0001708035--12-312021Q2false00017080352021-01-012021-06-30xbrli:shares00017080352021-08-04iso4217:USD00017080352021-04-012021-06-3000017080352020-04-012020-06-3000017080352020-01-012020-06-30iso4217:USDxbrli:shares00017080352021-06-3000017080352020-12-310001708035us-gaap:CommonStockMember2020-12-310001708035us-gaap:AdditionalPaidInCapitalMember2020-12-310001708035us-gaap:RetainedEarningsMember2020-12-310001708035us-gaap:TreasuryStockMember2020-12-310001708035us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001708035us-gaap:NoncontrollingInterestMember2020-12-310001708035us-gaap:RetainedEarningsMember2021-01-012021-03-310001708035us-gaap:NoncontrollingInterestMember2021-01-012021-03-3100017080352021-01-012021-03-310001708035us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001708035us-gaap:TreasuryStockMember2021-01-012021-03-310001708035us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001708035us-gaap:CommonStockMember2021-01-012021-03-310001708035us-gaap:CommonStockMember2021-03-310001708035us-gaap:AdditionalPaidInCapitalMember2021-03-310001708035us-gaap:RetainedEarningsMember2021-03-310001708035us-gaap:TreasuryStockMember2021-03-310001708035us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001708035us-gaap:NoncontrollingInterestMember2021-03-3100017080352021-03-310001708035us-gaap:RetainedEarningsMember2021-04-012021-06-300001708035us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001708035us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001708035us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001708035us-gaap:CommonStockMember2021-04-012021-06-300001708035us-gaap:CommonStockMember2021-06-300001708035us-gaap:AdditionalPaidInCapitalMember2021-06-300001708035us-gaap:RetainedEarningsMember2021-06-300001708035us-gaap:TreasuryStockMember2021-06-300001708035us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001708035us-gaap:NoncontrollingInterestMember2021-06-300001708035us-gaap:CommonStockMember2019-12-310001708035us-gaap:AdditionalPaidInCapitalMember2019-12-310001708035us-gaap:RetainedEarningsMember2019-12-310001708035us-gaap:TreasuryStockMember2019-12-310001708035us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001708035us-gaap:NoncontrollingInterestMember2019-12-3100017080352019-12-310001708035us-gaap:RetainedEarningsMember2020-01-012020-03-310001708035us-gaap:NoncontrollingInterestMember2020-01-012020-03-3100017080352020-01-012020-03-310001708035us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001708035us-gaap:TreasuryStockMember2020-01-012020-03-310001708035us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001708035us-gaap:CommonStockMember2020-01-012020-03-310001708035us-gaap:CommonStockMember2020-03-310001708035us-gaap:AdditionalPaidInCapitalMember2020-03-310001708035us-gaap:RetainedEarningsMember2020-03-310001708035us-gaap:TreasuryStockMember2020-03-310001708035us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001708035us-gaap:NoncontrollingInterestMember2020-03-3100017080352020-03-310001708035us-gaap:RetainedEarningsMember2020-04-012020-06-300001708035us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001708035us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001708035us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001708035us-gaap:CommonStockMember2020-04-012020-06-300001708035us-gaap:CommonStockMember2020-06-300001708035us-gaap:AdditionalPaidInCapitalMember2020-06-300001708035us-gaap:RetainedEarningsMember2020-06-300001708035us-gaap:TreasuryStockMember2020-06-300001708035us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001708035us-gaap:NoncontrollingInterestMember2020-06-3000017080352020-06-300001708035ecvt:PerformanceMaterialsMember2020-12-140001708035ecvt:PerformanceChemicalsMember2021-02-282021-02-28ecvt:segment0001708035ecvt:PerformanceMaterialsMember2020-04-012020-06-300001708035ecvt:PerformanceMaterialsMember2020-01-012020-06-300001708035ecvt:PerformanceMaterialsMember2021-01-012021-03-310001708035ecvt:A2020TermLoanFacilityMemberecvt:PerformanceMaterialsMember2021-01-012021-03-310001708035ecvt:PerformanceMaterialsMember2021-04-012021-06-300001708035ecvt:PerformanceMaterialsMember2021-01-012021-06-300001708035ecvt:PerformanceChemicalsMember2021-04-012021-06-300001708035ecvt:PerformanceChemicalsMember2021-01-012021-06-300001708035us-gaap:GoodwillMemberecvt:PerformanceChemicalsMember2021-04-012021-06-300001708035ecvt:ValuationAllowanceMemberecvt:PerformanceChemicalsMember2021-04-012021-06-300001708035ecvt:PerformanceChemicalsMember2020-04-012020-06-300001708035ecvt:PerformanceChemicalsMember2020-01-012020-06-300001708035ecvt:PerformanceChemicalsMember2021-06-300001708035ecvt:PerformanceChemicalsMember2020-12-310001708035ecvt:IndustrialandChemicalProcessMemberus-gaap:OperatingSegmentsMemberecvt:EcoservicesMember2021-04-012021-06-300001708035ecvt:IndustrialandChemicalProcessMemberus-gaap:OperatingSegmentsMemberecvt:CatalystTechnologiesMember2021-04-012021-06-300001708035ecvt:IndustrialandChemicalProcessMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:FuelsandEmissionControlsMemberecvt:EcoservicesMember2021-04-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:FuelsandEmissionControlsMemberecvt:CatalystTechnologiesMember2021-04-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:FuelsandEmissionControlsMember2021-04-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:PackagingandEngineeringPlasticsMemberecvt:EcoservicesMember2021-04-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:PackagingandEngineeringPlasticsMemberecvt:CatalystTechnologiesMember2021-04-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:PackagingandEngineeringPlasticsMember2021-04-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:NaturalResourcesMemberecvt:EcoservicesMember2021-04-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:NaturalResourcesMemberecvt:CatalystTechnologiesMember2021-04-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:NaturalResourcesMember2021-04-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:EcoservicesMember2021-04-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:CatalystTechnologiesMember2021-04-012021-06-300001708035us-gaap:OperatingSegmentsMember2021-04-012021-06-300001708035srt:ConsolidationEliminationsMemberecvt:EcoservicesMember2021-04-012021-06-300001708035srt:ConsolidationEliminationsMemberecvt:CatalystTechnologiesMember2021-04-012021-06-300001708035srt:ConsolidationEliminationsMember2021-04-012021-06-300001708035ecvt:EcoservicesMember2021-04-012021-06-300001708035ecvt:CatalystTechnologiesMember2021-04-012021-06-300001708035ecvt:IndustrialandChemicalProcessMemberus-gaap:OperatingSegmentsMemberecvt:EcoservicesMember2020-04-012020-06-300001708035ecvt:IndustrialandChemicalProcessMemberus-gaap:OperatingSegmentsMemberecvt:CatalystTechnologiesMember2020-04-012020-06-300001708035ecvt:IndustrialandChemicalProcessMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:FuelsandEmissionControlsMemberecvt:EcoservicesMember2020-04-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:FuelsandEmissionControlsMemberecvt:CatalystTechnologiesMember2020-04-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:FuelsandEmissionControlsMember2020-04-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:PackagingandEngineeringPlasticsMemberecvt:EcoservicesMember2020-04-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:PackagingandEngineeringPlasticsMemberecvt:CatalystTechnologiesMember2020-04-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:PackagingandEngineeringPlasticsMember2020-04-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:NaturalResourcesMemberecvt:EcoservicesMember2020-04-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:NaturalResourcesMemberecvt:CatalystTechnologiesMember2020-04-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:NaturalResourcesMember2020-04-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:EcoservicesMember2020-04-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:CatalystTechnologiesMember2020-04-012020-06-300001708035us-gaap:OperatingSegmentsMember2020-04-012020-06-300001708035ecvt:IndustrialandChemicalProcessMemberus-gaap:OperatingSegmentsMemberecvt:EcoservicesMember2021-01-012021-06-300001708035ecvt:IndustrialandChemicalProcessMemberus-gaap:OperatingSegmentsMemberecvt:CatalystTechnologiesMember2021-01-012021-06-300001708035ecvt:IndustrialandChemicalProcessMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:FuelsandEmissionControlsMemberecvt:EcoservicesMember2021-01-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:FuelsandEmissionControlsMemberecvt:CatalystTechnologiesMember2021-01-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:FuelsandEmissionControlsMember2021-01-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:PackagingandEngineeringPlasticsMemberecvt:EcoservicesMember2021-01-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:PackagingandEngineeringPlasticsMemberecvt:CatalystTechnologiesMember2021-01-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:PackagingandEngineeringPlasticsMember2021-01-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:NaturalResourcesMemberecvt:EcoservicesMember2021-01-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:NaturalResourcesMemberecvt:CatalystTechnologiesMember2021-01-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:NaturalResourcesMember2021-01-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:EcoservicesMember2021-01-012021-06-300001708035us-gaap:OperatingSegmentsMemberecvt:CatalystTechnologiesMember2021-01-012021-06-300001708035us-gaap:OperatingSegmentsMember2021-01-012021-06-300001708035srt:ConsolidationEliminationsMemberecvt:EcoservicesMember2021-01-012021-06-300001708035srt:ConsolidationEliminationsMemberecvt:CatalystTechnologiesMember2021-01-012021-06-300001708035srt:ConsolidationEliminationsMember2021-01-012021-06-300001708035ecvt:EcoservicesMember2021-01-012021-06-300001708035ecvt:CatalystTechnologiesMember2021-01-012021-06-300001708035ecvt:IndustrialandChemicalProcessMemberus-gaap:OperatingSegmentsMemberecvt:EcoservicesMember2020-01-012020-06-300001708035ecvt:IndustrialandChemicalProcessMemberus-gaap:OperatingSegmentsMemberecvt:CatalystTechnologiesMember2020-01-012020-06-300001708035ecvt:IndustrialandChemicalProcessMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:FuelsandEmissionControlsMemberecvt:EcoservicesMember2020-01-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:FuelsandEmissionControlsMemberecvt:CatalystTechnologiesMember2020-01-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:FuelsandEmissionControlsMember2020-01-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:PackagingandEngineeringPlasticsMemberecvt:EcoservicesMember2020-01-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:PackagingandEngineeringPlasticsMemberecvt:CatalystTechnologiesMember2020-01-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:PackagingandEngineeringPlasticsMember2020-01-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:NaturalResourcesMemberecvt:EcoservicesMember2020-01-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:NaturalResourcesMemberecvt:CatalystTechnologiesMember2020-01-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:NaturalResourcesMember2020-01-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:EcoservicesMember2020-01-012020-06-300001708035us-gaap:OperatingSegmentsMemberecvt:CatalystTechnologiesMember2020-01-012020-06-300001708035us-gaap:OperatingSegmentsMember2020-01-012020-06-300001708035us-gaap:FairValueMeasurementsRecurringMember2021-06-300001708035us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-06-300001708035us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-06-300001708035us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-06-300001708035us-gaap:FairValueMeasurementsRecurringMember2020-12-310001708035us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001708035us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001708035us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-04-012021-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2020-04-012020-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMember2021-04-012021-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMember2020-04-012020-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-04-012021-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-04-012020-06-300001708035us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2021-04-012021-06-300001708035us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2020-04-012020-06-300001708035us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-04-012021-06-300001708035us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-04-012020-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-06-300001708035us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-06-300001708035us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-06-300001708035us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-06-300001708035us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001708035us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001708035us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-06-300001708035us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-06-300001708035us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-06-300001708035us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300001708035us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-06-300001708035us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310001708035us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310001708035us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-06-300001708035us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-06-300001708035us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-06-300001708035us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300001708035us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-06-300001708035us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001708035us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