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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
| |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2019
OR
|
| |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-38221
PQ Group Holdings Inc.
|
| | | |
Delaware | | 81-3406833 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
|
300 Lindenwood Drive | | |
Malvern, | Pennsylvania | | 19355 |
(Address of principal executive offices) | | (Zip Code) |
|
| |
(610) | 651-4400 |
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act:
|
| | |
Title of each class | Trading symbol | Name of each exchange on which registered |
Common stock, par value $0.01 per share | PQG | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
| | | | | | |
Large accelerated filer | | ☒ | | Accelerated filer | | ☐ |
| | | |
Non-accelerated filer | | ☐ | | Smaller reporting company | | ☐ |
| | | | | | |
| | | | Emerging growth company | | ☐ |
| | | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of common stock outstanding as of October 31, 2019 was 136,474,348.
PQ GROUP HOLDINGS INC.
INDEX—FORM 10-Q
September 30, 2019
PART I—FINANCIAL INFORMATION
| |
ITEM 1. | FINANCIAL STATEMENTS (UNAUDITED). |
PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share amounts)
(unaudited)
|
| | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Sales | $ | 423,801 |
| | $ | 427,203 |
| | $ | 1,214,697 |
| | $ | 1,228,113 |
|
Cost of goods sold | 310,904 |
| | 319,703 |
| | 905,395 |
| | 934,088 |
|
Gross profit | 112,897 |
| | 107,500 |
| | 309,302 |
| | 294,025 |
|
Selling, general and administrative expenses | 39,528 |
| | 42,145 |
| | 123,611 |
| | 126,240 |
|
Other operating expense, net | 15,795 |
| | 16,501 |
| | 28,353 |
| | 41,688 |
|
Operating income | 57,574 |
| | 48,854 |
| | 157,338 |
| | 126,097 |
|
Equity in net (income) from affiliated companies | (17,261 | ) | | (5,605 | ) | | (31,625 | ) | | (31,123 | ) |
Interest expense, net | 27,697 |
| | 28,238 |
| | 84,855 |
| | 84,622 |
|
Debt extinguishment costs | 1,767 |
| | 864 |
| | 1,767 |
| | 6,743 |
|
Other expense, net | 1,834 |
| | 2,451 |
| | 1,890 |
| | 13,114 |
|
Income before income taxes and noncontrolling interest | 43,537 |
| | 22,906 |
| | 100,451 |
| | 52,741 |
|
Provision for income taxes | 16,718 |
| | 8,470 |
| | 39,472 |
| | 21,590 |
|
Net income | 26,819 |
| | 14,436 |
| | 60,979 |
| | 31,151 |
|
Less: Net income attributable to the noncontrolling interest | 106 |
| | 251 |
| | 541 |
| | 970 |
|
Net income attributable to PQ Group Holdings Inc. | $ | 26,713 |
| | $ | 14,185 |
| | $ | 60,438 |
| | $ | 30,181 |
|
| | | | | | | |
Net income per share: | | | | | | | |
Basic income per share | $ | 0.20 |
| | $ | 0.11 |
| | $ | 0.45 |
| | $ | 0.23 |
|
Diluted income per share | $ | 0.20 |
| | $ | 0.11 |
| | $ | 0.45 |
| | $ | 0.22 |
|
| | | | | | | |
Weighted average shares outstanding: | | | | | | | |
Basic | 134,511,819 |
| | 133,336,352 |
| | 134,213,571 |
| | 133,237,653 |
|
Diluted | 135,649,710 |
| | 134,576,162 |
| | 135,305,370 |
| | 134,223,628 |
|
See accompanying notes to condensed consolidated financial statements.
PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
|
| | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Net income | $ | 26,819 |
| | $ | 14,436 |
| | $ | 60,979 |
| | $ | 31,151 |
|
Other comprehensive income (loss), net of tax: | | | | | | | |
Pension and postretirement benefits | (59 | ) | | (52 | ) | | (120 | ) | | 1,305 |
|
Net (loss) gain from hedging activities | 35 |
| | 370 |
| | (2,684 | ) | | 3,106 |
|
Foreign currency translation | (13,872 | ) | | 5,186 |
| | (620 | ) | | (15,636 | ) |
Total other comprehensive income (loss) | (13,896 | ) | | 5,504 |
| | (3,424 | ) | | (11,225 | ) |
Comprehensive income | 12,923 |
| | 19,940 |
| | 57,555 |
| | 19,926 |
|
Less: Comprehensive income (loss) attributable to noncontrolling interests | (304 | ) | | 1,218 |
| | 586 |
| | 1,697 |
|
Comprehensive income attributable to PQ Group Holdings Inc. | $ | 13,227 |
| | $ | 18,722 |
| | $ | 56,969 |
| | $ | 18,229 |
|
| | | | | | | |
See accompanying notes to condensed consolidated financial statements.
PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
|
| | | | | | | |
| September 30, 2019 | | December 31, 2018 |
ASSETS | | | |
Cash and cash equivalents | $ | 78,510 |
| | $ | 57,854 |
|
Accounts receivable, net | 214,626 |
| | 196,770 |
|
Inventories, net | 259,766 |
| | 264,748 |
|
Prepaid and other current assets | 39,055 |
| | 39,244 |
|
Total current assets | 591,957 |
| | 558,616 |
|
Investments in affiliated companies | 477,144 |
| | 468,211 |
|
Property, plant and equipment, net | 1,178,479 |
| | 1,208,979 |
|
Goodwill | 1,251,296 |
| | 1,254,929 |
|
Other intangible assets, net | 683,296 |
| | 728,436 |
|
Right-of-use lease assets | 54,238 |
| | — |
|
Other long-term assets | 129,069 |
| | 108,254 |
|
Total assets | $ | 4,365,479 |
| | $ | 4,327,425 |
|
LIABILITIES | | | |
Notes payable and current maturities of long-term debt | $ | 8,210 |
| | $ | 7,237 |
|
Accounts payable | 132,096 |
| | 148,365 |
|
Operating lease liabilities—current | 14,095 |
| | — |
|
Accrued liabilities | 108,365 |
| | 100,009 |
|
Total current liabilities | 262,766 |
| | 255,611 |
|
Long-term debt, excluding current portion | 2,006,717 |
| | 2,106,720 |
|
Deferred income taxes | 214,935 |
| | 196,124 |
|
Operating lease liabilities—noncurrent | 38,473 |
| | — |
|
Other long-term liabilities | 105,927 |
| | 104,825 |
|
Total liabilities | 2,628,818 |
| | 2,663,280 |
|
Commitments and contingencies (Note 17) |
| |
|
EQUITY | | | |
Common stock ($0.01 par); authorized shares 450,000,000; issued shares 136,469,863 and 135,758,269 on September 30, 2019 and December 31, 2018, respectively; outstanding shares 136,157,186 and 135,592,045 on September 30, 2019 and December 31, 2018, respectively | 1,365 |
| | 1,358 |
|
Preferred stock ($0.01 par); authorized shares 50,000,000; no shares issued or outstanding on September 30, 2019 and December 31, 2018 | — |
| | — |
|
Additional paid-in capital | 1,692,223 |
| | 1,674,703 |
|
Retained earnings | 83,912 |
| | 25,523 |
|
Treasury stock, at cost; shares 312,677 and 166,224 on September 30, 2019 and December 31, 2018, respectively | (5,155 | ) | | (2,920 | ) |
Accumulated other comprehensive loss | (40,699 | ) | | (39,104 | ) |
Total PQ Group Holdings Inc. equity | 1,731,646 |
| | 1,659,560 |
|
Noncontrolling interest | 5,015 |
| | 4,585 |
|
Total equity | 1,736,661 |
| | 1,664,145 |
|
Total liabilities and equity | $ | 4,365,479 |
| | $ | 4,327,425 |
|
| | | |
See accompanying notes to condensed consolidated financial statements.
PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common stock | | Additional paid-in capital | | Retained earnings | | Treasury stock, at cost | | Accumulated other comprehensive income (loss) | | Non- controlling interest | | Total |
Balance, December 31, 2018, as previously reported | | $ | 1,358 |
| | $ | 1,674,703 |
| | $ | 25,523 |
| | $ | (2,920 | ) | | $ | (39,104 | ) | | $ | 4,585 |
| | $ | 1,664,145 |
|
Cumulative effect adjustment from adoption of new accounting standards | | — |
| | — |
| | (2,049 | ) | | — |
| | 1,874 |
| | — |
| | (175 | ) |
Balance, December 31, 2018, as adjusted | | $ | 1,358 |
| | $ | 1,674,703 |
| | $ | 23,474 |
| | $ | (2,920 | ) | | $ | (37,230 | ) | | $ | 4,585 |
| | $ | 1,663,970 |
|
Net income | | — |
| | — |
| | 3,151 |
| | — |
| | — |
| | 290 |
| | 3,441 |
|
Other comprehensive income | | — |
| | — |
| | — |
| | — |
| | 5,270 |
| | 315 |
| | 5,585 |
|
Repurchases of common shares | | — |
| | — |
| | — |
| | (1,339 | ) | | — |
| | — |
| | (1,339 | ) |
Stock compensation expense | | — |
| | 3,400 |
| | — |
| | — |
| | — |
| | — |
| | 3,400 |
|
Shares issued under equity incentive plan, net of forfeitures | | 2 |
| | 213 |
| | — |
| | — |
| | — |
| | — |
| | 215 |
|
Balance, March 31, 2019 | | $ | 1,360 |
| | $ | 1,678,316 |
| | $ | 26,625 |
| | $ | (4,259 | ) | | $ | (31,960 | ) | | $ | 5,190 |
| | $ | 1,675,272 |
|
Net income | | — |
| | — |
| | 30,574 |
| | — |
| | — |
| | 145 |
| | 30,719 |
|
Other comprehensive income | | — |
| | — |
| | — |
| | — |
| | 4,747 |
| | 140 |
| | 4,887 |
|
Distributions to noncontrolling interests | | — |
| | — |
| | — |
| | — |
| | — |
| | (156 | ) | | (156 | ) |
Stock compensation expense | | — |
| | 5,370 |
| | — |
| | — |
| | — |
| | — |
| | 5,370 |
|
Shares issued under equity incentive plan, net of forfeitures | | 4 |
| | 3,256 |
| | — |
| | — |
| | — |
| | — |
| | 3,260 |
|
Balance, June 30, 2019 | | $ | 1,364 |
| | $ | 1,686,942 |
| | $ | 57,199 |
| | $ | (4,259 | ) | | $ | (27,213 | ) | | $ | 5,319 |
| | $ | 1,719,352 |
|
Net income | | — |
| | — |
| | 26,713 |
| | — |
| | — |
| | 106 |
| | 26,819 |
|
Other comprehensive income (loss) | | — |
| | — |
| | — |
| | — |
| | (13,486 | ) | | (410 | ) | | (13,896 | ) |
Repurchases of common shares | | — |
| | — |
| | — |
| | (896 | ) | | — |
| | — |
| | (896 | ) |
Stock compensation expense | | — |
| | 4,806 |
| | — |
| | — |
| | — |
| | — |
| | 4,806 |
|
Shares issued under equity incentive plan, net of forfeitures | | 1 |
| | 475 |
| | — |
| | — |
| | — |
| | — |
| | 476 |
|
Balance, September 30, 2019 | | $ | 1,365 |
| | $ | 1,692,223 |
| | $ | 83,912 |
| | $ | (5,155 | ) | | $ | (40,699 | ) | | $ | 5,015 |
| | $ | 1,736,661 |
|
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | Common stock | | Additional paid-in capital | | Accumulated deficit | | Treasury stock, at cost | | Accumulated other comprehensive income (loss) | | Non- controlling interest | | Total |
Balance, December 31, 2017 | | $ | 1,352 |
| | $ | 1,655,114 |
| | $ | (32,777 | ) | | $ | — |
| | $ | 4,311 |
| | $ | 3,919 |
| | $ | 1,631,919 |
|
Net income | | — |
| | — |
| | 214 |
| | — |
| | — |
| | 342 |
| | 556 |
|
Other comprehensive income | | — |
| | — |
| | — |
| | — |
| | 9,532 |
| | 1,304 |
| | 10,836 |
|
Repurchases of common shares | | — |
| | — |
| | — |
| | (58 | ) | | — |
| | — |
| | (58 | ) |
Stock compensation expense | | — |
| | 3,831 |
| | — |
| | — |
| | — |
| | — |
| | 3,831 |
|
Balance, March 31, 2018 | | $ | 1,352 |
| | $ | 1,658,945 |
| | $ | (32,563 | ) | | $ | (58 | ) | | $ | 13,843 |
| | $ | 5,565 |
| | $ | 1,647,084 |
|
Net income | | — |
| | — |
| | 15,782 |
| | — |
| | — |
| | 377 |
| | 16,159 |
|
Other comprehensive income (loss) | | — |
| | — |
| | — |
| | — |
| | (26,021 | ) | | (1,544 | ) | | (27,565 | ) |
Distributions to noncontrolling interests | | — |
| | — |
| | — |
| | — |
| | — |
| | (153 | ) | | (153 | ) |
Stock compensation expense | | — |
| | 3,796 |
| | — |
| | — |
| | — |
| | — |
| | 3,796 |
|
Shares issued under equity incentive plan, net of forfeitures | | — |
| | 7 |
| | — |
| | — |
| | — |
| | — |
| | 7 |
|
Balance, June 30, 2018 | | $ | 1,352 |
| | $ | 1,662,748 |
