Cover
Cover | 3 Months Ended |
Apr. 02, 2023 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Apr. 02, 2023 |
Document Transition Report | false |
Entity File Number | 001-35370 |
Entity Registrant Name | Luxfer Holdings PLC |
Entity Incorporation, State or Country Code | X0 |
Entity Tax Identification Number | 98-1024030 |
Entity Address, Address Line One | 8989 North Port Washington Road, Suite 211 |
Entity Address, City or Town | Milwaukee |
Entity Address, State or Province | WI |
Entity Address, Postal Zip Code | 53217 |
Country Region | +1 |
City Area Code | 414 |
Local Phone Number | 269-2419 |
Title of 12(b) Security | Ordinary Shares, nominal value £0.50 each |
Trading Symbol | LXFR |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 26,931,897 |
Entity Central Index Key | 0001096056 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Address, Country | GB |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 02, 2023 | Mar. 27, 2022 | ||
Income Statement [Abstract] | |||
Net sales | $ 101.3 | $ 97 | |
Cost of goods sold | (80.2) | (72.8) | |
Gross profit | 21.1 | 24.2 | |
Selling, general and administrative expenses | (12.5) | (10.7) | |
Research and development | (1.2) | (1.3) | |
Restructuring charges | (0.3) | (1.4) | |
Acquisition and disposal related costs | 0 | (0.2) | |
Operating income | 7.1 | 10.6 | |
Interest expense | (1.3) | (0.8) | |
Defined benefit pension (charge) / credit | (8.9) | 0.4 | |
(Loss) / income before income taxes | (3.1) | 10.2 | |
Credit / (provision) for income taxes | 3.6 | (2.5) | |
Net income from continuing operations | 0.5 | 7.7 | |
Net income / (loss) from discontinued operations | 0 | (0.1) | |
Net income | $ 0.5 | $ 7.6 | |
Earnings / (loss) per share | |||
Basic from continuing operations (usd per share) | [1] | $ 0.02 | $ 0.28 |
Basic from discontinued operations (usd per share) | [1],[2] | 0 | 0 |
Basic (usd per share) | [1] | 0.02 | 0.28 |
Diluted from continuing operations (usd per share) | [1] | 0.02 | 0.28 |
Diluted from discontinued operations (usd per share) | [1],[2] | 0 | 0 |
Diluted (usd per share) | [1] | $ 0.02 | $ 0.28 |
Weighted average ordinary shares outstanding | |||
Basic (in shares) | 26,921,010 | 27,490,741 | |
Diluted (in shares) | 27,071,494 | 27,696,118 | |
[1]The calculation of earnings per share is performed separately for continuing and discontinued operations. As a result, the sum of the two in any particular period may not equal the earnings-per-share amount in total.[2] The loss per share for discontinued operations in the First Quarter of 2022 has not been diluted, since the incremental shares included in the weighted-average number of shares outstanding would have been anti-dilutive. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Mar. 27, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 0.5 | $ 7.6 |
Other comprehensive income / (loss) | ||
Net change in foreign currency translation adjustment, net of tax | 3.4 | (1.8) |
Pension and post-retirement actuarial gains, net of $4.9 and $0.1 tax, respectively | 6.8 | 0.4 |
Other comprehensive income / (loss), net of tax | 10.2 | (1.4) |
Total comprehensive income | $ 10.7 | $ 6.2 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Mar. 27, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Tax on other comprehensive income | $ 4.9 | $ 0.1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Apr. 02, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 1.8 | $ 12.6 |
Restricted cash | 0.3 | 0.3 |
Accounts and other receivables, net of allowances of $0.5 and $0.4, respectively | 74.2 | 67.8 |
Inventories | 129.4 | 111.1 |
Current assets held-for-sale | 7.8 | 9.3 |
Total current assets | 213.5 | 201.1 |
Non-current assets | ||
Property, plant and equipment, net | 77.6 | 77.7 |
Right-of-use assets from operating leases | 19.2 | 19.8 |
Goodwill | 66.5 | 65.6 |
Intangibles, net | 12.4 | 12.5 |
Deferred tax assets | 3.2 | 3 |
Investments and loans to joint ventures and other affiliates | 0.3 | 0.4 |
Pensions and other retirement benefits | 28.4 | 27 |
Total assets | 421.1 | 407.1 |
Current liabilities | ||
Short-term debt | 25 | 25 |
Accounts payable | 39.3 | 37.8 |
Accrued liabilities | 28.9 | 29.4 |
Taxes on income | 2.7 | 1.8 |
Current liabilities held-for-sale | 4.1 | 5 |
Other current liabilities | 11.8 | 11.2 |
Total current liabilities | 111.8 | 110.2 |
Non-current liabilities | ||
Long-term debt | 66.4 | 56.2 |
