Stepan Reports Fourth Quarter Results and Record Full Year 2021 Earnings
Fourth Quarter Highlights
- Reported net income was
$17.0 million , or$0.73 per diluted share, versus$30.4 million , or$1.30 per diluted share, in the prior year. Adjusted net income* was$22.5 million , or$0.97 per diluted share versus$33.1 million , or$1.42 per diluted share, in the prior year.Total Company sales volume decreased 4% versus the prior year. - Surfactant operating income was
$32.4 million versus$43.3 million in the prior year. This decrease was primarily due to supply chain disruptions, lower sales volume and the non-recurrence of a$3.0 million insurance recovery, related to the 2020 Millsdale, IL plant power outage, recognized in the fourth quarter of 2020. Global Surfactant sales volume decreased 9% and primarily reflects lower demand for cleaning products in the consumer products business versus the pandemic peak in 2020. Higher demand for products sold into the institutional cleaning and functional product end markets partially offset the above. - Polymer operating income was
$12.9 million versus$22.8 million in the prior year. Global Polymer sales volume increased 12%. Global rigid polyol volume was up 13% versus the prior year due to the INVISTA polyester polyol acquisition. The operating income decrease primarily reflects supply chain disruptions and the non-recurrence of two fourth quarter 2020 events: (i) a$10.0 million insurance recovery related to the 2020 Millsdale, IL plant power outage, and; (ii) a$1.4 million partial settlement received from the Chinese government as compensation for the government-mandated shutdown of the Company's China JV in 2012. - Specialty Product operating income was
$2.1 million versus$5.2 million in the prior year. This decrease was primarily attributable to order timing differences within our food and flavor business and lower volume within the medium chain triglycerides (MCT) product line. - The Company estimates that supply chain disruptions negatively impacted Surfactant, Polymer and Specialty Product operating results by
$3.0 million ,$3.0 million and$1.0 million , respectively, during the fourth quarter of 2021. All three segments have implemented additional price increases to help offset inflationary pressures. - The effect of foreign currency translation negatively impacted net income by
$0.8 million , or$0.03 per diluted share, versus the prior year.
Full Year Highlights
- Reported net income for full year 2021 was a record
$137.8 million , or$5.92 per diluted share, versus$126.8 million , or$5.45 per diluted share, in the prior year. Adjusted net income* was a record$143.5 million , or$6.16 per diluted share, versus$132.0 million , or$5.68 per diluted share, in the prior year.Total Company sales volume reached a record high, up 2% versus the prior year. - The Surfactant segment delivered operating income of
$166.0 million , down 2% versus the prior year. Surfactant global sales volume was down 5% primarily due to lower demand for cleaning products in the consumer products business versus the pandemic peak in 2020. Higher demand for products sold into the institutional cleaning and functional product end markets partially offset the above. The Polymer segment delivered$73.6 million of operating income, up 8% versus the prior year. Global Polymer sales volume was up 29% versus the prior year primarily due to the INVISTA polyol acquisition. Specialty Product operating income was$14.2 million versus$14.0 million in the prior year. - The Company estimates that supply chain disruptions negatively impacted Surfactant, Polymer and Specialty Product operating results by
$12.0 million ,$8.0 million and$1.0 million , respectively, during full year 2021. - The effect of foreign currency translation positively impacted net income by
$1.2 million , or$0.05 per diluted share, versus the prior year.
* Adjusted net income is a non-GAAP measure which excludes deferred compensation income/expense, cash-settled stock appreciation rights (SARs) income/expense, as well as other significant and infrequent/non-recurring items. See Table II for reconciliations of non-GAAP adjusted net income and adjusted earnings per diluted share.
