Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2021 | |
Entity File Number | 1-13879 | |
Entity Registrant Name | INNOSPEC INC. | |
Entity Central Index Key | 0001054905 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 98-0181725 | |
Entity Address, Postal Zip Code | 80112 | |
City Area Code | 303 | |
Local Phone Number | 792 5554 | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common stock | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 24,608,245 | |
Entity Address, Address Line One | 8310 South Valley Highway | |
Entity Address, Address Line Two | Suite 350 | |
Entity Address, City or Town | Englewood | |
Entity Address, State or Province | CO | |
Trading Symbol | IOSP | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 339.6 | $ 372.3 |
Cost of goods sold | (238.8) | (258.4) |
Gross profit | 100.8 | 113.9 |
Operating expenses: | ||
Selling, general and administrative | (63.6) | (64.4) |
Research and development | (9) | (8.6) |
Total operating expenses | (72.6) | (73) |
Operating income | 28.2 | 40.9 |
Other income, net | 3 | 3.9 |
Interest expense, net | (0.4) | (0.6) |
Income before income tax expense | 30.8 | 44.2 |
Income tax expense | (7.4) | (11.1) |
Net income | $ 23.4 | $ 33.1 |
Earnings per share: | ||
Basic | $ 0.95 | $ 1.35 |
Diluted | $ 0.94 | $ 1.34 |
Weighted average shares outstanding (in thousands): | ||
Basic | 24,601 | 24,529 |
Diluted | 24,840 | 24,742 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 23.4 | $ 33.1 |
Changes in cumulative translation adjustment, net of tax of $1.0 million and $1.6 million, respectively | (11.3) | (7.9) |
Amortization of prior service cost/(credit), net of tax of $0.0 and $0.0 million, respectively | 0.1 | (0.2) |
Amortization of actuarial net losses, net of tax of $(0.1) million and $0.0 million, respectively | 0.6 | 0.2 |
Total other comprehensive loss | (10.6) | (7.9) |
Total comprehensive income | $ 12.8 | $ 25.2 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Changes in cumulative translation adjustment, tax | $ 1 | $ 1.6 |
Amortization of prior service credit, tax | 0 | 0 |
Amortization of actuarial net losses, tax | $ 0.1 | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 117 | $ 105.3 |
Trade and other accounts receivable (less allowances of $4.1 million and $4.5 million respectively) | 247.9 | 221.4 |
Inventories (less allowances of $19.4 million and $19.4 million respectively): | ||
Finished goods | 158.5 | 156.3 |
Raw materials | 64.6 | 63.7 |
Total inventories | 223.1 | 220 |
Prepaid expenses | 12.3 | 14.9 |
Prepaid income taxes | 5 | 4.2 |
Other current assets | 2.3 | 0.4 |
Total current assets | 607.6 | 566.2 |
Net property, plant and equipment | 209.9 | 210.8 |
Operating lease right-of-use assets | 36.7 | 40.1 |
Goodwill | 367.2 | 371.2 |
Other intangible assets | 70.2 | 75.3 |
Deferred tax assets | 7.4 | 7.6 |
Pension asset | 119.6 | 118 |
Other non-current assets | 7.5 | 8.2 |
Total assets | 1,426.1 | 1,397.4 |
Current liabilities: | ||
Accounts payable | 114.5 | 98.7 |
Accrued liabilities | 131.8 | 129.8 |
Current portion of finance leases | 0.4 | 0.5 |
Current portion of plant closure provisions | 6.6 | 6.6 |
Current portion of accrued income taxes | 8.8 | 5.5 |
Current portion of operating lease liabilities | 12.2 | 11.3 |
Total current liabilities | 274.3 | 252.4 |
Long-term debt | 0 | 0 |
Finance leases, net of current portion | 0 | 0.1 |
Operating lease liabilities, net of current portion | 24.6 | 28.9 |
Plant closure provisions, net of current portion | 51.3 | 51.9 |
Accrued income taxes, net of current portion | 32.4 | 32.4 |
Unrecognized tax benefits | 16 | 16 |
Deferred tax liabilities | 46.5 | 46.9 |
Pension liabilities and post-employment benefits | 19.5 | 20.5 |
Other non-current liabilities | 2.4 | 3.4 |
Equity: | ||
Common stock, $0.01 par value, authorized 40,000,000 shares, issued 29,554,500 shares | 0.3 | 0.3 |
Additional paid-in capital | 337.8 | 336.1 |
Treasury stock (4,958,599 and 5,047,278 shares at cost, respectively) | (93.6) | (93.3) |
Retained earnings | 782 | 758.6 |
Accumulated other comprehensive loss | (67.9) | (57.3) |
Total Innospec stockholders' equity | 958.6 | 944.4 |
Non-controlling interest | 0.5 | 0.5 |
Total equity | 959.1 | 944.9 |
Total liabilities and equity | $ 1,426.1 | $ 1,397.4 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowances for doubtful accounts | $ 4.1 | $ 4.5 |
Inventory allowances | $ 19.4 | $ 19.4 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 29,554,500 | 29,554,500 |
Treasury stock, shares | 4,946,360 | 4,958,599 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 23.4 | $ 33.1 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 10.3 | 12 |
Deferred tax expense | 0.1 | 0.7 |
Non-cash movements on defined benefit pension plans | (0.8) | (1.2) |
Stock option compensation | 1.6 | 1.2 |
Changes in assets and liabilities, net of effects of acquired and divested companies: | ||
Trade and other accounts receivable | (30.7) | (7.9) |
Inventories | (5.5) | (5) |
Prepaid expenses | 2.4 | 2.1 |
Accounts payable and accrued liabilities | 20.2 | (36) |
Accrued income taxes | 3.7 | 1.6 |
Plant closure provisions | (0.2) | 0.1 |
Other assets and liabilities | (1.8) | 1.7 |
Net cash provided by operating activities | 22.7 | 2.4 |
Cash Flows from Investing Activities | ||
Capital expenditures | (10.3) | (7.8) |
Net cash used in investing activities | (10.3) | (7.8) |
Cash Flows from Financing Activities | ||
Non-controlling interest | 0 | 0.1 |
Repayments of finance leases | (0.2) | (0.3) |
Issue of treasury stock | 0.5 | 0.7 |
Repurchase of common stock | (0.6) | (2.1) |
Net cash used in financing activities | (0.3) | (1.6) |
Effect of foreign currency exchange rate changes on cash | (0.4) | (0.6) |
Net change in cash and cash equivalents | 11.7 | (7.6) |
Cash and cash equivalents at beginning of period | 105.3 | 75.7 |
Cash and cash equivalents at end of period | $ 117 | $ 68.1 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Non-Controlling Interest [Member] |
Beginning Balance at Dec. 31, 2019 | $ 918.9 | $ 0.3 | $ 330.4 | $ (93.3) | $ 755.5 | $ (74.4) | $ 0.4 |
Net income | 33.1 | 33.1 | |||||
