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Table of Contents

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, 2020
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 classTrading symbolName of each exchange on which registered
Common stock, par value $0.01 per sharePQGNew 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 29, 2020 was 136,338,043.

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PQ GROUP HOLDINGS INC.

INDEX—FORM 10-Q
September 30, 2020
Page

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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,
2020201920202019
Sales$380,319 $423,801 $1,101,442 $1,214,697 
Cost of goods sold283,818 310,904 823,503 905,395 
Gross profit96,501 112,897 277,939 309,302 
Selling, general and administrative expenses37,070 39,528 119,294 123,611 
Other operating expense, net12,382 15,795 47,059 28,353 
Operating income47,049 57,574 111,586 157,338 
Equity in net (income) from affiliated companies(183)(17,261)(20,025)(31,625)
Interest expense, net18,642 27,697 65,372 84,855 
Debt extinguishment costs14,004 1,767 16,517 1,767 
Other (income) expense, net(4,988)1,834 (4,297)1,890 
Income before income taxes and noncontrolling interest19,574 43,537 54,019 100,451 
Provision for income taxes11,764 16,718 29,453 39,472 
Net income7,810 26,819 24,566 60,979 
Less: Net income attributable to the noncontrolling interest298 106 904 541 
Net income attributable to PQ Group Holdings Inc.$7,512 $26,713 $23,662 $60,438 
Net income per share:
Basic income per share$0.06 $0.20 $0.17 $0.45 
Diluted income per share$0.06 $0.20 $0.17 $0.45 
Weighted average shares outstanding:
Basic135,106,969 134,511,819 135,292,163 134,213,571 
Diluted135,979,118 135,649,710 136,188,033 135,305,370 
See accompanying notes to condensed consolidated financial statements.

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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,
2020201920202019
Net income$7,810 $26,819 $24,566 $60,979 
Other comprehensive income (loss), net of tax:
Pension and postretirement benefits(20)(59)(48)(120)
Net (loss) gain from hedging activities945 35 911 (2,684)
Foreign currency translation13,572 (13,872)(20,844)(620)
Total other comprehensive income (loss)14,497 (13,896)(19,981)(3,424)
Comprehensive income22,307 12,923 4,585 57,555 
Less: Comprehensive income (loss) attributable to noncontrolling interests607 (304)(1,899)586 
Comprehensive income attributable to PQ Group Holdings Inc.$21,700 $13,227 $6,484 $56,969 
See accompanying notes to condensed consolidated financial statements.

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PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)

