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IOSP Innospec

Cover Page

Cover Page - shares3 Months Ended
Mar. 31, 2021Apr. 30, 2021
Cover [Abstract]
Document Type10-Q
Amendment Flagfalse
Document Fiscal Year Focus2020
Document Fiscal Period FocusQ1
Document Quarterly Reporttrue
Document Transition Reportfalse
Current Fiscal Year End Date--12-31
Document Period End DateMar. 31,
2021
Entity File Number1-13879
Entity Registrant NameINNOSPEC INC.
Entity Central Index Key0001054905
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number98-0181725
Entity Address, Postal Zip Code80112
City Area Code303
Local Phone Number792 5554
Security Exchange NameNASDAQ
Title of 12(b) SecurityCommon stock
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding24,608,245
Entity Address, Address Line One8310 South Valley Highway
Entity Address, Address Line TwoSuite 350
Entity Address, City or TownEnglewood
Entity Address, State or ProvinceCO
Trading SymbolIOSP
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Statement [Abstract]
Net sales $ 339.6 $ 372.3
Cost of goods sold(238.8)(258.4)
Gross profit100.8 113.9
Operating expenses:
Selling, general and administrative(63.6)(64.4)
Research and development(9)(8.6)
Total operating expenses(72.6)(73)
Operating income28.2 40.9
Other income, net3 3.9
Interest expense, net(0.4)(0.6)
Income before income tax expense30.8 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):
Basic24,601 24,529
Diluted24,840 24,742

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 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, respectively0.1 (0.2)
Amortization of actuarial net losses, net of tax of $(0.1) million and $0.0 million, respectively0.6 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 Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Changes in cumulative translation adjustment, tax $ 1 $ 1.6
Amortization of prior service credit, tax0 0
Amortization of actuarial net losses, tax $ 0.1 $ 0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in MillionsMar. 31, 2021Dec. 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 goods158.5 156.3
Raw materials64.6 63.7
Total inventories223.1 220
Prepaid expenses12.3 14.9
Prepaid income taxes5 4.2
Other current assets2.3 0.4
Total current assets607.6 566.2
Net property, plant and equipment209.9 210.8
Operating lease right-of-use assets36.7 40.1
Goodwill367.2 371.2
Other intangible assets70.2 75.3
Deferred tax assets7.4 7.6
Pension asset119.6 118
Other non-current assets7.5 8.2
Total assets1,426.1 1,397.4
Current liabilities:
Accounts payable114.5 98.7
Accrued liabilities131.8 129.8
Current portion of finance leases0.4 0.5
Current portion of plant closure provisions6.6 6.6
Current portion of accrued income taxes8.8 5.5
Current portion of operating lease liabilities12.2 11.3
Total current liabilities274.3 252.4
Long-term debt0 0
Finance leases, net of current portion0 0.1
Operating lease liabilities, net of current portion24.6 28.9
Plant closure provisions, net of current portion51.3 51.9
Accrued income taxes, net of current portion32.4 32.4
Unrecognized tax benefits16 16
Deferred tax liabilities46.5 46.9
Pension liabilities and post-employment benefits19.5 20.5
Other non-current liabilities2.4 3.4
Equity:
Common stock, $0.01 par value, authorized 40,000,000 shares, issued 29,554,500 shares0.3 0.3
Additional paid-in capital337.8 336.1
Treasury stock (4,958,599 and 5,047,278 shares at cost, respectively)(93.6)(93.3)
Retained earnings782 758.6
Accumulated other comprehensive loss(67.9)(57.3)
Total Innospec stockholders' equity958.6 944.4
Non-controlling interest0.5 0.5
Total equity959.1 944.9
Total liabilities and equity $ 1,426.1 $ 1,397.4

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in MillionsMar. 31, 2021Dec. 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 authorized40,000,000 40,000,000
Common stock, shares issued29,554,500 29,554,500
Treasury stock, shares4,946,360 4,958,599

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 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 amortization10.3 12
Deferred tax expense0.1 0.7
Non-cash movements on defined benefit pension plans(0.8)(1.2)
Stock option compensation1.6 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 expenses2.4 2.1
Accounts payable and accrued liabilities20.2 (36)
Accrued income taxes3.7 1.6
Plant closure provisions(0.2)0.1
Other assets and liabilities(1.8)1.7
Net cash provided by operating activities22.7 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 interest0 0.1
Repayments of finance leases(0.2)(0.3)
Issue of treasury stock0.5 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 equivalents11.7 (7.6)
Cash and cash equivalents at beginning of period105.3 75.7
Cash and cash equivalents at end of period $ 117 $ 68.1

