CABOT CORPORATION 
By BOSTON, Jan. 27 /PRNewswire-FirstCall/ -- Cabot Corporation (NYSE: CBT) today announced results for its first quarter of fiscal year 2010.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000323/CABOTLOGO )
Key Highlights
-- Quarterly volumes increased 20-25% over first quarter 2009 as demand
continued to improve in key end markets
-- Announced restructuring savings have been captured, achieving more than
$80 million of fixed cost savings on a full year run rate
-- Emerging markets have experienced fastest recovery, continue to
represent a growing portion of total company revenue
-- Income from continuing operations improved by more than $40 million
compared to the first quarter of 2009
(In millions, except per share amounts) First Fiscal Quarter
2010 2009
---- ----
Net sales $679 $652
Net income attributable to Cabot
Corporation $29 $4
Diluted earnings per share from continuing
operations $0.44 $0.06
Less: Certain items per share $(0.21) $(0.02)
Adjusted earnings per share $0.65 $0.08
--------------------------- ----- -----
For the first quarter of fiscal 2010, the Company reported net income of $29 million ($0.44 per diluted common share). Adjusted EPS was income of $0.65 per common share, excluding $0.21 per common share of certain items principally related to restructuring charges. When compared to the first quarter of fiscal 2009, results benefited from: i) higher volumes ($40 million), ii) lower fixed costs from restructuring savings ($20 million), iii) replenishment of inventory levels due to higher volumes ($15 million) and a weaker dollar ($5 million). Further benefiting results was the absence of high cost inventory effects experienced in the first quarter of 2009 that did not occur in 2010. These positive factors were partially offset by an unfavorable $3 million contract lag and LIFO impact related to our carbon black businesses for the first quarter of fiscal 2010 compared to a $42 million benefit in the first quarter of fiscal 2009. Sequentially, profitability benefited from lower costs due to restructuring, favorable utilization variances, a weaker dollar and lower unfavorable contract lag and LIFO effects. Details of the Company's financial results and certain items are provided in the accompanying tables.
Commenting on the results, Patrick Prevost, Cabot's President and CEO, stated, "We are very pleased with our results, as we are performing at pre-downturn earnings levels despite lower sales volumes. Our ability to maintain unit margins through the downturn and the early delivery of our restructuring savings were critical to this performance. During the quarter, we experienced continued improvement in our key end markets worldwide with emerging markets seeing the fastest growth. We also sustained our solid cash and balance sheet positions despite an increase in working capital that resulted from higher demand."
Prevost continued, "Through the economic crisis we maintained focus on the long-term, including the commissioning of a 150,000 metric ton expansion at our carbon black facility in Tianjin, China last September and the recent announcement of our intention to triple fumed silica capacity at our facility in Jiangxi, China. Our intent to grow in emerging markets is a key strategic driver that will benefit results now and in the future."
Financial Detail
Segment Results
Core Segment- First quarter fiscal 2010 profitability in the Rubber Blacks Business increased by $18 million when compared to the same quarter of fiscal 2009 from 24% higher volumes, lower fixed costs from restructuring savings and favorable utilization variances. Additionally, unfavorable high cost inventory effects in the first quarter of fiscal 2009 did not reoccur in fiscal 2010. These factors were partially offset by an unfavorable contract lag and LIFO impact of $3 million compared to a $32 million benefit in the first quarter of 2009. Volumes in China increased by 76% over the first quarter of fiscal 2009, while South America increased by 33%, Southeast Asia by 21%, North America by 17% and Europe, Middle East, Africa by 3%. Sequentially, profitability increased by $26 million from higher volumes, lower fixed costs and a lower unfavorable contract lag impact. Volumes increased by 2% globally when compared to the fourth quarter of fiscal 2009 as end markets continued to improve.
First quarter fiscal 2010 profitability in the Supermetals Business increased by $2 million compared to the same quarter of fiscal 2009 principally due to lower raw material costs. When compared to the fourth quarter of fiscal 2009, profitability increased by $5 million from significantly higher volumes and lower costs. The Supermetals Business continues to focus on cash generation and during the first quarter of fiscal 2010 generated $11 million in cash from a combination of improved operating results and working capital reductions.