September 30,
2020		December 31,
2019
ASSETS
Cash and cash equivalents$164,348 $72,284 
Accounts receivable, net196,082 179,632 
Inventories, net249,662 280,945 
Prepaid and other current assets37,409 35,730 
Total current assets647,501 568,591 
Investments in affiliated companies479,454 472,929 
Property, plant and equipment, net1,135,757 1,186,770 
Goodwill1,263,853 1,259,805 
Other intangible assets, net638,772 676,385 
Right-of-use lease assets56,232 57,295 
Other long-term assets102,873 99,070 
Total assets$4,324,442 $4,320,845 
LIABILITIES
Notes payable and current maturities of long-term debt$14,538 $7,766 
Accounts payable116,797 144,365 
 Operating lease liabilities—current
16,774 15,183 
Accrued liabilities86,117 102,154 
Total current liabilities234,226 269,468 
Long-term debt, excluding current portion1,905,007 1,899,196 
Deferred income taxes224,457 218,037 
 Operating lease liabilities—noncurrent
38,341 40,156 
Other long-term liabilities118,225 108,670 
Total liabilities2,520,256 2,535,527 
Commitments and contingencies (Note 17)
EQUITY
Common stock ($0.01 par); authorized shares 450,000,000; issued shares 136,787,670 and 136,861,382 on September 30, 2020 and December 31, 2019, respectively; outstanding shares 136,056,817 and 136,464,961 on September 30, 2020 and December 31, 2019, respectively
1,368 1,369 
Preferred stock ($0.01 par); authorized shares 50,000,000; no shares issued or outstanding on September 30, 2020 and December 31, 2019
— — 
Additional paid-in capital1,715,504 1,696,899 
Retained earnings126,675 103,013 
Treasury stock, at cost; shares 730,853 and 396,421 on September 30, 2020 and December 31, 2019, respectively
(10,534)(6,483)
Accumulated other comprehensive loss(32,526)(15,348)
Total PQ Group Holdings Inc. equity1,800,487 1,779,450 
Noncontrolling interest3,699 5,868 
Total equity1,804,186 1,785,318 
Total liabilities and equity$4,324,442 $4,320,845 
See accompanying notes to condensed consolidated financial statements.
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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, 2019$1,369 $1,696,899 $103,013 $(6,483)$(15,348)$5,868 $1,785,318 
Net income
— — 224 — — 285 509 
Other comprehensive income
— — — — (43,411)(3,488)(46,899)
Repurchases of common shares
— — — (3,889)— — (3,889)
Stock compensation expense
— 5,920 — — — — 5,920 
Shares issued under equity incentive plan, net of forfeitures
4 177 — — — — 181 
Balance, March 31, 2020$1,373 $1,702,996 $103,237 $(10,372)$(58,759)$2,665 $1,741,140 
Net income
— — 15,926 — — 321 16,247 
Other comprehensive income
— — — — 12,045 376 12,421 
Stock compensation expense
— 6,366 — — — — 6,366 
Shares issued under equity incentive plan, net of forfeitures
(5)5 — — — — — 
Balance, June 30, 2020$1,368 $1,709,367 $119,163 $(10,372)$(46,714)$3,362 $1,776,174 
Net income
— — 7,512 — — 298 7,810 
Other comprehensive income (loss)
— — — — 14,188 309 14,497 
Repurchases of common shares
— — — (162)— — (162)
Distributions to noncontrolling interests
— — — — — (270)(270)
Stock compensation expense
— 6,137 — — — — 6,137 
Balance, September 30, 2020$1,368 $1,715,504 $126,675 $(10,534)$(32,526)$3,699 $1,804,186 
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)
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
— — — — (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 
See accompanying notes to condensed consolidated financial statements.
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PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine months ended
September 30,
20202019
Cash flows from operating activities:
Net income$24,566 $60,979 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation99,981 97,088 
Amortization36,332 38,142 
Amortization of deferred financing costs and original issue discount3,743 4,352 
Debt extinguishment costs14,146 1,767 
Foreign currency exchange (gain) loss(2,100)5,380 
Pension and postretirement healthcare benefit expense639 2,731 
Pension and postretirement healthcare benefit funding(8,734)(8,917)
Deferred income tax provision9,815 16,822 
Net (gain) loss on asset disposals3,948 (7,697)
Stock compensation18,423 13,576 
Equity in net income from affiliated companies(20,025)(31,625)
Dividends received from affiliated companies15,098 20,072 
Net interest income on swaps designated as net investment hedges(4,622)(8,435)
Other, net(1,119)(887)
Working capital changes that provided (used) cash, excluding the effect of acquisitions and dispositions:
Receivables(20,670)(22,472)
Inventories8,613 (1,793)
Prepaids and other current assets(375)268 
Accounts payable(10,076)(4,072)
Accrued liabilities(16,977)6,615 
Net cash provided by operating activities150,606 181,894 
Cash flows from investing activities:
Purchases of property, plant and equipment(76,764)(91,653)
Proceeds from sale of product line18,000 28,000 
Proceeds from sale of assets10,330 — 
Proceeds from sale of investment1,761 — 
Net interest proceeds on swaps designated as net investment hedges4,622 8,435 
Other, net— 475 
Net cash used in investing activities(42,051)(54,743)
Cash flows from financing activities:
Draw down of revolving credit facilities175,445 161,630 
Repayments of revolving credit facilities(174,668)(160,342)
Issuance of long-term debt, net of discount640,340 — 
Debt issuance costs(8,987)— 
Repayments of long-term debt(627,506)(105,821)
Debt prepayment fees(10,550)— 
Stock repurchases(4,051)(2,235)
Distributions to noncontrolling interests(270)(156)
Proceeds from stock options exercised181 3,956 
Other, net(160)(283)
Net cash used in financing activities(10,226)(103,251)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(5,955)(3,371)
Net change in cash, cash equivalents and restricted cash92,374 20,529 
Cash, cash equivalents and restricted cash at beginning of period73,917 59,726 
Cash, cash equivalents and restricted cash at end of period$166,291 $80,255 
For supplemental cash flow disclosures, see Note 21.
See accompanying notes to condensed consolidated financial statements.
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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 industry and, through its Zeolyst joint venture, 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.
Seasonal changes and weather conditions typically affect the Company’s Performance Materials and Refining Services segments. In particular, the 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. The 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.
On October 15, 2020, the Company entered into a definitive agreement to sell its Performance Materials business for $650,000 in cash, subject to customary purchase price adjustments as set forth in the agreement. Refer to Note 22 of these condensed consolidated financial statements for additional information related to the sale.
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, 2019.
COVID-19
In March 2020, the outbreak of a novel coronavirus (“COVID-19”) was declared a national emergency in the United States. COVID-19 continues to spread in the United States and other parts of the world and has adversely impacted economic activity and contributed to volatility in financial markets. In response to the COVID-19 pandemic, the federal government and various state, local and foreign governments have issued decrees and orders that have disrupted many businesses and implemented social distancing, travel and other restrictions. In response to these restrictions, the Company has taken a variety of actions, including an international travel ban, distribution of personal protective equipment to employees and work-at-home requirements for many of the Company’s employees who are not an integral part of its manufacturing operations. The Company has also implemented and refined its existing business continuity plans in an effort to minimize operational disruptions. The Company’s manufacturing operations, as well as the operations of its key vendors and the majority of its key customers, have continued to operate with limited interruptions. The extent and impact of the COVID-19 pandemic on the Company’s business is highly uncertain and difficult to predict due to the rapidly evolving environment and continued uncertainties created by the COVID-19 pandemic. The Company is not aware of any specific event or circumstance that would require an update to our estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of the issuance of the condensed consolidated financial statements. These estimates may change, as the pandemic continues to evolve and the duration remains uncertain, and may adversely impact the Company’s results of operations, financial condition or cash flow.
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PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share amounts)
(unaudited)