Changes in cumulative translation adjustment, net of tax | (7.9) | (7.9) | |||||
Share of net income | 0.1 | 0.1 | |||||
Treasury stock re-issued | 1 | (0.4) | 1.4 | ||||
Treasury stock repurchased | (2.1) | (2.1) | |||||
Stock option compensation | 1.2 | 1.2 | |||||
Amortization of prior service cost, net of tax | (0.2) | (0.2) | |||||
Amortization of actuarial net losses, net of tax | 0.2 | 0.2 | |||||
Ending Balance at Mar. 31, 2020 | 944.3 | 0.3 | 331.2 | (94) | 788.6 | (82.3) | 0.5 |
Beginning Balance at Dec. 31, 2020 | 944.9 | 0.3 | 336.1 | (93.3) | 758.6 | (57.3) | 0.5 |
Net income | 23.4 | 23.4 | |||||
Changes in cumulative translation adjustment, net of tax | (11.3) | (11.3) | |||||
Treasury stock re-issued | 0.4 | 0.1 | 0.3 | ||||
Treasury stock repurchased | (0.6) | (0.6) | |||||
Stock option compensation | 1.6 | 1.6 | |||||
Amortization of prior service cost, net of tax | 0.1 | 0.1 | |||||
Amortization of actuarial net losses, net of tax | 0.6 | 0.6 | |||||
Ending Balance at Mar. 31, 2021 | $ 959.1 | $ 0.3 | $ 337.8 | $ (93.6) | $ 782 | $ (67.9) | $ 0.5 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q S-X It is our opinion, however, that all adjustments (consisting of normal, recurring adjustments, unless otherwise disclosed) have been made which are necessary for the condensed consolidated financial statements to be fairly stated. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K 10-K”). The results for the interim period covered by this report are not necessarily indicative of the results to be expected for the full year. When we use the terms “Innospec,” “the Corporation,” “the Company,” “Registrant,” “we,” “us” and “our,” we are referring to Innospec Inc. and its consolidated subsidiaries unless otherwise indicated or the context otherwise requires. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 2 – SEGMENT REPORTING The Company reports its financial performance based on the following three reportable segments: Fuel Specialties, Performance Chemicals and Oilfield Services. The Fuel Specialties, Performance Chemicals and Oilfield Services segments operate in markets where we actively seek growth opportunities although their ultimate customers are different. Our previously reported Octane Additives segment ceased trading in the second quarter of 2020. The Company evaluates the performance of its segments based on operating income. The following tables analyze sales and other financial information by the Company’s reportable segments: Three Months Ended March 31 (in millions) 2021 2020 Net Sales: Refinery and Performance $ 99.3 $ 108.6 Other 40.0 38.4 Fuel Specialties 139.3 147.0 Personal Care 68.2 63.0 Home Care 23.0 21.6 Other 34.7 28.5 Performance Chemicals 125.9 113.1 Oilfield Services 74.4 112.2 $ 339.6 $ 372.3 Gross profit/(loss): Fuel Specialties $ 44.9 $ 51.2 Performance Chemicals 31.4 27.6 Oilfield Services 24.5 36.2 Octane Additives 0.0 (1.1 ) $ 100.8 $ 113.9 Operating income/(loss): Fuel Specialties $ 23.8 $ 32.1 Performance Chemicals 18.3 15.6 Oilfield Services 1.2 7.2 Octane Additives 0.0 (1.2 ) Corporate costs (15.1 ) (12.8 ) Total operating income $ 28.2 $ 40.9 |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | NOTE 3 – EARNINGS PER SHARE Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the effect of options that are dilutive and outstanding during the period under the treasury stock method. Per share amounts are computed as follows: Three Months Ended 2021 2020 Numerator (in millions): Net income available to common stockholders $ 23.4 $ 33.1 Denominator (in thousands): Weighted average common shares outstanding 24,601 24,529 Dilutive effect of stock options and awards 239 213 Denominator for diluted earnings per share 24,840 24,742 Net income per share, basic: $ 0.95 $ 1.35 Net income per share, diluted: $ 0.94 $ 1.34 In the three months ended March 31, 2021, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 15,144 (three months ended March 31, 2020 – 17,636). |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | NOTE 4 – GOODWILL The following table summarizes the goodwill movements: (in millions) Gross Opening balance at January 1 $ 371.2 Exchange effect (4.0 ) Closing balance at March 31 $ 367.2 |
Other Intangible Assets
Other Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | NOTE 5 – OTHER INTANGIBLE ASSETS The following table summarizes the other intangible assets movements: (in millions) 2021 Gross cost at January 1 $ 298.9 Exchange effec t (2.0 ) Gross cost at March 31 296.9 Accumulated amortization at January 1 (223.6 ) Amortization expense (4.0 ) Exchange effect 0.9 Accumulated amortization at March 31 (226.7 ) Net book amount at March 31 $ 70.2 The amortization expense for the three months ended March 31, 2021 was $4.0 million (three months ended March 31, 2020 – $5.8 million). The net book amount by category of other intangible assets is shown in the following table: (in millions) March 31 2021 December 31 2020 Product rights $ 5.3 $ 6.3 Brand names 2.2 2.3 Technology 19.2 19.8 Customer relationships 41.2 44.2 Internally developed software 2.3 2.7 $ 70.2 $ 75.3 |
Pension and Post-Employment Ben
Pension and Post-Employment Benefits | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Post-Employment Benefits | NOTE 6 – PENSION AND POST EMPLOYMENT BENEFITS The Company maintains a defined benefit pension plan (the “Plan”) covering a number of its current and former employees in the United Kingdom, although it does also have other much smaller pension arrangements in the U.S. and overseas. The Plan is closed to future service accrual but has a large number of deferred and current pensioners. The net service cost for the three months ended March 31, 2021 was $0.4 million (three months ended March 31, 2020 – $0.3 million) and has been recognized in selling, general and administrative expenses within corporate costs. The following table shows the income statement effect recognized within other income, net: Three Months Ended (in millions) 2021 2020 Plan net pension credit/(charge): Interest cost on projected benefit obligation $ (1.9 ) $ (2.8 ) Expected return on plan assets 3.9 4.5 Amortization of prior service (cost)/credit (0.1 ) 0.2 Amortization of actuarial