"The Company delivered record full year earnings in 2021. Both reported net income and EPS were up 9% and adjusted net income and adjusted EPS were up 9% and 8%, respectively, versus full year 2020," said
"Fourth quarter net income was down 44% and adjusted net income was down 32% primarily due to the non-recurrence of a
Financial Summary
Three Months Ended |
Twelve Months Ended |
||||||||||||||||||||||
($ in thousands, except per share data) |
2021 |
2020 |
% Change |
2021 |
2020 |
% Change |
|||||||||||||||||
|
$ |
610,027 |
$ |
494,734 |
23 |
% |
$ |
2,345,966 |
$ |
1,869,750 |
25 |
% |
|||||||||||
Operating Income |
$ |
19,997 |
$ |
44,500 |
(55) |
% |
$ |
170,781 |
$ |
171,522 |
(0) |
% |
|||||||||||
Net Income Attributable to Stepan |
$ |
16,995 |
$ |
30,350 |
(44) |
% |
$ |
137,804 |
$ |
126,770 |
9 |
% |
|||||||||||
Earnings per Diluted Share |
$ |
0.73 |
$ |
1.30 |
(44) |
% |
$ |
5.92 |
$ |
5.45 |
9 |
% |
|||||||||||
Adjusted Net Income * |
$ |
22,493 |
$ |
33,120 |
(32) |
% |
$ |
143,499 |
$ |
132,014 |
9 |
% |
|||||||||||
Adjusted Earnings per Diluted Share * |
$ |
0.97 |
$ |
1.42 |
(32) |
% |
$ |
6.16 |
$ |
5.68 |
8 |
% |
* See Table II for reconciliations of non-GAAP adjusted net income and earnings per diluted share. |
Summary of Fourth Quarter Adjusted Net Income Items
Adjusted net income excludes non-operational deferred compensation income/expense, cash-settled SARs income/expense and other significant and infrequent or non-recurring items.
- Deferred Compensation: The current year fourth quarter reported net income includes
$2.2 million of after-tax expense versus$2.3 million of after-tax expense in the prior year. - Cash-Settled SARs: These management incentive instruments provide cash to participants equal to the appreciation on the price of specified shares of Company stock over a specified period of time. Because income or expense is recognized merely on the movement in the price of Company stock it has been excluded, similar to deferred compensation, to arrive at adjusted net income. The fourth quarter of 2021 includes
$0.2 million of after-tax expense versus$0.1 million of after-tax expense in the prior year. - Business Restructuring and Asset Disposition: The fourth quarter of 2021 includes a
$2.0 million after-tax loss on the sale of one of the Company's corporate headquarters buildings and$0.3 million of after-tax decommissioning expense related to the Company's Canadian plant closure. The fourth quarter of 2020 included$0.4 million of after-tax expense related to the Company's Canadian plant closure. - Environmental Remediation – The fourth quarter of 2021 reported net income includes
$0.8 million of after-tax expense versus no expense exclusion to arrive at adjusted net income in the prior year. The majority of the current year expense reflects an adjustment to the environmental remediation reserve for the Company'sMaywood, New Jersey site.
Percentage Change in
Net sales in the fourth quarter of 2021 increased 23% year-over-year primarily due to higher selling prices that were mainly attributable to improved product and customer mix and the pass-through of higher raw material costs. The higher average selling prices were partially offset by a 4% decline in sales volume and the unfavorable impact of foreign currency translation.
Three Months Ended |
Twelve Months Ended |
|||||||
Volume |
(4) |
% |
2 |
% |
||||
Selling Price & Mix |
29 |
% |
22 |
% |
||||
Foreign Translation |
(2) |
% |
1 |
% |
||||
Total |
23 |
% |
25 |
% |
Segment Results
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||||||||
($ in thousands) |
2021 |
2020 |
% Change |
2021 |
2020 |
% Change |
||||||||||||||||||
|
||||||||||||||||||||||||
Surfactants |
$ |
420,123 |
$ |
358,441 |
17 |
% |
$ |
1,562,795 |
$ |
1,351,686 |
16 |
% |
||||||||||||
Polymers |
$ |
173,676 |
$ |
116,695 |
49 |
% |
$ |
713,440 |
$ |
452,277 |
58 |
% |
||||||||||||
Specialty Products |
$ |
16,228 |
$ |
19,598 |
(17) |
% |
$ |
69,731 |
$ |
65,787 |
6 |
% |
||||||||||||
Total |
$ |
610,027 |
$ |
494,734 |
23 |
% |
$ |
2,345,966 |
$ |
1,869,750 |
25 |
% |
||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||||||||
($ in thousands, all amounts pre-tax) |
2021 |
2020 |
% Change |
2021 |