| | $ | (16,781 | ) | | $ | (58 | ) | | $ | (12,178 | ) | | $ | 4,245 |
| | $ | 1,639,328 |
|
Net income | | — |
| | — |
| | 14,185 |
| | — |
| | — |
| | 251 |
| | 14,436 |
|
Other comprehensive income | | — |
| | — |
| | — |
| | — |
| | 4,537 |
| | 967 |
| | 5,504 |
|
Repurchases of common shares | | — |
| | — |
| | — |
| | (710 | ) | | — |
| | — |
| | (710 | ) |
Distributions to noncontrolling interests | | — |
| | — |
| | — |
| | — |
| | — |
| | (373 | ) | | (373 | ) |
Stock compensation expense | | — |
| | 4,252 |
| | — |
| | — |
| | — |
| | — |
| | 4,252 |
|
Shares issued under equity incentive plan, net of forfeitures | | — |
| | 36 |
| | — |
| | — |
| | — |
| | — |
| | 36 |
|
Balance, September 30, 2018 | | $ | 1,352 |
| | $ | 1,667,036 |
| | $ | (2,596 | ) | | $ | (768 | ) | | $ | (7,641 | ) | | $ | 5,090 |
| | $ | 1,662,473 |
|
| | | | | | | | | | | | | | |
See accompanying notes to condensed consolidated financial statements.
PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
| | | | | | | | |
| | Nine months ended September 30, |
| | 2019 | | 2018 |
Cash flows from operating activities: | | | | |
Net income | | $ | 60,979 |
| | $ | 31,151 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation | | 97,088 |
| | 99,491 |
|
Amortization | | 38,142 |
| | 39,807 |
|
Amortization of inventory step-up | | — |
| | 1,603 |
|
Amortization of deferred financing costs and original issue discount | | 4,352 |
| | 4,629 |
|
Debt extinguishment costs | | 1,767 |
| | 4,619 |
|
Foreign currency exchange loss | | 5,380 |
| | 15,347 |
|
Pension and postretirement healthcare benefit expense | | 2,731 |
| | 347 |
|
Pension and postretirement healthcare benefit funding | | (8,917 | ) | | (6,415 | ) |
Deferred income tax provision | | 16,822 |
| | 1,494 |
|
Net (gain) loss on asset disposals | | (7,697 | ) | | 11,106 |
|
Stock compensation | | 13,576 |
| | 11,879 |
|
Equity in net (income) from affiliated companies | | (31,625 | ) | | (31,123 | ) |
Dividends received from affiliated companies | | 20,072 |
| | 35,890 |
|
Net interest income on swaps designated as net investment hedges | | (8,435 | ) | | (4,279 | ) |
Other, net | | (887 | ) | | (6,473 | ) |
Working capital changes that provided (used) cash, excluding the effect of acquisitions and dispositions: | | | | |
Receivables | | (22,472 | ) | | (43,106 | ) |
Inventories | | (1,793 | ) | | 8,778 |
|
Prepaids and other current assets | | 268 |
| | (1,555 | ) |
Accounts payable | | (4,072 | ) | | (7,594 | ) |
Accrued liabilities | | 6,615 |
| | 407 |
|
Net cash provided by operating activities | | 181,894 |
| | 166,003 |
|
Cash flows from investing activities: | | | | |
Purchases of property, plant and equipment | | (91,653 | ) | | (95,322 | ) |
Investment in affiliated companies | | — |
| | (5,000 | ) |
Business combinations, net of cash acquired | | — |
| | (1,006 | ) |
Proceeds from sale of product line | | 28,000 |
| | — |
|
Net interest proceeds on swaps designated as net investment hedges | | 8,435 |
| | 4,279 |
|
Other, net | | 475 |
| | 1,142 |
|
Net cash used in investing activities | | (54,743 | ) | | (95,907 | ) |
Cash flows from financing activities: | | | | |
Draw down of revolving credit facilities | | 161,630 |
| | 139,577 |
|
Repayments of revolving credit facilities | | (160,342 | ) | | (163,103 | ) |
Issuance of long-term debt | | — |
| | 1,267,000 |
|
Debt issuance costs | | — |
| | (6,156 | ) |
Repayments of long-term debt | | (105,821 | ) | | (1,313,832 | ) |
Stock repurchases | | (2,235 | ) | | (768 | ) |
Distributions to noncontrolling interests | | (156 | ) | | (526 | ) |
Proceeds from stock options exercised | | 3,956 |
| | 43 |
|
Other, net | | (283 | ) | | — |
|
Net cash used in financing activities | | (103,251 | ) | | (77,765 | ) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | | (3,371 | ) | | (1,557 | ) |
Net change in cash, cash equivalents and restricted cash | | 20,529 |
| | (9,226 | ) |
Cash, cash equivalents and restricted cash at beginning of period | | 59,726 |
| | 67,243 |
|
Cash, cash equivalents and restricted cash at end of period | | $ | 80,255 |
| | $ | 58,017 |
|
| | | | |
For supplemental cash flow disclosures, see Note 21.