net losses (0.4 ) (0.2 ) $ 1.5 $ 1.7 The amortization of prior service credit and actuarial net losses is a reclassification out of accumulated other comprehensive loss into other income and expense. The Company also maintains an unfunded defined benefit pension plan covering a number of its current and former employees in Germany (the “German plan”) within our Fuel Specialties segment. The German plan is closed to new entrants and has no assets. The net service cost for the German plan for the three months ended March 31, 2021 was $0.0 million (three months ended March 31, 2020 – $0.0 million) and has been recognized in selling, general and administrative expenses. The following table shows the income statement effect recognized within other income and expense: Three Months Ended (in millions) 2021 2020 Plan net pension charge: Interest cost on projected benefit obligation $ 0.0 $ 0.0 Amortization of actuarial net losses (0.3 ) (0.2 ) $ (0.3 ) $ (0.2 ) As at March 31, 2021, our Performance Chemicals segment has obligations for post-employment benefits in its European businesses with a liability of $5.1 million (December 31, 2020 – $5.3 million). |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7 – INCOME TAXES A roll-forward of unrecognized tax benefits and associated accrued interest and penalties is as follows: (in millions) Unrecognized Interest and Total Opening balance at January 1 $ 13.6 $ 2.4 $ 16.0 Net change for tax positions of prior periods (0.1 ) 0.1 0.0 Closing balance at March 31 13.5 2.5 16.0 Current 0.0 0.0 0.0 Non-current $ 13.5 $ 2.5 $ 16.0 All of the $16.0 million of unrecognized tax benefits, interest and penalties would impact our effective tax rate if recognized. As previously disclosed, a non-U.S. inclusive. The C ompany has determined additiona l tax, interest and penalties totaling As previously disclosed, in 2018 the Company recorded an unrecognized tax benefit in relation to a potential adjustment that could arise as a consequence of the Tax Cuts and Jobs Act. The Company has determined that additional tax, interest and penalties totaling $12.5 million may arise in relation to this item. This includes an increase in interest accrued of $0.1 million in the three months to March 31, 2021. Other non-significant items, The Company and its U.S. subsidiaries remain open to examination by the IRS for years 2017 onwards under the statute of limitations. The Company’s subsidiaries in foreign tax jurisdictions are open to examination including Germany (2016 onwards), Switzerland (2016 onwards), Spain (2016 onwards), France (2018 onwards) and the United Kingdom (2018 onwards). |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 8 – LONG-TERM DEBT As at March 31, 2021, and December 31, 2020, the Company had repaid all of its borrowings under its revolving credit facility. The Company continues to have available a $250.0 million revolving credit facility until September 25, 2024. The facility contains an accordion feature whereby the Company may elect to increase the total available borrowings by an aggregate amount of up to $125.0 million. The deferred finance costs of $1.3 million related to the arrangement of the credit facility, are included within other current and non-current |
Plant Closure Provisions
Plant Closure Provisions | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Plant Closure Provisions | NOTE 9 – PLANT CLOSURE PROVISIONS The Company has continuing plans to remediate some of its manufacturing facilities at sites around the world as and when those operations are expected to cease or we are required to decommission the sites according to local laws and regulations. The liability for estimated closure costs of Innospec’s manufacturing facilities includes costs for decontamination and environmental remediation activities (“remediation”). As a result, the principal site giving rise to remediation liabilities is the manufacturing site at Ellesmere Port in the United Kingdom. There are also provisions on a much smaller scale in respect of some of our other manufacturing sites in the U.S. and Europe. We recognize environmental remediation liabilities when they are probable and costs can be reasonably estimated, and asset retirement obligations when there is a legal obligation and costs can be reasonably estimated. Movements in the provisions are summarized as follows: (in millions) 2021 Total at January 1 $ 58.5 Charge for the period 1.0 Utilized in the period (1.2 ) Exchange effect (0.4 ) Total at March 31 57.9 Due within one year (6.6 ) Due after one year $ 51.3 The charge for the three months ended March 31, 2021 was $1.0 million (three months ended March 31, 2020 – $1.1 million). The current and prior year charge represents the accounting accretion only, with no changes for the expected cost and scope of future remediation activities. Amounts due within one year refer to provisions where expenditure is expected to arise within one year of the balance sheet date. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 10 – FAIR VALUE MEASUREMENTS The following table presents the carrying amount and fair values of the Company’s financial assets and liabilities measured on a recurring basis: March 31, 2021 December 31, 2020 (in millions) Carrying Amount Fair Value Carrying Amount Fair Value Assets Non-derivatives: Cash and cash equivalents $ 117.0 $ 117.0 $ 105.3 $ 105.3 Derivatives (Level 1 measurement): Other current and non-current Foreign currency forward exchange contracts 1.9 1.9 0.0 0.0 Liabilities Non-derivatives: Finance leases (including current portion) 0.4 0.4 0.6 0.6 Derivatives (Level 1 measurement): Other current and non-current Foreign currency forward exchange contracts 0.0 0.0 0.5 0.5 Non-financial Other current and non-current Stock equivalent units 20.8 20.8 17.2 17.2 The following methods and assumptions were used to estimate the fair values: Cash and cash equivalents: Derivatives: Finance leases: Stock equivalent units: |
Derivative Instruments and Risk