Pensions and other retirement benefits | 0 | 4.5 |
Deferred tax liabilities | 11.4 | 9.9 |
Other non-current liabilities | 17.5 | 19 |
Total liabilities | 207.1 | 199.8 |
Shareholders' equity | ||
Additional paid-in capital | 221.7 | 221.4 |
Treasury shares | (21.2) | (20.4) |
Own shares held by ESOP | (1) | (1) |
Retained earnings | 117.2 | 120.2 |
Accumulated other comprehensive loss | (129.2) | (139.4) |
Total shareholders' equity | 214 | 207.3 |
Total liabilities and shareholders' equity | 421.1 | 407.1 |
Ordinary shares | ||
Shareholders' equity | ||
Common stock | $ 26.5 | $ 26.5 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) $ in Millions | Apr. 02, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares |
Accounts and other receivables, net of allowance | $ | $ 0.5 | $ 0.4 |
Ordinary shares | ||
Common stock, par value (in GBP per share) | (per share) | $ 0.50 | |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 28,944,000 | |
Common stock, shares outstanding (in shares) | 28,944,000 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Mar. 27, 2022 | |
Operating activities | ||
Net income | $ 0.5 | $ 7.6 |
Net (income) / loss from discontinued operations | 0 | 0.1 |
Net income from continuing operations | 0.5 | 7.7 |
Adjustments to reconcile net income to net cash used by operating activities | ||
Depreciation | 3.1 | 3.5 |
Amortization of purchased intangible assets | 0.2 | 0.2 |
Amortization of debt issuance costs | 0.1 | 0.2 |
Share-based compensation charges | 0.6 | 0.2 |
Deferred income taxes | 1.2 | 0.1 |
Defined benefit pension charge / (credit) | 8.9 | (0.4) |
Defined benefit pension contributions | (2.3) | 0 |
Changes in assets and liabilities | ||
Accounts and other receivables | (2.3) | (12.2) |
Inventories | (17.1) | (16.2) |
Other current assets | 1.5 | (3) |
Accounts payable | (2.4) | 6.8 |
Accrued liabilities | (1) | 3.4 |
Other current liabilities | (4.4) | 2 |
Other non-current assets and liabilities | (1) | (1.6) |
Net cash used by operating activities - continuing | (14.4) | (9.3) |
Net cash provided by operating activities - discontinued | 0 | 0 |
Net cash used by operating activities | (14.4) | (9.3) |
Investing activities | ||
Capital expenditures | (2) | (1) |
Net cash used by investing activities - continuing | (2) | (1) |
Net cash used by investing activities - discontinued | 0 | 0 |
Net cash used by investing activities | (2) | (1) |
Financing activities | ||
Net drawdown of long-term borrowings | 9.9 | 26.7 |
Repurchase of own shares | (0.8) | (1.5) |
Share-based compensation cash paid | (0.3) | (0.4) |
Dividends paid | (3.5) | (3.4) |
Net cash provided by financing activities | 5.3 | 21.4 |
Effect of exchange rate changes on cash and cash equivalents | 0.3 | (0.2) |
Net increase | (10.8) | 10.9 |
Cash, cash equivalents and restricted cash; beginning of year | 12.9 | 6.4 |
Cash, cash equivalents and restricted cash; end of the First Quarter | 2.1 | 17.3 |
Supplemental cash flow information: | ||
Interest payments | 1.4 | 0.8 |
Income tax receipts, net | $ (0.5) | $ (0.1) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions | Total | Additional paid-in capital | Treasury shares | Own shares held by ESOP | Retained earnings | Accumulated other comprehensive loss | Ordinary shares Common stock | Deferred shares Common stock |
Beginning balance at Dec. 31, 2021 | $ 209.1 | $ 70.9 | $ (9.6) | $ (1.1) | $ 107.5 | $ (135) | $ 26.5 | $ 149.9 |
Beginning balance (in shares) at Dec. 31, 2021 | (0.6) | (0.8) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 7.6 | 7.6 | ||||||
Other comprehensive income / (loss), net of tax | (1.4) | (1.4) | ||||||
Dividends declared | (7) | (7) | ||||||
Share-based compensation | 0.2 | 0.2 | ||||||
Share buyback (in shares) | (0.1) | |||||||
Share buyback | (1.5) | $ (1.5) | ||||||
Utilization of shares from ESOP to satisfy share based compensation | (0.4) | (0.4) | ||||||
Ending balance at Mar. 27, 2022 | 206.6 | 70.7 | $ (11.1) | $ (1.1) | 108.1 | (136.4) | 26.5 | 149.9 |
Ending balance (in shares) at Mar. 27, 2022 | (0.7) | (0.8) | ||||||
Beginning balance at Dec. 31, 2022 | 207.3 | 221.4 | $ (20.4) | $ (1) | 120.2 | (139.4) | 26.5 | 0 |
Beginning balance (in shares) at Dec. 31, 2022 | (1.3) | (0.7) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 0.5 | 0.5 | ||||||
Other comprehensive income / (loss), net of tax | 10.2 | 10.2 | ||||||
Dividends declared | (3.5) | (3.5) | ||||||
