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Name | Symbol | Market | Type |
---|---|---|---|
LyondellBasell Advanced Polymers Inc (CE) | USOTC:SLMNP | OTCMarkets | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 861.00 | 0.00 | 01:00:00 |
þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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34-0514850
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(State or Other Jurisdiction
of Incorporation or Organization)
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(I.R.S. Employer
Identification No.)
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3637 Ridgewood Road, Fairlawn, Ohio
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44333
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(Address of Principal Executive Offices)
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(ZIP Code)
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Large accelerated filer
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þ
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Accelerated filer
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o
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Emerging growth company
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o
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Non-accelerated filer
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o
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Smaller reporting company
|
o
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(Do not check if a smaller reporting company)
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PAGE
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Exhibit 31.1
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Exhibit 31.2
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Exhibit 32
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EX-101 INSTANCE DOCUMENT
|
|
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EX-101 SCHEMA DOCUMENT
|
|
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EX-101 CALCULATION LINKBASE DOCUMENT
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|
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EX-101 DEFINITION LINKBASE DOCUMENT
|
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EX-101 LABEL LINKBASE DOCUMENT
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EX-101 PRESENTATION LINKBASE DOCUMENT
|
|
|
Three months ended February 28,
|
|
Six months ended February 28,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Net sales
|
$
|
650,098
|
|
|
$
|
568,678
|
|
|
$
|
1,324,721
|
|
|
$
|
1,168,678
|
|
Cost of sales
|
558,403
|
|
|
479,492
|
|
|
1,127,941
|
|
|
978,477
|
|
||||
Selling, general and administrative expenses
|
78,356
|
|
|
65,967
|
|
|
153,483
|
|
|
138,342
|
|
||||
Restructuring expense
|
124
|
|
|
1,878
|
|
|
591
|
|
|
11,422
|
|
||||
(Gain) loss on sale of assets
|
—
|
|
|
—
|
|
|
(3,077
|
)
|
|
—
|
|
||||
Operating income (loss)
|
13,215
|
|
|
21,341
|
|
|
45,783
|
|
|
40,437
|
|
||||
Interest expense
|
13,435
|
|
|
13,107
|
|
|
26,876
|
|
|
26,271
|
|
||||
Foreign currency transaction (gains) losses
|
483
|
|
|
1,081
|
|
|
1,270
|
|
|
1,643
|
|
||||
Other (income) expense, net
|
(849
|
)
|
|
674
|
|
|
(1,746
|
)
|
|
(459
|
)
|
||||
Income (loss) before taxes
|
146
|
|
|
6,479
|
|
|
19,383
|
|
|
12,982
|
|
||||
Provision (benefit) for U.S. and foreign income taxes
|
(5,530
|
)
|
|
1,143
|
|
|
(1,373
|
)
|
|
4,462
|
|
||||
Net income (loss)
|
5,676
|
|
|
5,336
|
|
|
20,756
|
|
|
8,520
|
|
||||
Noncontrolling interests
|
(289
|
)
|
|
(306
|
)
|
|
(654
|
)
|
|
(547
|
)
|
||||
Net income (loss) attributable to A. Schulman, Inc.
|
5,387
|
|
|
5,030
|
|
|
20,102
|
|
|
7,973
|
|
||||
Convertible special stock dividends
|
1,875
|
|
|
1,875
|
|
|
3,750
|
|
|
3,750
|
|
||||
Net income (loss) available to A. Schulman, Inc. common stockholders
|
$
|
3,512
|
|
|
$
|
3,155
|
|
|
$
|
16,352
|
|
|
$
|
4,223
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
29,487
|
|
|
29,394
|
|
|
29,473
|
|
|
29,378
|
|
||||
Diluted
|
29,661
|
|
|
29,503
|
|
|
29,657
|
|
|
29,470
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per common share available to A. Schulman, Inc. common stockholders
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.12
|
|
|
$
|
0.11
|
|
|
$
|
0.55
|
|
|
$
|
0.14
|
|
Diluted
|
$
|
0.12
|
|
|
$
|
0.11
|
|
|
$
|
0.55
|
|
|
$
|
0.14
|
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends per common share
|
$
|
0.205
|
|
|
$
|
0.205
|
|
|
$
|
0.410
|
|
|
$
|
0.410
|
|
Cash dividends per share of convertible special stock
|
$
|
15.00
|
|
|
$
|
15.00
|
|
|
$
|
30.00
|
|
|
$
|
30.00
|
|
|
Three months ended February 28,
|
|
Six months ended February 28,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
Net income (loss)
|
$
|
5,676
|
|
|
$
|
5,336
|
|
|
$
|
20,756
|
|
|
$
|
8,520
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation gains (losses)
|
8,980
|
|
|
4,150
|
|
|
9,960
|
|
|
(11,166
|
)
|
||||
Defined benefit retirement plans, net of tax
|
435
|
|
|
610
|
|
|
813
|
|
|
1,204
|
|
||||
Other comprehensive income (loss)
|
9,415
|
|
|
4,760
|
|
|
10,773
|
|
|
(9,962
|
)
|
||||
Comprehensive income (loss)
|
15,091
|
|
|
10,096
|
|
|
31,529
|
|
|
(1,442
|
)
|
||||
Less: comprehensive income (loss) attributable to noncontrolling interests
|
135
|
|
|
333
|
|
|
505
|
|
|
504
|
|
||||
Comprehensive income (loss) attributable to A. Schulman, Inc.
|
$
|
14,956
|
|
|
$
|
9,763
|
|
|
$
|
31,024
|
|
|
$
|
(1,946
|
)
|
|
February 28,
2018 |
|
August 31,
2017 |
||||
|
(In thousands)
|
||||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
51,475
|
|
|
$
|
53,251
|
|
Restricted cash
|
169
|
|
|
768
|
|
||
Accounts receivable, less allowance for doubtful accounts of $10,419 at February 28, 2018 and $11,171 at August 31, 2017
|
439,454
|
|
|
408,439
|
|
||
Inventories
|
345,381
|
|
|
276,459
|
|
||
Prepaid expenses and other current assets
|
40,538
|
|
|
36,712
|
|
||
Assets held for sale
|
2,671
|
|
|
5,676
|
|
||
Total current assets
|
879,688
|
|
|
781,305
|
|
||
Property, plant, and equipment, less accumulated depreciation of $474,073 at February 28, 2018 and $444,481 at August 31, 2017
|
292,977
|
|
|
298,703
|
|
||
Deferred charges and other noncurrent assets
|
78,612
|
|
|
77,847
|
|
||
Goodwill
|
265,253
|
|
|
263,735
|
|
||
Intangible assets, net
|
318,332
|
|
|
332,190
|
|
||
Total assets
|
$
|
1,834,862
|
|
|
$
|
1,753,780
|
|
LIABILITIES AND EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
351,430
|
|
|
$
|
318,820
|
|
U.S. and foreign income taxes payable
|
6,405
|
|
|
4,900
|
|
||
Accrued payroll, taxes and related benefits
|
46,922
|
|
|
46,951
|
|
||
Other accrued liabilities
|
65,961
|
|
|
61,761
|
|
||
Short-term debt
|
19,492
|
|
|
32,013
|
|
||
Total current liabilities
|
490,210
|
|
|
464,445
|
|
||
Long-term debt
|
930,632
|
|
|
885,178
|
|
||
Pension plans
|
140,353
|
|
|
135,691
|
|
||
Deferred income taxes
|
26,015
|
|
|
37,699
|
|
||
Other long-term liabilities
|
23,569
|
|
|
23,735
|
|
||
Total liabilities
|
1,610,779
|
|
|
1,546,748
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Convertible special stock, no par value
|
120,289
|
|
|
120,289
|
|
||
Common stock, $1 par value, authorized - 75,000 shares, issued - 48,585 shares at February 28, 2018 and 48,529 shares at August 31, 2017
|
48,585
|
|
|
48,529
|
|
||
Additional paid-in capital
|
280,331
|
|
|
279,207
|
|
||
Accumulated other comprehensive income (loss)
|
(77,601
|
)
|
|
(88,523
|
)
|
||
Retained earnings
|
224,794
|
|
|
220,357
|
|
||
Treasury stock, at cost, 19,060 shares at February 28, 2018 and 19,063 shares at August 31, 2017
|
(382,807
|
)
|
|
(382,841
|
)
|
||
Total A. Schulman, Inc.’s stockholders’ equity
|
213,591
|
|
|
197,018
|
|
||
Noncontrolling interests
|
10,492
|
|
|
10,014
|
|
||
Total equity
|
224,083
|
|
|
207,032
|
|
||
Total liabilities and equity
|
$
|
1,834,862
|
|
|
$
|
1,753,780
|
|
|
Six months ended February 28,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
20,756
|
|
|
$
|
8,520
|
|
Adjustments to reconcile net income to net cash provided from (used in) operating activities:
|
|
|
|
||||
Depreciation
|
21,218
|
|
|
22,215
|
|
||
Amortization
|
17,283
|
|
|
17,644
|
|
||
Deferred tax provision (benefit)
|
(12,794
|
)
|
|
(4,493
|
)
|
||
Pension, postretirement benefits and other compensation
|
3,694
|
|
|
3,361
|
|
||
(Gain) loss on sale of assets
|
(3,077
|
)
|
|
—
|
|
||
Changes in assets and liabilities, net of acquisitions:
|
|
|
|
||||
Accounts receivable
|
(24,780
|
)
|
|
(15,866
|
)
|
||
Inventories
|
(62,198
|
)
|
|
(24,670
|
)
|
||
Accounts payable
|
25,665
|
|
|
40,363
|
|
||
Income taxes
|
2,154
|
|
|
(4,639
|
)
|
||
Accrued payroll and other accrued liabilities
|
3,049
|
|
|
(4,311
|
)
|
||
Other assets and long-term liabilities
|
(3,587
|
)
|
|
2,025
|
|
||
Net cash provided from (used in) operating activities
|
(12,617
|
)
|
|
40,149
|
|
||