Derivative Instruments and Risk Management | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Risk Management | NOTE 11 – DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT The Company enters into various foreign currency forward exchange contracts to minimize currency exchange rate exposure from expected future cash flows. As at March 31, 2021 the contracts have maturity dates of up to twelve months at the date of inception. These foreign currency forward exchange contracts have not been designated as hedging instruments, and their impact on the income statement for the first three months of 2021 was a gain of $1.3 million (first three months of 2020 – a gain of $1.9 million). |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 12 – COMMITMENTS AND CONTINGENCIES Legal matters While we are involved from time to time in claims and legal proceedings that result from, and are incidental to, the conduct of our business including business and commercial litigation, employee and product liability claims, there are no material pending legal proceedings to which the Company or any of its subsidiaries is a party, or of which any of their property is subject. It is possible, however, that an adverse resolution of an unexpectedly large number of such individual claims or proceedings could in the aggregate have a material adverse effect on the results of operations for a particular year or quarter. Guarantees The Company and certain of the Company’s consolidated subsidiaries are contingently liable for certain obligations of affiliated companies primarily in the form of guarantees of debt and performance under contracts entered into as a normal business practice. This includes guarantees of non-U.S. Under the terms of the guarantee arrangements, generally the Company would be required to perform should the affiliated company fail to fulfil its obligations under the arrangements. In some cases, the guarantee arrangements have recourse provisions that would enable the Company to recover any payments made under the terms of the guarantees from securities held of the guaranteed parties’ assets. The Company and its affiliates have numerous long-term sales and purchase commitments in their various business activities, which are expected to be fulfilled with no adverse consequences material to the Company. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | NOTE 13 – STOCK-BASED COMPENSATION PLANS The Company grants stock options and stock equivalent units (“SEUs”) from time to time as a long-term performance incentive. In certain cases the grants are subject to performance conditions such as the Company’s stock price. Where performance conditions apply the Monte Carlo simulation model is used to determine the fair values. Otherwise the Black-Scholes model is used to determine the fair values. Stock option plans The following table summarizes the transactions of the Company’s stock option plans for the three months ended March 31, 2021. Number of Weighted Average Exercise Price Weighted Average Grant-Date Fair Value Outstanding at December 31, 2020 442,893 $ 32.49 $ 45.31 Granted - at discount 69,996 $ 0.00 $ 92.32 - at market value 10,388 $ 99.85 $ 32.71 Exercised (18,493 ) $ 27.24 $ 37.03 Forfeited (1,307 ) $ 50.54 $ 32.61 Outstanding at March 31, 2021 503,477 $ 29.42 $ 51.97 At March 31, 2021, there were 115,847 stock options that were exercisable, of which 77,979 had performance conditions attached. The stock option compensation cost for the first three months of 2021 was $1.6 million (first three months of 2020 – $1.2 million). The total intrinsic value of options exercised in the first three months of 2021 was $0.6 million (first three months of 2020 – $4.2 million). The total compensation cost related to non-vested Stock equivalent units The following table summarizes the transactions of the Company’s SEUs for the three months ended March 31, 2021: Number of SEUs Weighted Average Exercise Price Weighted Average Grant-Date Outstanding at December 31, 2020 390,164 $ 4.35 $ 63.96 Granted - at discount 87,451 $ 0.00 $ 88.94 - at market value 3,803 $ 99.85 $ 32.71 Exercised (6,275 ) $ 1.36 $ 42.82 Forfeited (12,400 ) $ 0.00 $ 67.33 Outstanding at March 31, 2021 462,743 $ 4.47 $ 68.62 At March 31, 2021 there were 52,279 SEUs that are exercisable, of which 40,464 had performance conditions attached. The charges for SEUs are spread over the life of the award subject to a revaluation to fair value each quarter. The revaluation may result in a charge or a credit to the income statement in the quarter dependent upon our share price and other performance criteria. The SEU compensation for the first three months of 2021 was a $4.4 million charge The weighted-average remaining vesting period of non-vested |
Reclassifications out of Accumu
Reclassifications out of Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Reclassifications out of Accumulated Other Comprehensive Loss | NOTE 14 – RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS Reclassifications out of accumulated other comprehensive loss for the first three months of 2021 were: (in millions) Details about AOCL Components Amount Affected Line Item in Statement where Net Income is Defined benefit pension plan items: Amortization of prior service credit $ 0.1 See (1) Amortization of actuarial net losses 0.7 See (1) 0.8 Total before tax (0.1 ) Income tax expense Total reclassifications $ 0.7 Net of tax Reclassifications out of accumulated other comprehensive loss for the first quarter of 2020 were: (in millions) Details about AOCL Components Amount Affected Line Item in Defined benefit pension plan items: Amortization of prior service credit $ (0.2 ) See (¹) below Amortization of actuarial net losses 0.2 See (¹) below 0.0 Total before tax 0.0 Income tax expense Total reclassifications $ 0.0 Net of tax (1) Changes in accumulated other comprehensive loss for the first three months of 2021, net of tax, were: (in millions) Defined Benefit Pension Plan Items Cumulative Total Balance at December 31, 202 0 $ (15.9 ) $ (41.4 ) $ (57.3 ) Other comprehensive income before reclassifications 0.0 (11.3 ) (11.3 ) Amounts reclassified from AOCL 0.7 0.0 0.7 Total other comprehensive income 0.7 (11.3 ) (10.6 ) Balance at March 31, 2021 $ (15.2 ) $ (52.7 ) $ (67.9 ) Changes in accumulated other comprehensive loss for the first three months of 2020, net of