Share-based compensation | 0.6 | 0.6 | ||||||
Share buyback (in shares) | (0.1) | |||||||
Share buyback | (0.8) | $ (0.8) | ||||||
Utilization of shares from ESOP to satisfy share based compensation | (0.3) | (0.3) | $ 0 | |||||
Utilization of shares from ESOP to satisfy share based compensation (in shares) | 0 | |||||||
Ending balance at Apr. 02, 2023 | $ 214 | $ 221.7 | $ (21.2) | $ (1) | $ 117.2 | $ (129.2) | $ 26.5 | $ 0 |
Ending balance (in shares) at Apr. 02, 2023 | (1.4) | (0.7) |
Basis of Presentation and Respo
Basis of Presentation and Responsibility for interim Financial Statements | 3 Months Ended |
Apr. 02, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Responsibility for interim Financial Statements | Basis of Presentation and Responsibility for interim Financial Statements We prepared the accompanying unaudited condensed consolidated financial statements of Luxfer Holdings PLC and all wholly-owned, majority owned or otherwise controlled subsidiaries on the same basis as our annual audited financial statements. We condensed or omitted certain information and footnote disclosures normally included in our annual audited financial statements, which we prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Our quarterly financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022. As used in this report, the terms "we," "us," "our," "Luxfer" and "the Company" mean Luxfer Holdings PLC and its subsidiaries, unless the context indicates another meaning. In the opinion of management, our financial statements reflect all adjustments, which are only of a normal recurring nature, necessary for the fair statement of financial statements for interim periods in accordance with U.S. GAAP and with the instructions to Form 10-Q in Article 10 of Securities and Exchange Commission (SEC) Regulation S-X. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates, and any such differences may be material to our financial statements. Our fiscal year ends on December 31. We report our interim quarterly periods on a 13-week quarter basis, ending on a Sunday. The First Quarter 2023, ended on April 2, 2023, and the First Quarter 2022, ended on March 27, 2022. Accounting standards issued but not yet effective None that are expected to be material to the Company. |
Earnings per share
Earnings per share | 3 Months Ended |
Apr. 02, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Basic earnings per share are computed by dividing net income or loss for the period by the weighted-average number of ordinary shares outstanding, net of treasury shares and shares held in ESOP. Diluted earnings per share are computed by dividing net income or loss for the period by the weighted average number of ordinary shares outstanding and the dilutive ordinary shares equivalents. Basic and diluted earnings per share were calculated as follows: First Quarter In millions except share and per-share data 2023 2022 Basic earnings: Net income from continuing operations $ 0.5 $ 7.7 Net income / (loss) from discontinued operations — (0.1) Net income $ 0.5 $ 7.6 Weighted average number of £0.50 ordinary shares: For basic earnings per share 26,921,010 27,490,741 Dilutive effect of potential common stock 150,484 205,377 For diluted earnings per share 27,071,494 27,696,118 Earnings / (loss) per share using weighted average number of ordinary shares outstanding (1) : Basic earnings per ordinary share for continuing operations $ 0.02 $ 0.28 Basic earnings / (loss) per ordinary share for discontinued operations — — Basic earnings per ordinary share $ 0.02 $ 0.28 Diluted earnings per ordinary share for continuing operations $ 0.02 $ 0.28 Diluted earnings / (loss) per ordinary share for discontinued operations — — Diluted earnings per ordinary share $ 0.02 $ 0.28 (1) The calculation of earnings per share is performed separately for continuing and discontinued operations. As a result, the sum of the two in any particular period may not equal the earnings-per-share amount in total In the first quarter of 2022, basic average shares outstanding and diluted average shares outstanding were the same for discontinued operations because the effect of potential shares of common stock was anti-dilutive since the Company generated a net loss from discontinued operations. . |
Net Sales
Net Sales | 3 Months Ended |