See accompanying notes to condensed consolidated financial statements.
PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share amounts)
(unaudited)
1. Background and Basis of Presentation:
Description of Business
PQ Group Holdings Inc. and subsidiaries (the “Company” or “PQ Group Holdings”) is a leading integrated and innovative global provider of specialty catalysts, materials, chemicals and services. The Company supports customers globally through its strategically located network of manufacturing facilities. The Company believes that its products, which are predominantly inorganic, and services contribute to improving the sustainability of the environment.
The Company has four uniquely positioned specialty businesses: Refining Services provides sulfuric acid recycling to the North American refining industry; Catalysts serves the packaging and engineered plastics and the global refining, petrochemical and emissions control industries; Performance Materials produces transportation reflective safety markings for roads and airports; and Performance Chemicals supplies diverse product end uses, including personal and industrial cleaning products, fuel-efficient tires, surface coatings, and food and beverage products.
Effective March 1, 2019, the Company changed the structure of its internal organization to create the four independent businesses described above in order to promote increased visibility to business unit performance, optimize the Company’s product portfolio and create efficiencies. Previously, the Company had two reportable segments, namely the Environmental Catalysts and Services segment and the Performance Materials and Chemicals segment. Beginning with the quarter ended March 31, 2019, the segment results and disclosures included in the Company’s consolidated financial statements reflect the new segment structure for all periods presented. The changes to the Company’s segment structure affect only the manner in which the results of the Company’s reportable segments were previously reported; there are no changes to the Company’s consolidated balance sheet, statement of income or cash flows for the prior periods. For the purposes of the Company’s goodwill impairment testing, the four new operating segments align with the Company’s reporting units at which level goodwill has been assigned and historically tested for impairment.
Seasonal changes and weather conditions typically affect the Company’s Performance Materials and Refining Services segments. In particular, the Company’s Performance Materials segment generally experiences lower sales and profit in the first and fourth quarters of the year because highway striping projects typically occur during warmer weather months. Additionally, the Company’s Refining Services segment typically experiences similar seasonal fluctuations as a result of higher demand for gasoline products in the summer months. As a result, working capital requirements tend to be higher in the first and second quarters of the year, which can adversely affect the Company’s liquidity and cash flows. Because of this seasonality associated with certain of the Company’s segments, results for any one quarter are not necessarily indicative of the results that may be achieved for any other quarter or for the full year.
Basis of Presentation
The condensed consolidated financial statements included herein are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations for interim reporting. In the opinion of management, all adjustments of a normal and recurring nature necessary to state fairly the financial position and results of operations have been included. The results of operations are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Other than the update to our lease accounting policies described in Note 12, the Company has continued to follow the accounting policies set forth in those consolidated financial statements.
2. New Accounting Standards:
Recently Adopted Accounting Standards
In February 2016, the Financial Accounting Standards Board (“FASB”) issued guidance (with subsequent targeted amendments) that modifies the accounting for leases. Under the new guidance, a lessee recognizes right-of-use lease assets and lease liabilities for most leases (including those classified under existing GAAP as operating leases, which based on previous standards are not reflected on the balance sheet), but recognizes expenses in a manner that is generally consistent with existing practices. The new guidance also requires companies to provide expanded disclosures regarding leasing arrangements. For public companies, the new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. The new guidance must be adopted using a modified retrospective transition method.