tax
|
19
|
|
|
53
|
|
||
Comprehensive income
|
17
|
|
|
133
|
|
||
Comprehensive income attributable to noncontrolling interest
|
(1
|
)
|
|
(2
|
)
|
||
Comprehensive income attributable to Venator
|
$
|
16
|
|
|
$
|
131
|
|
|
Total Venator Materials PLC Equity
|
|
|
|
|
||||||||||||||||||||
|
Ordinary Shares
|
|
Additional Paid-in Capital
|
|
Retained Deficit
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling Interest in Subsidiaries
|
|
Total
|
||||||||||||||
(In millions)
|
Shares
|
Amount
|
|
|
|
|
|
||||||||||||||||||
Balance, January 1, 2019
|
106
|
|
$
|
—
|
|
|
$
|
1,316
|
|
|
$
|
(96
|
)
|
|
$
|
(373
|
)
|
|
$
|
8
|
|
|
$
|
855
|
|
Net (loss) income
|
—
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
1
|
|
|
(2
|
)
|
||||||
Net changes in other comprehensive income
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
||||||
Dividends paid to noncontrolling interests
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||
Activity related to stock plans
|
1
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Balance, March 31, 2019
|
107
|
|
$
|
—
|
|
|
$
|
1,317
|
|
|
$
|
(99
|
)
|
|
$
|
(354
|
)
|
|
$
|
8
|
|
|
$
|
872
|
|
|
Total Venator Materials PLC Equity
|
|
|
|
|
||||||||||||||||||||
|
Ordinary Shares
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling Interest in Subsidiaries
|
|
Total
|
||||||||||||||
(In millions)
|
Shares
|
Amount
|
|
|
|
|
|
||||||||||||||||||
Balance, January 1, 2018
|
106
|
|
$
|
—
|
|
|
$
|
1,311
|
|
|
$
|
67
|
|
|
$
|
(283
|
)
|
|
$
|
10
|
|
|
$
|
1,105
|
|
Net income
|
—
|
|
—
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
2
|
|
|
80
|
|
||||||
Net changes in other comprehensive income
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
—
|
|
|
53
|
|
||||||
Dividends paid to noncontrolling interests
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||
Activity related to stock plans
|
—
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Balance, March 31, 2018
|
106
|
|
$
|
—
|
|
|
$
|
1,312
|
|
|
$
|
145
|
|
|
$
|
(230
|
)
|
|
$
|
10
|
|
|
$
|
1,237
|
|
|
Three months ended March 31,
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Operating Activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(2
|
)
|
|
$
|
80
|
|
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
26
|
|
|
34
|
|
||
Deferred income taxes
|
(1
|
)
|
|
9
|
|
||
Noncash restructuring and impairment charges
|
4
|
|
|
3
|
|
||
Insurance proceeds for business interruption, net of gain on recovery
|
—
|
|
|
19
|
|
||
Noncash loss (gain) on foreign currency transactions
|
4
|
|
|
(4
|
)
|
||
Other, net
|
4
|
|
|
2
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(61
|
)
|
|
(50
|
)
|
||
Inventories
|
35
|
|
|
(12
|
)
|
||
Prepaid expenses
|
3
|
|
|
5
|
|
||
Other current assets
|
(2
|
)
|
|
(9
|
)
|
||
Other noncurrent assets
|
—
|
|
|
1
|
|
||
Accounts payable
|
(22
|
)
|
|
7
|
|
||
Accrued liabilities
|
(8
|
)
|
|
(27
|
)
|
||
Other noncurrent liabilities
|
(9
|
)
|
|
(7
|
)
|
||
Net cash (used in) provided by operating activities
|
(29
|
)
|
|
51
|
|
||
Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(52
|
)
|
|
(73
|
)
|
||
Cash received from unconsolidated affiliates
|
6
|
|
|
9
|
|
||
Investment in unconsolidated affiliates
|
(7
|
)
|
|
(3
|
)
|
||
Net cash used in investing activities
|
(53
|
)
|
|
(67
|
)
|
||
Financing Activities:
|
|
|
|
||||
Repayment of third-party debt
|
(2
|
)
|
|
(6
|
)
|
||
Dividends paid to noncontrolling interests
|
(1
|
)
|
|
(2
|
)
|
||
Net cash used in financing activities
|
(3
|
)
|
|
(8
|
)
|
||
Effect of exchange rate changes on cash
|
—
|
|
|
9
|
|
||
Net change in cash and cash equivalents
|
(85
|
)
|
|
(15
|
)
|
||
Cash and cash equivalents at beginning of period
|
165
|
|
|
238
|
|
||
Cash and cash equivalents at end of period
|
$
|
80
|
|
|
$
|
223
|
|
Supplemental cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
18
|
|
|
$
|
19
|
|
Cash paid for income taxes
|
1
|
|
|
15
|
|
||
Supplemental disclosure of noncash activities:
|
|
|
|
||||