Apr. 02, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Net Sales | Net Sales Disaggregated sales disclosures for the quarters ended April 2, 2023, and March 27, 2022, are included below and in Note 13, Segmental Information. First Quarter 2023 2022 In millions Gas Cylinders Elektron Total Gas Cylinders Elektron Total General industrial $ 9.5 $ 22.9 $ 32.4 $ 8.4 $ 26.9 $ 35.3 Transportation 13.9 12.8 26.7 16.9 12.9 29.8 Defense, First Response & Healthcare 18.1 24.1 42.2 17.1 14.8 31.9 $ 41.5 $ 59.8 $ 101.3 $ 42.4 $ 54.6 $ 97.0 |
Restructuring
Restructuring | 3 Months Ended |
Apr. 02, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring The $0.3 million (2021: $1.4 million) restructuring charges in the first quarter of 2023, predominantly relates to costs incurred in streamlining our North American Gas Cylinder business. The $1.4 million restructuring charge in 2022 relates solely to costs associated with the closure of Luxfer Gas Cylinders France, which ceased operations in 2019. Restructuring-related costs by reportable segment were as follows: First Quarter In millions 2023 2022 Severance and related costs Gas Cylinders $ 0.3 $ 1.4 Elektron — — Total restructuring charges $ 0.3 $ 1.4 Activity related to restructuring, recorded in Other current liabilities in the consolidated balance sheets is summarized as follows: In millions 2023 Balance at January 1, $ 3.7 Costs incurred 0.3 Cash payments and other (0.2) Balance at April 2, $ 3.8 |
Acquisition and disposal relate
Acquisition and disposal related costs | 3 Months Ended |
Apr. 02, 2023 | |
Business Combinations [Abstract] | |
Acquisition and disposal related costs | Acquisition and disposal related costsAcquisition-related costs of $0.2 million in the first quarter of 2022 represent professional fees incurred in relation to the SCI acquisition. |
Supplementary balance sheet inf
Supplementary balance sheet information | 3 Months Ended |
Apr. 02, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary balance sheet information | Supplementary balance sheet information April 2, December 31, In millions 2023 2022 Accounts and other receivables Trade receivables $ 62.0 $ 56.4 Related parties 0.1 0.1 Prepayments and accrued income 6.5 6.6 Derivative financial instruments 0.1 0.7 Other receivables 5.5 4.0 Total accounts and other receivables $ 74.2 $ 67.8 Inventories Raw materials and supplies $ 55.9 $ 42.7 Work-in-process 44.3 44.0 Finished goods 29.2 24.4 Total inventories $ 129.4 $ 111.1 Property, plant and equipment, net Land, buildings and leasehold improvements $ 59.7 $ 58.9 Machinery and equipment 258.8 254.9 Construction in progress 11.7 9.8 Total property, plant and equipment 330.2 323.6 Accumulated depreciation and impairment (252.6) (245.9) Total property, plant and equipment, net $ 77.6 $ 77.7 Other current liabilities Restructuring provision $ 3.8 $ 3.7 Short term provision — 0.1 Derivative financial instruments 0.2 0.4 Operating lease liability 5.5 4.7 Advance payments 2.3 2.3 Total other current liabilities $ 11.8 $ 11.2 Other non-current liabilities Contingent liabilities $ 0.5 $ 0.7 Operating lease liability 16.8 18.2 Other non-current liabilities 0.2 0.1 Total other non-current liabilities $ 17.5 $ 19.0 |
Goodwill and other identifiable
Goodwill and other identifiable intangible assets | 3 Months Ended |
Apr. 02, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other identifiable intangible assets | Goodwill and other identifiable intangible assets Changes in goodwill during the first three months ended April 2, 2023, were as follows: In millions Gas Cylinders Elektron Total At January 1, 2023 $ 25.0 $ 40.6 $ 65.6 Exchange difference 0.6 0.3 0.9 Net balance at April 2, 2023 $ 25.6 $ 40.9 $ 66.5 Accumulated goodwill impairment losses in relation to continuing activities were $8.0 million as of April 2, 2023 and December 31, 2022.. Identifiable intangible assets consisted of the following: In millions Customer relationships Technology and trading related Total Cost: At January 1, 2023 $ 15.2 $ 7.4 $ 22.6 Exchange movements — 0.2 0.2 At April 2, 2023 $ 15.2 $ 7.6 $ 22.8 Accumulated amortization: At January 1, 2023 $ 6.1 $ 4.0 $ 10.1 Provided during the period 0.1 0.1 0.2 Exchange movements — 0.1 0.1 At April 2, 2023 $ 6.2 $ 4.2 $ 10.4 Net book values: At January 1, 2023 $ 9.1 $ 3.4 $ 12.5 At April 2, 2023 $ 9.0 $ 3.4 $ 12.4 Identifiable intangible asset amortization expense was $0.2 million and $0.2 million for the First Quarters of 2023 and 2022 respectively. Intangible asset amortization expense during each of the following five years is expected to be approximately $0.7 million. |