2020 |
% Change |
||||||||||||||||||
Operating Income |
||||||||||||||||||||||||
Surfactants |
$ |
32,441 |
$ |
43,291 |
(25) |
% |
$ |
165,999 |
$ |
169,101 |
(2) |
% |
||||||||||||
Polymers |
$ |
12,862 |
$ |
22,784 |
(44) |
% |
$ |
73,591 |
$ |
68,214 |
8 |
% |
||||||||||||
Specialty Products |
$ |
2,126 |
$ |
5,163 |
(59) |
% |
$ |
14,178 |
$ |
13,966 |
2 |
% |
||||||||||||
Segment Operating Income |
$ |
47,429 |
$ |
71,238 |
(33) |
% |
$ |
253,768 |
$ |
251,281 |
1 |
% |
||||||||||||
Corporate Expenses |
$ |
(27,432) |
$ |
(26,738) |
3 |
% |
$ |
(82,987) |
$ |
(79,759) |
4 |
% |
||||||||||||
Consolidated Operating Income |
$ |
19,997 |
$ |
44,500 |
(55) |
% |
$ |
170,781 |
$ |
171,522 |
(—) |
% |
Total segment operating income for the fourth quarter of 2021 decreased
- Surfactant net sales were
$420.1 million for the quarter, a 17% increase versus the prior year. Selling prices were up 27% primarily due to improved product and customer mix as well as the pass-through of higher raw material costs. Sales volume decreased 9% year-over-year. Most of this decrease reflects lower sales volume into the North American consumer product end markets due to lower demand for consumer cleaning, disinfection and personal wash products versus the pandemic peak. Higher global demand for products sold into the institutional cleaning and functional product end markets partially offset the above. The effect of foreign currency translation negatively impacted net sales by 1%. Surfactant operating income for the quarter decreased$10.9 million , or 25%, versus the prior year quarter primarily due to inflationary pressures, supply chain disruptions and higher planned maintenance expenses. Also contributing to the decline in operating income was the non-recurrence of a$3.0 million insurance recovery, related to the 2020 Millsdale, IL plant power outage, recognized in the fourth quarter of 2020. - Polymer net sales were
$173.7 million for the quarter, a 49% increase versus the prior year quarter. Selling prices increased 39% primarily due to the pass through of higher raw material costs. Sales volume increased 12% in the quarter primarily due to 13% rigid polyol growth that was attributable to the INVISTA acquisition. Higher demand within the specialty polyols and phthalic anhydride businesses also contributed to the sales volume growth. The translation impact of a strongerU.S. dollar negatively impacted net sales by 2%. Polymer operating income decreased$9.9 million , or 44%, primarily due to supply chain disruptions and the non-recurrence of two fourth quarter 2020 events: (i) a$10.0 million insurance recovery related to the Millsdale, IL plant power outage, and; (ii) a$1.4 million partial settlement received from the Chinese government as compensation for the government-mandated shutdown of the Company's China JV in 2012. - Specialty Product net sales were
$16.2 million for the quarter, a 17% decrease versus the prior year. Sales volume was down 6% between years and operating income declined$3.0 million , or 59%. The operating income decrease was primarily attributable to order timing differences within our food and flavor business and lower volume within our medium chain triglycerides (MCT) product line.
Corporate Expenses
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||||||||
($ in thousands) |
2021 |
2020 |
% Change |
2021 |
2020 |
% Change |
||||||||||||||||||
Total - Corporate Expenses |
$ |
27,432 |
$ |
26,738 |
3 |
% |
$ |
82,987 |
$ |
79,759 |
4 |
% |
||||||||||||
Less: |
||||||||||||||||||||||||
Deferred Compensation Expense |
$ |
4,747 |
$ |
5,234 |
(9) |
% |
$ |
6,895 |
$ |
9,988 |
(31) |
% |
||||||||||||
Business Restructuring and |
$ |
3,086 |
$ |
504 |
512 |
% |
$ |
3,353 |
$ |
1,212 |
177 |
% |
||||||||||||
Adjusted Corporate Expense |
$ |
19,599 |
$ |
21,000 |
(7) |
% |
$ |
72,739 |
$ |
68,559 |
6 |
% |
* See Table III for a discussion of deferred compensation plan accounting. |
- Corporate expenses, excluding deferred compensation and business restructuring expenses, decreased
$1.4 million , or 7% for the quarter. The decrease was primarily due to lower incentive-based compensation and acquisition-related expenses, partially offset by higher insurance premiums.