tax, were: (in millions) Defined Cumulative Total Balance at December 31, 2019 $ (9.3 ) $ (65.1 ) $ (74.4 ) Other comprehensive income before reclassification s 0.0 (7.9 ) (7.9 ) Amounts reclassified from AOCL 0.0 0.0 0.0 Total other comprehensive income 0.0 (7.9 ) (7.9 ) Balance at March 31, 2020 $ (9.3 ) $ (73.0 ) $ (82.3 ) |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | NOTE 15 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS As previously reported, in December 2019 the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2019-12, Simplifying |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 16 – RELATED PARTY TRANSACTIONS Mr. Patrick S. Williams has been an executive director of the Company since April 2009 and has been a non-executive Mr. Robert I. Paller has been a non-executive Mr. David F. Landless has been a non-executive non-executive |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | The Company evaluates the performance of its segments based on operating income. The following tables analyze sales and other financial information by the Company’s reportable segments: Three Months Ended March 31 (in millions) 2021 2020 Net Sales: Refinery and Performance $ 99.3 $ 108.6 Other 40.0 38.4 Fuel Specialties 139.3 147.0 Personal Care 68.2 63.0 Home Care 23.0 21.6 Other 34.7 28.5 Performance Chemicals 125.9 113.1 Oilfield Services 74.4 112.2 $ 339.6 $ 372.3 Gross profit/(loss): Fuel Specialties $ 44.9 $ 51.2 Performance Chemicals 31.4 27.6 Oilfield Services 24.5 36.2 Octane Additives 0.0 (1.1 ) $ 100.8 $ 113.9 Operating income/(loss): Fuel Specialties $ 23.8 $ 32.1 Performance Chemicals 18.3 15.6 Oilfield Services 1.2 7.2 Octane Additives 0.0 (1.2 ) Corporate costs (15.1 ) (12.8 ) Total operating income $ 28.2 $ 40.9 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share | Per share amounts are computed as follows: Three Months Ended 2021 2020 Numerator (in millions): Net income available to common stockholders $ 23.4 $ 33.1 Denominator (in thousands): Weighted average common shares outstanding 24,601 24,529 Dilutive effect of stock options and awards 239 213 Denominator for diluted earnings per share 24,840 24,742 Net income per share, basic: $ 0.95 $ 1.35 Net income per share, diluted: $ 0.94 $ 1.34 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | The following table summarizes the goodwill movements: (in millions) Gross Opening balance at January 1 $ 371.2 Exchange effect (4.0 ) Closing balance at March 31 $ 367.2 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Other Intangible Assets | The following table summarizes the other intangible assets movements: (in millions) 2021 Gross cost at January 1 $ 298.9 Exchange effec t (2.0 ) Gross cost at March 31 296.9 Accumulated amortization at January 1 (223.6 ) Amortization expense (4.0 ) Exchange effect 0.9 Accumulated amortization at March 31 (226.7 ) Net book amount at March 31 $ 70.2 |
Schedule of Amortization Expense | The net book amount by category of other intangible assets is shown in the following table: (in millions) March 31 2021 December 31 2020 Product rights $ 5.3 $ 6.3 Brand names 2.2 2.3 Technology 19.2 19.8 Customer relationships 41.2 44.2 Internally developed software 2.3 2.7 $ 70.2 $ 75.3 |
Pension and Post-Employment B_2
Pension and Post-Employment Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
United Kingdom Plan [Member] | |
Plan Net Pension Credit | The following table shows the income statement effect recognized within other income, net: Three Months Ended (in millions) 2021 2020 Plan net pension credit/(charge): Interest cost on projected benefit obligation $ (1.9 ) $ (2.8 ) Expected return on plan assets 3.9 4.5 Amortization of prior service (cost)/credit (0.1 ) 0.2 Amortization of actuarial net losses (0.4 ) (0.2 ) $ 1.5 $ 1.7 |
German Plan [Member] | |
Plan Net Pension Credit | The following table shows the income statement effect recognized within other income and expense: Three Months Ended (in millions) 2021 2020 Plan net pension charge: Interest cost on projected benefit obligation $ 0.0 $ 0.0 Amortization of actuarial net losses (0.3 ) (0.2 ) $ (0.3 ) $ (0.2 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Roll-forward of Unrecognized Tax Benefits and Associated Accrued Interest and Penalties | A roll-forward of unrecognized tax benefits and associated accrued interest and penalties is as follows: (in millions) Unrecognized Interest and Total Opening balance at January 1 $ 13.6 $ 2.4 $ 16.0 Net change for tax positions of prior periods (0.1 ) 0.1 0.0 Closing balance at March 31 13.5 2.5 16.0 Current 0.0 0.0 0.0 Non-current $ 13.5 $ 2.5 $ 16.0 |
Plant Closure Provisions (Table
Plant Closure Provisions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Movements in Plant Closure and Restructuring Provisions | Movements in the provisions are summarized as follows: (in millions) 2021 Total at January 1 $ 58.5 Charge for the period 1.0 Utilized in the period (1.2 ) Exchange effect (0.4 ) Total at March 31 57.9 Due within one year (6.6 ) Due after one year $ 51.3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Fair Values of the Company's Assets and Liabilities Measured on a Recurring Basis | The following table presents the carrying amount and fair values of the Company’s financial assets and liabilities measured on a recurring basis: March 31, 2021 December 31, 2020 (in millions) Carrying Amount Fair Value Carrying Amount Fair Value Assets Non-derivatives: Cash and cash equivalents $ 117.0 $ 117.0 $ 105.3 $ 105.3 Derivatives (Level 1 measurement): Other current and non-current Foreign currency forward exchange contracts 1.9 1.9 0.0 0.0 Liabilities Non-derivatives: Finance leases (including current portion) 0.4 0.4 0.6 0.6 Derivatives (Level 1 measurement): Other current and non-current Foreign currency forward exchange contracts 0.0 0.0 0.5 0.5 Non-financial Other current and non-current Stock equivalent units 20.8 20.8 17.2 17.2 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Summarizes Transactions of SEUs | The following table summarizes the transactions of the Company’s SEUs for the three months ended March 31, 2021: Number of SEUs Weighted Average Exercise Price Weighted Average Grant-Date Outstanding at December 31, 2020 390,164 $ 4.35 $ 63.96 Granted - at discount 87,451 $ 0.00 $ 88.94 - at market value 3,803 $ 99.85 $ 32.71 Exercised (6,275 ) $ 1.36 $ 42.82 Forfeited (12,400 ) $ 0.00 $ 67.33 Outstanding at March 31, 2021 462,743 $ 4.47 $ 68.62 |