Debt
Debt | 3 Months Ended |
Apr. 02, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt outstanding was as follows: In millions April 2, 2023 December 31, 2022 4.88% Loan Notes due 2023 $ 25.0 $ 25.0 4.94% Loan Notes due 2026 25.0 25.0 Revolving credit facility 42.2 31.9 Unamortized debt issuance costs (0.8) (0.7) Total debt $ 91.4 $ 81.2 Less current portion $ (25.0) $ (25.0) Non-current debt $ 66.4 $ 56.2 The weighted-average interest rate on the revolving credit facility was 6.00% for the First Quarter of 2023 and 3.80% for the full-year 2022. 8. Debt (continued) The maturity profile of the Company's debt, excluding unamortized issuance costs and discounts, is as follows: In millions 2023 2024 2025 2026 Thereafter Total Loan Notes due 2023 25.0 — — — — 25.0 Loan Notes due 2026 — — — 25.0 — 25.0 Revolving credit facility — — — 42.2 — 42.2 Total debt $ 25.0 $ — $ — $ 67.2 $ — $ 92.2 Loan notes due and shelf facility The Note Purchase Agreement and Private Shelf Agreement requires us to maintain compliance with a minimum interest coverage ratio and a leverage ratio. We have been in compliance with the covenants under the Note Purchase and Private Shelf Agreement throughout all of the quarterly measurement dates from and including September 30, 2014, to April 2, 2023. The Loan Notes due 2023 and 2026, the Shelf Facility and the Note Purchase and Private Shelf Agreement are governed by the law of the State of New York. Senior Facilities Agreement During the first quarter of 2023, we drew down net $9.9 million on the Revolving Credit Facility and the balance outstanding at April 2, 2023, was $42.2 million, and at December 31, 2022, was $31.9 million, with $82.8 million undrawn at April 2, 2023. We have been in compliance with the covenants under the Senior Facilities Agreement throughout all of the quarterly measurement dates to April 2, 2023. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Apr. 02, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Our Superform aluminum superplastic forming business operating in the U.S. was historically included in the Gas Cylinders segment. As a result of our decision to exit non-strategic aluminum product lines, we have reflected the results of operations of this business as discontinued operations in the Condensed Consolidated Statements of Income for all periods presented. We expect the sale of our Superform business to occur in 2023. The assets and liabilities of the Superform business have been presented within assets held-for-sale and liabilities held-for-sale in the consolidated balance sheets for 2023 and 2022. Results of discontinued operations in the first quarter of 2023 and 2022 were as follows: First Quarter In millions 2023 2022 Net sales $ 2.3 $ 1.7 Cost of goods sold (1.9) (1.6) Gross profit $ 0.4 $ 0.1 Selling, general and administrative expenses (0.3) (0.2) Restructuring charges (0.1) — Operating profit / (loss) $ — $ (0.1) Tax (charge) / credit — — Net profit / (loss) $ — $ (0.1) 9. Discontinued Operations (continued) The assets and liabilities classified as held-for-sale related to discontinued operations were as follows: Held-for-sale assets April 2, December 31, In millions 2023 2022 Inventory 2.4 2.7 Accounts and other receivables 1.6 2.7 Current assets $ 4.0 $ 5.4 Right-of-use-assets 2.6 2.7 Held-for-sale assets $ 6.6 $ 8.1 Held-for-sale liabilities Accounts payable 0.8 0.8 Accrued liabilities 0.4 0.2 Other liabilities 2.9 4.0 Held-for-sale liabilities $ 4.1 $ 5.0 Also included within assets held-for-sale in 2023 and 2022 are land and buildings valued at $1.2 million, within our Elektron Segment. There was no depreciation and amortization, capital expenditures and significant non-cash items. Cash balances are swept into the treasury entities at the end of each day, these sweeps are recorded within operating cash flows in the statements of cash flows. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 02, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We manage our affairs so that we are centrally managed and controlled in the United Kingdom (“U.K.”) and therefore have our tax residency in the U.K. The provision for income taxes consists of provisions for the U.K. and international income taxes. We operate in an international environment with operations in various locations outside the U.K. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable rates. The effective income tax rate on continuing operations for the Quarter ended April 2, 2023, was 116.0%, compared to 24.5% for the Quarter ended March 27, 2022. The rate was impacted by non-deductible expenses and a deferred tax credit, primarily in relation to the U.S. pension buyout. |