Investing activities
|
|
|
|
||||
Expenditures for property, plant and equipment
|
(13,083
|
)
|
|
(24,505
|
)
|
||
Proceeds from the sale of assets
|
6,420
|
|
|
478
|
|
||
Distributions from equity investees
|
125
|
|
|
125
|
|
||
Net cash provided from (used in) investing activities
|
(6,538
|
)
|
|
(23,902
|
)
|
||
Financing activities:
|
|
|
|
||||
Cash dividends paid to special stockholders
|
(3,750
|
)
|
|
(3,750
|
)
|
||
Cash dividends paid to common stockholders
|
(12,242
|
)
|
|
(12,057
|
)
|
||
Increase (decrease) in short-term debt
|
(15,144
|
)
|
|
5,153
|
|
||
Borrowings on long-term debt
|
399,923
|
|
|
238,543
|
|
||
Repayments on long-term debt including current portion
|
(353,597
|
)
|
|
(237,034
|
)
|
||
Noncontrolling interests' distributions
|
(27
|
)
|
|
—
|
|
||
Issuances of stock, common and treasury
|
58
|
|
|
93
|
|
||
Redemptions of common stock
|
(1,225
|
)
|
|
(620
|
)
|
||
Net cash provided from (used in) financing activities
|
13,996
|
|
|
(9,672
|
)
|
||
Effect of exchange rate changes on cash
|
2,784
|
|
|
(494
|
)
|
||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
(2,375
|
)
|
|
6,081
|
|
||
Cash, cash equivalents, and restricted cash at beginning of period
|
54,019
|
|
|
43,403
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
51,644
|
|
|
$
|
49,484
|
|
(1)
|
GENERAL
|
|
February 28, 2018
|
|
August 31, 2017
|
|
February 28, 2017
|
|
August 31, 2016
|
||||||||
|
(In thousands)
|
||||||||||||||
Cash and cash equivalents
|
$
|
51,475
|
|
|
$
|
53,251
|
|
|
$
|
47,861
|
|
|
$
|
35,260
|
|
Restricted cash
|
169
|
|
|
768
|
|
|
1,623
|
|
|
8,143
|
|
||||
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows
|
$
|
51,644
|
|
|
$
|
54,019
|
|
|
$
|
49,484
|
|
|
$
|
43,403
|
|
(2)
|
GOODWILL AND OTHER INTANGIBLE ASSETS
|
|
EMEA
|
|
USCAN
|
|
LATAM
|
|
APAC
|
|
EC
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Balance as of August 31, 2017
|
$
|
58,180
|
|
|
$
|
116,369
|
|
|
$
|
13,528
|
|
|
$
|
934
|
|
|
$
|
74,724
|
|
|
$
|
263,735
|
|
Translation
|
2,039
|
|
|
—
|
|
|
(535
|
)
|
|
40
|
|
|
(26
|
)
|
|
1,518
|
|
||||||
Balance as of February 28, 2018
|
$
|
60,219
|
|
|
$
|
116,369
|
|
|
$
|
12,993
|
|
|
$
|
974
|
|
|
$
|
74,698
|
|
|
$
|
265,253
|
|
|
February 28, 2018
|
|
August 31, 2017
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Customer related
|
$
|
361,478
|
|
|
$
|
(105,605
|
)
|
|
$
|
255,873
|
|
|
$
|
359,227
|
|
|
$
|
(91,910
|
)
|
|
$
|
267,317
|
|
Developed technology
|
73,479
|
|
|
(21,073
|
)
|
|
52,406
|
|
|
73,171
|
|
|
(18,574
|
)
|
|
54,597
|
|
||||||
Registered trademarks and tradenames
|
18,939
|
|
|
(8,886
|
)
|
|
10,053
|
|
|
18,347
|
|
|
(8,071
|
)
|
|
10,276
|
|
||||||
Total finite-lived intangible assets
|
$
|
453,896
|
|
|
$
|
(135,564
|
)
|
|
$
|
318,332
|
|
|
$
|
450,745
|
|
|
$
|
(118,555
|
)
|
|
$
|
332,190
|
|
(3)
|
LONG-TERM DEBT AND CREDIT ARRANGEMENTS
|
|
February 28, 2018
|
|
August 31, 2017
|
||||
|
(In thousands)
|
||||||
Notes payable and other, due within one year
|
$
|
2,242
|
|
|
$
|
17,263
|
|
Current portion of long-term debt
|
17,250
|
|
|
14,750
|
|
||
Short-term debt
|
$
|
19,492
|
|
|
$
|
32,013
|
|
|
|
|
|
||||
Revolving credit facility, LIBOR plus applicable spread, due June 2020
|
$
|
105,744
|
|
|
$
|
51,250
|
|
Term Loan A, LIBOR plus applicable spread, due June 2020
|
158,750
|
|
|
166,250
|
|
||
U.S. Term Loan B, LIBOR plus applicable spread, due June 2022
|
296,419
|
|
|
298,115
|
|
||
Senior notes, 6.875%, due June 2023
|
375,000
|
|
|
375,000
|
|
||
Capital leases and other long-term debt
|
2,930
|
|
|
3,276
|
|
||
Unamortized debt issuance costs
|
(8,211
|
)
|
|
(8,713
|
)
|
||
Long-term debt
|
$
|
930,632
|
|
|
$
|
885,178
|
|
|
February 28, 2018
|
|
August 31, 2017
|
||||||||||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||
Assets recorded at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Foreign exchange forward contracts
|
$
|
255
|
|
|
$
|
—
|
|
|
$
|
255
|
|
|
$
|
—
|
|
|
$
|
286
|
|
|
$
|
—
|
|
|
$
|
286
|
|
|
$
|
—
|
|
Liabilities recorded at fair value:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Foreign exchange forward contracts
|
$
|
378
|
|
|
$
|
—
|
|
|
$
|
378
|
|
|
$
|
—
|
|
|
$
|
268
|
|
|
$
|
—
|
|
|
$
|
268
|
|
|
$
|
—
|
|
|
Three months ended February 28,
|
|
Six months ended February 28,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
Defined benefit pension plans:
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
1,342
|
|
|
$
|
1,344
|
|
|
$
|
2,640
|
|
|
$
|
2,739
|
|
Interest cost
|
796
|
|
|
570
|
|
|
1,567
|
|
|
1,157
|
|
||||
Expected return on plan assets
|
(410
|
)
|
|
(367
|
)
|
|
(806
|
)
|
|
(743
|
)
|
||||
Amortization of actuarial loss (gain)
|
724
|
|
|
961
|
|
|
1,424
|
|
|
1,958
|
|
||||
Net periodic pension benefit cost
|
$
|
2,452
|
|
|
$
|
2,508
|
|
|
$
|
4,825
|
|
|
$
|
5,111
|
|
|
Convertible Special Stock
|
|
Common
Stock ($1 par value)
|
|
Additional Paid-In Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Retained
Earnings
|
|
Treasury
Stock
|
|
Non-controlling
Interests
|
|
Total
Equity
|
||||||||||||||||
|
(In thousands, except per share data)
|
||||||||||||||||||||||||||||||
Balance as of August 31, 2017
|
$
|
120,289
|
|
|
$
|
48,529
|
|
|
$
|
279,207
|
|
|
$
|
(88,523
|
)
|
|
$
|
220,357
|
|
|
$
|
(382,841
|
)
|
|
$
|
10,014
|
|
|
$
|
207,032
|
|
Comprehensive income (loss)
|
|
|
|
|
|
|
10,922
|
|
|
20,102
|
|
|
|
|
505
|
|
|
31,529
|
|
||||||||||||
Cash dividends paid on convertible special stock, $30.00 per share
|
|
|
|
|
|
|
|
|
(3,750
|
)
|
|
|
|
|
|
(3,750
|
)
|
||||||||||||||
Cash dividends paid on common stock, $0.41 per share
|
|
|
|
|
|
|
|
|
(12,242
|
)
|
|
|
|
|
|
(12,242
|
)
|
||||||||||||||
Cash distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
(27
|
)
|
|
(27
|
)
|
||||||||||||||
Issuance of treasury stock
|
|
|
|
|
24
|
|
|
|
|
|
|
34
|
|
|
|
|
58
|
|
|||||||||||||
Restricted stock issued, net of forfeitures
|
|
|
91
|
|
|
(91
|
)
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||
Redemption of common stock to cover tax withholdings
|
|
|
(35
|
)
|
|
(1,190
|
)
|
|
|
|
|
|
|
|
|
|
(1,225
|
)
|
|||||||||||||
Cumulative effect adjustment upon adoption of ASU 2016-09
|
|
|
|
|
|
|
|
|
327
|
|
|
|
|
|
|
327
|
|
||||||||||||||
Share-based compensation plans
|
|
|
|
|
2,381
|
|
|
|
|
|
|
|
|
|
|
2,381
|
|
||||||||||||||
Balance as of February 28, 2018
|
$
|
120,289
|
|
|
$
|
48,585
|
|
|
$
|
280,331
|
|
|
$
|
(77,601
|
)
|
|
$
|
224,794
|
|
|
$
|
(382,807
|
)
|
|
$
|
10,492
|
|
|
$
|
224,083
|
|
|
Foreign Currency Translation Gain (Loss)
|
|
Pension and Other Retiree Benefits
|
|
Total Accumulated Other Comprehensive Income (Loss)
|
||||||
|
(In thousands)
|
||||||||||
Balance as of November 30, 2017
|
$
|
(51,216
|
)
|
|
$
|
(35,954
|
)
|
|
$
|
(87,170
|
)
|
Other comprehensive income (loss) before reclassifications
|
8,980
|
|
|
—
|
|
|
8,980
|
|
|||
Amounts reclassified to earnings
|
—
|
|
|
435
|
|
(2)
|
435
|
|
|||
Net current period other comprehensive income (loss)
|
8,980
|
|
|
435
|
|
|
9,415
|
|
|||
Less: comprehensive income (loss) attributable to
noncontrolling interests |
(154
|
)
|
|
—
|
|
|
(154
|
)
|
|||
Net current period other comprehensive income (loss) attributable to A. Schulman, Inc.
|
9,134
|
|
|
435
|
|
|
9,569
|
|
|||
Balance as of February 28, 2018
|
$
|
(42,082
|
)
|
|
$
|
(35,519
|
)
|
|
$
|
(77,601
|
)
|
|
Foreign Currency Translation Gain (Loss)
|
|
Pension and Other Retiree Benefits
|
|
Total Accumulated Other Comprehensive Income (Loss)
|
||||||
|
(In thousands)
|
||||||||||
Balance as of August 31, 2017
|
$
|
(52,191
|
)
|
|
$
|
(36,332
|
)
|
|
$
|
(88,523
|
)
|
Other comprehensive income (loss) before reclassifications
|
9,960
|
|
|
—
|
|
|
9,960
|
|
|||
Amounts reclassified to earnings
|
—
|
|
|
813
|
|
(2)
|
813
|
|
|||
Net current period other comprehensive income (loss)
|
9,960
|
|
|
813
|
|
|
10,773
|
|
|||
Less: comprehensive income (loss) attributable to
noncontrolling interests |
(149
|
)
|
|
—
|
|
|
(149
|
)
|
|||
Net current period other comprehensive income (loss) attributable to A. Schulman, Inc.
|
10,109
|
|
|
813
|
|
|
10,922
|
|
|||
Balance as of February 28, 2018
|
$
|
(42,082
|
)
|
|
$
|
(35,519
|
)
|
|
$
|
(77,601
|
)
|
|
Foreign Currency Translation Gain (Loss)
|
|
Pension and Other Retiree Benefits
|
|
Total Accumulated Other Comprehensive Income (Loss)
|
||||||
|
(In thousands)
|
||||||||||
Balance as of November 30, 2016
|
$
|
(84,963
|
)
|
|
$
|
(50,410
|
)
|
|
$
|
(135,373
|
)
|
Other comprehensive income (loss) before reclassifications
|
4,150
|
|
|
—
|
|
|
4,150
|
|
|||
Amounts reclassified to earnings
|
—
|
|
|
610
|
|
(2)
|
610
|
|
|||
Net current period other comprehensive income (loss)
|
4,150
|
|
|
610
|
|
|
4,760
|
|
|||
Less: comprehensive income (loss) attributable to
noncontrolling interests |
27
|
|
|
—
|
|
|
27
|
|
|||
Net current period other comprehensive income (loss) attributable to A. Schulman, Inc.