001708035us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-06-300001708035us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-04-012020-06-300001708035us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-06-300001708035us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-06-300001708035us-gaap:InterestRateCapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-04-012021-06-300001708035us-gaap:InterestRateCapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-04-012020-06-300001708035us-gaap:InterestRateCapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-06-300001708035us-gaap:InterestRateCapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-06-300001708035us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-04-012021-06-300001708035us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-04-012020-06-300001708035us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-06-300001708035us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-06-300001708035us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-04-012021-06-300001708035us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-04-012020-06-300001708035us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-06-300001708035us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-06-300001708035us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001708035us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001708035us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001708035us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-3000017080352020-03-1200017080352021-03-012021-03-010001708035ecvt:Chem32Member2021-01-012021-06-300001708035ecvt:Chem32Member2021-06-300001708035ecvt:EcoservicesMember2020-12-310001708035ecvt:CatalystTechnologiesMember2020-12-310001708035ecvt:EcoservicesMember2021-06-300001708035ecvt:CatalystTechnologiesMember2021-06-30xbrli:pure0001708035ecvt:ZeolystInternationalMember2021-06-300001708035ecvt:ZeolystC.V.Member2021-06-300001708035us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-04-012021-06-300001708035us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-04-012020-06-300001708035us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-06-300001708035us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-06-300001708035ecvt:PQHoldingsEcoServicesMember2021-06-300001708035ecvt:PQHoldingsEcoServicesMember2020-12-310001708035ecvt:PQHoldingsEcoServicesMember2021-04-012021-06-300001708035ecvt:PQHoldingsEcoServicesMember2021-01-012021-06-300001708035ecvt:PQHoldingsEcoServicesMember2020-04-012020-06-300001708035ecvt:PQHoldingsEcoServicesMember2020-01-012020-06-300001708035us-gaap:LandMember2021-06-300001708035us-gaap:LandMember2020-12-310001708035us-gaap:BuildingMember2021-06-300001708035us-gaap:BuildingMember2020-12-310001708035us-gaap:MachineryAndEquipmentMember2021-06-300001708035us-gaap:MachineryAndEquipmentMember2020-12-310001708035us-gaap:ConstructionInProgressMember2021-06-300001708035us-gaap:ConstructionInProgressMember2020-12-310001708035us-gaap:MediumTermNotesMemberecvt:A2016TermLoanFacilityMember2021-06-300001708035us-gaap:MediumTermNotesMemberecvt:A2016TermLoanFacilityMember2020-12-310001708035ecvt:A2020TermLoanFacilityMemberus-gaap:MediumTermNotesMember2021-06-300001708035ecvt:A2020TermLoanFacilityMemberus-gaap:MediumTermNotesMember2020-12-310001708035us-gaap:MediumTermNotesMemberecvt:A2021TermLoanFacilityMember2021-06-300001708035us-gaap:MediumTermNotesMemberecvt:A2021TermLoanFacilityMember2020-12-310001708035us-gaap:SeniorNotesMemberecvt:FivePointSevenFivePercentSeniorUnsecuredNotesdue2025Member2021-06-300001708035us-gaap:SeniorNotesMemberecvt:FivePointSevenFivePercentSeniorUnsecuredNotesdue2025Member2020-12-310001708035us-gaap:LineOfCreditMember2021-06-300001708035us-gaap:LineOfCreditMember2020-12-310001708035ecvt:TermLoanAndSeniorNotesMember2021-06-300001708035ecvt:TermLoanAndSeniorNotesMember2020-12-310001708035us-gaap:MediumTermNotesMember2021-01-012021-06-300001708035us-gaap:MediumTermNotesMember2021-04-012021-06-300001708035currency:USD2021-06-300001708035currency:EUR2021-06-300001708035us-gaap:LineOfCreditMember2021-01-012021-06-300001708035ecvt:November2018InterestRateCapMemberus-gaap:CashFlowHedgingMember2018-11-300001708035ecvt:November2018InterestRateCapMemberus-gaap:CashFlowHedgingMember2018-11-302018-11-300001708035ecvt:November2018InterestRateCapMemberus-gaap:CashFlowHedgingMember2020-02-200001708035ecvt:November2018InterestRateCapMemberus-gaap:CashFlowHedgingMember2020-02-202020-02-200001708035ecvt:November2018InterestRateCapMemberus-gaap:CashFlowHedgingMember2020-03-180001708035ecvt:November2018InterestRateCapMemberus-gaap:CashFlowHedgingMember2020-03-182020-03-180001708035ecvt:November2018InterestRateCapMemberus-gaap:CashFlowHedgingMember2021-01-012021-06-300001708035ecvt:November2018InterestRateCapMemberus-gaap:CashFlowHedgingMember2021-06-300001708035ecvt:July2020InterestRateCapMemberus-gaap:CashFlowHedgingMember2020-07-310001708035ecvt:July2020InterestRateCapMemberus-gaap:CashFlowHedgingMember2021-06-30iso4217:EUR0001708035us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2018-02-280001708035us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2021-03-290001708035us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2021-03-312021-03-310001708035us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2021-01-012021-06-300001708035us-gaap:OtherNoncurrentAssetsMemberus-gaap:InterestRateCapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-06-300001708035us-gaap:OtherNoncurrentAssetsMemberus-gaap:InterestRateCapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-12-310001708035us-gaap:DesignatedAsHedgingInstrumentMember2021-06-300001708035us-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001708035us-gaap:InterestRateCapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMemberus-gaap:CashFlowHedgingMember2021-06-300001708035us-gaap:InterestRateCapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMemberus-gaap:CashFlowHedgingMember2020-12-310001708035us-gaap:InterestRateCapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:CashFlowHedgingMember2021-06-300001708035us-gaap:InterestRateCapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:CashFlowHedgingMember2020-12-310001708035us-gaap:InterestRateCapMember2021-04-012021-06-300001708035us-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2021-04-012021-06-300001708035us-gaap:InterestRateCapMember2020-04-012020-06-300001708035us-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2020-04-012020-06-300001708035us-gaap:InterestRateCapMember2021-01-012021-06-300001708035us-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2021-01-012021-06-300001708035us-gaap:InterestRateCapMember2020-01-012020-06-300001708035us-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2020-01-012020-06-300001708035us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001708035us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001708035us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