Share Plans
Share Plans | 3 Months Ended |
Apr. 02, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share Plans | Share Plans Total share-based compensation expense for the quarters ended April 2, 2023 and March 27, 2022 was as follows: First Quarter In millions 2023 2022 Total share-based compensation charges $ 0.6 $ 0.2 In March 2023, we issued our annual share-based compensation grants under the Luxfer Holdings PLC Long-Term Umbrella Incentive Plan. The total number of awards issued was approximately 126,600 and the weighted average fair value of options granted in 2023 was estimated to be $17.94 per share. Also in March 2023, approximately 10,000 awards were granted based on the achievement of total shareholder return targets from the period January 1, 2020 to December 31, 2022. 50% of these awards vested immediately upon grant, with the remaining 50% vesting in March 2024. The following table illustrates the assumptions used in deriving the fair value of share options granted during the First Quarter of 2023 and the year-ended December 31, 2022: First Quarter Year ended December 31, 2023 2022 Dividend yield (%) 2.75 - 3.41 2.75 - 3.41 Expected volatility range (%) 36.11 - 49.43 36.11 - 49.43 Risk-free interest rate (%) 1.28 - 2.99 1.28 - 2.99 Expected life of share options range (years) 0.50 - 4.00 0.50 - 4.00 Forfeiture rate (%) 5.00 5.00 Weighted average exercise price ($) $1.00 $1.00 Model used Black-Scholes & Monte-Carlo Black-Scholes & Monte-Carlo The expected life of the share options is based on historical data and current expectations, and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Apr. 02, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Dividends paid and proposed First Quarter In millions 2023 2022 Dividends declared and paid during the year: Interim dividend paid February 4, 2022 ($0.125 per ordinary share) $ — $ 3.4 Interim dividend paid February 1 2023 ($0.130 per ordinary share) 3.5 — Interim dividend declared March 10 2022, and paid May 4, 2022 ($0.130) per ordinary share) — 3.6 $ 3.5 $ 7.0 In millions 2023 2022 Dividends declared and paid after the quarter end (not recognized as a liability at the quarter end): Interim dividend declared April 3 2023, and to be paid May 3, 2023 ($0.130 per ordinary share) 3.5 — $ 3.5 $ — |
Segmental Information
Segmental Information | 3 Months Ended |
Apr. 02, 2023 | |
Segment Reporting [Abstract] | |
Segmental Information | Segmental Information We classify our operations into two core business segments, Gas Cylinders and Elektron, based primarily on shared economic characteristics for the nature of the products and services; the nature of the production processes; the type or class of customer for their products and services; the methods used to distribute their products or provide their services; and the nature of the regulatory environment. The Company has four identified business units, which aggregate into the two reportable segments. Luxfer Gas Cylinders forms the Gas Cylinders segment, and Luxfer MEL Technologies, Luxfer Magtech and Luxfer Graphic Arts aggregate into the Elektron segment. The Superform business unit used to aggregate into the Gas Cylinders segment, but is now recognized as discontinued operations. A summary of the operations of the segments is provided below: Gas Cylinders segment Our Gas Cylinders segment manufactures and markets specialized products using composites and aluminum, including pressurized cylinders for use in various applications including self-contained breathing apparatus (SCBA) for firefighters, containment of oxygen and other medical gases for healthcare, alternative fuel vehicles, and general industrial. Elektron segment Our Elektron segment focuses on specialty materials based primarily on magnesium and zirconium, with key product lines including advanced lightweight magnesium alloys with a variety of uses across a variety of industries; magnesium powders for use in countermeasure flares, as well as heater meals; photoengraving plates for graphic arts; and high-performance