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10-Q Filing

STEPAN CO CIK: 94049 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000950170-23-017643
Period End Date 20230331
Filing Date 20230504
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance scl-20230331_htm.xml
Filing Contents
Balance Sheet 68 line items
Line Item Tag Value Unit Period
Common stock, par value CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 60.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 60.00M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 26.96M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $173.75M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $126.96M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 26.84M shares Point-in-time
Treasury stock, shares TreasuryStockCommonShares 4.61M shares Point-in-time
Treasury stock, shares TreasuryStockCommonShares 4.63M shares Point-in-time
Receivables, net ReceivablesNetCurrent $436.91M USD Point-in-time
Receivables, net ReceivablesNetCurrent $470.27M USD Point-in-time
Inventories (Note 6) InventoryNet $368.37M USD Point-in-time
Inventories (Note 6) InventoryNet $402.53M USD Point-in-time
Other current assets OtherAssetsCurrent $31.61M USD Point-in-time
Other current assets OtherAssetsCurrent $40.92M USD Point-in-time
Total current assets AssetsCurrent $1.04B USD Point-in-time
Total current assets AssetsCurrent $1.01B USD Point-in-time
Cost PropertyPlantAndEquipmentGross $2.37B USD Point-in-time
Cost PropertyPlantAndEquipmentGross $2.44B USD Point-in-time
Less: Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $1.30B USD Point-in-time
Less: Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $1.32B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $1.12B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $1.07B USD Point-in-time
Goodwill, net Goodwill $95.92M USD Point-in-time
Goodwill, net Goodwill $97.35M USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $57.40M USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $58.03M USD Point-in-time
Long-term investments (Note 3) LongTermInvestments $23.29M USD Point-in-time
Long-term investments (Note 3) LongTermInvestments $23.25M USD Point-in-time
Operating lease assets (Note 7) OperatingLeaseRightOfUseAsset $66.00M USD Point-in-time
Operating lease assets (Note 7) OperatingLeaseRightOfUseAsset $62.54M USD Point-in-time
Other non-current assets OtherAssetsNoncurrent $75.29M USD Point-in-time
Other non-current assets OtherAssetsNoncurrent $75.28M USD Point-in-time
Total assets Assets $2.45B USD Point-in-time
Total assets Assets $2.43B USD Point-in-time
Current maturities of long-term debt (Note 14) LongTermDebtCurrent $132.11M USD Point-in-time
Current maturities of long-term debt (Note 14) LongTermDebtCurrent $257.30M USD Point-in-time
Accounts payable AccountsPayableCurrent $375.73M USD Point-in-time
Accounts payable AccountsPayableCurrent $289.13M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $116.32M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $162.81M USD Point-in-time
Total current liabilities LiabilitiesCurrent $670.65M USD Point-in-time
Total current liabilities LiabilitiesCurrent $662.74M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $10.18M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $9.47M USD Point-in-time
Long-term debt, less current maturities (Note 14) LongTermDebtNoncurrent $455.03M USD Point-in-time
Long-term debt, less current maturities (Note 14) LongTermDebtNoncurrent $453.74M USD Point-in-time
Non-current operating lease liabilities (Note 7) OperatingLeaseLiabilityNoncurrent $50.56M USD Point-in-time
Non-current operating lease liabilities (Note 7) OperatingLeaseLiabilityNoncurrent $53.71M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $76.36M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $80.69M USD Point-in-time
Commitments and Contingencies (Note 8) CommitmentsAndContingencies - USD Point-in-time
Commitments and Contingencies (Note 8) CommitmentsAndContingencies - USD Point-in-time
Common stock, $1 par value; authorized 60,000,000 shares; 26,957,952 issued shares in 2023 and 26,840,843 issued shares in 2022 CommonStockValue $26.84M USD Point-in-time
Common stock, $1 par value; authorized 60,000,000 shares; 26,957,952 issued shares in 2023 and 26,840,843 issued shares in 2022 CommonStockValue $26.96M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $239.59M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $237.20M USD Point-in-time
Accumulated other comprehensive loss (Note 11) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-167.51M USD Point-in-time
Accumulated other comprehensive loss (Note 11) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-150.55M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.26B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.25B USD Point-in-time
Less: Common treasury stock, at cost, 4,625,811 shares in 2023 and 4,605,858 shares in 2022 TreasuryStockCommonValue $184.19M USD Point-in-time