001708035us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001708035us-gaap:CashFlowHedgingMember2021-01-012021-06-300001708035us-gaap:CrossCurrencyInterestRateContractMember2021-04-012021-06-300001708035us-gaap:CrossCurrencyInterestRateContractMember2020-04-012020-06-300001708035us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:SaleOfSubsidiaryGainLossMember2021-04-012021-06-300001708035us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:SaleOfSubsidiaryGainLossMember2020-04-012020-06-300001708035ecvt:InterestIncomeExpenseMemberus-gaap:CrossCurrencyInterestRateContractMember2021-04-012021-06-300001708035ecvt:InterestIncomeExpenseMemberus-gaap:CrossCurrencyInterestRateContractMember2020-04-012020-06-300001708035us-gaap:CrossCurrencyInterestRateContractMember2021-01-012021-06-300001708035us-gaap:CrossCurrencyInterestRateContractMember2020-01-012020-06-300001708035us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:SaleOfSubsidiaryGainLossMember2021-01-012021-06-300001708035us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:SaleOfSubsidiaryGainLossMember2020-01-012020-06-300001708035ecvt:InterestIncomeExpenseMemberus-gaap:CrossCurrencyInterestRateContractMember2021-01-012021-06-300001708035ecvt:InterestIncomeExpenseMemberus-gaap:CrossCurrencyInterestRateContractMember2020-01-012020-06-300001708035us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-300001708035country:USus-gaap:PensionPlansDefinedBenefitMember2021-04-012021-06-300001708035country:USus-gaap:PensionPlansDefinedBenefitMember2020-04-012020-06-300001708035us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2021-04-012021-06-300001708035us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-04-012020-06-300001708035country:USus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-300001708035country:USus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-06-300001708035us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-300001708035us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-06-300001708035us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-06-300001708035us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-04-012021-06-300001708035us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-04-012020-06-300001708035us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-06-300001708035ecvt:ZeolystJointVentureMemberecvt:CatalystTechnologiesMember2021-04-012021-06-300001708035ecvt:ZeolystJointVentureMemberecvt:CatalystTechnologiesMember2020-04-012020-06-300001708035ecvt:ZeolystJointVentureMemberecvt:CatalystTechnologiesMember2021-01-012021-06-300001708035ecvt:ZeolystJointVentureMemberecvt:CatalystTechnologiesMember2020-01-012020-06-300001708035us-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001708035us-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300001708035us-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001708035us-gaap:MaterialReconcilingItemsMember2020-01-012020-06-300001708035us-gaap:CorporateNonSegmentMember2021-04-012021-06-300001708035us-gaap:CorporateNonSegmentMember2020-04-012020-06-300001708035us-gaap:CorporateNonSegmentMember2021-01-012021-06-300001708035us-gaap:CorporateNonSegmentMember2020-01-012020-06-300001708035us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-300001708035us-gaap:PerformanceSharesMember2021-01-012021-06-300001708035us-gaap:RestrictedStockUnitsRSUMembersrt:DirectorMember2021-01-012021-06-300001708035us-gaap:RestrictedStockUnitsRSUMemberecvt:EmployeeMember2021-01-012021-06-300001708035us-gaap:PerformanceSharesMembersrt:MinimumMember2021-01-012021-06-300001708035us-gaap:PerformanceSharesMembersrt:MaximumMember2021-01-012021-06-300001708035us-gaap:EmployeeStockOptionMember2021-01-012021-06-300001708035us-gaap:RestrictedStockUnitsRSUMember2020-12-310001708035us-gaap:PerformanceSharesMember2020-12-310001708035us-gaap:RestrictedStockUnitsRSUMember2021-06-300001708035us-gaap:PerformanceSharesMember2021-06-300001708035us-gaap:SegmentContinuingOperationsMember2021-04-012021-06-300001708035us-gaap:SegmentContinuingOperationsMember2020-04-012020-06-300001708035us-gaap:SegmentContinuingOperationsMember2021-01-012021-06-300001708035us-gaap:SegmentContinuingOperationsMember2020-01-012020-06-300001708035us-gaap:SegmentDiscontinuedOperationsMember2021-04-012021-06-300001708035us-gaap:SegmentDiscontinuedOperationsMember2020-04-012020-06-300001708035us-gaap:SegmentDiscontinuedOperationsMember2021-01-012021-06-300001708035us-gaap:SegmentDiscontinuedOperationsMember2020-01-012020-06-300001708035us-gaap:RestrictedStockMember2021-04-012021-06-300001708035us-gaap:RestrictedStockMember2020-04-012020-06-300001708035us-gaap:RestrictedStockMember2021-01-012021-06-300001708035us-gaap:RestrictedStockMember2020-01-012020-06-300001708035us-gaap:PerformanceSharesMember2021-04-012021-06-300001708035us-gaap:PerformanceSharesMember2020-04-012020-06-300001708035us-gaap:PerformanceSharesMember2021-01-012021-06-300001708035us-gaap:PerformanceSharesMember2020-01-012020-06-300001708035ecvt:RestrictedStockRestrictedStockUnitsRSUsandPerformanceStockUnitsPSUsMember2021-04-012021-06-300001708035ecvt:RestrictedStockRestrictedStockUnitsRSUsandPerformanceStockUnitsPSUsMember2020-04-012020-06-300001708035ecvt:RestrictedStockRestrictedStockUnitsRSUsandPerformanceStockUnitsPSUsMember2021-01-012021-06-300001708035ecvt:RestrictedStockRestrictedStockUnitsRSUsandPerformanceStockUnitsPSUsMember2020-01-012020-06-300001708035us-gaap:EmployeeStockOptionMember2021-04-012021-06-300001708035us-gaap:EmployeeStockOptionMember2020-04-012020-06-300001708035us-gaap:EmployeeStockOptionMember2021-01-012021-06-300001708035us-gaap:EmployeeStockOptionMember2020-01-012020-06-300001708035us-gaap:EmployeeStockOptionMemberecvt:SixteenDollarsandNinetySevenCentsMember2020-04-012020-06-300001708035us-gaap:EmployeeStockOptionMemberecvt:SixteenDollarsandNinetySevenCentsMember2020-06-300001708035ecvt:SeventeenDollarsandFiftyCentsMemberus-gaap:EmployeeStockOptionMember2020-04-012020-06-300001708035ecvt:SeventeenDollarsandFiftyCentsMemberus-gaap:EmployeeStockOptionMember2020-06-300001708035us-gaap:EmployeeStockOptionMemberecvt:SixteenDollarsandNinetySevenCentsMember2020-01-012020-06-300001708035ecvt:SeventeenDollarsandFiftyCentsMemberus-gaap:EmployeeStockOptionMember2020-01-012020-06-300001708035ecvt:PerformanceChemicalsMemberus-gaap:SubsequentEventMember2021-08-010001708035ecvt:A2016TermLoanFacilityMemberus-gaap:SubsequentEventMember2021-08-012021-08-010001708035ecvt:FivePointSevenFivePercentSeniorUnsecuredNotesdue2025Memberus-gaap:SubsequentEventMember2021-08-012021-08-010001708035us-gaap:SubsequentEventMember2021-08-232021-08-23
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 June 30, 2021
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
ECOVYST 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 shareECVTNew 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 filerAccelerated filer
Non-accelerated filerSmaller 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 August 4, 2021 was 136,944,255.
1