Income Taxes
The Company's full year effective tax rate was 20.1% in 2021 versus 25.4% in 2020. This year-over-year decrease was primarily attributable to: (i) benefits recognized in 2021 related to the utilization of prior year foreign tax credits; (ii) the non-recurrence of unfavorable tax expense in the fourth quarter of 2020 related to cash repatriations to facilitate the INVISTA acquisition, and; (iii) more favorable research and development tax credits recognized in 2021 versus 2020.
Shareholder Return
The Company paid
Selected Balance Sheet Information
The Company's total debt increased by
($ in millions) |
|
|
|
|
|
||||||||||||||
Net Debt |
|||||||||||||||||||
Total Debt |
$ |
363.6 |
$ |
279.8 |
$ |
238.9 |
$ |
248.4 |
$ |
198.7 |
|||||||||
Cash |
159.2 |
105.3 |
127.1 |
150.7 |
349.9 |
||||||||||||||
Net Debt |
$ |
204.4 |
$ |
174.5 |
$ |
111.8 |
$ |
97.7 |
$ |
(151.2) |
|||||||||
Equity |
1,074.2 |
1,057.3 |
1,048.8 |
1,002.3 |
986.7 |
||||||||||||||
Net Debt + Equity |
$ |
1,278.6 |
$ |
1,231.8 |
$ |
1,160.6 |
$ |
1,100.0 |
$ |
835.5 |
|||||||||
Net Debt / (Net Debt + Equity) |
16 |
% |
14 |
% |
10 |
% |
9 |
% |
-18 |
% |
The major working capital components were:
($ in millions) |
|
|
|
|
|
||||||||||||||
Net Receivables |
$ |
419.5 |
$ |
413.6 |
$ |
391.7 |
$ |
380.6 |
$ |
301.3 |
|||||||||
Inventories |
305.5 |
290.9 |
266.1 |
235.1 |
218.8 |
||||||||||||||
Accounts Payable |
(323.4) |
(314.5) |
(286.9) |
(264.2) |
(236.8) |
||||||||||||||
$ |
401.6 |
$ |
390.0 |
$ |
370.9 |
$ |
351.5 |
$ |
283.3 |
The Company had full year capital expenditures of
2022 Outlook
"The Company delivered record full year earnings in 2021," said
Conference Call
Supporting Slides
Slides supporting this press release will be made available at www.stepan.com through the Investors/Presentations page at approximately the same time as this press release is issued.
Corporate Profile
Headquartered in
The Company's common stock is traded on the
More information about Stepan's sustainability program can be found on the Sustainability page at www.stepan.com
Contact:
Certain information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements about
There are a number of risks, uncertainties and other important factors, many of which are beyond
These forward-looking statements are made only as of the date hereof, and
Table I |
||||||||||||||||
|
||||||||||||||||
For the Three and Twelve Months Ended |
||||||||||||||||
(Unaudited – in thousands, except per share data) |
||||||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
$ |
610,027 |
$ |
494,734 |
$ |
2,345,966 |
$ |
1,869,750 |
||||||||
Cost of Sales |
526,774 |
385,942 |
1,950,156 |
1,486,137 |
||||||||||||
Gross Profit |
83,253 |
108,792 |
395,810 |
383,613 |
||||||||||||
Operating Expenses: |
||||||||||||||||
Selling |
14,906 |
15,824 |
59,186 |
55,543 |
||||||||||||
Administrative |
23,466 |
26,405 |
92,906 |
87,362 |
||||||||||||
Research, Development and Technical Services |
17,051 |
16,325 |
62,689 |
57,986 |
||||||||||||
Deferred Compensation Expense |