Stock Options Plan [Member] | |
Summary of Transactions of Company's Stock Option Plans | The following table summarizes the transactions of the Company’s stock option plans for the three months ended March 31, 2021. Number of Weighted Average Exercise Price Weighted Average Grant-Date Fair Value Outstanding at December 31, 2020 442,893 $ 32.49 $ 45.31 Granted - at discount 69,996 $ 0.00 $ 92.32 - at market value 10,388 $ 99.85 $ 32.71 Exercised (18,493 ) $ 27.24 $ 37.03 Forfeited (1,307 ) $ 50.54 $ 32.61 Outstanding at March 31, 2021 503,477 $ 29.42 $ 51.97 |
Reclassifications out of Accu_2
Reclassifications out of Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Summary of Reclassifications Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss for the first three months of 2021 were: (in millions) Details about AOCL Components Amount Affected Line Item in Statement where Net Income is Defined benefit pension plan items: Amortization of prior service credit $ 0.1 See (1) Amortization of actuarial net losses 0.7 See (1) 0.8 Total before tax (0.1 ) Income tax expense Total reclassifications $ 0.7 Net of tax Reclassifications out of accumulated other comprehensive loss for the first quarter of 2020 were: (in millions) Details about AOCL Components Amount Affected Line Item in Defined benefit pension plan items: Amortization of prior service credit $ (0.2 ) See (¹) below Amortization of actuarial net losses 0.2 See (¹) below 0.0 Total before tax 0.0 Income tax expense Total reclassifications $ 0.0 Net of tax (1) |
Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss for the first three months of 2021, net of tax, were: (in millions) Defined Benefit Pension Plan Items Cumulative Total Balance at December 31, 202 0 $ (15.9 ) $ (41.4 ) $ (57.3 ) Other comprehensive income before reclassifications 0.0 (11.3 ) (11.3 ) Amounts reclassified from AOCL 0.7 0.0 0.7 Total other comprehensive income 0.7 (11.3 ) (10.6 ) Balance at March 31, 2021 $ (15.2 ) $ (52.7 ) $ (67.9 ) Changes in accumulated other comprehensive loss for the first three months of 2020, net of tax, were: (in millions) Defined Cumulative Total Balance at December 31, 2019 $ (9.3 ) $ (65.1 ) $ (74.4 ) Other comprehensive income before reclassification s 0.0 (7.9 ) (7.9 ) Amounts reclassified from AOCL 0.0 0.0 0.0 Total other comprehensive income 0.0 (7.9 ) (7.9 ) Balance at March 31, 2020 $ (9.3 ) $ (73.0 ) $ (82.3 ) |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 339.6 | $ 372.3 |
Gross profit/(loss) | 100.8 | 113.9 |
Operating income/(loss) | 28.2 | 40.9 |
Operating Segments [Member] | Fuel Specialties [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 139.3 | 147 |
Gross profit/(loss) | 44.9 | 51.2 |
Operating income/(loss) | 23.8 | 32.1 |
Operating Segments [Member] | Fuel Specialties [Member] | Refinery and Performance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 99.3 | 108.6 |
Operating Segments [Member] | Fuel Specialties [Member] | Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 40 | 38.4 |
Operating Segments [Member] | Performance Chemicals [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 125.9 | 113.1 |
Gross profit/(loss) | 31.4 | 27.6 |
Operating income/(loss) | 18.3 | 15.6 |
Operating Segments [Member] | Performance Chemicals [Member] | Personal Care [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 68.2 | 63 |
Operating Segments [Member] | Performance Chemicals [Member] | Home Care [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 23 | 21.6 |
Operating Segments [Member] | Performance Chemicals [Member] | Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 34.7 | 28.5 |
Operating Segments [Member] | Oilfield Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 74.4 | 112.2 |
Gross profit/(loss) | 24.5 | 36.2 |
Operating income/(loss) | 1.2 | 7.2 |
Operating Segments [Member] | Octane Additives [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross profit/(loss) | 0 | (1.1) |
Operating income/(loss) | 0 | (1.2) |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Corporate costs | $ (15.1) | $ (12.8) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Average number of anti-dilutive options excluded from the calculation of diluted earnings per share | 15,144 | 17,636 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator (in millions): | ||
Net income available to common stockholders | $ 23.4 | $ 33.1 |
Denominator (in thousands): | ||
Weighted average common shares outstanding | 24,601 | 24,529 |
Dilutive effect of stock options and awards | 239 | 213 |
Denominator for diluted earnings per share | 24,840 | 24,742 |
Net income per share, basic: | $ 0.95 | $ 1.35 |
Net income per share, diluted: | $ 0.94 | $ 1.34 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Goodwill [Line Items] | |
Gross cost, beginning balance | $ 371.2 |
Exchange effect | (4) |
Gross cost, ending balance | $ 367.2 |
Other Intangible Assets - Summa
Other Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Gross cost at January 1 | $ 298.9 | ||
Exchange effect | (2) | ||
Gross cost at March 31 | 296.9 | ||
Accumulated amortization at January 1 | (223.6) | ||
Amortization expense | (4) | $ (5.8) | |
Exchange effect | 0.9 | ||
Accumulated amortization at March 31 | (226.7) | ||
Net book amount at March 31 | $ 70.2 | $ 75.3 |
Other Intangible Assets - Sched
Other Intangible Assets - Schedule of Amortization Expense (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross cost at January 1 | $ 296.9 | $ 298.9 |
Other Intangible Assets, Net | 70.2 | 75.3 |
Product Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross cost at January 1 | 5.3 | 6.3 |
Brand Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross cost at January 1 | 2.2 | 2.3 |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross cost at January 1 | 19.2 | 19.8 |
Customer and Distributor Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross cost at January 1 | 41.2 | 44.2 |
