| Schedule of Condensed Statements of Operations |
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Years ended
December 31, |
|
2018 |
|
2017 |
|
2016 |
Stock compensation expense |
$ |
19,464 |
|
|
$ |
8,799 |
|
|
$ |
7,029 |
|
Equity in net (income) loss from subsidiaries |
(77,764 |
) |
|
(66,402 |
) |
|
72,717 |
|
Net income (loss) |
58,300 |
|
|
57,603 |
|
|
(79,746 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
Pension and postretirement benefits |
(7,958 |
) |
|
(101 |
) |
|
6,865 |
|
Net (loss) gain from hedging activities |
(330 |
) |
|
(3,590 |
) |
|
4,557 |
|
Foreign currency translation |
(35,127 |
) |
|
61,713 |
|
|
(65,781 |
) |
Total other comprehensive income (loss) |
(43,415 |
) |
|
58,022 |
|
|
(54,359 |
) |
Comprehensive income (loss) |
$ |
14,885 |
|
|
$ |
115,625 |
|
|
$ |
(134,105 |
) |
|
|
|
|
|
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| Schedule of Condensed Balance Sheets |
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December 31,
2018 |
|
December 31,
2017 |
ASSETS |
|
|
|
Total current assets |
$ |
— |
|
|
$ |
— |
|
Investment in subsidiaries |
1,659,560 |
|
|
1,628,000 |
|
Total assets |
$ |
1,659,560 |
|
|
$ |
1,628,000 |
|
LIABILITIES |
|
|
|
Total current liabilities |
$ |
— |
|
|
$ |
— |
|
Total liabilities |
— |
|
|
— |
|
STOCKHOLDERS' EQUITY |
|
|
|
Common stock ($0.01 par); authorized shares 450,000,000; issued shares 135,758,269 and 135,244,379 on December 31, 2018 and December 31, 2017, respectively; outstanding shares 135,592,045 and 135,244,379 on December 31, 2018 and December 31, 2017, respectively |
1,358 |
|
|
1,352 |
|
Preferred stock ($0.01 par); authorized shares 50,000,000; no shares issued or outstanding on December 31, 2018 and December 31, 2017 |
— |
|
|
— |
|
Additional paid-in capital |
1,674,703 |
|
|
1,655,114 |
|
Retained earnings (accumulated deficit) |
25,523 |
|
|
(32,777 |
) |
Treasury stock, at cost; shares 166,224 and 0 on December 31, 2018 and 2017, respectively |
(2,920 |
) |
|
— |
|
Accumulated other comprehensive (loss) income |
(39,104 |
) |
|
4,311 |
|
Total PQ Group Holdings Inc. equity |
1,659,560 |
|
|
1,628,000 |
|
Total liabilities and equity |
$ |
1,659,560 |
|
|
$ |
1,628,000 |
|
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|
|
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| Schedule of Condensed Statements of Cash Flow |
CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
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Years ended
December 31, |
|
2018 |
|
2017 |
|
2016 |
Cash flows from operating activities: |
|
|
|
|
|
Net income (loss) |
$ |
58,300 |
|
|
$ |
57,603 |
|
|
$ |
(79,746 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
Equity in net (income) loss from subsidiaries |
(77,764 |
) |
|
(66,402 |
) |
|
72,717 |
|
Stock compensation expense |
19,464 |
|
|
8,799 |
|
|
7,029 |
|
Net cash provided by operating activities |
— |
|
|
— |
|
|
— |
|
Cash flows from investing activities: |
|
|
|
|
|
Investment in subsidiaries |
— |
|
|
(480,696 |
) |
|
— |
|
Net cash used in investing activities |
— |
|
|
(480,696 |
) |
|
— |
|
Cash flows from financing activities: |
|
|
|
|
|
IPO proceeds |
— |
|
|
507,500 |
|
|
— |
|
IPO costs |
— |
|
|
(26,804 |
) |
|
— |
|
Net cash provided by financing activities |
— |
|
|
480,696 |
|
|
— |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
— |
|
|
— |
|
|
— |
|
Net change in cash, cash equivalents and restricted cash |
— |
|
|
— |
|
|
— |
|
Cash, cash equivalents and restricted cash at beginning of period |
— |
|
|
— |
|
|
— |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
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