4,747 |
5,234 |
6,895 |
9,988 |
||||||||||||
60,170 |
63,788 |
221,676 |
210,879 |
|||||||||||||
Business Restructuring and Asset Disposition |
3,086 |
504 |
3,353 |
1,212 |
||||||||||||
Operating Income |
19,997 |
44,500 |
170,781 |
171,522 |
||||||||||||
Other Income (Expense): |
||||||||||||||||
Interest, Net |
(1,063) |
(1,294) |
(5,753) |
(5,409) |
||||||||||||
Other, Net |
3,303 |
1,150 |
7,509 |
4,954 |
||||||||||||
2,240 |
(144) |
1,756 |
(455) |
|||||||||||||
Income Before Income Taxes |
22,237 |
44,356 |
172,537 |
171,067 |
||||||||||||
Provision for Income Taxes |
5,179 |
13,424 |
34,642 |
43,411 |
||||||||||||
Net Income |
17,058 |
30,932 |
137,895 |
127,656 |
||||||||||||
Net (Income) Attributable to Noncontrolling Interests |
(63) |
(582) |
(91) |
(886) |
||||||||||||
Net Income Attributable to |
$ |
16,995 |
$ |
30,350 |
$ |
137,804 |
$ |
126,770 |
||||||||
Net Income Per Common Share Attributable to |
||||||||||||||||
Basic |
$ |
0.74 |
$ |
1.32 |
$ |
6.01 |
$ |
5.52 |
||||||||
Diluted |
$ |
0.73 |
$ |
1.30 |
$ |
5.92 |
$ |
5.45 |
||||||||
Shares Used to Compute Net Income Per Common Share Attributable to |
||||||||||||||||
Basic |
22,868 |
22,942 |
22,922 |
22,949 |
||||||||||||
Diluted |
23,254 |
23,316 |
23,287 |
23,256 |
||||||||||||
Table II |
||||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Net Income and Earnings per Diluted Share * |
||||||||||||||||||||||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||||||||||||||||
($ in thousands, except per |
2021 |
EPS |
2020 |
EPS |
2021 |
EPS |
2020 |
EPS |
||||||||||||||||||||||||
Net Income Reported |
$ |
16,995 |
$ |
0.73 |
$ |
30,350 |
$ |
1.30 |
$ |
137,804 |
$ |
5.92 |
$ |
126,770 |
$ |
5.45 |
||||||||||||||||
Deferred Compensation |
$ |
2,168 |
$ |
0.09 |
$ |
2,312 |
$ |
0.10 |
$ |
1,484 |
$ |
0.06 |
$ |
4,004 |
$ |
0.17 |
||||||||||||||||
Business Restructuring/Asset Disposition Exp. |
$ |
2,343 |
$ |
0.10 |
$ |
379 |
$ |
0.02 |
$ |
2,543 |
$ |
0.11 |
$ |
905 |
$ |
0.04 |
||||||||||||||||
Cash-Settled SARs |
$ |
203 |
$ |
0.01 |
$ |
79 |
$ |
0.00 |
$ |
165 |
$ |
0.01 |
$ |
335 |
$ |
0.02 |
||||||||||||||||
Environmental |
$ |
784 |
$ |
0.04 |
$ |
- |
$ |
- |
$ |
1,503 |
$ |
0.06 |
$ |
- |
||||||||||||||||||
Adjusted Net Income |
$ |
22,493 |
$ |
0.97 |
$ |
33,120 |
$ |
1.42 |
$ |
143,499 |
$ |
6.16 |
$ |
132,014 |
$ |
5.68 |
* All amounts in this table are presented after-tax
The Company believes that certain measures that are not in accordance with generally accepted accounting principles (GAAP), when presented in conjunction with comparable GAAP measures, are useful for evaluating the Company's operating performance and provide better clarity on the impact of non-operational items. Internally, the Company uses this non-GAAP information as an indicator of business performance and evaluates management's effectiveness with specific reference to these indicators. These measures should be considered in addition to, neither a substitute for, nor superior to, measures of financial performance prepared in accordance with GAAP.