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity - USD ($) $ in MillionsTotalCommon 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 income33.1 33.1
Changes in cumulative translation adjustment, net of tax(7.9)(7.9)
Share of net income0.1 0.1
Treasury stock re-issued1 (0.4)1.4
Treasury stock repurchased(2.1)(2.1)
Stock option compensation1.2 1.2
Amortization of prior service cost, net of tax(0.2)(0.2)
Amortization of actuarial net losses, net of tax0.2 0.2
Ending Balance at Mar. 31, 2020944.3 0.3 331.2 (94)788.6 (82.3)0.5
Beginning Balance at Dec. 31, 2020944.9 0.3 336.1 (93.3)758.6 (57.3)0.5
Net income23.4 23.4
Changes in cumulative translation adjustment, net of tax(11.3)(11.3)
Treasury stock re-issued0.4 0.1 0.3
Treasury stock repurchased(0.6)(0.6)
Stock option compensation1.6 1.6
Amortization of prior service cost, net of tax0.1 0.1
Amortization of actuarial net losses, net of tax0.6 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 Presentation3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of PresentationNOTE 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 Reporting3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment ReportingNOTE 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 Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per ShareNOTE 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

Goodwill3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GoodwillNOTE 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 Assets3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Other Intangible AssetsNOTE 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 Benefits3 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]
Pension and Post-Employment BenefitsNOTE 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 Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income TaxesNOTE 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 Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term DebtNOTE 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 Provisions3 Months Ended
Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Plant Closure ProvisionsNOTE 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 Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value MeasurementsNOTE 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 Management3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Risk ManagementNOTE 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 Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesNOTE 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 Plans3 Months Ended
Mar. 31, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation PlansNOTE 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 Loss3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Reclassifications out of Accumulated Other Comprehensive LossNOTE 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 Pronouncements3 Months Ended
Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting PronouncementsNOTE 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 Transactions3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party TransactionsNOTE 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 ReportingThe 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 SharePer 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 GoodwillThe 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 AssetsThe 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 ExpenseThe 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 CreditThe 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 CreditThe 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 PenaltiesA 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 ProvisionsMovements 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 BasisThe 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 SEUsThe 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 PlansThe 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 LossReclassifications 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 LossChanges 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 Millions3 Months Ended
Mar. 31, 2021Mar. 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 sales139.3 147
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 sales99.3 108.6
Operating Segments [Member] | Fuel Specialties [Member] | Other [Member]
Segment Reporting Information [Line Items]
Net sales40 38.4
Operating Segments [Member] | Performance Chemicals [Member]
Segment Reporting Information [Line Items]
Net sales125.9 113.1
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 sales68.2 63
Operating Segments [Member] | Performance Chemicals [Member] | Home Care [Member]
Segment Reporting Information [Line Items]
Net sales23 21.6
Operating Segments [Member] | Performance Chemicals [Member] | Other [Member]
Segment Reporting Information [Line Items]
Net sales34.7 28.5
Operating Segments [Member] | Oilfield Services [Member]
Segment Reporting Information [Line Items]
Net sales74.4 112.2
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) - shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Earnings Per Share [Abstract]
Average number of anti-dilutive options excluded from the calculation of diluted earnings per share15,144 17,636

Earnings Per Share - Summary of

Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Numerator (in millions):
Net income available to common stockholders $ 23.4 $ 33.1
Denominator (in thousands):
Weighted average common shares outstanding24,601 24,529
Dilutive effect of stock options and awards239 213
Denominator for diluted earnings per share24,840 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 Millions3 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 Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Gross cost at January 1 $ 298.9
Exchange effect(2)
Gross cost at March 31296.9
Accumulated amortization at January 1(223.6)
Amortization expense(4) $ (5.8)
Exchange effect0.9
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 MillionsMar. 31, 2021Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross cost at January 1 $ 296.9 $ 298.9
Other Intangible Assets, Net70.2 75.3
Product Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Gross cost at January 15.3 6.3
Brand Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross cost at January 12.2 2.3
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross cost at January 119.2 19.8
Customer and Distributor Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross cost at January 141.2 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 Millions3 Months Ended
Mar. 31, 2021Mar. 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 Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 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, total0 $ 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 Millions3 Months Ended
Mar. 31, 2021Mar. 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 assets3.9 4.5
Amortization of prior service (cost)/credit(0.1)0.2
Amortization of actuarial net losses(0.4)(0.2)
Net pension credit total1.5 1.7
Germany [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation0 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 Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Income Tax Contingency [Line Items]
Opening balance at January 1 $ 16
Net change for tax positions of prior periods0
Closing balance at 31 December16
Current0
Non-current16 $ 16
Interest and Penalties [Member]
Income Tax Contingency [Line Items]
Opening balance at January 12.4
Net change for tax positions of prior periods0.1
Closing balance at 31 December2.5
Current0
Non-current2.5
Unrecognized Tax Benefits [Member]
Income Tax Contingency [Line Items]
Opening balance at January 113.6
Net change for tax positions of prior periods(0.1)
Closing balance at 31 December13.5
Current0
Non-current $ 13.5