Performance Segment- First quarter fiscal 2010 profitability in the Performance Segment increased by $31 million when compared to the same quarter of fiscal 2009. The increase was driven by significantly higher volumes, lower fixed costs and favorable utilization variances. Partially offsetting these factors was a $10 million LIFO benefit in the first quarter of fiscal 2009 that did not reoccur in fiscal 2010. Volumes increased by 24% in Performance Products and by 19% in Fumed Metal Oxides when compared to the first fiscal quarter of 2009. Sequentially, despite seasonally lower volumes, profitability increased by $6 million driven by lower fixed costs and solid unit margins. When compared to the fourth quarter of fiscal 2009, volumes were down 2% in Performance Products and 9% in Fumed Metal Oxides.
New Business Segment- First quarter fiscal 2010 revenues in the New Business Segment were slightly below revenues in both the first and fourth quarters of fiscal 2009. Solid revenues in Inkjet Colorants were offset by a decline in the Aerogel business due to uneven order patterns. The improvement in cash generation that began in fiscal 2009 was sustained through the first quarter of fiscal 2010.
Specialty Fluids Segment- Profitability in the Specialty Fluids Segment for the first quarter of fiscal 2010 increased by $1 million when compared to both the first and fourth quarters of fiscal 2009. Business performance benefited from higher margin rental revenue and a favorable service mix.
Cash Performance- The Company ended the first quarter of fiscal 2010 with a cash balance of $242 million. Working capital increased by $104 million from the impact of rising feedstock costs and higher sales demand on our inventory and accounts receivable balances. Capital expenditures for the first quarter of fiscal 2010 were $13 million.
Taxes- During the first quarter of fiscal 2010, the Company recorded a tax provision of $11 million. The operating tax rate for the quarter was approximately 27%.
Outlook
Commenting on the outlook for the Company, Prevost said, "Our key end markets are showing continued signs of recovery which bodes well for the future. Given that we are seeing demand stabilize around current levels, a full recovery to pre-downturn volumes may occur at a more moderate pace. Our restructuring work is yielding benefits, recently completed energy investments will begin to show results in 2010 and our emerging market investments will enable growth in the coming years. In summary, we have weathered the economic downturn with a strong balance sheet and are confident we will deliver on our long-term financial goals."
Forward-Looking Statements- This earnings release contains forward-looking statements based on management's current expectations, estimates and projections. All statements that address expectations or projections about the future (including our expectations concerning the annualized fixed cost savings we expect from our restructuring initiative and demand for our products), strategy for growth, market position, and expected financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Cabot, particularly its latest annual report on Form 10-K, could cause results to differ materially from those stated. These factors include, but are not limited to changes in raw material costs; costs associated with the research and development of new products, including regulatory approval and market acceptance; competitive pressures; successful integration of structural changes, including restructuring plans, and joint ventures; the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the company does business; and severe weather events that cause business interruptions, including plant and power outages, or disruptions in supplier or customer operations.
Explanation of Terms Used- When explaining factors affecting our performance, we use several terms. The term "LIFO benefit" or "LIFO impact" includes two factors: (i) the impact of current inventory costs being recognized immediately in cost of goods sold ("COGS") under a last-in first-out method, compared to the older costs that would have been included in COGS under a first-in first-out method ("COGS impact"); and (ii) the impact of reductions in inventory quantities, causing historical inventory costs to flow through COGS ("liquidation impact"). The LIFO impact for the first quarter of fiscal 2010 was a favorable $2 million and is comprised of a $3 million favorable liquidation impact partially offset by a $1 million unfavorable COGS impact. The LIFO impact for the first quarter of fiscal 2009 was a $20 million benefit and was comprised entirely of COGS impact. The term "contract lag" refers to the time lag of the price adjustments in certain of our rubber blacks supply contracts to account for changes in feedstock costs and, in some cases, changes in other relevant costs.