Capital expenditures included in accounts payable as of March 31, 2019 and 2018, respectively
|
$
|
36
|
|
|
$
|
33
|
|
Lease Cost
|
Three months ended
March 31, 2019 |
||
Operating lease cost
|
$
|
4
|
|
Finance lease cost:
|
|
||
Amortization of right-of-use assets
|
—
|
|
|
Interest on lease liabilities
|
—
|
|
|
Short-term lease cost
|
1
|
|
Leases
|
As of
March 31, 2019
|
||
Assets
|
|
||
Operating Lease Right-of-Use Assets
|
$
|
44
|
|
|
|
||
Finance Lease Right-of-Use Assets, at cost
|
$
|
13
|
|
Accumulated Depreciation
|
(4
|
)
|
|
Finance Lease Right-of-Use Assets, net
|
$
|
9
|
|
|
|
||
Liabilities
|
|
||
Operating Lease Obligation
|
|
||
Current
|
$
|
10
|
|
Non-Current
|
36
|
|
|
Total Operating Lease Liabilities
|
$
|
46
|
|
|
|
||
Finance Lease Obligation
|
|
||
Current
|
$
|
1
|
|
Non-Current
|
8
|
|
|
Total Finance Lease Liabilities
|
$
|
9
|
|
Cash Flow Information
|
Three months ended
March 31, 2019 |
||
Operating cash flows from operating leases
|
$
|
4
|
|
Operating cash flows from finance leases
|
—
|
|
|
Financing cash flows from finance leases
|
—
|
|
Lease Term and Discount Rate
|
As of
March 31, 2019 |
|
Average remaining lease term (years)
|
|
|
Operating leases
|
13.5
|
|
Finance leases
|
6.9
|
|
Average discount rate
|
|
|
Operating leases
|
7.3
|
%
|
Financing leases
|
5.2
|
%
|
March 31, 2019
|
Operating Leases
|
|
Finance Leases
|
|
Total
|
||||||
2019 (remaining)
|
$
|
10
|
|
|
$
|
1
|
|
|
$
|
11
|
|
2020
|
10
|
|
|
2
|
|
|
12
|
|
|||
2021
|
8
|
|
|
2
|
|
|
10
|
|
|||
2022
|
6
|
|
|
1
|
|
|
7
|
|
|||
2023
|
4
|
|
|
1
|
|
|
5
|
|
|||
After 2023
|
38
|
|
|
4
|
|
|
42
|
|
|||
Total lease payments
|
$
|
76
|
|
|
$
|
11
|
|
|
$
|
87
|
|
Less: Interest
|
30
|
|
|
2
|
|
|
32
|
|
|||
Present value of lease liabilities
|
$
|
46
|
|
|
$
|
9
|
|
|
$
|
55
|
|
December 31,
|
Operating Leases
|
|
Capital Leases
|
||||
2019
|
$
|
13
|
|
|
$
|
1
|
|
2020
|
11
|
|
|
2
|
|
||
2021
|
9
|
|
|
1
|
|
||
2022
|
6
|
|
|
1
|
|
||
2023
|
4
|
|
|
1
|
|
||
Thereafter
|
40
|
|
|
7
|
|
||
Total
|
$
|
83
|
|
|
$
|
13
|
|
Less: Amounts representing interest
|
|
|
3
|
|
|||
Present value of minimum lease payments
|
|
|
$
|
10
|
|
||
Less: Current portion of capital leases
|
|
|
1
|
|
|||
Long-term portion of capital leases
|
|
|
$
|
9
|
|
|
|
Three Months Ended March 31, 2019
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||
|
|
Titanium Dioxide
|
|
Performance Additives
|
|
Total
|
|
Titanium Dioxide
|
|
Performance Additives
|
|
Total
|
||||||||||||
Europe
|
|
$
|
213
|
|
|
$
|
55
|
|
|
$
|
268
|
|
|
$
|
241
|
|
|
$
|
58
|
|
|
$
|
299
|
|
North America
|
|
77
|
|
|
57
|
|
|
134
|
|
|
71
|
|
|
77
|
|
|
148
|
|
||||||
Asia
|
|
92
|
|
|
21
|
|
|
113
|
|
|
96
|
|
|
27
|
|
|
123
|
|
||||||
Other
|
|
43
|
|
|
4
|
|
|
47
|
|
|
48
|
|
|
4
|
|
|
52
|
|
||||||
Total Revenues
|
|
$
|
425
|
|
|
$
|
137
|
|
|
$
|
562
|
|
|
$
|
456
|
|
|
$
|
166
|
|
|
$
|
622
|
|
|
|
Three Months Ended March 31, 2019
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||
|
|
Titanium Dioxide
|
|
Performance Additives
|
|
Total
|
|
Titanium Dioxide
|
|
Performance Additives
|
|
Total
|
||||||||||||
TiO
2
|
|
$
|
425
|
|
|
$
|
—
|
|
|
$
|
425
|
|
|
$
|
456
|
|
|
$
|
—
|
|
|
$
|
456
|
|
Color Pigments
|
|
—
|
|
|
70
|
|
|
70
|
|
|
—
|
|
|
82
|
|
|
82
|
|
||||||
Functional Additives
|
|
—
|
|
|
32
|
|
|
32
|
|
|
—
|
|
|
41
|
|
|
41
|
|
||||||
Timber Treatment
|
|
—
|
|
|
29
|
|
|
29
|
|
|
—
|
|
|
37
|
|
|
37
|
|
||||||
Water Treatment
|
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
6
|
|
||||||
Total Revenues
|
|
$
|
425
|
|
|
$
|
137
|
|
|
$
|
562
|
|
|
$
|
456
|
|
|
$
|
166
|
|
|
$
|
622
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Raw materials and supplies
|
$
|
135
|
|
|
$
|
165
|
|
Work in process
|
53
|
|
|
56
|
|
||
Finished goods
|
315
|
|
|
317
|
|
||
Total
|
$
|
503
|
|
|
$
|
538
|
|
•
|
Pacific Iron Products Sdn Bhd is our
50%