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 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, descriptionThe 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 movements0.1
Italian Tax Authorities [Member]
Income Tax Contingency [Line Items]
Unrecognized tax benefit3.3
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 year2011
Non-US [Member] | Latest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year2014
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 Millions3 Months Ended
Mar. 31, 2021Sep. 26, 2019
Debt Instrument [Line Items]
Deferred finance costs, net $ 1.3
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Due date of revolving creditSep. 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 Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Beginning Balance $ 58.5
Charge for the period1
Utilized in the period(1.2)
Exchange effect(0.4)
Ending Balance57.9
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 Millions3 Months Ended
Mar. 31, 2021Mar. 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 MillionsMar. 31, 2021Dec. 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 contracts1.9 0
Derivatives (Level 1 measurement):
Foreign currency forward exchange contracts0 0.5
Carrying Amount [Member] | Significant Unobservable Inputs (Level 3) [Member]
Non-financial liabilities (Level 3 measurement):
Stock equivalent units20.8 17.2
Fair Value [Member]
Non-derivatives:
Cash and cash equivalents117 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 contracts1.9 0
Derivatives (Level 1 measurement):
Foreign currency forward exchange contracts0 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 Millions3 Months Ended
Mar. 31, 2021Mar. 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 Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Other Commitments [Line Items]
Guarantees $ 8.1 $ 9.9
Maximum [Member]
Other Commitments [Line Items]
Fixed maturity guarantee remaining term3 years

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 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 vested115,847
Fully vested stock options with performance conditions attached77,979
Stock option compensation $ 1.6 1.2
Total intrinsic value exercised0.6 4.2
Total compensation cost related to non-vested stock options not yet recognized $ 12.1
Expected compensation cost recognized over the weighted-average period2 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 attached40,464
Total intrinsic value exercised $ 0.3 5.6
Expected compensation cost recognized over the weighted-average period2 years 3 months 3 days
Number of exercisable SEUs52,279
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 | shares442,893
Exercised, Number of Options | shares(18,493)
Forfeited, Number of Options | shares(1,307)
Outstanding, Number of Options, Ending balance | shares503,477
Outstanding, Weighted Average Exercise Price, Beginning balance $ 32.49
Exercised, Weighted Average Exercise Price27.24
Forfeited, Weighted Average Exercise Price50.54
Outstanding, Weighted Average Exercise Price, Ending balance29.42
Outstanding, Weighted Average Grant-Date Fair Value45.31
Exercised, Weighted Average Grant-Date Fair Value37.03
Forfeited, Weighted Average Grant-Date Fair Value32.61
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 | shares69,996
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 | shares10,388
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 | shares390,164
Granted at discount, Number of SEUs | shares87,451
Granted at market value, Number of SEUs | shares3,803
Exercised, Number of SEUs | shares(6,275)
Forfeited, Number of SEUs | shares(12,400)
Outstanding, Number of SEUs, Ending balance | shares462,743
Outstanding, Weighted Average Exercise Price, Beginning balance $ 4.35
Granted at discount, Weighted Average Exercise Price0
Granted at market value, Weighted Average Exercise Price99.85
Exercised, Weighted Average Exercise Price1.36
Forfeited, Weighted Average Exercise Price0
Outstanding, Weighted Average Exercise Price, Ending balance4.47
Outstanding, Weighted Average Grant-Date Fair Value63.96
Granted at discount, Weighted Average Grant-Date Fair Value88.94
Granted at market value, Weighted Average Grant-Date Fair Value32.71
Exercised, Weighted Average Grant-Date Fair Value42.82
Forfeited, Weighted Average Grant-Date Fair Value67.33
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 Millions3 Months Ended
Mar. 31, 2021Mar. 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 tax0.8 0
Income tax expense(0.1)0
Total reclassifications0.7 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 credit0.1 (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 Millions3 Months Ended
Mar. 31, 2021Mar. 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 AOCL0.7 0
Total other comprehensive loss(10.6)(7.9)
Ending Balance958.6
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 reclassifications0 0
Amounts reclassified from AOCL0.7 0
Total other comprehensive loss0.7 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 AOCL0 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 Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 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 party0 $ 0.1
European Metal Recycling Limited [Member]
Related Party Transaction [Line Items]
Amount due to related party0 0
Tendering process to select best buyer of scrap metal0.1 0.1
Advan Six [Member]
Related Party Transaction [Line Items]
Amount due to related party0 $ 0
Tendering process to select best buyer of scrap metal $ 0 $ 0.1