zirconium-based materials and oxides used as catalysts and in the manufacture of advanced ceramics, fiber-optic fuel cells, and many other performance products. Other Other primarily represents unallocated corporate expense and includes non-service related defined benefit pension cost / credit. Management monitors the operating results of its reportable segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated by the chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments as the CEO, using adjusted EBITDA, which we defined as segment income and are based on operating income adjusted for share based compensation charges; loss on disposal of property, plant and equipment; restructuring charges; impairment charges; acquisition and disposal related gains and costs; other charges; depreciation and amortization; and unwind of the discount on deferred consideration. Unallocated assets and liabilities include those which are held on behalf of the Company and cannot be allocated to a segment, such as taxation, investments, cash, retirement benefits obligations, bank and other loans and holding company assets and liabilities. Financial information by reportable segment for the Quarters ended April 2, 2023, and March 27, 2022, is included in the following summary: Net sales Adjusted EBITDA First Quarter First Quarter In millions 2023 2022 2023 2022 Gas Cylinders segment $ 41.5 $ 42.4 $ 2.5 $ 2.7 Elektron segment 59.8 54.6 8.8 13.4 Consolidated $ 101.3 $ 97.0 $ 11.3 $ 16.1 Depreciation and amortization Restructuring charges First Quarter First Quarter In millions 2023 2022 2023 2022 Gas Cylinders segment $ 1.1 $ 1.4 $ 0.3 $ 1.4 Elektron segment 2.2 2.3 — — Consolidated $ 3.3 $ 3.7 $ 0.3 $ 1.4 13. Segmental Information (continued) Total assets Capital expenditures First Quarter, December 31, First Quarter In millions 2023 2022 2023 2022 Gas Cylinders segment $ 143.3 $ 133.1 $ 0.3 $ 0.2 Elektron segment 234.4 216.4 1.7 0.8 Other 36.8 49.5 — — Discontinued operations $ 6.6 $ 8.1 $ (0.1) $ — Consolidated $ 421.1 $ 407.1 $ 1.9 $ 1.0 Property, plant and equipment, net First Quarter December 31, In millions 2023 2022 U.S. $ 40.5 $ 41.6 United Kingdom 33.0 32.0 Canada 2.7 2.8 Rest of Europe 1.0 1.0 Asia Pacific 0.4 0.3 $ 77.6 $ 77.7 The following table presents a reconciliation of Adjusted EBITDA to net income from continuing operations: First Quarter In millions 2023 2022 Adjusted EBITDA $ 11.3 $ 16.1 Other share-based compensation charges (0.6) (0.2) Depreciation and amortization (3.3) (3.7) Restructuring charges (0.3) (1.4) Acquisition and disposal related costs — (0.2) Defined benefits pension credit (8.9) 0.4 Interest expense, net (1.3) (0.8) Net (loss) / income before income taxes from continuing operations $ (3.1) $ 10.2 The following tables present certain geographic information by geographic region for the First Quarter ended April 2, 2023, and March 27, 2022: Net Sales (1) First Quarter 2023 2022 $M Percent $M Percent United States $ 57.7 57.0 % $ 55.3 57.0 % U.K. 5.6 5.5 % 5.4 5.6 % Germany 6.3 6.2 % 4.5 4.6 % France 2.1 2.1 % 3.5 3.6 % Italy 3.3 3.3 % 2.3 2.4 % Top five countries $ 75.0 74.1 % $ 71.0 73.2 % Rest of Europe 7.4 7.3 % 6.0 6.2 % Asia Pacific 14.8 14.6 % 14.6 15.1 % Other (2) 4.1 4.0 % 5.4 5.6 % $ 101.3 $ 97.0 (1) Net sales are based on the geographic destination of sale. (2) Other includes Canada, South America, Latin America and Africa. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 02, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Committed and uncommitted banking facilities The Company had committed banking facilities of $125.0 million at April 2, 2023 and $100.0 million December 31, 2022. Of these committed facilities, $42.2 million was drawn at April 2, 2023 and $10.8 million at December 31, 2022. The Company also had an additional $25.0 million of uncommitted facilities through an accordion provision at April 2, 2023 and $50.0 million at December 31, 2022. Uncommitted Facilities April 2, 2023 December 31, 2022 Facility Drawn Facility Drawn Bond and Guarantees $ 0.6 $ 0.2 $ 0.6 $ 0.2 Letters of Credit 2.0 1.5 2.0 1.5 Overdraft 4.0 — 4.0 — $ 6.6 $ 1.7 $ 6.6 $ 1.7 Contingencies |
Subsequent Events
Subsequent Events | 3 Months Ended |
Apr. 02, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsNo material events. |
Pension Settlement
Pension Settlement | 3 Months Ended |
Apr. 02, 2023 | |
Retirement Benefits [Abstract] | |