|
4,123
|
|
|
610
|
|
|
4,733
|
|
|||
Balance as of February 28, 2017
|
$
|
(80,840
|
)
|
|
$
|
(49,800
|
)
|
|
$
|
(130,640
|
)
|
|
Foreign Currency Translation Gain (Loss)
|
|
Pension and Other Retiree Benefits
|
|
Total Accumulated Other Comprehensive Income (Loss)
|
||||||
|
(In thousands)
|
||||||||||
Balance as of August 31, 2016
|
$
|
(69,717
|
)
|
|
$
|
(51,004
|
)
|
|
$
|
(120,721
|
)
|
Other comprehensive income (loss) before reclassifications
|
(11,166
|
)
|
|
—
|
|
|
(11,166
|
)
|
|||
Amounts reclassified to earnings
|
—
|
|
|
1,204
|
|
(2)
|
1,204
|
|
|||
Net current period other comprehensive income (loss)
|
(11,166
|
)
|
|
1,204
|
|
|
(9,962
|
)
|
|||
Less: comprehensive income (loss) attributable to
noncontrolling interests |
(43
|
)
|
|
—
|
|
|
(43
|
)
|
|||
Net current period other comprehensive income (loss) attributable to A. Schulman, Inc.
|
(11,123
|
)
|
|
1,204
|
|
|
(9,919
|
)
|
|||
Balance as of February 28, 2017
|
$
|
(80,840
|
)
|
|
$
|
(49,800
|
)
|
|
$
|
(130,640
|
)
|
|
Three months ended February 28,
|
|
Six months ended February 28,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
Time-based and performance-based restricted stock awards
|
$
|
643
|
|
|
$
|
446
|
|
|
$
|
1,750
|
|
|
$
|
1,347
|
|
Stock options
|
207
|
|
|
68
|
|
|
335
|
|
|
68
|
|
||||
Unrestricted awards
|
754
|
|
|
531
|
|
|
832
|
|
|
1,253
|
|
||||
Total share-based incentive compensation
|
$
|
1,604
|
|
|
$
|
1,045
|
|
|
$
|
2,917
|
|
|
$
|
2,668
|
|
|
Three months ended February 28,
|
|
Six months ended February 28,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||||||
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
||||
Basic
|
29,487
|
|
|
29,394
|
|
|
29,473
|
|
|
29,378
|
|
Incremental shares from equity awards
|
174
|
|
|
109
|
|
|
184
|
|
|
92
|
|
Incremental shares from convertible special stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Diluted
|
29,661
|
|
|
29,503
|
|
|
29,657
|
|
|
29,470
|
|
|
Three months ended February 28,
|
|
Six months ended February 28,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
EMEA
|
$
|
335,671
|
|
|
$
|
276,902
|
|
|
$
|
683,091
|
|
|
$
|
572,974
|
|
USCAN
|
156,452
|
|
|
151,918
|
|
|
315,688
|
|
|
308,336
|
|
||||
LATAM
|
44,982
|
|
|
39,662
|
|
|
93,395
|
|
|
81,878
|
|
||||
APAC
|
57,384
|
|
|
48,914
|
|
|
117,548
|
|
|
99,651
|
|
||||
EC
|
55,609
|
|
|
51,282
|
|
|
114,999
|
|
|
105,839
|
|
||||
Total net sales to unaffiliated customers
|
$
|
650,098
|
|
|
$
|
568,678
|
|
|
$
|
1,324,721
|
|
|
$
|
1,168,678
|
|
|
Three months ended February 28,
|
|
Six months ended February 28,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
EMEA
|
$
|
40,185
|
|
|
$
|
39,130
|
|
|
$
|
86,631
|
|
|
$
|
83,788
|
|
USCAN
|
20,219
|
|
|
20,060
|
|
|
44,847
|
|
|
44,576
|
|
||||
LATAM
|
8,869
|
|
|
9,595
|
|
|
19,071
|
|
|
19,012
|
|
||||
APAC
|
8,922
|
|
|
8,908
|
|
|
18,833
|
|
|
18,034
|
|
||||
EC
|
13,645
|
|
|
12,831
|
|
|
27,624
|
|
|
26,799
|
|
||||
Total segment gross profit
|
91,840
|
|
|
90,524
|
|
|
197,006
|
|
|
192,209
|
|
||||
Accelerated depreciation and restructuring related costs
|
(145
|
)
|
|
(1,338
|
)
|
|
(226
|
)
|
|
(1,865
|
)
|
||||
Costs related to acquisitions and integrations
|
—
|
|
|
—
|
|
|
—
|
|
|
(57
|
)
|
||||
Lucent costs
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
(86
|
)
|
||||
Total gross profit
|
$
|
91,695
|
|
|
$
|
89,186
|
|
|
$
|
196,780
|
|
|
$
|
190,201
|
|
|
Three months ended February 28,
|
|
Six months ended February 28,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
EMEA
|
$
|
15,166
|
|
|
$
|
16,527
|
|
|
$
|
36,266
|
|
|
$
|
36,295
|
|
USCAN
|
4,713
|
|
|
5,447
|
|
|
12,854
|
|
|
13,943
|
|
||||
LATAM
|
5,071
|
|
|
5,459
|
|
|
11,028
|
|
|
10,894
|
|
||||
APAC
|
4,684
|
|
|
4,901
|
|
|
10,444
|
|
|
9,914
|
|
||||
EC
|
4,267
|
|
|
4,111
|
|
|
9,523
|
|
|
9,222
|
|
||||
Total segment operating income
|
33,901
|
|
|
36,445
|
|
|
80,115
|
|
|
80,268
|
|
||||
Corporate
|
(8,521
|
)
|
|
(9,065
|
)
|
|
(17,922
|
)
|
|
(17,881
|
)
|
||||
Costs related to Merger and integrations
|
(4,569
|
)
|
|
—
|
|
|
(5,049
|
)
|
|
(605
|
)
|
||||
Restructuring, strategic and related costs
(2)
|
(4,222
|
)
|
|
(4,970
|
)
|
|
(8,111
|
)
|
|
(18,243
|
)
|
||||
Accelerated depreciation
|
(57
|
)
|
|
(467
|
)
|
|
(235
|
)
|
|
(823
|
)
|
||||
Lucent costs
(1)
|
(3,317
|
)
|
|
(596
|
)
|
|
(6,092
|
)
|
|
(1,405
|
)
|
||||
Asset impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
(678
|
)
|
||||
Gain (loss) on sale of assets
|
—
|
|
|
—
|
|
|
3,077
|
|
|
—
|
|
||||
CEO transition costs
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(196
|
)
|
||||
Operating income (loss)
|
13,215
|
|
|
21,341
|
|
|
45,783
|
|
|
40,437
|
|
||||
Interest expense
|
(13,435
|
)
|
|
(13,107
|
)
|
|
(26,876
|
)
|
|
(26,271
|
)
|
||||
Foreign currency transaction gains (losses)
|
(483
|
)
|
|
(1,081
|
)
|
|
(1,270
|
)
|
|
(1,643
|
)
|
||||
Other income (expense), net
|
849
|
|
|
(674
|
)
|
|
1,746
|
|
|
459
|
|
||||
Income (loss) before taxes
|
$
|
146
|
|
|
$
|
6,479
|
|
|
$
|
19,383
|
|
|
$
|
12,982
|
|
|
Three months ended February 28,
|
||||||||||||
|
2018
|
|
2017
|
||||||||||
|
(In thousands, except for %'s)
|
||||||||||||
Engineered Composites
|
$
|
55,609
|
|
|
9
|
%
|
|
$
|
51,282
|
|
|
9
|
%
|
Custom Concentrates and Services
|
304,454
|
|
|
46
|
|
|
259,586
|
|
|
46
|
|
||
Performance Materials
|
290,035
|
|
|
45
|
|
|
257,810
|
|
|
45
|
|
||
Total consolidated net sales
|
$
|
650,098
|
|
|
100
|
%
|
|
$
|
568,678
|
|
|
100
|
%
|
|
Six months ended February 28,
|
||||||||||||
|
2018
|
|
2017
|
||||||||||
|
(In thousands, except for %'s)
|
||||||||||||
Engineered Composites
|
$
|
114,999
|
|
|
9
|
%
|
|
$
|
105,839
|
|
|
9
|
%
|
Custom Concentrates and Services
|
625,655
|
|
|
47
|
|
|
535,505
|
|
|
46
|
|
||
Performance Materials
|
584,067
|
|
|
44
|
|
|
527,334
|
|
|
45
|
|
||
Total consolidated net sales
|
$
|
1,324,721
|
|
|
100
|
%
|
|
$
|
1,168,678
|
|
|
100
|
%
|
|
Employee-related Costs
|
|
Other Costs
|
|
Total Restructuring Costs
|
||||||
|
(In thousands)
|
||||||||||
Accrual balance as of August 31, 2017
|
$
|
2,988
|
|
|
$
|
90
|
|
|
$
|
3,078
|
|
Fiscal 2018 charges
|
88
|
|
|
503
|
|
|
591
|
|
|||
Fiscal 2018 payments
|
(2,243
|
)
|
|
(509
|
)
|
|
(2,752
|
)
|
|||
Translation
|
7
|
|
|
43
|
|
|
50
|
|
|||
Accrual balance as of February 28, 2018
|
$
|
840
|
|
|
$
|
127
|
|
|
$
|
967
|
|
|
Three months ended February 28,
|
|
Six months ended February 28,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
EMEA
|
$
|
65
|
|
|
$
|
830
|
|
|
$
|
324
|
|
|
$
|
8,844
|
|
USCAN
|
59
|
|
|
813
|
|
|
247
|
|
|
2,280
|
|
||||
LATAM
|
—
|
|
|
—
|
|
|
20
|
|
|
59
|
|
||||
APAC
|
—
|
|
|
88
|
|
|
—
|
|
|
92
|
|
||||
EC
|
—
|
|
|
147
|
|
|
—
|
|
|
147
|
|
||||
Total restructuring expense
|
$
|
124
|
|
|
$
|
1,878
|
|
|
$
|
591
|
|
|
$
|
11,422
|
|
|
Condensed Consolidating Balance Sheet
|
||||||||||||||||||
|
February 28, 2018
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
ASSETS
|
|||||||||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
861
|
|
|
$
|
—
|
|
|
$
|
50,614
|
|
|
$
|
—
|
|
|
$
|
51,475
|
|
Restricted cash
|
—
|
|
|
—
|
|
|
169
|
|
|
—
|
|
|
169
|
|
|||||
Accounts receivable, net
|
54,423
|
|
|
52,510
|
|
|
332,521
|
|
|
—
|
|
|
439,454
|
|
|||||
Accounts receivable, intercompany
|
22,422
|
|
|
6,817
|
|
|
28,092
|
|
|
(57,331
|
)
|
|
—
|
|
|||||
Inventories
|
49,315
|
|
|
37,580
|
|
|
258,486
|
|
|
—
|
|
|
345,381
|
|
|||||
Prepaid expenses and other current assets
|
4,331
|
|
|
2,898
|
|
|
33,309
|
|
|
—
|
|
|
40,538
|
|
|||||
Assets held for sale
|
—
|
|
|
2,671
|
|
|
—
|
|
|
—
|
|
|
2,671
|
|
|||||
Total current assets
|
131,352
|
|
|
102,476
|
|
|
703,191
|
|
|
(57,331
|
)
|
|
879,688
|
|
|||||
Net property, plant and equipment
|
60,425
|
|
|
48,828
|
|
|
183,724
|
|
|
—
|
|
|
292,977
|
|
|||||