-owned joint venture with Coogee Chemicals that manufactures products for Venator. It was determined that the activities that most significantly impact its economic performance are raw material supply, manufacturing and sales. In this joint venture we supply all the raw materials through a fixed cost supply contract, operate the manufacturing facility and market the products of the joint venture to customers. Through a fixed price raw materials supply contract with the joint venture we are exposed to the risk related to the fluctuation of raw material pricing. As a result, we concluded that we are the primary beneficiary.
|
•
|
Viance, LLC ("Viance") is our
50%
-owned joint venture with DowDuPont. Viance markets timber treatment products for Venator. We have determined that the activity that most significantly impacts Viance’s economic performance is manufacturing. The joint venture sources all of its products through a contract manufacturing arrangement at our Harrisburg, North Carolina facility and we bear a disproportionate amount of working capital risk of loss due to the supply arrangement whereby we control manufacturing on Viance’s behalf. As a result, we concluded that we are the primary beneficiary.
|
|
Three months ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Revenues
|
$
|
22
|
|
|
$
|
31
|
|
Income before income taxes
|
2
|
|
|
4
|
|
||
Net cash provided by operating activities
|
2
|
|
|
9
|
|
|
Workforce reductions
(1)
|
|
Other restructuring costs
|
|
Total
(2)
|
||||||
Accrued liabilities as of December 31, 2018
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
32
|
|
2019 charges for 2018 and prior initiatives
|
2
|
|
|
2
|
|
|
4
|
|
|||
2019 charges for 2019 initiatives
|
4
|
|
|
—
|
|
|
4
|
|
|||
2019 payments for 2018 and prior initiatives
|
(9
|
)
|
|
(2
|
)
|
|
(11
|
)
|
|||
2019 payments for 2019 initiatives
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Accrued liabilities as of March 31, 2019
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
28
|
|
|
|
|
(1)
|
The total workforce reduction reserves of
$28 million
relate to the termination of
467
positions, of which
26
positions had been terminated but not yet paid as of
March 31, 2019
.
|
(2)
|
Accrued liabilities remaining at
March 31, 2019
and
December 31, 2018
by year of initiatives were as follows:
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
2017 initiatives and prior
|
$
|
14
|
|
|
$
|
18
|
|
2018 initiatives
|
11
|
|
|
14
|
|
||
2019 initiatives
|
3
|
|
|
—
|
|
||
Total
|
$
|
28
|
|
|
$
|
32
|
|
|
Titanium Dioxide
|
|
Performance Additives
|
|
Total
|
||||||
Accrued liabilities as of December 31, 2018
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
32
|
|
2019 charges for 2018 and prior initiatives
|
4
|
|
|
—
|
|
|
4
|
|
|||
2019 charges for 2019 initiatives
|
4
|
|
|
—
|
|
|
4
|
|
|||
2019 payments for 2018 and prior initiatives
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
|||
2019 payments for 2019 initiatives
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Accrued liabilities as of March 31, 2019
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
28
|
|
Current portion of restructuring reserves
|
17
|
|
|
—
|
|
|
17
|
|
|||
Long-term portion of restructuring reserve
|
11
|
|
|
—
|
|
|
11
|
|
|
Three months ended
|
||
|
March 31, 2019
|
||
Cash charges
|
$
|
8
|
|
Accelerated depreciation
|
4
|
|
|
Total 2019 Restructuring, Impairment and Plant Closing and Transition Costs
|
$
|
12
|
|
|
Three months ended
|
||
|
March 31, 2018
|
||
Cash charges
|
$
|
6
|
|
Accelerated depreciation
|
3
|
|
|
Total 2018 Restructuring, Impairment and Plant Closing and Transition Costs
|
$
|
9
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Senior Notes
|
$
|
370
|
|
|
$
|
370
|
|
Term Loan Facility
|
363
|
|
|
365
|
|
||
Other
|
13
|
|
|
13
|
|
||
Total debt
|
746
|
|
|
748
|
|
||
Less: short-term debt and current portion of long-term debt
|
7
|
|
|
8
|
|
||
Long-term debt
|
$
|
739
|
|
|
$
|
740
|
|
•
|
the Term Loan Facility in an aggregate principal amount of
$375 million
, with a maturity of
seven years
; and
|
•
|
the ABL Facility in an aggregate principal amount of up to
$300 million
, with a maturity of
five years
.