Less: Common treasury stock, at cost, 4,625,811 shares in 2023 and 4,605,858 shares in 2022 TreasuryStockCommonValue $180.60M USD Point-in-time
Total equity StockholdersEquity $1.17B USD Point-in-time
Total equity StockholdersEquity $1.19B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $2.43B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $2.45B USD Point-in-time
Income Statement 40 line items
Line Item Tag Value Unit Period
Net Sales RevenueFromContractWithCustomerExcludingAssessedTax $651.44M USD 1 Quarter
Net Sales RevenueFromContractWithCustomerExcludingAssessedTax $675.28M USD 1 Quarter
Cost of Sales CostOfGoodsAndServicesSold $577.88M USD 1 Quarter
Cost of Sales CostOfGoodsAndServicesSold $566.06M USD 1 Quarter
Gross Profit GrossProfit $73.56M USD 1 Quarter
Gross Profit GrossProfit $109.22M USD 1 Quarter
Selling SellingAndMarketingExpense $13.07M USD 1 Quarter
Selling SellingAndMarketingExpense $15.28M USD 1 Quarter
Administrative GeneralAndAdministrativeExpense $22.64M USD 1 Quarter
Administrative GeneralAndAdministrativeExpense $21.57M USD 1 Quarter
Research, development and technical services ResearchDevelopmentTechnicalServicesExpense $15.14M USD 1 Quarter
Research, development and technical services ResearchDevelopmentTechnicalServicesExpense $16.47M USD 1 Quarter
Deferred compensation (income) expense DeferredCompensationExpenseIncome $-7.50M USD 1 Quarter
Deferred compensation (income) expense DeferredCompensationExpenseIncome $1.50M USD 1 Quarter
Total Operating expenses OperatingExpenses $52.35M USD 1 Quarter
Total Operating expenses OperatingExpenses $45.82M USD 1 Quarter
Business restructuring expenses RestructuringCosts $157.00K USD 1 Quarter
Business restructuring expenses RestructuringCosts $52.00K USD 1 Quarter
Operating Income OperatingIncomeLoss $21.06M USD 1 Quarter
Operating Income OperatingIncomeLoss $63.35M USD 1 Quarter
Interest, net InterestIncomeExpenseNonoperatingNet $-2.31M USD 1 Quarter
Interest, net InterestIncomeExpenseNonoperatingNet $-2.82M USD 1 Quarter
Other, net (Note 15) OtherNonoperatingIncomeExpense $-1.65M USD 1 Quarter
Other, net (Note 15) OtherNonoperatingIncomeExpense $1.67M USD 1 Quarter
Nonoperating Income (Expense), Total NonoperatingIncomeExpense $-3.96M USD 1 Quarter
Nonoperating Income (Expense), Total NonoperatingIncomeExpense $-1.15M USD 1 Quarter
Income Before Provision for Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $59.39M USD 1 Quarter
Income Before Provision for Income Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $19.90M USD 1 Quarter
Provision for Income Taxes IncomeTaxExpenseBenefit $14.58M USD 1 Quarter
Provision for Income Taxes IncomeTaxExpenseBenefit $3.76M USD 1 Quarter
Net Income NetIncomeLoss $16.14M USD 1 Quarter
Net Income NetIncomeLoss $44.81M USD 1 Quarter
Basic EarningsPerShareBasic $1.96 USD 1 Quarter
Basic EarningsPerShareBasic $0.71 USD 1 Quarter
Diluted EarningsPerShareDiluted $1.93 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.70 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 22.76M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 22.90M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 23.17M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 22.99M shares 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $16.14M USD 1 Quarter
Net income ProfitLoss $44.81M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $25.54M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $22.91M USD 1 Quarter
Deferred compensation DeferredCompensationExpenseIncome $-7.50M USD 1 Quarter
Deferred compensation DeferredCompensationExpenseIncome $1.50M USD 1 Quarter
Realized and unrealized (gains) losses on long-term investments GainLossOnInvestments $-2.49M USD 1 Quarter
Realized and unrealized (gains) losses on long-term investments GainLossOnInvestments $1.52M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $2.96M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $999.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-2.54M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-660.00K USD 1 Quarter
Other non-cash items OtherNoncashIncomeExpense $-1.03M USD 1 Quarter
Other non-cash items OtherNoncashIncomeExpense $-36.00K USD 1 Quarter
Receivables, net IncreaseDecreaseInReceivables $80.34M USD 1 Quarter
Receivables, net IncreaseDecreaseInReceivables $40.42M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-481.00K USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-38.27M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherOperatingAssets $9.22M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherOperatingAssets $3.92M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-98.52M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-1.18M USD 1 Quarter
Pension liabilities IncreaseDecreaseInPensionPlanObligations $-599.00K USD 1 Quarter
Pension liabilities IncreaseDecreaseInPensionPlanObligations $-531.00K USD 1 Quarter
Environmental and legal liabilities EnvironmentalAndLegalLiabilitiesIncreaseDecrease $-3.46M USD 1 Quarter