Use of Non-GAAP Financial Measures- The preceding discussion of our results and the accompanying financial tables report adjusted EPS and also include information on our reportable segment sales and segment (or business) operating profit before taxes ("PBT"). Adjusted EPS and segment PBT are non-GAAP financial measures and are not intended to replace EPS and income (loss) from continuing operations before taxes, equity in net income of affiliated companies and minority interest, respectively, the most directly comparable GAAP financial measures. Both EPS and adjusted EPS are calculated on a diluted share basis. In calculating adjusted EPS and segment PBT, we exclude certain items, meaning items that are significant and unusual or infrequent and not believed to reflect the true underlying business performance, and, therefore, are not allocated to a segment's results or included in adjusted EPS. Further, in calculating segment PBT we include equity in net income of affiliated companies, royalties paid by equity affiliates and allocated corporate costs but exclude interest expense, foreign currency translation gains and losses, interest income, dividend income and unallocated corporate costs. Our chief operating decision-maker uses adjusted EPS to evaluate the underlying earnings power of the Company. Segment PBT is used to evaluate changes in the operating results of each segment before non-operating factors and before certain items and to allocate resources to the segments. We believe that these non-GAAP measures also assist our investors in evaluating the changes in our results and the Company's performance. A reconciliation of adjusted EPS to EPS is shown in the table titled Certain Items and Reconciliation of Adjusted EPS, and a reconciliation of total segment PBT to income (loss) from operations before taxes, equity in net income of affiliated companies and minority interest is shown in the table titled Summary Results by Segments. The certain items that are excluded from our calculation of adjusted EPS and segment PBT are detailed in the table titled Certain Items and Reconciliation of Adjusted EPS.
First Quarter Earnings Announcement, Fiscal 2010
CABOT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
-------------------------------------------------------
Periods ended December 31 Three Months
Dollars in millions, except per share
amounts (unaudited) 2009 2008
------------------------------------- ---- ----
Net sales and other operating revenues $679 $652
Cost of sales 543 560
--- ---
Gross profit 136 92
Selling and administrative expenses 67 56
Research and technical expenses 18 18
--- ---
Income from operations 51 18
Other income and expense
Interest and dividend income - 1
Interest expense (9) (9)
Other income (expense) - (9)
Total other income and expense (9) (17)
--- ---
Income from continuing operations before
income taxes, equity in net income of
affiliated companies and noncontrolling
interests 42 1
Provision for income taxes (11) (1)
Equity in net income of affiliated
companies, net of tax 3 2
Net income $34 $2
Net income (loss) attributable to
noncontrolling interests, net of tax 5 (2)
Net income attributable to Cabot
Corporation $29 $4
--- ---
Diluted earnings per share of common stock
Net income attributable to Cabot
Corporation (A) $0.44 $0.06
Weighted average common shares outstanding
Diluted 64 63
(A) Prior year earnings per share has been recast due to Cabot's
adoption of an accounting pronouncement in the first quarter of
fiscal 2010 that changes the methodology for allocating earnings
among shareholders. Under this guidance, certain of Cabot's
unvested share-based payment awards must be included in the
earnings allocation process in computing earnings per share. This
guidance has been applied retrospectively so that all periods are
shown on a consistent basis.
First Quarter Earnings Announcement, Fiscal 2010
CABOT CORPORATION SUMMARY RESULTS BY SEGMENTS
---------------------------------------------
Periods ended December 31 Three Months
Dollars in millions, except per share
amounts (unaudited) 2009 2008
------------------------------------- ---- ----
SALES
Core Segment $441 $444
Rubber blacks 396 399
Supermetals 45 45
Performance Segment 184 157
Performance products 122 105
Fumed metal oxides 62 52
New Business Segment 17 18
Inkjet colorants 14 13
Aerogel 2 4
Superior MicroPowders 1 1
Specialty Fluids Segment 15 15
--- ---
Segment sales 657 634
Unallocated and other (A), 22 18
--- ---
Net sales and other operating revenues $679 $652
---- ----
SEGMENT PROFIT (LOSS)
Core Segment $47 $27
Rubber blacks 42 24
Supermetals 5 3
Performance Segment 34 3
New Business Segment (3) (3)
Specialty Fluids Segment 5 4
--- ---
Total Segment Profit (B) 83 31
Interest expense (9) (9)
Certain items ( C ) (17) (2)
Unallocated corporate costs (11) (7)
General unallocated expense (D) (1) (10)
Less: Equity in net income of affiliated
companies, net of tax (3) (2)
--- ---
Income from continuing operations before
income taxes, equity in net income of
affiliated companies and noncontrolling
interests 42 1
Provision for income taxes (11) (1)
Equity in net income of affiliated
companies, net of tax 3 2
Net income $34 $2
Net income (loss) attributable to
noncontrolling interests, net of tax 5 (2)
Net income attributable to Cabot Corporation $29 $4
--- ---
Diluted earnings per share of common stock
Net income attributable to Cabot Corporation
(E) $0.44 $0.06
Weighted average common shares outstanding
Diluted 64 63
(A) Unallocated and other reflects royalties paid by equity
affiliates and other operating revenues and external shipping and
handling fees.