|
|
Three months ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Numerator:
|
|
|
|
||||
Basic and diluted net (loss) income:
|
|
|
|
||||
Net (loss) income attributable to Venator Materials PLC ordinary shareholders
|
$
|
(3
|
)
|
|
$
|
78
|
|
Denominator:
|
|
|
|
||||
Weighted average shares outstanding
|
106.5
|
|
|
106.4
|
|
||
Dilutive share-based awards
|
0.3
|
|
|
0.4
|
|
||
Total weighted average shares outstanding, including dilutive shares
|
106.8
|
|
|
106.8
|
|
|
Foreign currency translation adjustment
(a)
|
|
Pension and other postretirement benefits adjustments net of tax
(b)
|
|
Other comprehensive loss of unconsolidated affiliates
|
|
Hedging Instruments
|
|
Total
|
|
Amounts attributable to noncontrolling interests
|
|
Amounts attributable to Venator
|
||||||||||||||
Beginning balance, January 1, 2019
|
$
|
(96
|
)
|
|
$
|
(278
|
)
|
|
$
|
(5
|
)
|
|
$
|
6
|
|
|
$
|
(373
|
)
|
|
$
|
—
|
|
|
$
|
(373
|
)
|
Other comprehensive income before reclassifications, gross
|
11
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|||||||
Tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Amounts reclassified from accumulated other comprehensive loss, gross
(c)
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|||||||
Tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Net current-period other comprehensive income
|
11
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
19
|
|
|
—
|
|
|
19
|
|
|||||||
Ending balance,
March 31, 2019
|
$
|
(85
|
)
|
|
$
|
(274
|
)
|
|
$
|
(5
|
)
|
|
$
|
10
|
|
|
$
|
(354
|
)
|
|
$
|
—
|
|
|
$
|
(354
|
)
|
|
Foreign currency translation adjustment
(d)
|
|
Pension and other postretirement benefits adjustments net of tax
(e)
|
|
Other comprehensive loss of unconsolidated affiliates
|
|
Hedging Instruments
|
|
Total
|
|
Amounts attributable to noncontrolling interests
|
|
Amounts attributable to Venator
|
||||||||||||||
Beginning balance, January 1, 2018
|
$
|
(6
|
)
|
|
$
|
(267
|
)
|
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
|
$
|
(283
|
)
|
|
$
|
—
|
|
|
$
|
(283
|
)
|
Other comprehensive income (loss) before reclassifications, gross
|
57
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
50
|
|
|
—
|
|
|
50
|
|
|||||||
Tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Amounts reclassified from accumulated other comprehensive loss, gross
(c)
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||||
Tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Net current-period other comprehensive income (loss)
|
57
|
|
|
3
|
|
|
—
|
|
|
(7
|
)
|
|
53
|
|
|
—
|
|
|
53
|
|
|||||||
Ending balance,
March 31, 2018
|
$
|
51
|
|
|
$
|
(264
|
)
|
|
$
|
(5
|
)
|
|
$
|
(12
|
)
|
|
$
|
(230
|
)
|
|
$
|
—
|
|
|
$
|
(230
|
)
|
|
|
|
|
|
(a)
|
Amounts are net of tax of
nil
as of
March 31, 2019
and January 1, 2019, each.
|
(b)
|
Amounts are net of tax of
$50 million
as of
March 31, 2019
and January 1, 2019, each.
|
(c)
|
See table below for details about the amounts reclassified from accumulated other comprehensive loss.
|
(d)
|
Amounts are net of tax of
nil
as of
March 31, 2018
and January 1, 2018, each.
|
(e)
|
Amounts are net of tax of
$52 million
as of
March 31, 2018
and January 1, 2018, each.