Deferred charges and other noncurrent assets
|
104,590
|
|
|
4,009
|
|
|
56,859
|
|
|
(86,846
|
)
|
|
78,612
|
|
|||||
Intercompany loans receivable
|
14,264
|
|
|
17,896
|
|
|
—
|
|
|
(32,160
|
)
|
|
—
|
|
|||||
Investment in subsidiaries
|
812,907
|
|
|
115,097
|
|
|
—
|
|
|
(928,004
|
)
|
|
—
|
|
|||||
Goodwill
|
56,155
|
|
|
80,996
|
|
|
128,102
|
|
|
—
|
|
|
265,253
|
|
|||||
Intangible assets, net
|
38,159
|
|
|
167,652
|
|
|
112,521
|
|
|
—
|
|
|
318,332
|
|
|||||
Total assets
|
$
|
1,217,852
|
|
|
$
|
536,954
|
|
|
$
|
1,184,397
|
|
|
$
|
(1,104,341
|
)
|
|
$
|
1,834,862
|
|
LIABILITIES AND EQUITY
|
|||||||||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
48,715
|
|
|
$
|
29,532
|
|
|
$
|
273,183
|
|
|
$
|
—
|
|
|
$
|
351,430
|
|
Accounts payable, intercompany
|
9,779
|
|
|
34,105
|
|
|
13,447
|
|
|
(57,331
|
)
|
|
—
|
|
|||||
U.S. and foreign income taxes payable
|
—
|
|
|
716
|
|
|
5,689
|
|
|
—
|
|
|
6,405
|
|
|||||
Accrued payroll, taxes and related benefits
|
10,524
|
|
|
5,907
|
|
|
30,491
|
|
|
—
|
|
|
46,922
|
|
|||||
Other accrued liabilities
|
26,348
|
|
|
4,365
|
|
|
35,248
|
|
|
—
|
|
|
65,961
|
|
|||||
Short-term debt
|
17,393
|
|
|
37
|
|
|
2,062
|
|
|
—
|
|
|
19,492
|
|
|||||
Total current liabilities
|
112,759
|
|
|
74,662
|
|
|
360,120
|
|
|
(57,331
|
)
|
|
490,210
|
|
|||||
Long-term debt
|
877,384
|
|
|
52
|
|
|
53,196
|
|
|
—
|
|
|
930,632
|
|
|||||
Intercompany debt
|
—
|
|
|
—
|
|
|
32,160
|
|
|
(32,160
|
)
|
|
—
|
|
|||||
Pension plans
|
2,203
|
|
|
1,233
|
|
|
136,917
|
|
|
—
|
|
|
140,353
|
|
|||||
Deferred income taxes
|
—
|
|
|
65,991
|
|
|
46,870
|
|
|
(86,846
|
)
|
|
26,015
|
|
|||||
Other long-term liabilities
|
11,915
|
|
|
1,122
|
|
|
10,532
|
|
|
—
|
|
|
23,569
|
|
|||||
Total liabilities
|
1,004,261
|
|
|
143,060
|
|
|
639,795
|
|
|
(176,337
|
)
|
|
1,610,779
|
|
|||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Convertible special stock, no par value
|
120,289
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
120,289
|
|
|||||
Common stock
|
48,585
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,585
|
|
|||||
Other equity
|
44,717
|
|
|
393,894
|
|
|
534,110
|
|
|
(928,004
|
)
|
|
44,717
|
|
|||||
Total A. Schulman, Inc.’s stockholders’ equity
|
213,591
|
|
|
393,894
|
|
|
534,110
|
|
|
(928,004
|
)
|
|
213,591
|
|
|||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
10,492
|
|
|
—
|
|
|
10,492
|
|
|||||
Total equity
|
213,591
|
|
|
393,894
|
|
|
544,602
|
|
|
(928,004
|
)
|
|
224,083
|
|
|||||
Total liabilities and equity
|
$
|
1,217,852
|
|
|
$
|
536,954
|
|
|
$
|
1,184,397
|
|
|
$
|
(1,104,341
|
)
|
|
$
|
1,834,862
|
|
|
Condensed Consolidating Balance Sheet
|
||||||||||||||||||
|
August 31, 2017
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
ASSETS
|
|||||||||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
614
|
|
|
$
|
—
|
|
|
$
|
52,637
|
|
|
$
|
—
|
|
|
$
|
53,251
|
|
Restricted cash
|
—
|
|
|
—
|
|
|
768
|
|
|
—
|
|
|
768
|
|
|||||
Accounts receivable, net
|
56,354
|
|
|
52,640
|
|
|
299,445
|
|
|
—
|
|
|
408,439
|
|
|||||
Accounts receivable, intercompany
|
26,690
|
|
|
7,203
|
|
|
26,188
|
|
|
(60,081
|
)
|
|
—
|
|
|||||
Inventories
|
41,862
|
|
|
32,667
|
|
|
201,930
|
|
|
—
|
|
|
276,459
|
|
|||||
Prepaid expenses and other current assets
|
7,662
|
|
|
2,221
|
|
|
26,829
|
|
|
—
|
|
|
36,712
|
|
|||||
Assets held for sale
|
2,764
|
|
|
2,912
|
|
|
—
|
|
|
—
|
|
|
5,676
|
|
|||||
Total current assets
|
135,946
|
|
|
97,643
|
|
|
607,797
|
|
|
(60,081
|
)
|
|
781,305
|
|
|||||
Net property, plant and equipment
|
63,150
|
|
|
51,072
|
|
|
184,481
|
|
|
—
|
|
|
298,703
|
|
|||||
Deferred charges and other noncurrent assets
|
95,287
|
|
|
4,198
|
|
|
59,609
|
|
|
(81,247
|
)
|
|
77,847
|
|
|||||
Intercompany loans receivable
|
16,564
|
|
|
17,460
|
|
|
—
|
|
|
(34,024
|
)
|
|
—
|
|
|||||
Investment in subsidiaries
|
769,813
|
|
|
117,617
|
|
|
—
|
|
|
(887,430
|
)
|
|
—
|
|
|||||
Goodwill
|
55,534
|
|
|
81,617
|
|
|
126,584
|
|
|
—
|
|
|
263,735
|
|
|||||
Intangible assets, net
|
40,416
|
|
|
174,748
|
|
|
117,026
|
|
|
—
|
|
|
332,190
|
|
|||||
Total assets
|
$
|
1,176,710
|
|
|
$
|
544,355
|
|
|
$
|
1,095,497
|
|
|
$
|
(1,062,782
|
)
|
|
$
|
1,753,780
|
|
LIABILITIES AND EQUITY
|
|||||||||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
43,429
|
|
|
$
|
34,612
|
|
|
$
|
240,779
|
|
|
$
|
—
|
|
|
$
|
318,820
|
|
Accounts payable, intercompany
|
13,191
|
|
|
33,370
|
|
|
13,520
|
|
|
(60,081
|
)
|
|
—
|
|
|||||
U.S. and foreign income taxes payable
|
—
|
|
|
597
|
|
|
4,303
|
|
|
—
|
|
|
4,900
|
|
|||||
Accrued payroll, taxes and related benefits
|
7,752
|
|
|
6,044
|
|
|
33,155
|
|
|
—
|
|
|
46,951
|
|
|||||
Other accrued liabilities
|
21,373
|
|
|
4,699
|
|
|
35,689
|
|
|
—
|
|
|
61,761
|
|
|||||
Short-term debt
|
14,912
|
|
|
29
|
|
|
17,072
|
|
|
—
|
|
|
32,013
|
|
|||||
Total current liabilities
|
100,657
|
|
|
79,351
|
|
|
344,518
|
|
|
(60,081
|
)
|
|
464,445
|
|
|||||
Long-term debt
|
858,446
|
|
|
41
|
|
|
26,691
|
|
|
—
|
|
|
885,178
|
|
|||||
Intercompany debt
|
—
|
|
|
—
|
|
|
34,024
|
|
|
(34,024
|
)
|
|
—
|
|
|||||
Pension plans
|
2,266
|
|
|
1,308
|
|
|
132,117
|
|
|
—
|
|
|
135,691
|
|
|||||
Deferred income taxes
|
5,593
|
|
|
65,991
|
|
|
47,362
|
|
|
(81,247
|
)
|
|
37,699
|
|
|||||
Other long-term liabilities
|
12,730
|
|
|
1,067
|
|
|
9,938
|
|
|
—
|
|
|
23,735
|
|
|||||
Total liabilities
|
979,692
|
|
|
147,758
|
|
|
594,650
|
|
|
(175,352
|
)
|
|
1,546,748
|
|
|||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Convertible special stock, no par value
|
120,289
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
120,289
|
|
|||||
Common stock
|
48,529
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,529
|
|
|||||
Other equity
|
28,200
|
|
|
396,597
|
|
|
490,833
|
|
|
(887,430
|
)
|
|
28,200
|
|
|||||
Total A. Schulman, Inc.’s stockholders’ equity
|
197,018
|
|
|
396,597
|
|
|
490,833
|
|
|
(887,430
|
)
|
|
197,018
|
|
|||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
10,014
|
|
|
—
|
|
|
10,014
|
|
|||||
Total equity
|
197,018
|
|
|
396,597
|
|
|
500,847
|
|
|
(887,430
|
)
|
|
207,032
|
|
|||||
Total liabilities and equity
|
$
|
1,176,710
|
|
|
$
|
544,355
|
|
|
$
|
1,095,497
|
|
|
$
|
(1,062,782
|
)
|
|
$
|
1,753,780
|
|
|
Consolidating Statement of Operations
|
||||||||||||||||||
|
Three months ended February 28, 2018
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net sales
|
$
|
98,254
|
|
|
$
|
86,151
|
|
|
$
|
478,137
|
|
|
$
|
(12,444
|
)
|
|
$
|
650,098
|
|
Cost of sales
|
84,676
|
|
|
76,460
|
|
|
409,711
|
|
|
(12,444
|
)
|
|
558,403
|
|
|||||
Selling, general and administrative expenses
|
20,187
|
|
|
13,725
|
|
|
44,444
|
|
|
—
|
|
|
78,356
|
|
|||||
Restructuring expense
|
59
|
|
|
—
|
|
|
65
|
|
|
—
|
|
|
124
|
|
|||||
Operating income (loss)
|
(6,668
|
)
|
|
(4,034
|
)
|
|
23,917
|
|
|
—
|
|
|
13,215
|
|
|||||
Interest expense
|
12,777
|
|
|
1
|
|
|
806
|
|
|
(149
|
)
|
|
13,435
|
|
|||||
Intercompany charges
|
40
|
|
|
6
|
|
|
3,289
|
|
|
(3,335
|
)
|
|
—
|
|
|||||
Intercompany income
|
(1,858
|
)
|
|
(1,427
|
)
|
|
(50
|
)
|
|
3,335
|
|
|
—
|
|
|||||
Foreign currency transaction (gains) losses
|
344
|
|
|
15
|
|
|
124
|
|
|
—
|
|
|
483
|
|
|||||
Other (income) expense, net
|
—
|
|
|
(284
|
)
|
|
(714
|
)
|
|
149
|
|
|
(849
|
)
|
|||||
(Gain) loss on intercompany investments
|
(13,037
|
)
|
|
(2,921
|
)
|
|
—
|
|
|
15,958
|
|
|
—
|
|
|||||
Income (loss) before taxes
|
(4,934
|
)
|
|
576
|
|
|
20,462
|
|
|
(15,958
|
)
|
|
146
|
|
|||||
Provision (benefit) for U.S. and foreign income taxes
|
(10,321
|
)
|
|
493
|
|
|
4,298
|
|
|
—
|
|
|
(5,530
|
)
|
|||||
Net income (loss)
|
5,387
|
|
|
83
|
|
|
16,164
|
|
|
(15,958
|
)
|
|
5,676
|
|
|||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
(289
|
)
|
|
—
|
|
|
(289
|
)
|
|||||
Net income (loss) attributable to A. Schulman, Inc.