Internally Developed Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross cost at January 1 | $ 2.3 | $ 2.7 |
Other Intangible Assets - Addit
Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 4 | $ 5.8 |
Pension and Post-Employment B_3
Pension and Post-Employment Benefits - Additional Information (Detail) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
United Kingdom Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net service cost, total | $ 0.4 | $ 0.3 | |
Germany [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net service cost, total | 0 | $ 0 | |
Europe [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Post-employment obligations European businesses | $ 5.1 | $ 5.3 |
Pension and Post-Employment B_4
Pension and Post-Employment Benefits - Plan Net Pension Credit (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
United Kingdom Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost on projected benefit obligation | $ (1.9) | $ (2.8) |
Expected return on plan assets | 3.9 | 4.5 |
Amortization of prior service (cost)/credit | (0.1) | 0.2 |
Amortization of actuarial net losses | (0.4) | (0.2) |
Net pension credit total | 1.5 | 1.7 |
Germany [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost on projected benefit obligation | 0 | 0 |
Amortization of actuarial net losses | (0.3) | (0.2) |
Net pension credit total | $ (0.3) | $ (0.2) |
Income Taxes - Roll-forward of
Income Taxes - Roll-forward of Unrecognized Tax Benefits and Associated Accrued Interest and Penalties (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | ||
Opening balance at January 1 | $ 16 | |
Net change for tax positions of prior periods | 0 | |
Closing balance at 31 December | 16 | |
Current | 0 | |
Non-current | 16 | $ 16 |
Interest and Penalties [Member] | ||
Income Tax Contingency [Line Items] | ||
Opening balance at January 1 | 2.4 | |
Net change for tax positions of prior periods | 0.1 | |
Closing balance at 31 December | 2.5 | |
Current | 0 | |
Non-current | 2.5 | |
Unrecognized Tax Benefits [Member] | ||
Income Tax Contingency [Line Items] | ||
Opening balance at January 1 | 13.6 | |
Net change for tax positions of prior periods | (0.1) | |
Closing balance at 31 December | 13.5 | |
Current | 0 | |
Non-current | $ 13.5 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits would impact effective tax rate if recognized | $ 16 | |
Unrecognized tax benefit | $ 16 | $ 16 |
Income tax examination, description | The Company and its U.S. subsidiaries remain open to examination by the IRS for years 2017 onwards under the statute of limitations. The Company’s subsidiaries in foreign tax jurisdictions are open to examination including Germany (2016 onwards), Switzerland (2016 onwards), Spain (2016 onwards), France (2018 onwards) and the United Kingdom (2018 onwards). | |
Increase to income tax expense | $ 0.1 | |
Foreign exchange movements | 0.1 | |
Italian Tax Authorities [Member] | ||
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefit | 3.3 | |
United States [Member] | ||
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefit | $ 12.5 | |
Non-US [Member] | Earliest Tax Year [Member] | ||
Income Tax Contingency [Line Items] | ||
Open tax year | 2011 | |
Non-US [Member] | Latest Tax Year [Member] | ||
Income Tax Contingency [Line Items] | ||
Open tax year | 2014 | |
Non-US [Member] | Historical Impairment Of Subsidiaries [Member] | ||
Income Tax Contingency [Line Items] | ||
Other Non Significant Items Inclusive Of Interest And Penalties | $ 0.2 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Sep. 26, 2019 | |
Debt Instrument [Line Items] | ||
Deferred finance costs, net | $ 1.3 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Due date of revolving credit | Sep. 25, 2024 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 | |
Revolving Credit Facility [Member] | Accordion Feature [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125 |
Plant Closure Provisions - Move
Plant Closure Provisions - Movements in Plant Closure and Restructuring Provisions (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | ||
Beginning Balance | $ 58.5 | |
Charge for the period | 1 | |
Utilized in the period | (1.2) | |
Exchange effect | (0.4) | |
Ending Balance | 57.9 | |
Due within one year | (6.6) | $ (6.6) |
Due after one year | $ 51.3 | $ 51.9 |
Plant Closure Provisions - Addi
Plant Closure Provisions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Remediation [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accretion expense recognized | $ 1 | $ 1.1 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Fair Values of the Company's Assets and Liabilities Measured on a Recurring Basis (Detail) - Recurring [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Carrying Amount [Member] | ||
Non-derivatives: | ||
Cash and cash equivalents | $ 117 | $ 105.3 |
Non-derivatives: | ||
Finance leases (including current portion) | 0.4 | 0.6 |
Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Currency Forward Exchange Contracts [Member] | ||
Derivatives (Level 1 measurement): | ||
Foreign currency forward exchange contracts | 1.9 | 0 |
Derivatives (Level 1 measurement): | ||
Foreign currency forward exchange contracts | 0 | 0.5 |
Carrying Amount [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Non-financial liabilities (Level 3 measurement): | ||
Stock equivalent units | 20.8 | 17.2 |
Fair Value [Member] | ||
Non-derivatives: | ||
Cash and cash equivalents | 117 | 105.3 |
Non-derivatives: | ||
Finance leases (including current portion) | 0.4 | 0.6 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Currency Forward Exchange Contracts [Member] | ||
Derivatives (Level 1 measurement): | ||
Foreign currency forward exchange contracts | 1.9 | 0 |
Derivatives (Level 1 measurement): | ||
Foreign currency forward exchange contracts | 0 | 0.5 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Non-financial liabilities (Level 3 measurement): | ||
Stock equivalent units | $ 20.8 | $ 17.2 |
Derivative Instruments and Ri_2
Derivative Instruments and Risk Management - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Exchange Contracts [Member] | Other net income/(expense) [Member] | ||