|
|
Three months ended
March 31, |
|
Affected line item in the statement where net income is presented
|
||||||
|
2019
|
|
2018
|
|
|||||
Details about Accumulated Other Comprehensive Loss Components
(a)
:
|
|
|
|
|
|
||||
Amortization of pension and other postretirement benefits:
|
|
|
|
|
|
||||
Actuarial loss
|
$
|
4
|
|
|
$
|
3
|
|
|
Other income
|
Prior service credit
|
—
|
|
|
—
|
|
|
Other income
|
||
Total amortization
|
4
|
|
|
3
|
|
|
Total before tax
|
||
Income tax expense
|
—
|
|
|
—
|
|
|
Income tax expense
|
||
Total reclassifications for the period
|
$
|
4
|
|
|
$
|
3
|
|
|
Net of tax
|
|
|
|
|
|
(a)
|
Pension and other postretirement benefit amounts in parentheses indicate credits on our unaudited condensed consolidated statements of operations.
|
Segment
|
|
Product Group
|
Titanium Dioxide
|
|
titanium dioxide
|
Performance Additives
|
|
functional additives, color pigments, timber treatment and water treatment chemicals
|
|
Three months ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Revenues:
|
|
|
|
||||
Titanium Dioxide
|
$
|
425
|
|
|
$
|
456
|
|
Performance Additives
|
137
|
|
|
166
|
|
||
Total
|
$
|
562
|
|
|
$
|
622
|
|
Adjusted EBITDA
(1)
|
|
|
|
||||
Titanium Dioxide
|
$
|
61
|
|
|
$
|
143
|
|
Performance Additives
|
15
|
|
|
24
|
|
||
|
76
|
|
|
167
|
|
||
Corporate and other
|
(16
|
)
|
|
(10
|
)
|
||
Total
|
60
|
|
|
157
|
|
||
Reconciliation of adjusted EBITDA to net (loss) income:
|
|
|
|
||||
Interest expense
|
(14
|
)
|
|
(13
|
)
|
||
Interest income
|
3
|
|
|
3
|
|
||
Income tax expense
|
(1
|
)
|
|
(20
|
)
|
||
Depreciation and amortization
|
(26
|
)
|
|
(34
|
)
|
||
Net income attributable to noncontrolling interests
|
1
|
|
|
2
|
|
||
Other adjustments:
|
|
|
|
||||
Business acquisition and integration expenses
|
(2
|
)
|
|
(2
|
)
|
||
Separation expense, net
|
—
|
|
|
(1
|
)
|
||
Amortization of pension and postretirement actuarial losses
|
(4
|
)
|
|
(3
|
)
|
||
Net plant incident costs
|
(7
|
)
|
|
—
|
|
||
Restructuring, impairment and plant closing and transition costs
|
(12
|
)
|
|
(9
|
)
|
||
Net (loss) income
|
$
|
(2
|
)
|
|
$
|
80
|
|
|
|
|
|
|
(1)
|
Adjusted EBITDA is defined as net (loss) income of Venator before interest expense, interest income, income tax benefit (expense), depreciation and amortization and net income attributable to noncontrolling interests, as well as eliminating the following adjustments: (a) business acquisition and integration expenses; (b) separation expense, net; (c) amortization of pension and postretirement actuarial losses; (d) net plant incident costs; and (e) restructuring, impairment, and plant closing and transition costs.
|
|
Three Months Ended
|
|
|
|||||||
|
March 31,
|
|
|
|||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
% Change
|
|||||
Revenues
|
$
|
562
|
|
|
$
|
622
|
|
|
(10
|
)%
|
Cost of goods sold
|
486
|
|
|
454
|
|
|
7
|
%
|
||
Operating expenses
(4)
|
55
|
|
|
51
|
|
|
8
|
%
|
||
Restructuring, impairment and plant closing and transition costs
|
12
|
|
|
9
|
|
|
33
|
%
|
||
Operating income
|
9
|
|
|
108
|
|
|
(92
|
)%
|
||
Interest expense, net
|
(11
|
)
|
|
(10
|
)
|
|
(10
|
)%
|
||
Other income
|
1
|
|
|
2
|
|
|
(50
|
)%
|
||
(Loss) income before income taxes
|
(1
|
)
|
|
100
|
|
|
NM
|
|
||
Income tax expense
|
(1
|
)
|
|
(20
|
)
|
|
(95
|
)%
|
||
Net (loss) income
|
(2
|
)
|
|
80
|
|
|
NM
|
|
||
Reconciliation of net loss (income) to adjusted EBITDA:
|
|
|
|
|
|
|
||||
Interest expense, net
|
11
|
|
|
10
|
|
|
10
|
%
|
||
Income tax expense
|
1
|
|
|
20
|
|
|
(95
|
)%
|
||
Depreciation and amortization
|
26
|
|
|
34
|
|
|
(24
|
)%
|
||
Net income attributable to noncontrolling interests
|
(1
|
)
|
|
(2
|
)
|
|
50
|
%
|
||
Other adjustments:
|
|
|
|
|
|
|||||
Business acquisition and integration expenses
|
2
|
|
|
2
|
|
|
|
|||
Separation expense, net
|
—
|
|
|
1
|
|
|
|
|||
Amortization of pension and postretirement actuarial losses
|
4
|
|
|
3
|
|
|
|
|||
Net plant incident costs (credits)
|
7
|
|
|
—
|
|
|
|
|||
Restructuring, impairment and plant closing and transition costs
|
12
|
|
|
9
|
|
|
|
|||
Adjusted EBITDA
(1)
|
$
|
60
|
|
|
$
|
157
|
|
|
|
|
|
|
|
|
|
|
|||||
Net cash (used in) provided by operating activities
|
(29
|
)
|
|
51
|
|
|
NM
|
|
||
Net cash used in investing activities
|
(53
|
)
|
|
(67
|
)
|
|
(21
|
)%
|
||