(B) Segment profit is a measure used by Cabot's Chief Operating
Decision-Maker to measure consolidated operating results, assess
segment performance and allocate resources. Segment profit includes
equity in net income of affiliated companies, royalty income, and
allocated corporate costs.
(C) Details of certain items are presented in the Certain Items and
Reconciliation of Adjusted EPS table.
(D) General unallocated expense includes foreign currency
transaction gains (losses), interest income, and dividend income.
(E) Prior year earnings per share has been recast due to Cabot's
adoption of an accounting pronouncement in the first quarter of
fiscal 2010 that changes the methodology for allocating earnings
among shareholders. Under this guidance, certain of Cabot's
unvested share-based payment awards must be included in the
earnings allocation process in computing earnings per share. This
guidance has been applied retrospectively so that all periods are
shown on a consistent basis.
First Quarter Earnings Announcement, Fiscal 2010
CABOT CORPORATION CONSOLIDATED FINANCIAL POSITION
December September
31, 30,
2009 2009
Dollars in millions, except share and per
share amounts (unaudited) (audited)
----------------------------------------- ----------- ---------
Current assets:
Cash and cash equivalents $242 $304
Short-term marketable securities 1 1
Accounts and notes receivable, net of
reserve for doubtful accounts of $6 and $6 507 452
Inventories:
Raw materials 121 118
Work in process 41 44
Finished goods 184 165
Other 30 31
--- ---
Total inventories 376 358
Prepaid expenses and other current assets 63 53
Deferred income taxes 32 32
--- ---
Total current assets 1,221 1,200
----- -----
Investments:
Equity affiliates 58 60
Long-term marketable securities and cost
investments 1 1
--- ---
Total investments 59 61
--- ---
Property, plant and equipment 2,991 3,000
Accumulated depreciation and amortization (2,003) (1,988)
------ ------
Net property, plant and equipment 988 1,012
--- -----
Other assets:
Goodwill 36 37
Intangible assets, net of accumulated
amortization of $11 and $11 2 2
Assets held for rent 41 43
Deferred income taxes 238 235
Other assets 85 86
--- ---
Total other assets 402 403
--- ---
Total assets $2,670 $2,676
====== ======
First Quarter Earnings Announcement, Fiscal 2010
CABOT CORPORATION CONSOLIDATED FINANCIAL POSITION
December September
31, 30,
2009 2009
Dollars in millions, except share and
per share amounts (unaudited) (audited)
------------------------------------- ----------- ---------
Current liabilities:
Notes payable to banks $30 $29
Accounts payable and accrued liabilities 376 407
Income taxes payable 34 31
Deferred income taxes 5 5
Current portion of long-term debt 6 5
--- ---
Total current liabilities 451 477
--- ---
Long-term debt 622 623
Deferred income taxes 11 11
Other liabilities 325 328
Stockholders' equity:
Preferred stock:
Authorized: 2,000,000 shares of $1 par
value
Issued and outstanding: None and none - -
Common stock:
Authorized: 200,000,000 shares of $1
par value
Issued: 65,398,194 and 65,401,485 shares 65 65
Outstanding: 65,305,864 and 65,309,155
shares
Less cost of 92,330 and 92,330 shares of
common treasury stock (2) (2)
Additional paid-in capital 25 18
Retained earnings 1,035 1,018
Deferred employee benefits (24) (25)
Accumulated other comprehensive income 56 60
--- ---
Total Cabot Corporation stockholders'
equity 1,155 1,134
Noncontrolling interests 106 103
--- ---
Total equity 1,261 1,237
----- -----
Total liabilities and equity $2,670 $2,676
====== ======
CABOT CORPORATION
Fiscal 2009
-----------
In millions,
except per share
amounts Dec.