Derivative [Line Items] | ||
Amount of gain/(loss) recognized in income | $ 1.3 | $ 1.9 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Other Commitments [Line Items] | ||
Guarantees | $ 8.1 | $ 9.9 |
Maximum [Member] | ||
Other Commitments [Line Items] | ||
Fixed maturity guarantee remaining term | 3 years |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option compensation | $ 1.6 | $ 1.2 |
Stock Options Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number exercisable and fully vested | 115,847 | |
Fully vested stock options with performance conditions attached | 77,979 | |
Stock option compensation | $ 1.6 | 1.2 |
Total intrinsic value exercised | 0.6 | 4.2 |
Total compensation cost related to non-vested stock options not yet recognized | $ 12.1 | |
Expected compensation cost recognized over the weighted-average period | 2 years 2 months 19 days | |
Stock Equivalent Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fully vested stock options with performance conditions attached | 40,464 | |
Total intrinsic value exercised | $ 0.3 | 5.6 |
Expected compensation cost recognized over the weighted-average period | 2 years 3 months 3 days | |
Number of exercisable SEUs | 52,279 | |
Compensation cost | $ 4.4 | $ 6 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Summary of Transactions of the Company's Stock Option Plans (Detail) - Stock Options Plan [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Number of Options, Beginning balance | shares | 442,893 |
Exercised, Number of Options | shares | (18,493) |
Forfeited, Number of Options | shares | (1,307) |
Outstanding, Number of Options, Ending balance | shares | 503,477 |
Outstanding, Weighted Average Exercise Price, Beginning balance | $ 32.49 |
Exercised, Weighted Average Exercise Price | 27.24 |
Forfeited, Weighted Average Exercise Price | 50.54 |
Outstanding, Weighted Average Exercise Price, Ending balance | 29.42 |
Outstanding, Weighted Average Grant-Date Fair Value | 45.31 |
Exercised, Weighted Average Grant-Date Fair Value | 37.03 |
Forfeited, Weighted Average Grant-Date Fair Value | 32.61 |
Outstanding, Weighted Average Grant-Date Fair Value | $ 51.97 |
Discount [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Number of Options | shares | 69,996 |
Granted, Weighted Average Exercise Price | $ 0 |
Granted, Weighted Average Grant-Date Fair Value | $ 92.32 |
Market Value [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Number of Options | shares | 10,388 |
Granted, Weighted Average Exercise Price | $ 99.85 |
Granted, Weighted Average Grant-Date Fair Value | $ 32.71 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Summarizes Transactions of SEUs (Detail) - Stock Equivalent Units [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Number of SEUs, Beginning balance | shares | 390,164 |
Granted at discount, Number of SEUs | shares | 87,451 |
Granted at market value, Number of SEUs | shares | 3,803 |
Exercised, Number of SEUs | shares | (6,275) |
Forfeited, Number of SEUs | shares | (12,400) |
Outstanding, Number of SEUs, Ending balance | shares | 462,743 |
Outstanding, Weighted Average Exercise Price, Beginning balance | $ 4.35 |
Granted at discount, Weighted Average Exercise Price | 0 |
Granted at market value, Weighted Average Exercise Price | 99.85 |
Exercised, Weighted Average Exercise Price | 1.36 |
Forfeited, Weighted Average Exercise Price | 0 |
Outstanding, Weighted Average Exercise Price, Ending balance | 4.47 |
Outstanding, Weighted Average Grant-Date Fair Value | 63.96 |
Granted at discount, Weighted Average Grant-Date Fair Value | 88.94 |
Granted at market value, Weighted Average Grant-Date Fair Value | 32.71 |
Exercised, Weighted Average Grant-Date Fair Value | 42.82 |
Forfeited, Weighted Average Grant-Date Fair Value | 67.33 |
Outstanding, Weighted Average Grant-Date Fair Value | $ 68.62 |
Reclassifications out of Accu_3
Reclassifications out of Accumulated Other Comprehensive Loss - Summary of Reclassifications out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications | $ (0.7) | $ 0 |
Defined Benefit Pension Plan Items [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications | (0.7) | 0 |
Reclassification Out of Accumulated Other Comprehensive Income/(Loss) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | 0.8 | 0 |
Income tax expense | (0.1) | 0 |
Total reclassifications | 0.7 | 0 |
Reclassification Out of Accumulated Other Comprehensive Income/(Loss) [Member] | Defined Benefit Pension Plan Items [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of prior service credit | 0.1 | (0.2) |
Amortization of actuarial net losses | $ 0.7 | $ 0.2 |
Reclassifications out of Accu_4
Reclassifications out of Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 944.4 | |
Other comprehensive income before reclassifications | (11.3) | $ (7.9) |
Amounts reclassified from AOCL | 0.7 | 0 |
Total other comprehensive loss | (10.6) | (7.9) |
Ending Balance | 958.6 | |
Accumulated Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (57.3) | (74.4) |
Ending Balance | (67.9) | (82.3) |
Defined Benefit Pension Plan Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (15.9) | (9.3) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from AOCL | 0.7 | 0 |
Total other comprehensive loss | 0.7 | 0 |
Ending Balance | (15.2) | (9.3) |
Foreign Currency Translation Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (41.4) | (65.1) |
Other comprehensive income before reclassifications | (11.3) | (7.9) |
Amounts reclassified from AOCL | 0 | 0 |
Total other comprehensive loss | (11.3) | (7.9) |
Ending Balance | $ (52.7) | $ (73) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Smith, Gambrell & Russell, LLP [Member] | |||
Related Party Transaction [Line Items] | |||
Fees payable to Smith, Gambrell & Russell | $ 0.1 | $ 0.1 | |
Amount due to related party | 0 | $ 0.1 | |
European Metal Recycling Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related party | 0 | 0 | |
Tendering process to select best buyer of scrap metal | 0.1 | 0.1 | |
Advan Six [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related party | 0 | $ 0 | |
Tendering process to select best buyer of scrap metal | $ 0 | $ 0.1 |