2. New Accounting Standards:
Recently Adopted Accounting Standards
In June 2016, the Financial Accounting Standards Board (“FASB”) issued guidance that affects loans, trade receivables and any other financial assets that have the contractual right to receive cash. Under the new guidance, an entity is required to recognize expected credit losses rather than incurred losses for financial assets. The new guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted the new guidance effective January 1, 2020, with no material impact to the Company’s consolidated financial position, results of operations or cash flows.
In August 2018, the FASB issued guidance which modifies certain disclosure requirements over fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, including all interim periods within that fiscal year. The Company adopted the new guidance effective January 1, 2020. The Company does not classify any of its derivative contracts as Level 3 assets or liabilities, nor did the Company have any transfers amongst fair value levels during the nine months ended September 30, 2020. As such, the guidance did not have an impact on the fair value measurement disclosures included in the Company’s consolidated financial statements.
In January 2017, the FASB issued guidance which eliminates the second step from the traditional two-step goodwill impairment test. Under current guidance, an entity performed the first step of the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount; if an impairment loss was indicated, the entity computed the implied fair value of goodwill to determine whether an impairment loss existed, and if so, the amount to recognize. Under the new guidance, an impairment loss is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value (the Step 1 test), with no further testing required. Any impairment loss recognized is limited to the amount of goodwill allocated to the reporting unit. The new guidance is effective for public companies that are Securities and Exchange Commission (“SEC”) registrants for fiscal years beginning after December 15, 2019, with early adoption permitted for goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted the new guidance on January 1, 2020, and will apply the guidance prospectively to its goodwill impairment tests.
Accounting Standards Not Yet Adopted
In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplification of areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The new guidance is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements.
In March 2020, the FASB issued guidance to address certain accounting consequences from the anticipated transition from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The new guidance contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and may be elected over time as reference rate reform activities occur. During the three months ended September 30, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based on matches the index of the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
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PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share amounts)
(unaudited)

3. Revenue from Contracts with Customers:
Disaggregated Revenue
The Company’s primary means of disaggregating revenues is by reportable segments, which can be found in Note 18 to these condensed consolidated financial statements.
The Company’s portfolio of products are integrated into a variety of end uses, which are described in the table below.
Key End UsesKey Products
Industrial & process chemicals• Silicate precursors for the tire industry
• Glass beads, or microspheres, for metal finishing end uses
Fuels & emission control• Refining catalysts
• Emission control catalysts
• Catalyst recycling services
• Silicate for catalyst manufacturing
Packaging & engineered plastics• Catalysts for high-density polyethlene and chemicals syntheses
• Antiblock for film packaging
• Solid and hollow microspheres for composite plastics
• Sulfur derivatives for nylon production
Highway safety & construction• Reflective markings for roadways and airports
• Silica gels for surface coatings
Consumer products• Silica gels for edible oil and beer clarification
• Precipitated silicas, silicates and zeolites for the dentifrice and
  dishwasher and laundry detergent applications
Natural resources• Silicates for drilling muds
• Hollow glass beads, or microspheres, for oil well cements
• Silicates and alum for water treatment mining
• Bleaching aids for paper















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PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share amounts)
(unaudited)

The following tables disaggregate the Company’s sales, by segment and end use, for the three and nine months ended September 30, 2020 and 2019:
Three months ended September 30, 2020
Refining
Services		CatalystsPerformance
Materials		Performance
Chemicals		Total
Industrial & process chemicals$17,447 $51 $11,134 $47,786 $76,418 
Fuels & emission control(1)
60,022 — — 700 60,722 
Packaging & engineered plastics10,941 23,020 15,438 11,987 61,386 
Highway safety & construction(1)
— — 74,672 19,553 94,225 
Consumer products— — — 56,304 56,304 
Natural resources19,194 — 3,330 12,183 34,707 
Total segment sales107,604 23,071 104,574 148,513 383,762 
Eliminations(764)(51)(57)(2,571)(3,443)
Total$