Table of Contents

ECOVYST INC.

INDEX—FORM 10-Q
June 30, 2021
Page

2

Table of Contents

PART IFINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS (UNAUDITED)

ECOVYST INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share amounts)
(unaudited)
 
Three months ended
June 30,
Six months ended
June 30,
2021202020212020
Sales$146,952 $115,641 $273,576 $241,195 
Cost of goods sold108,479 80,768 204,984 168,618 
Gross profit38,473 34,873 68,592 72,577 
Selling, general and administrative expenses21,856 20,585 43,986 42,865 
Other operating expense, net4,965 4,442 10,472 7,892 
Operating income11,652 9,846 14,134 21,820 
Equity in net (income) from affiliated companies(6,755)(11,468)(11,965)(19,763)
Interest expense, net8,741 15,136 19,197 30,434 
Debt extinguishment costs11,717  11,717 2,513 
Other (income) expense, net(1,875)(3,509)3,299 3,961 
(Loss) income from continuing operations before income taxes and noncontrolling interest(176)9,687 (8,114)4,675 
Provision (benefit) for income taxes7,694 (24,630)2,504 (26,295)
Net (loss) income from continuing operations(7,870)34,317 (10,618)30,970 
Net income (loss) from discontinued operations, net of tax6,520 (18,070)(83,250)(14,214)
Net (loss) income(1,350)16,247 (93,868)16,756 
Less: Net income attributable to the noncontrolling interest - discontinued operations140 321 257 606 
Net (loss) income attributable to Ecovyst Inc.$(1,490)$15,926 $(94,125)$16,150 
(Loss) income from continuing operations attributable to Ecovyst Inc.$(7,870)$34,317 $(10,618)$30,970 
Income (loss) from discontinued operations attributable to Ecovyst Inc.6,380 (18,391)(83,507)(14,820)
Net (loss) income attributable to Ecovyst Inc.$(1,490)$15,926 $(94,125)$16,150 
Net income (loss) per share:
Basic (loss) income per share - continuing operations$(0.06)$0.25 $(0.08)$0.23 
Diluted (loss) income per share - continuing operations$(0.06)$0.25 $(0.08)$0.23 
Basic income (loss) per share - discontinued operations$0.05 $(0.14)$(0.61)$(0.11)
Diluted income (loss) per share - discontinued operations$0.05 $(0.14)$(0.61)$(0.11)
Basic (loss) income per share$(0.01)$0.12 $(0.69)$0.12 
Diluted (loss) income per share$(0.01)$0.12 $(0.69)$0.12 
Weighted average shares outstanding:
Basic136,095,060 135,083,126 136,072,165 135,278,764 
Diluted136,095,060 135,671,830 136,072,165 136,079,540 
See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

ECOVYST INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)

 
Three months ended
June 30,
Six months ended
June 30,
2021202020212020
Net (loss) income$(1,350)$16,247 $(93,868)$16,756 
Other comprehensive income (loss), net of tax:
Pension and postretirement benefits(42)(13)(85)(28)
Net gain (loss) from hedging activities413 495 1,178 (34)
Foreign currency translation12,163 11,939 8,302 (34,416)
Total other comprehensive income (loss)12,534 12,421 9,395 (34,478)
Comprehensive income (loss)11,184 28,668 (84,473)(17,722)
Less: Comprehensive income (loss) attributable to noncontrolling interests593 697 316 (2,506)
Comprehensive income (loss) attributable to Ecovyst Inc.$10,591 $27,971 $(84,789)$(15,216)
See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