|
5,387
|
|
|
83
|
|
|
15,875
|
|
|
(15,958
|
)
|
|
5,387
|
|
|||||
Convertible special stock dividends
|
1,875
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,875
|
|
|||||
Net income (loss) available to A. Schulman, Inc. common stockholders
|
$
|
3,512
|
|
|
$
|
83
|
|
|
$
|
15,875
|
|
|
$
|
(15,958
|
)
|
|
$
|
3,512
|
|
Comprehensive income (loss)
|
$
|
14,956
|
|
|
$
|
179
|
|
|
$
|
25,611
|
|
|
$
|
(25,655
|
)
|
|
$
|
15,091
|
|
Less: comprehensive income (loss) attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
135
|
|
|
—
|
|
|
135
|
|
|||||
Comprehensive income (loss) attributable to A. Schulman, Inc.
|
$
|
14,956
|
|
|
$
|
179
|
|
|
$
|
25,476
|
|
|
$
|
(25,655
|
)
|
|
$
|
14,956
|
|
|
Consolidating Statement of Operations
|
||||||||||||||||||
|
Three months ended February 28, 2017
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net sales
|
$
|
92,062
|
|
|
$
|
84,420
|
|
|
$
|
403,859
|
|
|
$
|
(11,663
|
)
|
|
$
|
568,678
|
|
Cost of sales
|
79,036
|
|
|
75,818
|
|
|
336,301
|
|
|
(11,663
|
)
|
|
479,492
|
|
|||||
Selling, general and administrative expenses
|
11,235
|
|
|
12,670
|
|
|
42,062
|
|
|
—
|
|
|
65,967
|
|
|||||
Restructuring expense
|
674
|
|
|
277
|
|
|
927
|
|
|
—
|
|
|
1,878
|
|
|||||
Operating income (loss)
|
1,117
|
|
|
(4,345
|
)
|
|
24,569
|
|
|
—
|
|
|
21,341
|
|
|||||
Interest expense
|
12,056
|
|
|
21
|
|
|
1,292
|
|
|
(262
|
)
|
|
13,107
|
|
|||||
Intercompany charges
|
6
|
|
|
—
|
|
|
3,043
|
|
|
(3,049
|
)
|
|
—
|
|
|||||
Intercompany income
|
(1,911
|
)
|
|
(1,127
|
)
|
|
(11
|
)
|
|
3,049
|
|
|
—
|
|
|||||
Foreign currency transaction (gains) losses
|
1,056
|
|
|
(2
|
)
|
|
27
|
|
|
—
|
|
|
1,081
|
|
|||||
Other (income) expense, net
|
(43
|
)
|
|
(325
|
)
|
|
780
|
|
|
262
|
|
|
674
|
|
|||||
(Gain) loss on intercompany investments
|
(10,872
|
)
|
|
(1,616
|
)
|
|
—
|
|
|
12,488
|
|
|
—
|
|
|||||
Income (loss) before taxes
|
825
|
|
|
(1,296
|
)
|
|
19,438
|
|
|
(12,488
|
)
|
|
6,479
|
|
|||||
Provision (benefit) for U.S. and foreign income taxes
|
(4,205
|
)
|
|
530
|
|
|
4,818
|
|
|
—
|
|
|
1,143
|
|
|||||
Net income (loss)
|
5,030
|
|
|
(1,826
|
)
|
|
14,620
|
|
|
(12,488
|
)
|
|
5,336
|
|
|||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
(306
|
)
|
|
—
|
|
|
(306
|
)
|
|||||
Net income (loss) attributable to A. Schulman, Inc.
|
5,030
|
|
|
(1,826
|
)
|
|
14,314
|
|
|
(12,488
|
)
|
|
5,030
|
|
|||||
Convertible special stock dividends
|
1,875
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,875
|
|
|||||
Net income (loss) available to A. Schulman, Inc. common stockholders
|
$
|
3,155
|
|
|
$
|
(1,826
|
)
|
|
$
|
14,314
|
|
|
$
|
(12,488
|
)
|
|
$
|
3,155
|
|
Comprehensive income (loss)
|
$
|
9,763
|
|
|
$
|
(747
|
)
|
|
$
|
19,354
|
|
|
$
|
(18,274
|
)
|
|
$
|
10,096
|
|
Less: comprehensive income (loss) attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
333
|
|
|
—
|
|
|
333
|
|
|||||
Comprehensive income (loss) attributable to A. Schulman, Inc.
|
$
|
9,763
|
|
|
$
|
(747
|
)
|
|
$
|
19,021
|
|
|
$
|
(18,274
|
)
|
|
$
|
9,763
|
|
|
Consolidating Statement of Operations
|
||||||||||||||||||
|
Six months ended February 28, 2018
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net sales
|
$
|
196,761
|
|
|
$
|
176,205
|
|
|
$
|
976,626
|
|
|
$
|
(24,871
|
)
|
|
$
|
1,324,721
|
|
Cost of sales
|
167,411
|
|
|
155,148
|
|
|
830,253
|
|
|
(24,871
|
)
|
|
1,127,941
|
|
|||||
Selling, general and administrative expenses
|
37,015
|
|
|
26,890
|
|
|
89,578
|
|
|
—
|
|
|
153,483
|
|
|||||
Restructuring expense
|
247
|
|
|
—
|
|
|
344
|
|
|
—
|
|
|
591
|
|
|||||
(Gain) loss on sale of assets
|
(3,004
|
)
|
|
(73
|
)
|
|
—
|
|
|
—
|
|
|
(3,077
|
)
|
|||||
Operating income (loss)
|
(4,908
|
)
|
|
(5,760
|
)
|
|
56,451
|
|
|
—
|
|
|
45,783
|
|
|||||
Interest expense
|
25,094
|
|
|
2
|
|
|
2,225
|
|
|
(445
|
)
|
|
26,876
|
|
|||||
Intercompany charges
|
57
|
|
|
6
|
|
|
6,489
|
|
|
(6,552
|
)
|
|
—
|
|
|||||
Intercompany income
|
(3,806
|
)
|
|
(2,683
|
)
|
|
(63
|
)
|
|
6,552
|
|
|
—
|
|
|||||
Foreign currency transaction (gains) losses
|
476
|
|
|
9
|
|
|
785
|
|
|
—
|
|
|
1,270
|
|
|||||
Other (income) expense, net
|
39
|
|
|
(591
|
)
|
|
(1,639
|
)
|
|
445
|
|
|
(1,746
|
)
|
|||||
(Gain) loss on intercompany investments
|
(32,979
|
)
|
|
(5,566
|
)
|
|
—
|
|
|
38,545
|
|
|
—
|
|
|||||
Income (loss) before taxes
|
6,211
|
|
|
3,063
|
|
|
48,654
|
|
|
(38,545
|
)
|
|
19,383
|
|
|||||
Provision (benefit) for U.S. and foreign income taxes
|
(13,891
|
)
|
|
349
|
|
|
12,169
|
|
|
—
|
|
|
(1,373
|
)
|
|||||
Net income (loss)
|
20,102
|
|
|
2,714
|
|
|
36,485
|
|
|
(38,545
|
)
|
|
20,756
|
|
|||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
(654
|
)
|
|
—
|
|
|
(654
|
)
|
|||||
Net income (loss) attributable to A. Schulman, Inc.
|
20,102
|
|
|
2,714
|
|
|
35,831
|
|
|
(38,545
|
)
|
|
20,102
|
|
|||||
Convertible special stock dividends
|
3,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,750
|
|
|||||
Net income (loss) available to A. Schulman, Inc. common stockholders
|
$
|
16,352
|
|
|
$
|
2,714
|
|
|
$
|
35,831
|
|
|
$
|
(38,545
|
)
|
|
$
|
16,352
|
|
Comprehensive income (loss)
|
$
|
31,024
|
|
|
$
|
2,083
|
|
|
$
|
47,205
|
|
|
$
|
(48,783
|
)
|
|
$
|
31,529
|
|
Less: comprehensive income (loss) attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
505
|
|
|
—
|
|
|
505
|
|
|||||
Comprehensive income (loss) attributable to A. Schulman, Inc.
|
$
|
31,024
|
|
|
$
|
2,083
|
|
|
$
|
46,700
|
|
|
$
|
(48,783
|
)
|
|
$
|
31,024
|
|
|
Consolidating Statement of Operations
|
||||||||||||||||||
|
Six months ended February 28, 2017
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net sales
|
$
|
182,818
|
|
|
$
|
172,480
|
|
|
$
|
835,880
|
|
|
$
|
(22,500
|
)
|
|
$
|
1,168,678
|
|
Cost of sales
|
156,132
|
|
|
152,380
|
|
|
692,465
|
|
|
(22,500
|
)
|
|
978,477
|
|
|||||
Selling, general and administrative expenses
|
25,732
|
|
|
25,618
|
|
|
86,992
|
|
|
—
|
|
|
138,342
|
|
|||||
Restructuring expense
|
1,872
|
|
|
443
|
|
|
9,107
|
|
|
—
|
|
|
11,422
|
|
|||||
Operating income (loss)
|
(918
|
)
|
|
(5,961
|
)
|
|
47,316
|
|
|
—
|
|
|
40,437
|
|
|||||
Interest expense
|
23,983
|
|
|
26
|
|
|
2,784
|
|
|
(522
|
)
|
|
26,271
|
|
|||||
Intercompany charges
|
8
|
|
|
—
|
|
|
4,896
|
|
|
(4,904
|
)
|
|
—
|
|
|||||
Intercompany income
|
(2,455
|
)
|
|
(2,433
|
)
|
|
(16
|
)
|
|
4,904
|
|
|
—
|
|
|||||
Foreign currency transaction (gains) losses
|
2,038
|
|
|
(36
|
)
|
|
(359
|
)
|
|
—
|
|
|
1,643
|
|
|||||
Other (income) expense, net
|
(306
|
)
|
|
(606
|
)
|
|
(69
|
)
|
|
522
|
|
|
(459
|
)
|
|||||
(Gain) loss on intercompany investments
|
(12,080
|
)
|
|
(3,661
|
)
|
|
—
|
|
|
15,741
|
|
|
—
|
|
|||||
Income (loss) before taxes
|
(12,106
|
)
|
|
749
|
|
|
40,080
|
|
|
(15,741
|
)
|
|
12,982
|
|
|||||
Provision (benefit) for U.S. and foreign income taxes
|
(20,079
|
)
|
|
3,529
|
|
|
21,012
|
|
|
—
|
|
|
4,462
|
|
|||||
Net income (loss)
|
7,973
|
|
|
(2,780
|
)
|
|
19,068
|
|
|
(15,741
|
)
|
|
8,520
|
|
|||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
(547
|
)
|
|
—
|
|
|
(547
|
)
|
|||||
Net income (loss) attributable to A. Schulman, Inc.