Net cash used in financing activities
|
(3
|
)
|
|
(8
|
)
|
|
(63
|
)%
|
||
Capital expenditures
|
(52
|
)
|
|
(73
|
)
|
|
(29
|
)%
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||||||
|
March 31, 2019
|
|
March 31, 2018
|
||||||||||||||||
(Dollars in millions, except per share amounts)
|
Gross
|
|
Tax
(3)
|
|
Net
|
|
Gross
|
|
Tax
(3)
|
|
Net
|
||||||||
Reconciliation of net (loss) income to adjusted net income attributable to Venator Materials PLC ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income
|
|
|
|
|
$
|
(2
|
)
|
|
|
|
|
|
$
|
80
|
|
||||
Net income attributable to noncontrolling interests
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
(2
|
)
|
||||||
Other adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Business acquisition and integration expenses
|
2
|
|
|
(1
|
)
|
|
1
|
|
|
2
|
|
|
(1
|
)
|
|
1
|
|
||
Separation expense, net
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||
Amortization of pension and postretirement actuarial losses
|
4
|
|
|
(1
|
)
|
|
3
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||
Net plant incident costs
|
7
|
|
|
(2
|
)
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Restructuring, impairment and plant closing and transition costs
|
12
|
|
|
(4
|
)
|
|
8
|
|
|
9
|
|
|
(1
|
)
|
|
8
|
|
||
Adjusted net income attributable to Venator Materials PLC ordinary shareholders
(2)
|
|
|
|
|
$
|
14
|
|
|
|
|
|
|
$
|
91
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares-basic
|
|
|
|
|
106.5
|
|
|
|
|
|
|
106.4
|
|
||||||
Weighted-average shares-diluted
|
|
|
|
|
106.8
|
|
|
|
|
|
|
106.8
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to Venator Materials PLC ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
|
|
|
$
|
(0.03
|
)
|
|
|
|
|
|
$
|
0.73
|
|
||||
Diluted
|
|
|
|
|
$
|
(0.03
|
)
|
|
|
|
|
|
$
|
0.73
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other non-GAAP measures:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net income per share
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
|
|
|
$
|
0.13
|
|
|
|
|
|
|
$
|
0.86
|
|
||||
Diluted
|
|
|
|
|
$
|
0.13
|
|
|
|
|
|
|
$
|
0.85
|
|
(1)
|
Our management uses adjusted EBITDA to assess financial performance. Adjusted EBITDA is defined as net (loss) income before interest expense, net, income tax (benefit) expense, depreciation and amortization, and net income attributable to noncontrolling interests, as well as eliminating the following adjustments: (a) business acquisition and integration expenses; (b) separation expense, net; (c) amortization of pension and postretirement actuarial losses; (d) net plant incident costs; and (e) restructuring, impairment and plant closing and transition costs. We believe that net income is the performance measure calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP" or "GAAP") that is most directly comparable to adjusted EBITDA.
|
(2)
|
Adjusted net income attributable to Venator Material PLC ordinary shareholders is computed by eliminating the after-tax amounts related to the following from net income attributable to Venator Materials PLC ordinary shareholders: (a) business acquisition and integration expenses; (b) separation expense, net; (c) amortization of pension and postretirement actuarial losses; (d) net plant incident costs; (e) restructuring, impairment and plant closing and transition costs. Basic adjusted net income per share excludes dilution and is computed by dividing adjusted net income by the weighted average number of shares outstanding during the period. Adjusted diluted net income per share reflects all potential dilutive ordinary shares outstanding during the period increased by the number of additional shares that would have been outstanding as dilutive securities.
|
(3)
|
The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach. We eliminated the effect of significant changes to income tax valuation allowances from our presentation of adjusted net income to allow investors to better compare our ongoing financial performance from period to period. We do not adjust for insignificant changes in tax valuation allowances because we do not believe it provides more meaningful information than is provided under GAAP.
|
(4)
|
As presented within Item 2, operating expenses includes selling, general and administrative expenses and other operating expense (income), net.