ECOVYST INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
June 30,
2021
December 31,
2020
ASSETS
Cash and cash equivalents$55,757 $114,011 
Accounts receivable, net66,050 46,183 
Inventories, net47,952 52,789 
Prepaid and other current assets18,356 11,677 
Current assets held for sale199,213 204,007 
Total current assets387,328 428,667 
Investments in affiliated companies457,989 458,128 
Property, plant and equipment, net595,023 591,710 
Goodwill429,705 391,565 
Other intangible assets, net131,812 137,446 
Right-of-use lease assets30,843 28,943 
Other long-term assets19,405 12,445 
Long-term assets held for sale1,035,493 1,149,443 
Total assets$3,087,598 $3,198,347 
LIABILITIES
Current maturities of long-term debt$9,000 $ 
Accounts payable43,441 38,106 
Operating lease liabilities—current7,536 6,715 
Accrued liabilities45,704 45,475 
Current liabilities held for sale94,336 111,569 
Total current liabilities200,017 201,865 
Long-term debt, excluding current portion1,395,887 1,400,369 
Deferred income taxes122,643 125,668 
Operating lease liabilities—noncurrent23,204 21,972 
Other long-term liabilities14,123 15,744 
Long-term liabilities held for sale127,115 155,550 
Total liabilities1,882,989 1,921,168 
Commitments and contingencies (Note 17)
EQUITY
Common stock ($0.01 par); authorized shares 450,000,000; issued shares 137,828,218 and 137,102,143 on June 30, 2021 and December 31, 2020, respectively; outstanding shares 136,946,005 and 136,318,557 on June 30, 2021 and December 31, 2020, respectively
1,378 1,371 
Preferred stock ($0.01 par); authorized shares 50,000,000; no shares issued or outstanding on June 30, 2021 and December 31, 2020
  
Additional paid-in capital1,492,334 1,477,859 
Accumulated deficit(269,883)(175,758)
Treasury stock, at cost; shares 882,213 and 783,586 on June 30, 2021 and December 31, 2020, respectively
(12,551)(11,081)
Accumulated other comprehensive loss(5,929)(15,265)
Total Ecovyst Inc. equity1,205,349 1,277,126 
Noncontrolling interest(740)53 
Total equity1,204,609 1,277,179 
Total liabilities and equity$3,087,598 $3,198,347 
See accompanying notes to condensed consolidated financial statements.
5

Table of Contents

ECOVYST INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)


Common
stock
Additional
paid-in
capital
(Accumulated deficit)Treasury
stock, at
cost 
Accumulated
other
comprehensive
income (loss)
Non-
controlling
interest
Total
Balance, December 31, 2020$1,371 $1,477,859 $(175,758)$(11,081)$(15,265)$53 $1,277,179 
Net (loss) income— — (92,635)— — 117 (92,518)
Other comprehensive loss— — — — (2,745)(394)(3,139)
Tax withholdings on equity award vesting— — — (1,470)— — (1,470)
Distributions to noncontrolling interests
— — — — — (516)(516)
Stock compensation expense
— 6,877 — — — — 6,877 
Shares issued under equity incentive plan, net of forfeitures
7 63 — — — — 70 
Balance, March 31, 2021$1,378 $1,484,799 $(268,393)$(12,551)$(18,010)$(740)$1,186,483 
Net income
— — (1,490)— — 140 (1,350)
Other comprehensive income— — — — 12,081 453 12,534 
Distributions to noncontrolling interests— — — — — (593)(593)
Stock compensation expense — 7,499 — — — — 7,499 
Shares issued under equity incentive plan, net of forfeitures 36 — — — — 36 
Balance, June 30, 2021$1,378 $1,492,334 $(269,883)$(12,551)$(5,929)$(740)$1,204,609 
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 loss— — — — (43,411)(3,488)(46,899)
Repurchases of common shares
— — — (2,059)— — (2,059)
Tax withholdings on equity award vesting— — — (1,830)— — (1,830)
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 
See accompanying notes to condensed consolidated financial statements.
6

Table of Contents

ECOVYST INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

Six months ended
June 30,
20212020
Cash flows from operating activities:
Net (loss) income$(93,868)$16,756 
Net loss from discontinued operations83,250 14,214 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation33,533 31,635 
Amortization5,952 5,786 
Amortization of deferred financing costs and original issue discount730 1,377 
Debt extinguishment costs5,981  
Foreign currency exchange loss3,882 3,709 
Pension and postretirement healthcare (benefit) expense(1,190)217 
Pension and postretirement healthcare funding (913)
Deferred income tax provision4,279 248 
Net loss on asset disposals2,379 602 
Stock compensation12,644 8,969 
Equity in net income from affiliated companies(11,965)(19,763)
Dividends received from affiliated companies10,000 15,000 
Other, net(3,270)305 
Working capital changes that provided (used) cash, excluding the effect of acquisitions and dispositions:
Receivables(18,376)(961)
Inventories5,501 (1,681)
Prepaids and other current assets(1,756)(49)
Accounts payable2,619 (5,122)
Accrued liabilities(3,104)(46,026)
Net cash provided by operating activities, continuing operations37,221 24,303 
Net cash provided by operating activities, discontinued operations12,077 37,806 
Net cash provided by operating activities49,298 62,109 
Cash flows from investing activities:
Purchases of property, plant and equipment(28,039)(22,233)
Business combinations, net of cash acquired(41,994) 
Proceeds from sale of assets 2,375 
Other, net (4)
Net cash used in investing activities, continuing operations(70,033)(19,862)
Net cash used in investing activities, discontinued operations(32,010)(16,360)
Net cash used in investing activities(102,043)(36,222)
7