|
7,973
|
|
|
(2,780
|
)
|
|
18,521
|
|
|
(15,741
|
)
|
|
7,973
|
|
|||||
Convertible special stock dividends
|
3,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,750
|
|
|||||
Net income (loss) available to A. Schulman, Inc. common stockholders
|
$
|
4,223
|
|
|
$
|
(2,780
|
)
|
|
$
|
18,521
|
|
|
$
|
(15,741
|
)
|
|
$
|
4,223
|
|
Comprehensive income (loss)
|
$
|
(1,946
|
)
|
|
$
|
(2,048
|
)
|
|
$
|
9,138
|
|
|
$
|
(6,586
|
)
|
|
$
|
(1,442
|
)
|
Less: comprehensive income (loss) attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
504
|
|
|
—
|
|
|
504
|
|
|||||
Comprehensive income (loss) attributable to A. Schulman, Inc.
|
$
|
(1,946
|
)
|
|
$
|
(2,048
|
)
|
|
$
|
8,634
|
|
|
$
|
(6,586
|
)
|
|
$
|
(1,946
|
)
|
|
Condensed Consolidating Statement of Cash Flows
|
||||||||||||||||||
|
Six months ended February 28, 2018
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided from (used in) operating activities
|
$
|
(10,087
|
)
|
|
$
|
1,049
|
|
|
$
|
96
|
|
|
$
|
(3,675
|
)
|
|
$
|
(12,617
|
)
|
Investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Expenditures for property, plant and equipment
|
(1,345
|
)
|
|
(1,688
|
)
|
|
(10,050
|
)
|
|
—
|
|
|
(13,083
|
)
|
|||||
Proceeds from the sale of assets
|
5,655
|
|
|
531
|
|
|
234
|
|
|
—
|
|
|
6,420
|
|
|||||
Distributions from equity investees
|
—
|
|
|
125
|
|
|
—
|
|
|
—
|
|
|
125
|
|
|||||
Net cash provided from (used in) investing activities
|
4,310
|
|
|
(1,032
|
)
|
|
(9,816
|
)
|
|
—
|
|
|
(6,538
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends paid to common stockholders
|
(12,242
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,242
|
)
|
|||||
Cash dividends paid to special stockholders
|
(3,750
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,750
|
)
|
|||||
Intercompany dividends paid
|
—
|
|
|
—
|
|
|
(3,675
|
)
|
|
3,675
|
|
|
—
|
|
|||||
Increase (decrease) in short-term debt
|
—
|
|
|
—
|
|
|
(15,144
|
)
|
|
—
|
|
|
(15,144
|
)
|
|||||
Borrowings on long-term debt
|
163,150
|
|
|
—
|
|
|
236,773
|
|
|
—
|
|
|
399,923
|
|
|||||
Repayments on long-term debt including current portion
|
(142,267
|
)
|
|
(17
|
)
|
|
(211,313
|
)
|
|
—
|
|
|
(353,597
|
)
|
|||||
Intercompany loan borrowings and repayments
|
2,300
|
|
|
—
|
|
|
(2,300
|
)
|
|
—
|
|
|
—
|
|
|||||
Noncontrolling interests' distributions
|
—
|
|
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
(27
|
)
|
|||||
Issuances of stock, common and treasury
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|||||
Redemptions of common stock
|
(1,225
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,225
|
)
|
|||||
Net cash provided from (used in) financing activities
|
6,024
|
|
|
(17
|
)
|
|
4,314
|
|
|
3,675
|
|
|
13,996
|
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
2,784
|
|
|
—
|
|
|
2,784
|
|
|||||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
247
|
|
|
—
|
|
|
(2,622
|
)
|
|
—
|
|
|
(2,375
|
)
|
|||||
Cash, cash equivalents, and restricted cash at beginning of period
|
614
|
|
|
—
|
|
|
53,405
|
|
|
—
|
|
|
54,019
|
|
|||||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
861
|
|
|
$
|
—
|
|
|
$
|
50,783
|
|
|
$
|
—
|
|
|
$
|
51,644
|
|
|
Condensed Consolidating Statement of Cash Flows
|
||||||||||||||||||
|
Six months ended February 28, 2017
|
||||||||||||||||||
|
Parent
|
|
Guarantors
|
|
Non-Guarantors
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided from (used in) operating activities
|
$
|
41,005
|
|
|
$
|
1,006
|
|
|
$
|
37,235
|
|
|
$
|
(39,097
|
)
|
|
$
|
40,149
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Expenditures for property, plant and equipment
|
(9,450
|
)
|
|
(1,181
|
)
|
|
(13,874
|
)
|
|
—
|
|
|
(24,505
|
)
|
|||||
Proceeds from the sale of assets
|
43
|
|
|
78
|
|
|
357
|
|
|
—
|
|
|
478
|
|
|||||
Distributions from equity investees
|
—
|
|
|
125
|
|
|
—
|
|
|
—
|
|
|
125
|
|
|||||
Net cash provided from (used in) investing activities
|
(9,407
|
)
|
|
(978
|
)
|
|
(13,517
|
)
|
|
—
|
|
|
(23,902
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends paid to common stockholders
|
(12,057
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,057
|
)
|
|||||
Cash dividends paid to special stockholders
|
(3,750
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,750
|
)
|
|||||
Intercompany dividends paid
|
—
|
|
|
—
|
|
|
(39,097
|
)
|
|
39,097
|
|
|
—
|
|
|||||
Increase (decrease) in short-term debt
|
—
|
|
|
—
|
|
|
5,153
|
|
|
—
|
|
|
5,153
|
|
|||||
Borrowings on long-term debt
|
107,800
|
|
|
—
|
|
|
130,743
|
|
|
—
|
|
|
238,543
|
|
|||||
Repayments on long-term debt including current portion
|
(122,194
|
)
|
|
(28
|
)
|
|
(114,812
|
)
|
|
—
|
|
|
(237,034
|
)
|
|||||
Issuances of stock, common and treasury
|
93
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93
|
|
|||||
Redemptions of common stock
|
(620
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(620
|
)
|
|||||
Net cash provided from (used in) financing activities
|
(30,728
|
)
|
|
(28
|
)
|
|
(18,013
|
)
|
|
39,097
|
|
|
(9,672
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(494
|
)
|
|
—
|
|
|
(494
|
)
|
|||||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
870
|
|
|
—
|
|
|
5,211
|
|
|
—
|
|
|
6,081
|
|
|||||
Cash, cash equivalents, and restricted cash at beginning of period
|
—
|
|
|
—
|
|
|
43,403
|
|
|
—
|
|
|
43,403
|
|
|||||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
870
|
|
|
$
|
—
|
|
|
$
|
48,614
|
|
|
$
|
—
|
|
|
$
|
49,484
|
|
•
|
Overview
: From management’s point of view, we discuss the following:
|
◦
|
Summary of our business and the markets in which we operate; and
|
◦
|
Significant events during the current fiscal year.
|
•
|
Results of Operations
: An analysis of our results of operations as reflected in our consolidated financial statements. Throughout this MD&A, the Company provides operating results exclusive of certain items such as costs related to restructuring and related expenses, Merger and integrations, asset impairments and asset write-downs, which are considered relevant to aid analysis and understanding of the Company’s results and business trends. The Company believes that operating income before certain items is a useful measure to investors and management in understanding current profitability levels that may serve as a basis for evaluating future performance and facilitating comparability of results. In addition, operating income before certain items is important to management as it is a component of the Company’s annual and long-term employee incentive compensation plans.
|
•
|
Liquidity and Capital Resources
: An analysis of our cash flows, working capital, debt structure, contractual obligations and other commercial commitments.
|
•
|
Europe, Middle East and Africa ("EMEA"),
|
•
|
United States & Canada ("USCAN"),
|
•
|
Latin America ("LATAM"),
|
•
|
Asia Pacific ("APAC"), and
|
•
|
Engineered Composites ("EC").
|
1.
|
Credit Agreement.
During October 2017, the Company amended the 2015 Credit Agreement with its lenders. The amendment increased the net leverage ratio covenant to provide the Company additional financial flexibility to execute on its growth strategy.
|
2.
|
Automotive Innovation Award.
During November 2017, the Company received the 2017 Automotive Innovation Award from the Society of Plastics Engineers for most innovative use of plastics. The Company received the award for its innovative material in the automotive aftermarket.
|
3.
|
LyondellBasell Transaction
. On February 15, 2018, LyondellBasell Industries N.V. (“LYB”), LYB Americas Holdco Inc., a wholly owned subsidiary of LYB, and the Company entered into an agreement whereby LYB will acquire the Company (the “Merger”) for (i)
$42.00
per share in cash, without interest and subject to any applicable withholding taxes, and (ii) one contractual contingent value right per share without interest and less applicable withholding taxes (a "CVR"), which will represent the right to receive certain net proceeds, if any, resulting from the Lucent Matter (in each case subject to the terms and conditions of the CVR agreement to be entered into in accordance with the Merger Agreement). For further discussion, refer to Note 1 in this Form 10-Q.