(unaudited) Q. Mar. Q. June Q. Sept. Q. FY
---------------- ----- ------- ------- -------- ---
Sales
Core Segment $444 $295 $310 $377 $1,426
Rubber blacks 399 272 272 343 1,286
Supermetals 45 23 38 34 140
Performance
Segment 157 132 149 183 621
Performance
products 105 90 98 118 411
Fumed metal oxides 52 42 51 65 210
New Business
Segment 18 16 14 19 67
Inkjet colorants 13 9 10 14 46
Aerogel 4 5 2 4 15
Superior
MicroPowders 1 2 2 1 6
Specialty Fluids
Segment 15 11 19 14 59
---------------- --- --- --- --- ---
Segment Sales 634 454 492 593 2,173
Unallocated and
other (A) 18 16 19 17 70
----------------------- --- --- --- --- ---
Net sales and
other operating
revenues $652 $470 $511 $610 $2,243
---------------- ---- ---- ---- ---- ------
Segment Profit
(Loss)
Core Segment $27 $(24) $14 $16 $33
Rubber blacks 24 (17) 11 16 34
Supermetals 3 (7) 3 - (1)
Performance
Segment 3 (1) 10 28 40
New Business
Segment (3) (1) (4) (2) (10)
Specialty Fluids
Segment 4 4 9 4 21
---------------- --- --- --- --- ---
Total Segment
Profit (Loss) (B) 31 (22) 29 46 84
Interest expense (9) (8) (6) (7) (30)
Certain items (C) (2) (46) (19) (36) (103)
Unallocated
corporate costs (7) (8) (7) (6) (28)
General
unallocated
expense (D) (10) (7) 1 (4) (20)
Less: Equity in
net income of
affiliated
companies, net of
tax (2) - - (3) (5)
------------------ --- --- --- --- ---
Income (loss)
before income
taxes, equity in
net income of
affiliated
companies and
noncontrolling
interests 1 (91) (2) (10) (102)
(Provision)
benefit for
income taxes (1) 31 (7) (1) 22
Equity in net
income of
affiliated
companies, net of
tax 2 - - 3 5
------------------ --- --- --- --- ---
Income (loss) from
continuing
operations 2 (60) (9) (8) (75)
Loss from
discontinued
operations, net
of tax (E) - - - - -
---------------- --- --- --- --- ---
Net income (loss) 2 (60) (9) (8) (75)
Net income (loss)
attributable to
noncontrolling
interests, net of
tax (2) (2) 3 3 2
------------------ --- --- --- --- ---
Net income (loss)
attributable to
Cabot Corporation $4 $(58) $(12) $(11) $(77)
Diluted earnings
(loss) per share
of common stock
attributable to
Cabot Corporation
Continuing
operations (F) $0.06 $(0.93) $(0.18) $(0.18) $(1.24)
Discontinued
operations (E),
(F) - - (0.01) - (0.01)
Net income (loss)
attributable to
Cabot Corporation
(F) $0.06 $(0.93) $(0.19) $(0.18) $(1.25)
Weighted average
common shares
outstanding
Diluted 63 63 63 64 63
------- --- --- --- --- ---
Fiscal 2010
-----------
In millions,
except per share amounts Mar. Sept.