|
•
|
Revenues for the
three months ended March 31, 2019
decreased by
$60 million
, or
10%
, as compared with the same period in
2018
. The decrease was due to a
$31 million
decrease in revenue in our Titanium Dioxide
|
•
|
Our operating expenses for the
three months ended March 31, 2019
increased by
$4 million
, or
8%
, as compared with the same period in
2018
, primarily related to a $5 million unfavorable impact of foreign currency year over year and a $3 million unfavorable change in other income and expense offset by a $4 million decrease in SG&A costs from 2018 to 2019. The decline in other income and expense was driven by sales of carbon credits in the first quarter of 2018 for which there were no comparable sales in the same period of 2019.
|
•
|
Restructuring, impairment and plant closing and transition costs for the
three months ended March 31, 2019
increased to
$12 million
from
$9 million
for the same period in
2018
primarily as a result of the planned closure of our plant in Pori, Finland beginning in the third quarter of 2018. For more information concerning restructuring and plant closing activities, see "
Note 7. Restructuring, Impairment, and Plant Closing and Transition Costs
" of the
notes to unaudited condensed consolidated financial statements
.
|
•
|
Our income tax expense for the
three months ended March 31, 2019
was
$1 million
compared to
$20 million
for the same period in
2018
. Our income taxes are significantly affected by the mix of income and losses in the tax jurisdictions in which we operate, as impacted by the presence of valuation allowances in certain tax jurisdictions. For further information concerning taxes, see "
Note 10. Income Taxes
" of the
notes to unaudited condensed consolidated financial statements
.
|
|
Three Months Ended
|
|
Percent Change Favorable (Unfavorable)
|
|||||||
|
March 31,
|
|
||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
||||||
Revenues
|
|
|
|
|
|
|||||
Titanium Dioxide
|
$
|
425
|
|
|
$
|
456
|
|
|
(7
|
)%
|
Performance Additives
|
137
|
|
|
166
|
|
|
(17
|
)%
|
||
Total
|
$
|
562
|
|
|
$
|
622
|
|
|
(10
|
)%
|
Adjusted EBITDA
|
|
|
|
|
|
|||||
Titanium Dioxide
|
$
|
61
|
|
|
$
|
143
|
|
|
(57
|
)%
|
Performance Additives
|
15
|
|
|
24
|
|
|
(38
|
)%
|
||
|
76
|
|
|
167
|
|
|
(54
|
)%
|
||
Corporate and other
|
(16
|
)
|
|
(10
|
)
|
|
(60
|
)%
|
||
Total
|
$
|
60
|
|
|
$
|
157
|
|
|
(62
|
)%
|
|
Three Months Ended March 31, 2019 vs. 2018
|
||||||||||
|
Average Selling Price
(1)
|
|
|
|
|
||||||
|
Local Currency
|
|
Foreign Currency Translation Impact
|
|
Mix & Other
|
|
Sales Volumes
(2)
|
||||
Period-Over-Period Increase (Decrease)
|
|
|
|
|
|
|
|
||||
Titanium Dioxide
|
(6
|
)%
|
|
(4
|
)%
|
|
—
|
%
|
|
3
|
%
|
Performance Additives
|
(2
|
)%
|
|
(2
|
)%
|
|
1
|
%
|
|
(14
|
)%
|
|
|
|
|
|
(1)
|
Excludes revenues from tolling arrangements, by-products and raw materials.
|
(2)
|
Excludes sales volumes of by-products and raw materials.
|
•
|
Cash invested in our accounts receivable and inventory, net of accounts payable, as reflected in our
unaudited condensed consolidated
statements of cash flows increased by
$7 million
for the
three months ended March 31, 2019
as compared to the same period in the prior year. We expect volatility in our working capital components to continue due to seasonal changes in working capital throughout the year.
|
•
|
We expect to spend approximately $130 million on capital expenditures during
2019
. Our future expenditures include certain EHS maintenance and upgrades, periodic maintenance and repairs applicable to major units of manufacturing facilities; expansions of our existing facilities or construction of new facilities; certain cost reduction projects; and the cost to transfer specialty and differentiated manufacturing from Pori, Finland to other sites within our manufacturing network. We expect to fund this spending with cash on hand as well as cash provided by operations and borrowings.
|
•
|
During the
three months ended March 31, 2019
, we made contributions to our pension and postretirement benefit plans of
$6 million
. During the remainder of
2019
, we expect to contribute an additional amount of approximately
$30 million
to these plans.
|
•
|
We are involved in a number of cost reduction programs for which we have established restructuring accruals. As of
March 31, 2019
, we had
$28 million
of accrued restructuring costs of which
$17 million
is classified as current. We expect to incur additional restructuring and plant closing costs of approximately $17 million, including $10 million for non-cash charges, and pay approximately $22 million, through the remainder of
2019
. For further discussion of these plans and the costs involved, see "
Note 7. Restructuring, Impairment, and Plant Closing and Transition Costs
" of the
notes to unaudited condensed consolidated financial statements
.