|
|
Three months ended February 28,
|
||||||||||||||||||||
|
2018
|
|
2017
|
|
|
|
Favorable (unfavorable)
|
||||||||||||||
EMEA
|
|
|
Increase (decrease)
|
|
FX Impact
|
|
Excluding FX
|
||||||||||||||
|
(In thousands, except for %’s and per pound data)
|
||||||||||||||||||||
Pounds sold
|
282,150
|
|
|
285,194
|
|
|
(3,044
|
)
|
|
(1.1
|
)%
|
|
|
|
|
||||||
Net sales
|
$
|
335,671
|
|
|
$
|
276,902
|
|
|
$
|
58,769
|
|
|
21.2
|
%
|
|
$
|
39,227
|
|
|
7.1
|
%
|
Segment gross profit
|
$
|
40,185
|
|
|
$
|
39,130
|
|
|
$
|
1,055
|
|
|
2.7
|
%
|
|
$
|
5,717
|
|
|
(11.9
|
)%
|
Segment gross profit percentage
|
12.0
|
%
|
|
14.1
|
%
|
|
|
|
|
|
|
|
|
||||||||
Segment operating income
|
$
|
15,166
|
|
|
$
|
16,527
|
|
|
$
|
(1,361
|
)
|
|
(8.2
|
)%
|
|
$
|
2,388
|
|
|
(22.7
|
)%
|
Price per pound
|
$
|
1.190
|
|
|
$
|
0.971
|
|
|
$
|
0.219
|
|
|
22.6
|
%
|
|
$
|
0.139
|
|
|
8.2
|
%
|
|
Six months ended February 28,
|
||||||||||||||||||||
|
2018
|
|
2017
|
|
|
|
Favorable (unfavorable)
|
||||||||||||||
EMEA
|
|
|
Increase (decrease)
|
|
FX Impact
|
|
Excluding FX
|
||||||||||||||
|
(In thousands, except for %’s and per pound data)
|
||||||||||||||||||||
Pounds sold
|
583,268
|
|
|
580,701
|
|
|
2,567
|
|
|
0.4
|
%
|
|
|
|
|
||||||
Net sales
|
$
|
683,091
|
|
|
$
|
572,974
|
|
|
$
|
110,117
|
|
|
19.2
|
%
|
|
$
|
59,242
|
|
|
8.9
|
%
|
Segment gross profit
|
$
|
86,631
|
|
|
$
|
83,788
|
|
|
$
|
2,843
|
|
|
3.4
|
%
|
|
$
|
8,788
|
|
|
(7.1
|
)%
|
Segment gross profit percentage
|
12.7
|
%
|
|
14.6
|
%
|
|
|
|
|
|
|
|
|
||||||||
Segment operating income
|
$
|
36,266
|
|
|
$
|
36,295
|
|
|
$
|
(29
|
)
|
|
(0.1
|
)%
|
|
$
|
3,736
|
|
|
(10.4
|
)%
|
Price per pound
|
$
|
1.171
|
|
|
$
|
0.987
|
|
|
$
|
0.184
|
|
|
18.6
|
%
|
|
$
|
0.101
|
|
|
8.4
|
%
|
|
Three months ended February 28,
|
|||||||||||||
USCAN
|
2018
|
|
2017
|
|
Increase (decrease)
|
|||||||||
|
(In thousands, except for %'s and per pound data)
|
|||||||||||||
Pounds sold
|
169,521
|
|
|
177,987
|
|
|
(8,466
|
)
|
|
(4.8
|
)%
|
|||
Net sales
|
$
|
156,452
|
|
|
$
|
151,918
|
|
|
$
|
4,534
|
|
|
3.0
|
%
|
Segment gross profit
|
$
|
20,219
|
|
|
$
|
20,060
|
|
|
$
|
159
|
|
|
0.8
|
%
|
Segment gross profit percentage
|
12.9
|
%
|
|
13.2
|
%
|
|
|
|
|
|||||
Segment operating income
|
$
|
4,713
|
|
|
$
|
5,447
|
|
|
$
|
(734
|
)
|
|
(13.5
|
)%
|
Price per pound
|
$
|
0.923
|
|
|
$
|
0.854
|
|
|
$
|
0.069
|
|
|
8.1
|
%
|
|
Six months ended February 28,
|
|||||||||||||
USCAN
|
2018
|
|
2017
|
|
Increase (decrease)
|
|||||||||
|
(In thousands, except for %'s and per pound data)
|
|||||||||||||
Pounds sold
|
342,928
|
|
|
357,259
|
|
|
(14,331
|
)
|
|
(4.0
|
)%
|
|||
Net sales
|
$
|
315,688
|
|
|
$
|
308,336
|
|
|
$
|
7,352
|
|
|
2.4
|
%
|
Segment gross profit
|
$
|
44,847
|
|
|
$
|
44,576
|
|
|
$
|
271
|
|
|
0.6
|
%
|
Segment gross profit percentage
|
14.2
|
%
|
|
14.5
|
%
|
|
|
|
|
|||||
Segment operating income
|
$
|
12,854
|
|
|
$
|
13,943
|
|
|
$
|
(1,089
|
)
|
|
(7.8
|
)%
|
Price per pound
|
$
|
0.921
|
|
|
$
|
0.863
|
|
|
$
|
0.058
|
|
|
6.7
|
%
|
|
Three months ended February 28,
|
||||||||||||||||||||
|
2018
|
|
2017
|
|
|
|
Favorable (unfavorable)
|
||||||||||||||
LATAM
|
|
|
Increase (decrease)
|
|
FX Impact
|
|
Excluding FX
|
||||||||||||||
|
(In thousands, except for %’s and per pound data)
|
||||||||||||||||||||
Pounds sold
|
35,482
|
|
|
32,982
|
|
|
2,500
|
|
|
7.6
|
%
|
|
|
|
|
||||||
Net sales
|
$
|
44,982
|
|
|
$
|
39,662
|
|
|
$
|
5,320
|
|
|
13.4
|
%
|
|
$
|
(497
|
)
|
|
14.7
|
%
|
Segment gross profit
|
$
|
8,869
|
|
|
$
|
9,595
|
|
|
$
|
(726
|
)
|
|
(7.6
|
)%
|
|
$
|
(77
|
)
|
|
(6.8
|
)%
|
Segment gross profit percentage
|
19.7
|
%
|
|
24.2
|
%
|
|
|
|
|
|
|
|
|
||||||||
Segment operating income
|
$
|
5,071
|
|
|
$
|
5,459
|
|
|
$
|
(388
|
)
|
|
(7.1
|
)%
|
|
$
|
—
|
|
|
(7.1
|
)%
|
Price per pound
|
$
|
1.268
|
|
|
$
|
1.203
|
|
|
$
|
0.065
|
|
|
5.4
|
%
|
|
$
|
(0.014
|
)
|
|
6.6
|
%
|
|
Six months ended February 28,
|
||||||||||||||||||||
|
2018
|
|
2017
|
|
|
|
Favorable (unfavorable)
|
||||||||||||||
LATAM
|
|
|
Increase (decrease)
|
|
FX Impact
|
|
Excluding FX
|
||||||||||||||
|
(In thousands, except for %’s and per pound data)
|
||||||||||||||||||||
Pounds sold
|
73,404
|
|
|
67,170
|
|
|
6,234
|
|
|
9.3
|
%
|
|
|
|
|
||||||
Net sales
|
$
|
93,395
|
|
|
$
|
81,878
|
|
|
$
|
11,517
|
|
|
14.1
|
%
|
|
$
|
(569
|
)
|
|
14.8
|
%
|
Segment gross profit
|
$
|
19,071
|
|
|
$
|
19,012
|
|
|
$
|
59
|
|
|
0.3
|
%
|
|
$
|
(117
|
)
|
|
0.9
|
%
|
Segment gross profit percentage
|
20.4
|
%
|
|
23.2
|
%
|
|
|
|
|
|
|
|
|
||||||||
Segment operating income
|
$
|
11,028
|
|
|
$
|
10,894
|
|
|
$
|
134
|
|
|
1.2
|
%
|
|
$
|
(18
|
)
|
|
1.4
|
%
|
Price per pound
|
$
|
1.272
|
|
|
$
|
1.219
|
|
|
$
|
0.053
|
|
|
4.3
|
%
|
|
$
|
(0.008
|
)
|
|
5.0
|
%
|
|
Three months ended February 28,
|
||||||||||||||||||||
|
2018
|
|
2017
|
|
|
|
Favorable (unfavorable)
|
||||||||||||||
APAC
|
|
|
Increase (decrease)
|
|
FX Impact
|
|
Excluding FX
|
||||||||||||||
|
(In thousands, except for %’s and per pound data)
|
||||||||||||||||||||
Pounds sold
|
46,177
|
|
|
45,133
|
|
|
1,044
|
|
|
2.3
|
%
|
|
|
|
|
||||||
Net sales
|
$
|
57,384
|
|
|
$
|
48,914
|
|
|
$
|
8,470
|
|
|
17.3
|
%
|
|
$
|
3,490
|
|
|
10.2
|
%
|
Segment gross profit
|
$
|
8,922
|
|
|
$
|
8,908
|
|
|
$
|
14
|
|
|
0.2
|
%
|
|
$
|
548
|
|
|
(6.0
|
)%
|
Segment gross profit percentage
|
15.5
|
%
|
|
18.2
|
%
|
|
|
|
|
|
|
|
|
||||||||
Segment operating income
|
$
|
4,684
|
|
|
$
|
4,901
|
|
|
$
|
(217
|
)
|
|
(4.4
|
)%
|
|
$
|
279
|
|
|
(10.1
|
)%
|
Price per pound
|
$
|
1.243
|
|
|
$
|
1.084
|
|
|
$
|
0.159
|
|
|
14.7
|
%
|
|
$
|
0.076
|
|
|
7.7
|
%
|
|
Six months ended February 28,
|
||||||||||||||||||||
|
2018
|
|
2017
|
|
|
|
Favorable (unfavorable)
|
||||||||||||||
APAC
|
|
|
Increase (decrease)
|
|
FX Impact
|
|
Excluding FX
|
||||||||||||||
|
(In thousands, except for %’s and per pound data)
|
||||||||||||||||||||
Pounds sold
|
95,820
|
|
|
93,181
|
|
|
2,639
|
|
|
2.8
|
%
|
|
|
|
|
||||||
Net sales
|
$
|
117,548
|
|
|
$
|
99,651
|
|
|
$
|
17,897
|
|
|
18.0
|
%
|
|
$
|
4,073
|
|
|
13.9
|
%
|
Segment gross profit
|
$
|
18,833
|
|
|
$
|
18,034
|
|
|
$
|
799
|
|
|
4.4
|
%
|
|
$
|
664
|
|
|
0.7
|
%
|
Segment gross profit percentage
|
16.0
|
%
|
|
18.1
|
%
|
|
|
|
|
|
|
|
|
||||||||
Segment operating income
|
$
|
10,444
|
|
|
$
|
9,914
|
|
|
$
|
530
|
|
|
5.3
|
%
|
|
$
|
337
|
|
|
1.9
|
%
|
Price per pound
|
$
|
1.227
|
|
|
$
|
1.069
|
|
|
$
|
0.158
|
|
|
14.8
|
%
|
|
$
|
0.043
|
|
|
10.8
|
%
|
|
Three months ended February 28,
|
||||||||||||||||||||
|
2018
|
|
2017
|
|
|
|
Favorable (unfavorable)
|
||||||||||||||
EC
|
|
|
Increase (decrease)
|
|
FX Impact
|
|
Excluding FX
|
||||||||||||||
|
(In thousands, except for %’s and per pound data)
|
||||||||||||||||||||
Pounds sold
|
41,938
|
|
|
40,556
|
|
|
1,382
|
|
|
3.4
|
%
|
|
|
|
|
||||||
Net sales
|
$
|
55,609
|
|
|
$
|
51,282
|
|
|
$
|
4,327
|
|
|
8.4
|
%
|
|
$
|
783
|
|
|
6.9
|
%
|
Segment gross profit
|
$
|
13,645
|
|
|
$
|
12,831
|
|
|
$
|
814
|
|
|
6.3
|
%
|
|
$
|
106
|
|
|
5.5
|
%
|
Segment gross profit percentage
|
24.5
|
%
|
|
25.0
|
%
|
|
|
|
|
|
|
|
|
||||||||
Segment operating income
|
$
|
4,267
|
|
|
$
|
4,111
|
|
|
$
|
156
|
|
|
3.8
|
%
|
|
$
|
10
|
|
|
3.6
|
%
|
Price per pound
|
$
|
1.326
|
|
|
$
|
1.264
|
|
|
$
|
0.062
|
|
|
4.9
|
%
|
|
$
|
0.019
|
|
|
3.4
|
%
|
|
Six months ended February 28,
|
||||||||||||||||||||
|
2018
|
|
2017
|
|
|
|
Favorable (unfavorable)
|
||||||||||||||
EC
|
|
|
Increase (decrease)
|
|
FX Impact
|
|
Excluding FX
|
||||||||||||||
|
(In thousands, except for %’s and per pound data)
|
||||||||||||||||||||
Pounds sold
|
88,895
|
|
|
85,761
|
|
|
3,134
|
|
|
3.7
|
%
|
|
|
|
|
||||||
Net sales
|
$
|
114,999
|
|
|
$
|
105,839
|
|
|
$
|
9,160
|
|
|
8.7
|
%
|
|
$
|
1,255
|
|
|
7.5
|
%
|
Segment gross profit
|
$
|
27,624
|
|
|
$
|
26,799
|
|
|
$
|
825
|
|
|
3.1
|
%
|
|
$
|
189
|
|
|
2.4
|
%
|
Segment gross profit percentage
|
24.0
|
%
|
|
25.3
|
%
|
|
|
|
|
|
|
|
|
||||||||
Segment operating income
|
$
|
9,523
|
|
|
$
|
9,222
|
|
|
$
|
301
|
|
|
3.3
|
%
|
|
$
|
37
|
|
|
2.9
|
%
|
Price per pound
|
$
|
1.294
|
|
|
$
|
1.234
|
|
|
$
|
0.060
|
|
|
4.9
|
%
|
|
$
|
0.014
|
|
|
3.7
|
%
|
|
Three months ended February 28,
|
||||||||||||||||||||
|
2018
|
|
2017
|
|
|
|
Favorable (unfavorable)
|
||||||||||||||
Consolidated
|
|
|
Increase (decrease)
|
|
FX Impact
|
|
Excluding FX
|
||||||||||||||
|
(In thousands, except for %’s and per pound data)
|
||||||||||||||||||||
Pounds sold