(unaudited) Dec. Q. Q. June Q. Q. FY
------------------------ ------- ----- ------- ------ ---
Sales
Core Segment $441 $441
Rubber blacks 396 396
Supermetals 45 45
Performance Segment 184 184
Performance products 122 122
Fumed metal oxides 62 62
New Business Segment 17 17
Inkjet colorants 14 14
Aerogel 2 2
Superior MicroPowders 1 1
Specialty Fluids Segment 15 15
------------------------ --- ---
Segment Sales 657 657
Unallocated and other (A) 22 22
------------------------ --- ---
Net sales and other
operating revenues $679 $679
------------------- ---- ----
Segment Profit (Loss)
Core Segment $47 $47
Rubber blacks 42 42
Supermetals 5 5
Performance Segment 34 34
New Business Segment (3) (3)
Specialty Fluids Segment 5 5
------------------------ --- ---
Total Segment Profit
(Loss) (B) 83 83
Interest expense (9) (9)
Certain items (C) (17) (17)
Unallocated corporate
costs (11) (11)
General unallocated
expense (D) (1) (1)
Less: Equity in net
income of affiliated
companies, net of tax (3) (3)
---------------------- --- ---
Income (loss) before
income taxes, equity in
net income of affiliated
companies and
noncontrolling interests 42 42
(Provision) benefit for
income taxes (11) (11)
Equity in net income of
affiliated companies,
net of tax 3 3
----------------------- --- ---
Income (loss) from
continuing operations 34 34
Loss from discontinued
operations, net of tax
(E) - -
-------------------------- --- ---
Net income (loss) 34 34
Net income (loss)
attributable to
noncontrolling
interests, net of tax 5 5
---------------------- --- ---
Net income (loss)
attributable to Cabot
Corporation $29 $29
Diluted earnings (loss)
per share of common
stock
attributable to Cabot
Corporation
Continuing operations (F) $0.44 $0.44
Discontinued operations
(E), (F) - -
Net income (loss)
attributable to Cabot
Corporation (F) $0.44 $0.44
Weighted average common
shares outstanding
Diluted 64 64
------- --- ---
(A) Unallocated and other reflects royalties paid by equity
affiliates and other operating revenues and external shipping and
handling fees.
(B) Segment profit is a measure used by Cabot's Chief Operating
Decision-Maker to measure consolidated operating results, assess
segment performance and allocate resources. Segment profit includes
equity in net income of affiliated companies, royalty income, and
allocated corporate costs.
(C) Details of certain items are presented in the Certain Items and
Reconciliation of Adjusted EPS table.
(D) General unallocated expense includes foreign currency
transaction gains (losses), interest income, and dividend income.
(E) Amounts relate to legal settlements in connection with our
discontinued operations.
(F) Prior year earnings per share has been recast due to Cabot's
adoption of an accounting pronouncement in the first quarter of
fiscal 2010 that changes the methodology for allocating earnings
among shareholders. Under this guidance, certain of Cabot's
unvested share-based payment awards must be included in the
earnings allocation process in computing earnings per share. This
guidance has been applied retrospectively so that all periods are
shown on a consistent basis.
First Quarter Earnings Announcement, Fiscal 2010
CABOT CORPORATION CERTAIN ITEMS AND RECONCILIATION OF
ADJUSTED EPS
------------------------------------------------------
CERTAIN ITEMS:
Periods ended
December 31 Three Months
------------
Dollars in millions,
except per 2009 2009 2008 2008
share amounts
(unaudited)
per per
$ share(A) $ share(A)
--- -------- --- --------
Certain items before
income taxes
--------------------
Environmental
reserves $(1) $(0.01) $- $-
Recovery of
previously impaired
investment $1 $0.01
Long-lived asset
impairment(B) (2) (0.02) - -
Restructuring
initiatives:
- 2008 Global - - (2) (0.02)
- 2009 Global (15) (0.19) - -
- North America - - (1) (0.01)
- Europe (C) - - 1 0.01
Total certain items (17) (0.21) (2) (0.02)
--- ----- --- -----
Tax impact of
certain items 4 - 1 -
--- --- --- ---
Total certain items,
after tax (13) (0.21) (1) (0.02)
--- ----- --- -----
Periods ended December 31 Three Months
Dollars in millions (unaudited) 2009 2008
------------------------------- ---- ----
Statement of Operations Line
Item
----------------------------
Cost of sales $(8) $(1)
Selling and administrative
expenses (9) (1)
Research and technical expenses - -
Total certain items $(17) $(2)
---- ---
NON-GAAP MEASURE:
Periods ended December 31 Three Months
------------
Dollars in millions, except per share
amounts (unaudited) 2009 2008
per per
share(A) share(A)
-------- --------
Reconciliation of Adjusted EPS
to GAAP EPS
------------------------------
Diluted EPS $0.44 $0.06
Total certain items (0.21) (0.02)
----- -----
Adjusted EPS $0.65 $0.08
----- -----
(A) Per share amounts are calculated after tax.
(B) Land related to former carbon black site.
(C) Amount relates to former carbon black facilities.
SOURCE Cabot Corporation