Environmental and legal liabilities EnvironmentalAndLegalLiabilitiesIncreaseDecrease $56.00K USD 1 Quarter
Deferred revenues IncreaseDecreaseInContractWithCustomerLiability $-208.00K USD 1 Quarter
Deferred revenues IncreaseDecreaseInContractWithCustomerLiability $421.00K USD 1 Quarter
Net Cash Used In By Operating Activities NetCashProvidedByUsedInOperatingActivities $-20.93M USD 1 Quarter
Net Cash Used In By Operating Activities NetCashProvidedByUsedInOperatingActivities $-72.06M USD 1 Quarter
Expenditures for property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $60.29M USD 1 Quarter
Expenditures for property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $92.16M USD 1 Quarter
Other, net PaymentsForProceedsFromOtherInvestingActivities $-3.16M USD 1 Quarter
Other, net PaymentsForProceedsFromOtherInvestingActivities $-1.82M USD 1 Quarter
Net Cash Used In Investing Activities NetCashProvidedByUsedInInvestingActivities $-90.34M USD 1 Quarter
Net Cash Used In Investing Activities NetCashProvidedByUsedInInvestingActivities $-57.13M USD 1 Quarter
Revolving debt and bank overdrafts, net (Note 14) ProceedsFromLinesOfCredit $98.64M USD 1 Quarter
Revolving debt and bank overdrafts, net (Note 14) ProceedsFromLinesOfCredit $123.85M USD 1 Quarter
Other debt borrowings (Note 14) ProceedsFromOtherDebt $75.00M USD 1 Quarter
Dividends paid PaymentsOfDividends $7.51M USD 1 Quarter
Dividends paid PaymentsOfDividends $8.16M USD 1 Quarter
Company stock repurchased PaymentsForRepurchaseOfCommonStock $9.94M USD 1 Quarter
Stock option exercises ProceedsFromStockOptionsExercised $114.00K USD 1 Quarter
Stock option exercises ProceedsFromStockOptionsExercised $1.51M USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $-1.47M USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $-3.67M USD 1 Quarter
Net Cash Provided By Financing Activities NetCashProvidedByUsedInFinancingActivities $154.83M USD 1 Quarter
Net Cash Provided By Financing Activities NetCashProvidedByUsedInFinancingActivities $113.54M USD 1 Quarter
Effect of Exchange Rate Changes on Cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $2.07M USD 1 Quarter
Effect of Exchange Rate Changes on Cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $84.00K USD 1 Quarter
Net Increase (Decrease) in Cash and Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $76.86M USD 1 Quarter
Net Increase (Decrease) in Cash and Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-46.79M USD 1 Quarter
Cash and Cash Equivalents at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $126.96M USD Point-in-time
Cash and Cash Equivalents at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $236.04M USD Point-in-time
Cash and Cash Equivalents at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $159.19M USD Point-in-time
Cash and Cash Equivalents at Beginning of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $173.75M USD Point-in-time
Cash and Cash Equivalents at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $126.96M USD Point-in-time
Cash and Cash Equivalents at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $236.04M USD Point-in-time
Cash and Cash Equivalents at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $159.19M USD Point-in-time
Cash and Cash Equivalents at End of Period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $173.75M USD Point-in-time
Cash payments of income taxes, net of refunds/payments IncomeTaxesPaidNet $8.31M USD 1 Quarter
Cash payments of income taxes, net of refunds/payments IncomeTaxesPaidNet $15.52M USD 1 Quarter
Cash payments of interest InterestPaidNet $2.50M USD 1 Quarter
Cash payments of interest InterestPaidNet $6.01M USD 1 Quarter
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $16.14M USD 1 Quarter
Net income ProfitLoss $44.81M USD 1 Quarter
Foreign currency translation adjustments (Note 11) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $9.83M USD 1 Quarter
Foreign currency translation adjustments (Note 11) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $18.42M USD 1 Quarter
Defined benefit pension adjustments, net of tax (Note 11) OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-58.00K USD 1 Quarter
Defined benefit pension adjustments, net of tax (Note 11) OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-436.00K USD 1 Quarter
Derivative instrument activity, net of tax (Note 11) OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax $-2.79M USD 1 Quarter
Derivative instrument activity, net of tax (Note 11) OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax $1.52M USD 1 Quarter
Total Other Comprehensive Income OtherComprehensiveIncomeLossNetOfTax $13.05M USD 1 Quarter
Total Other Comprehensive Income OtherComprehensiveIncomeLossNetOfTax $16.96M USD 1 Quarter
Comprehensive Income ComprehensiveIncomeNetOfTax $57.86M USD 1 Quarter
Comprehensive Income ComprehensiveIncomeNetOfTax $33.11M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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