Table of Contents

Six months ended
June 30,
20212020
Cash flows from financing activities:
Draw down of revolving credit facilities 140,626 
Repayments of revolving credit facilities (140,626)
Issuance of long-term debt, net of discount897,750  
Debt issuance costs(1,293)(3,023)
Repayments of long-term debt(900,000) 
Repurchases of common shares (2,059)
Tax withholdings on equity award vesting(1,470)(1,830)
Other, net6 181 
Net cash used in financing activities, continuing operations(5,007)(6,731)
Net cash (used in) provided by financing activities, discontinued operations(1,117)776 
Net cash used in financing activities(6,124)(5,955)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(3,339)(3,261)
Net change in cash, cash equivalents and restricted cash(62,208)16,671 
Cash, cash equivalents and restricted cash at beginning of period137,219 73,917 
Cash, cash equivalents and restricted cash at end of period$75,011 $90,588 
Less: cash, cash equivalents, and restricted cash of discontinued operations(17,603)(51,442)
Cash, cash equivalents and restricted cash at end of period of continuing operations$57,408 $39,146 
For supplemental cash flow disclosures, see Note 21.
See accompanying notes to condensed consolidated financial statements.
8

Table of Contents

ECOVYST 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
Ecovyst Inc. and subsidiaries (the “Company” or “Ecovyst”), formerly known as PQ Group Holdings Inc. and subsidiaries (“PQ Group Holdings”), is a leading integrated and innovative global provider of specialty catalysts 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.
On December 14, 2020, PQ Group Holdings completed the sale of its Performance Materials business for $650,000, and the results of operations of this business have been presented as discontinued operations in the condensed consolidated financial statements for all periods presented. See Note 3 for more information on the transaction.
Effective on August 1, 2021, PQ Group Holdings completed the sale of its Performance Chemicals business for $1,100,000, subject to certain purchase price adjustments as set forth in the agreement. Upon entering into the definitive agreement, the transaction met the held for sale criteria and consequently the financial results of the Performance Chemicals business are reported in discontinued operations in the condensed consolidated financial statements for all periods presented. See Note 3 for more information on the transaction.
In connection with the closing of the sale of the Performance Chemicals business, PQ Group Holdings Inc. changed its name from “PQ Group Holdings Inc.” to “Ecovyst Inc.”, changed the ticker symbol of its common stock listed on the New York Stock Exchange from “PQG” to “ECVT” and rebranded PQ Group Holdings segments from “Refining Services” to “Ecoservices” and “Catalysts” to “Catalyst Technologies”.
The Company has two uniquely positioned specialty businesses: Ecoservices provides sulfuric acid recycling to the North American refining industry for the production of alkylate and provides on-purpose virgin sulfuric acid for water treatment, mining, and industrial applications; and Catalyst Technologies provides finished silica catalysts and catalyst supports necessary to produce high strength and high stiffness plastics and, through its Zeolyst joint venture, supplies zeolites used for catalysts that remove nitric oxide from diesel engine emissions as well as sulfur from fuels during the refining process.
The Company’s regeneration services product group, which is a part of the Company’s Ecoservices segment, typically experiences seasonal fluctuations as a result of higher demand for gasoline products in the summer months and lower demand in the winter months. These demand fluctuations result in higher sales and working capital requirements in the second and third quarters.
The notes to the condensed consolidated financial statements, unless otherwise indicated, are on a continuing operations basis.
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 expected results 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, 2020.
2. New Accounting Standards:
Recently Adopted Accounting Standards
In December 2019, the Financial Accounting Standards Board (“FASB”) issued new guidance to reduce the complexity in accounting for income taxes by removing certain exceptions to the general principles and simplifying 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. The Company adopted the new guidance effective January 1, 2021, with no material impact to the Company’s condensed consolidated financial position, results of operations or cash flows.
9

Table of Contents

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

Accounting Standards Not Yet Adopted
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. 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 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.
3. Divestitures:
Performance Materials Divestiture
On December 14, 2020, the Company completed the sale of its Performance Materials business for $650,000. In the fourth quarter of 2020, the Performance Materials business met the criteria set forth in Accounting Standards Codification 205-20, Presentation of Financial Statements - Discontinued Operations (“ASC 205-20”), as the sale represented a strategic shift that had a major effect on the Company’s operations and financial results. As a result, the Company’s condensed consolidated financial statements for the three and six months ended June 30, 2020 reflect the Performance Materials business as a discontinued operation. The divested business historically represented a reportable segment of the Company, including certain Australian operations that were historically reported in the Performance Chemicals reportable segment.
The following table summarizes the results of discontinued operations related to the Performance Materials divestiture:
Three Months Ended
June 30, 2020
Six Months Ended
June 30, 2020
Sales$105,995 $173,886 
Cost of goods sold76,818 128,405 
Selling, general and administrative expenses8,342 17,627 
Other operating (income) expense, net(168)12,706 
Operating income21,003 15,148 
Interest expense, net (1)
3,784 8,916 
Other expense, net1,077 165 
Income from discontinued operations before income tax16,142 6,067 
Provision for income taxes7,790 3,505 
Income from discontinued operations, net of tax$8,352 $2,562 
(1)The closing of the transaction triggered the Company’s obligation to provide partial repayment under its Amended and Restated Term Loan Credit Agreement, dated May 4, 2016 and its New Term Loan Credit Agreement, dated as of July 22, 2020. As such, interest expense has been allocated to discontinued operations on the basis of the Company’s mandatory repayment of $275,787 of the Senior Secured Term Loan Facility due February 2027 and its mandatory repayment of $188,722 of the new Senior Secured Term Loan Facility due February 2027.
During the three months ended June 30, 2021, the Company incurred transaction costs of $84 and stock-based compensation expense of $630, and an associated tax benefit of $192 related to the Performance Materials divestiture which is included in loss from discontinued operations, net of tax. During the six months ended June 30, 2021, the Company incurred transaction costs of $1,530 and stock-based compensation expense of $1,283, and an associated tax benefit of $706 related to the Performance Materials divestiture which is included in loss from discontinued operations, net of tax.
Net income attributable to the noncontrolling interest related to the Performance Materials business, net of tax was $71 and $122 for the three and six months ended June 30, 2020. Net income attributable to Ecovyst Inc., related to the Performance Materials business, net of tax was $8,281 and $2,440 for the three and six months ended June 30, 2020.