|
•
|
In the first quarter of 2019 we announced additional cost reduction initiatives which are expected to provide approximately $40 million of annual adjusted EBITDA benefit compared to 2018. We expect actions will be complete in 2020, ending the year at the full run rate level.
|
•
|
On January 30, 2017, our TiO
2
manufacturing facility in Pori, Finland, experienced fire damage. We are in the process of closing our Pori, Finland, TiO
2
manufacturing facility and transferring the production of specialty and differentiated product grades to other sites within our existing network. In the first quarter of 2019, we had capital expenditures of $24 million related to project wind-down and closure costs. We intend to operate the Pori facility at reduced production rates through the transition period, which is expected to last through at least 2022, subject to economic and other factors.
|
•
|
We have
$733 million
in aggregate principal outstanding under
$370 million
, 5.75% of Senior Notes due 2025, and a
$363 million
Term Loan Facility. See further discussion under "Financing Arrangements."
|
(Dollars in millions)
|
March 31, 2019
|
|
December 31, 2018
|
|
Increase (Decrease)
|
|
Percent Change
|
|||||||
Cash and cash equivalents
|
$
|
80
|
|
|
$
|
165
|
|
|
$
|
(85
|
)
|
|
(52
|
)%
|
Accounts receivable, net
|
400
|
|
|
351
|
|
|
49
|
|
|
14
|
%
|
|||
Accounts receivable from affiliates
|
10
|
|
|
—
|
|
|
10
|
|
|
NM
|
|
|||
Inventories
|
503
|
|
|
538
|
|
|
(35
|
)
|
|
(7
|
)%
|
|||
Prepaid expenses
|
17
|
|
|
20
|
|
|
(3
|
)
|
|
(15
|
)%
|
|||
Other current assets
|
53
|
|
|
51
|
|
|
2
|
|
|
4
|
%
|
|||
Total current assets
|
$
|
1,063
|
|
|
$
|
1,125
|
|
|
$
|
(62
|
)
|
|
(6
|
)%
|
Accounts payable
|
331
|
|
|
382
|
|
|
(51
|
)
|
|
(13
|
)%
|
|||
Accounts payable to affiliates
|
15
|
|
|
18
|
|
|
(3
|
)
|
|
(17
|
)%
|
|||
Accrued liabilities
|
124
|
|
|
135
|
|
|
(11
|
)
|
|
(8
|
)%
|
|||
Current operating lease liability
|
10
|
|
|
—
|
|
|
10
|
|
|
NM
|
|
|||
Current portion of debt
|
7
|
|
|
8
|
|
|
(1
|
)
|
|
(13
|
)%
|
|||
Total current liabilities
|
$
|
487
|
|
|
$
|
543
|
|
|
$
|
(56
|
)
|
|
(10
|
)%
|
Working capital
|
$
|
576
|
|
|
$
|
582
|
|
|
$
|
(6
|
)
|
|
(1
|
)%
|
•
|
Cash and cash equivalents decreased by
$85 million
primarily due to outflows of
$29 million
from operating activities,
$53 million
from investing activities and
$3 million
from financing activities.
|
•
|
Accounts receivable increased by
$49 million
primarily due to seasonally higher revenues in the first quarter of
2019
compared to the fourth quarter of 2018.
|
•
|
Inventory decreased
$35 million
reflecting lower levels of raw material at March 31, 2019 as compared to the prior year end.
|
•
|
Accrued liabilities decreased by
$11 million
primarily due to a reduction in accrued interest and accrued payroll which is a reflection of the timing of the payments versus the amounts accrued at March 31, 2019 as compared to December 31, 2018.
|
•
|
Current operating lease liability increased by
$10 million
as a result of the adoption of ASU No. 2016-02,
Leases (Topic 842)
in the first quarter of 2019. See "Note 2. Recently Issued Accounting Pronouncements" for further discussion of the implementation of this accounting standard.
|
|
|
|
|
Incorporated by Reference
|
||||
Exhibit
Number |
|
Description
|
|
Schedule
Form |
|
Exhibit
|
|
Filing Date
|
31.1*
|
|
|
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
|
|
|
32.1*
|
|
|
|
|
|
|
|
|
32.2*
|
|
|
|
|
|
|
|
|
101.INS*
|
|
XBRL Instance Document
|
|
|
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
101.DEF*
|
|
XBRL Taxonomy Definition Linkbase Document
|
|
|
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
|
|
|
|
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
VENATOR MATERIALS PLC
(Registrant)
|
|
|
|
|
|
Date:
|
May 9, 2019
|
By:
|
/s/ Kurt D. Ogden
|
|
|
|
Kurt D. Ogden
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
Date:
|
May 9, 2019
|
By:
|
/s/ Stephen Ibbotson
|
|
|
|
Stephen Ibbotson
|
|
|
|
Vice President and Controller
|
1 Year Venator Materials Chart |
1 Month Venator Materials Chart |
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