Reconciliation of Pre-Tax to After-Tax Adjustments
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||||||||||||||||
($ in thousands, except per |
2021 |
EPS |
2020 |
EPS |
2021 |
EPS |
2020 |
EPS |
||||||||||||||||||||||||
Pre-Tax Adjustments |
||||||||||||||||||||||||||||||||
Deferred Compensation |
$ |
2,853 |
$ |
3,041 |
$ |
1,952 |
$ |
5,268 |
||||||||||||||||||||||||
Business Restructuring/Asset Disposition Exp. |
$ |
3,086 |
$ |
504 |
$ |
3,353 |
$ |
1,212 |
||||||||||||||||||||||||
Cash-Settled SARs |
$ |
267 |
$ |
104 |
$ |
217 |
$ |
441 |
||||||||||||||||||||||||
Environmental |
$ |
1,031 |
$ |
- |
$ |
1,977 |
$ |
- |
||||||||||||||||||||||||
Total Pre-Tax Adjustments |
$ |
7,237 |
$ |
3,649 |
$ |
7,499 |
$ |
6,921 |
||||||||||||||||||||||||
Cumulative Tax Effect on Adjustments |
$ |
(1,739) |
$ |
(879) |
$ |
(1,804) |
$ |
(1,677) |
||||||||||||||||||||||||
After-Tax Adjustments |
$ |
5,498 |
$ |
0.24 |
$ |
2,770 |
$ |
0.12 |
$ |
5,695 |
$ |
0.24 |
$ |
5,244 |
$ |
0.23 |
Table III |
||||||||||||||||||||||||||||||||
Deferred Compensation Plans |
||||||||||||||||||||||||||||||||
The full effect of the deferred compensation plans on quarterly pre-tax income was |
||||||||||||||||||||||||||||||||
2021 |
2020 |
|||||||||||||||||||||||||||||||
12/31 |
9/30 |
6/30 |
3/31 |
12/31 |
9/30 |
6/30 |
3/31 |
|||||||||||||||||||||||||
|
$ |
124.29 |
$ |
112.94 |
$ |
120.27 |
$ |
127.11 |
$ |
119.32 |
$ |
109.00 |
$ |
97.10 |
$ |
88.46 |
||||||||||||||||
The deferred compensation income statement impact is summarized below: |
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
($ in thousands) |
2021 |
2020 |
2021 |
2020 |
||||||||||||
Deferred Compensation |
||||||||||||||||
Operating Income (Expense) |
$ |
(4,747) |
$ |
(5,234) |
$ |
(6,895) |
$ |
(9,988) |
||||||||
Other, net – Mutual Fund Gain (Loss) |
1,894 |
2,193 |
4,943 |
4,720 |
||||||||||||
Total Pretax |
$ |
(2,853) |
$ |
(3,041) |
$ |
(1,952) |
$ |
(5,268) |
||||||||
Total After Tax |
$ |
(2,168) |
$ |
(2,312) |
$ |
(1,484) |
$ |
(4,004) |
Table IV |
||||||||||||||||||||||||||||||||
Effects of Foreign Currency Translation |
||||||||||||||||||||||||||||||||
The Company's foreign subsidiaries transact business and report financial results in their respective local currencies. As a result, foreign subsidiary income statements are translated into |
||||||||||||||||||||||||||||||||
($ in millions) |
Three Months Ended |
Increase (Decrease) |
Change Due to Foreign Currency Translation |
Twelve Months Ended |
Increase (Decrease) |
Change Due to Foreign Currency Translation |
||||||||||||||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||||||||||||||||||
|
$ |
610.0 |
$ |
494.7 |
$ |
115.3 |
$ |
(6.1) |
$ |
2,346.0 |
$ |
1,869.8 |
$ |
476.2 |
$ |
24.4 |
||||||||||||||||
Gross Profit |
83.3 |
108.8 |
(25.5) |
(1.1) |
395.8 |
383.6 |
12.2 |
2.6 |
||||||||||||||||||||||||
Operating Income |
20.0 |
44.5 |
(24.5) |
(0.9) |
170.8 |
171.5 |
(0.7) |
1.4 |
||||||||||||||||||||||||
Pretax Income |
22.2 |
44.4 |
(22.2) |
(1.0) |
172.5 |
171.1 |
1.4 |
1.5 |
Table V |
||||||||
|
||||||||
Consolidated Balance Sheets |
||||||||
|
||||||||
|
|
|||||||
ASSETS |
||||||||
Current Assets |
$ |
913,368 |
$ |
905,651 |
||||
Property, Plant & Equipment, Net |
850,604 |
682,667 |
||||||
Other Assets |
301,640 |
164,018 |
||||||
Total Assets |
$ |
2,065,612 |
$ |
1,752,336 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current Liabilities |
$ |
500,476 |
$ |
416,554 |
||||
Deferred Income Taxes |
12,491 |
20,745 |
||||||
Long-term Debt |
322,862 |
160,812 |
||||||
Other Non-current Liabilities |
155,590 |
165,860 |
||||||
Total Stepan Company Stockholders' Equity |
1,074,193 |
986,693 |
||||||
Noncontrolling Interest |
- |
1,672 |
||||||
Total Liabilities and Stockholders' Equity |
$ |
2,065,612 |
$ |
1,752,336 |
View original content:https://www.prnewswire.com/news-releases/stepan-reports-fourth-quarter-results-and-record-full-year-2021-earnings-301484565.html
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