10

Table of Contents

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

Upon the close of the transaction, the Company entered into a Transition Services Agreement with the buyer pursuant to which the buyer is receiving certain services to provide for the orderly transition of various functions and processes after the closing of the transaction. The services under the Transition Services Agreement include information technology, accounting, tax, financial services, human resources, facilities, and other administrative support services. These services are provided for a period of nine months, with three 30-day extensions available. The Company billed $1,401 and $3,061 under the Transition Services Agreement to the buyer during the three and six months ended June 30, 2021, respectively. Those billings are included in selling, general and administrative expenses on the condensed consolidated financial statements for the three and six months ended June 30, 2021.
Performance Chemicals Divestiture
On February 28, 2021, the Company entered into a definitive agreement to sell its Performance Chemicals business to Sparta Aggregator L.P., a partnership established by Koch Minerals & Trading, LLC and Cerberus Capital Management, L.P., for $1,100,000, subject to certain adjustments including indebtedness, cash, working capital and transaction expenses. The Company completed the sale of the Performance Chemicals business effective on August 1, 2021.
In the first quarter of 2021, the Performance Chemicals business met the discontinued operations criteria set forth in ASC 205-20, as the sale represents a strategic shift that will have a major effect on the Company’s operations and financial results. As a result, the Company’s condensed consolidated financial statements for all periods presented reflect the Performance Chemicals business as a discontinued operation. The Performance Chemicals business historically represented a reportable segment of the Company.
The disposal group was tested for recoverability as of each of the balance sheet dates since meeting the discontinued operations criteria, and the Company recognized an expected disposal loss of approximately $13,990 and $109,584 during the three and six months ended June 30, 2021. The expected disposal loss is included in net loss from discontinued operations, net of tax on the condensed consolidated statements of income. In the condensed consolidated balance sheet as of June 30, 2021, the Company recorded the disposal loss to goodwill and a valuation allowance of approximately $75,080 and $34,504, respectively, included in long-term assets held for sale. Completion of the sale may be for amounts that could vary from the current estimate. The Company’s estimate of fair value will be evaluated and recognized each reporting period until the divestiture is complete.
11

Table of Contents

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

The following table summarizes the results of discontinued operations related to Performance Chemicals for the periods presented:
Three months ended
June 30,
Six months ended
June 30,
2021202020212020
Sales$170,374 $140,034 $334,897 $311,218 
Cost of goods sold118,785 111,245 244,638 247,838 
Selling, general and administrative expenses11,490 9,998 23,206 21,731 
Other operating expense, net11,850 8,462 29,330 14,079 
Impairment of assets held for sale13,990  109,584  
Operating income (loss)14,259 10,329 (71,861)27,570 
Equity in net (income) from affiliated companies(48)(24)(86)(79)
Interest expense, net (1)
5,599 3,353 8,814 7,380 
Other (income) expense, net(840)320 (6,363)(3,434)
Income (loss) income from discontinued operations before income tax9,548 6,680 (74,226)23,703 
Provision for income taxes2,507 33,102 6,918 40,479 
Income (loss) income from discontinued operations, net of tax$7,041 $(26,422)$(81,144)$(16,776)
(1)Upon the close of the transaction, the Company used a portion of the net proceeds to repay a portion of its outstanding debt amounting to $526,363. Prior to the Company’s debt refinancing in June 2021, the Company’s outstanding term loan facilities had mandatory repayment provisions. As a result, interest expense has been allocated to discontinued operations on the basis of the Company’s total repayment of $526,363.
Net income attributable to the noncontrolling interest related to the Performance Chemicals business, net of tax was $140 and $250 for the three months ended June 30, 2021 and 2020, respectively. Net income (loss) income attributable to Ecovyst Inc., related to the Performance Chemicals business, net of tax was $6,901 and $(26,672) for the three months ended June 30, 2021 and 2020, respectively.
Net income attributable to the noncontrolling interest related to the Performance Chemicals business, net of tax was $257 and $485 for the six months ended June 30, 2021 and 2020, respectively. Net (loss) income attributable to Ecovyst Inc., related to the Performance Chemicals business, net of tax was $(81,401) and $(17,261) for the six months ended June 30, 2021 and 2020, respectively.
12

Table of Contents

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

The following table summarizes the assets and liabilities of discontinued operations related to the Performance Chemicals divestiture as of June 30, 2021 and December 31, 2020.
June 30,
2021
December 31,
2020
ASSETS
Cash and cash equivalents$17,603 $21,520 
Accounts receivables, net93,413 86,961 
Inventories, net69,697 74,647 
Prepaid and other current assets18,500 20,879 
Current assets held for sale$199,213 $204,007 
Investments in affiliated companies$261 $324 
Property, plant and equipment, net394,461 391,524 
Goodwill250,626 326,173 
Other intangible assets, net383,842 388,857 
Right-of-use lease assets20,823 19,296 
Other long-term assets19,984 23,269 
Valuation allowance(34,504) 
Long-term assets held for sale$1,035,493 $1,149,443 
LIABILITIES
Accounts payable$65,749 $74,754 
Operating lease liabilities—current6,544 8,479 
Accrued liabilities22,043 28,336 
Current liabilities held for sale$94,336 $111,569 
Deferred income taxes$60,109 $50,232 
Operating lease liabilities—noncurrent10,308 10,047 
Other long-term liabilities56,698 95,271 
Long-term liabilities held for sale$127,115