|
575,268
|
|
|
581,852
|
|
|
(6,584
|
)
|
|
(1.1
|
)%
|
|
|
|
|
||||||
Net sales
|
$
|
650,098
|
|
|
$
|
568,678
|
|
|
$
|
81,420
|
|
|
14.3
|
%
|
|
$
|
43,148
|
|
|
6.7
|
%
|
Operating income
|
$
|
13,215
|
|
|
$
|
21,341
|
|
|
$
|
(8,126
|
)
|
|
(38.1
|
)%
|
|
$
|
2,334
|
|
|
(49.0
|
)%
|
Operating income before certain items*
|
$
|
25,380
|
|
|
$
|
27,380
|
|
|
$
|
(2,000
|
)
|
|
(7.3
|
)%
|
|
$
|
2,717
|
|
|
(17.2
|
)%
|
Price per pound
|
$
|
1.130
|
|
|
$
|
0.977
|
|
|
$
|
0.153
|
|
|
15.7
|
%
|
|
$
|
0.075
|
|
|
8.0
|
%
|
|
Three months ended February 28,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Operating income (loss)
|
$
|
13,215
|
|
|
$
|
21,341
|
|
Costs related to Merger and integrations
|
4,569
|
|
|
—
|
|
||
Restructuring, strategic and related costs
(1)
|
4,222
|
|
|
4,970
|
|
||
Accelerated depreciation
|
57
|
|
|
467
|
|
||
Lucent costs
|
3,317
|
|
|
596
|
|
||
CEO transition costs
|
—
|
|
|
6
|
|
||
Total operating income before certain items
|
$
|
25,380
|
|
|
$
|
27,380
|
|
|
Six months ended February 28,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Operating income (loss)
|
$
|
45,783
|
|
|
$
|
40,437
|
|
Costs related to Merger and integrations
|
5,049
|
|
|
605
|
|
||
Restructuring, strategic, and related costs
(1)
|
8,111
|
|
|
18,243
|
|
||
Accelerated depreciation
|
235
|
|
|
823
|
|
||
Lucent costs
|
6,092
|
|
|
1,405
|
|
||
Asset impairment
|
—
|
|
|
678
|
|
||
(Gain) loss on sale of assets
|
(3,077
|
)
|
|
—
|
|
||
CEO transition costs
|
—
|
|
|
196
|
|
||
Total operating income before certain items
|
$
|
62,193
|
|
|
$
|
62,387
|
|
|
Three months ended February 28,
|
||||||||||||
|
2018
|
|
2017
|
||||||||||
|
(In thousands, except for %'s)
|
||||||||||||
Engineered Composites
|
$
|
55,609
|
|
|
9
|
%
|
|
$
|
51,282
|
|
|
9
|
%
|
Custom Concentrates and Services
|
304,454
|
|
|
46
|
|
|
259,586
|
|
|
46
|
|
||
Performance Materials
|
290,035
|
|
|
45
|
|
|
257,810
|
|
|
45
|
|
||
Total consolidated net sales
|
$
|
650,098
|
|
|
100
|
%
|
|
$
|
568,678
|
|
|
100
|
%
|
|
Six months ended February 28,
|
||||||||||||
|
2018
|
|
2017
|
||||||||||
|
(In thousands, except for %'s)
|
||||||||||||
Engineered Composites
|
$
|
114,999
|
|
|
9
|
%
|
|
$
|
105,839
|
|
|
9
|
%
|
Custom Concentrates and Services
|
625,655
|
|
|
47
|
|
|
535,505
|
|
|
46
|
|
||
Performance Materials
|
584,067
|
|
|
44
|
|
|
527,334
|
|
|
45
|
|
||
Total consolidated net sales
|
$
|
1,324,721
|
|
|
100
|
%
|
|
$
|
1,168,678
|
|
|
100
|
%
|
|
February 28, 2018
|
|
August 31, 2017
|
|
February 28, 2017
|
Days in receivables
|
61
|
|
57
|
|
60
|
Days in inventory
|
58
|
|
47
|
|
54
|
Days in payables
|
65
|
|
59
|
|
66
|
Total working capital days
|
54
|
|
45
|
|
48
|
|
February 28, 2018
|
|
August 31, 2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(In thousands, except for %’s)
|
|||||||||||||
Cash and cash equivalents, and restricted cash
|
$
|
51,644
|
|
|
$
|
54,019
|
|
|
$
|
(2,375
|
)
|
|
(4.4
|
)%
|
Working capital, excluding cash and assets held for sale
|
$
|
335,163
|
|
|
$
|
257,165
|
|
|
$
|
77,998
|
|
|
30.3
|
%
|
Long-term debt
|
$
|
930,632
|
|
|
$
|
885,178
|
|
|
$
|
45,454
|
|
|
5.1
|
%
|
Total debt
|
$
|
950,124
|
|
|
$
|
917,191
|
|
|
$
|
32,933
|
|
|
3.6
|
%
|
Net debt
(1)
|
$
|
898,480
|
|
|
$
|
863,172
|
|
|
$
|
35,308
|
|
|
4.1
|
%
|
Total A. Schulman, Inc. stockholders’ equity
|
$
|
213,591
|
|
|
$
|
197,018
|
|
|
$
|
16,573
|
|
|
8.4
|
%
|
|
February 28, 2018
|
|
August 31, 2017
|
||||
|
(In thousands)
|
||||||
Existing capacity:
|
|
|
|
||||
Revolving Facility
|
$
|
300,000
|
|
|
$
|
300,000
|
|
Foreign short-term lines of credit
|
25,863
|
|
|
30,890
|
|
||
Total capacity from credit lines
|
$
|
325,863
|
|
|
$
|
330,890
|
|
Availability:
|
|
|
|
||||
Revolving Facility
|
$
|
186,881
|
|
|
$
|
242,040
|
|
Foreign short-term lines of credit
|
24,673
|
|
|
14,660
|
|
||
Total available funds from credit lines
|
$
|
211,554
|
|
|
$
|
256,700
|
|
•
|
worldwide and regional economic, business and political conditions, including continuing economic uncertainties in some or all of the Company’s major product markets or countries where the Company has operations;
|
•
|
risks and uncertainties posed by international operations, including foreign currency fluctuations;
|
•
|
the business cyclicality of the chemical, polymers and refining industries;
|
•
|
the effectiveness of the Company’s efforts to improve operating margins through sales growth, price increases, productivity gains, and improved purchasing techniques;
|
•
|
competitive factors, including intense price competition;
|
•
|
fluctuations in the value of currencies in areas where the Company operates;
|
•
|
volatility of prices and availability of the supply of energy and raw materials that are critical to the manufacture of the Company’s products, particularly plastic resins derived from oil and natural gas;
|
•
|
changes in customer demand and requirements;
|
•
|
the supply/demand balances for our and our joint ventures' products, and the related effects of industry production capacities and operating rates;
|
•
|
effectiveness of the Company to achieve the level of cost savings, productivity improvements, growth and other benefits anticipated from acquisitions and the integration thereof, joint ventures and restructuring initiatives;
|
•
|
labor conditions;
|
•
|
our ability to attract and retain key personnel;
|
•
|
escalation in the cost of providing employee health care;
|
•
|
uncertainties and unanticipated developments regarding contingencies, such as pending and future litigation and other claims, including legal and environmental proceedings, potential governmental regulatory actions, tax rulings and developments that would require increases in our costs and/or reserves for such contingencies;
|
•
|
the performance of the global automotive market as well as other markets served;
|
•
|
further adverse changes in economic or industry conditions, including global supply and demand conditions and prices for products;
|
•
|
operating problems with our information systems as a result of system security failures such as viruses, cyber-attacks or other causes;
|
•
|
operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks);
|
•
|
our current debt position could adversely affect our financial health and prevent us from fulfilling our financial obligations;
|
•
|
failure of counterparties to perform under the terms and conditions of contractual arrangements, including suppliers, customers, buyers and sellers of a business and other third parties with which the Company contracts; and
|
•
|
the announcement and pendency of the LyondellBasell merger, including risks arising from the effect thereof on our business relationships (including employees, customers and suppliers), operating results, business generally, and the diversion of management’s attention from our ongoing business operations, risks of failing to consummate the merger in a timely manner, if at all, and risks related to obtaining the requisite consents to the merger could have an adverse effect on our business.
|
(a)
|
Exhibits
|
Exhibit Number
|
|
Exhibit
|
|
|
|
2.1
|
|
|
|
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3.1
|
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3.2
|
|
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3.3
|
|
|
|
|
|
4.1
|
|
|
|
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4.2
|
|
|
|
|
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4.3
|
|
|
|
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4.4
|
|
|
|
|
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4.5
|
|
|
|
|
|
4.6
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2*
|
|
|
|
|
|
10.3
|
|
|
|
|
|
10.4*
|
|
|
|
|
|
10.5*
|
|
|
|
|
|
10.6*
|
|
|
|
|
|
10.7*
|
|
|
|
|
|
10.8*
|
|
|
|
|
|
10.9*
|
|
|
|
|
|
10.10*
|
|
|
|
|
|
10.11*
|
|
|
|
|
|
31.1
|
|
|
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|
|
31.2
|
|
|
|
|
|
32
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document.
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
/s/ John W. Richardson
|
|
John W. Richardson, Executive Vice President, Chief Financial Officer of A. Schulman, Inc. (Signing on behalf of Registrant as a duly authorized officer of Registrant and signing as the Principal Financial Officer of Registrant)
|
|
Date:
|
March 28, 2018
|
1 Year LyondellBasell Advanced ... (CE) Chart |
1 Month LyondellBasell Advanced ... (CE) Chart |
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