| Schedule of Condensed Statements of Income |
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Years ended
December 31, |
|
2020 |
|
2019 |
|
2018 |
| Stock compensation expense |
$ |
25,200 |
|
|
$ |
16,212 |
|
|
$ |
18,419 |
|
| Equity in net loss (income) from subsidiaries |
253,571 |
|
|
(95,751) |
|
|
(76,719) |
|
| Net (loss) income |
(278,771) |
|
|
79,539 |
|
|
58,300 |
|
| Other comprehensive income (loss), net of tax: |
|
|
|
|
|
| Pension and postretirement benefits |
1,938 |
|
|
2,430 |
|
|
(7,958) |
|
| Net (loss) gain from hedging activities |
166 |
|
|
(2,665) |
|
|
(330) |
|
| Foreign currency translation |
(16,596) |
|
|
22,117 |
|
|
(35,127) |
|
| Total other comprehensive income (loss) |
(14,492) |
|
|
21,882 |
|
|
(43,415) |
|
| Comprehensive (loss) income |
$ |
(293,263) |
|
|
$ |
101,421 |
|
|
$ |
14,885 |
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| Schedule of Condensed Balance Sheets |
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December 31,
2020 |
|
December 31,
2019 |
| ASSETS |
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|
|
|
|
|
| Investment in subsidiaries |
$ |
1,277,126 |
|
|
$ |
1,779,450 |
|
| Total assets |
$ |
1,277,126 |
|
|
$ |
1,779,450 |
|
| LIABILITIES |
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|
|
|
|
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| Total liabilities |
$ |
— |
|
|
$ |
— |
|
| STOCKHOLDERS' EQUITY |
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|
|
Common stock (0.01 par); authorized shares 450,000,000; issued shares 137,102,143 and 136,861,382 on December 31, 2020 and 2019, respectively; outstanding shares 136,318,557 and 136,464,961 on December 31, 2020 and 2019, respectively |
1,371 |
|
|
1,369 |
|
Preferred stock (0.01 par); authorized shares 50,000,000; no shares issued or outstanding on December 31, 2020 and 2019, respectively |
— |
|
|
— |
|
| Additional paid-in capital |
1,477,859 |
|
|
1,696,899 |
|
| (Accumulated deficit) retained earnings |
(175,758) |
|
|
103,013 |
|
Treasury stock, at cost; shares 783,586 and 396,421 on December 31, 2020 and 2019, respectively |
(11,081) |
|
|
(6,483) |
|
| Accumulated other comprehensive loss |
(15,265) |
|
|
(15,348) |
|
| Total PQ Group Holdings Inc. equity |
1,277,126 |
|
|
1,779,450 |
|
| Total liabilities and equity |
$ |
1,277,126 |
|
|
$ |
1,779,450 |
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| Schedule of Condensed Statements of Cash Flow |
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Years ended
December 31, |
|
2020 |
|
2019 |
|
2018 |
| Cash flows from operating activities: |
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|
|
|
|
| Net (loss) income |
$ |
(278,771) |
|
|
$ |
79,539 |
|
|
$ |
58,300 |
|
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
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|
|
|
|
| Equity in net income from subsidiaries |
253,571 |
|
|
(95,751) |
|
|
(76,719) |
|
| Stock compensation expense |
25,200 |
|
|
16,212 |
|
|
18,419 |
|
| Net cash provided by operating activities |
— |
|
|
— |
|
|
— |
|
| Cash flows from investing activities: |
|
|
|
|
|
| Distribution from subsidiaries |
243,779 |
|
|
— |
|
|
— |
|
| Net cash provided by investing activities |
243,779 |
|
|
— |
|
|
— |
|
| Cash flows from financing activities: |
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|
|
|
|
| Dividends paid to stockholders |
(243,779) |
|
|
— |
|
|
— |
|
| Net cash used in financing activities |
(243,779) |
|
|
— |
|
|
— |
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
— |
|
|
— |
|
|
— |
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| Net change in cash, cash equivalents and restricted cash |
— |
|
|
— |
|
|
— |
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| Cash, cash equivalents and restricted cash at beginning of period |
— |
|
|
— |
|
|
— |
|
| Cash, cash equivalents and restricted cash at end of period of continuing operations |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
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