Pension Settlement | Pension SettlementIn the first quarter of 2023, there was a $9.2 million charge in relation to the sale of the U.S. pension plan liability to an insurer, which included $2.3 million cash and $6.9 million in relation to the derecognition of the U.S. pension liability and reallocation of accumulated actuarial losses from other comprehensive income. This was partially offset by a $0.3 million (2022: $0.4 million) defined benefit credit on the U.K. pension plan, consistent with the prior year. |
Basis of Presentation and Res_2
Basis of Presentation and Responsibility for interim Financial Statements (Policies) | 3 Months Ended |
Apr. 02, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of Presentation and Responsibility for interim Financial Statements We prepared the accompanying unaudited condensed consolidated financial statements of Luxfer Holdings PLC and all wholly-owned, majority owned or otherwise controlled subsidiaries on the same basis as our annual audited financial statements. We condensed or omitted certain information and footnote disclosures normally included in our annual audited financial statements, which we prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Our quarterly financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022. As used in this report, the terms "we," "us," "our," "Luxfer" and "the Company" mean Luxfer Holdings PLC and its subsidiaries, unless the context indicates another meaning. In the opinion of management, our financial statements reflect all adjustments, which are only of a normal recurring nature, necessary for the fair statement of financial statements for interim periods in accordance with U.S. GAAP and with the instructions to Form 10-Q in Article 10 of Securities and Exchange Commission (SEC) Regulation S-X. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates, and any such differences may be material to our financial statements. |
Fiscal year | Our fiscal year ends on December 31. We report our interim quarterly periods on a 13-week quarter basis, ending on a Sunday. The First Quarter 2023, ended on April 2, 2023, and the First Quarter 2022, ended on March 27, 2022. |
Accounting standards issued but not yet effective | Accounting standards issued but not yet effective None that are expected to be material to the Company. |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Basic and diluted earnings per share were calculated as follows: First Quarter In millions except share and per-share data 2023 2022 Basic earnings: Net income from continuing operations $ 0.5 $ 7.7 Net income / (loss) from discontinued operations — (0.1) Net income $ 0.5 $ 7.6 Weighted average number of £0.50 ordinary shares: For basic earnings per share 26,921,010 27,490,741 Dilutive effect of potential common stock 150,484 205,377 For diluted earnings per share 27,071,494 27,696,118 Earnings / (loss) per share using weighted average number of ordinary shares outstanding (1) : Basic earnings per ordinary share for continuing operations $ 0.02 $ 0.28 Basic earnings / (loss) per ordinary share for discontinued operations — — Basic earnings per ordinary share $ 0.02 $ 0.28 Diluted earnings per ordinary share for continuing operations $ 0.02 $ 0.28 Diluted earnings / (loss) per ordinary share for discontinued operations — — Diluted earnings per ordinary share $ 0.02 $ 0.28 (1) The calculation of earnings per share is performed separately for continuing and discontinued operations. As a result, the sum of the two in any particular period may not equal the earnings-per-share amount in total |
Net Sales (Tables)
Net Sales (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Disaggregated sales disclosures for the quarters ended April 2, 2023, and March 27, 2022, are included below and in Note 13, Segmental Information. First Quarter 2023 2022 In millions Gas Cylinders Elektron Total Gas Cylinders Elektron Total General industrial $ 9.5 $ 22.9 $ 32.4 $ 8.4 $ 26.9 $ 35.3 Transportation 13.9 12.8 26.7 16.9 12.9 29.8 Defense, First Response & Healthcare 18.1 24.1 42.2 17.1 14.8 31.9 $ 41.5 $ 59.8 $ 101.3 $ 42.4 $ 54.6 $ 97.0 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Restructuring-related costs by reportable segment were as follows: First Quarter In millions 2023 2022 Severance and related costs Gas Cylinders $ 0.3 $ 1.4 Elektron — — Total restructuring charges $ 0.3 $ 1.4 |
Schedule of Restructuring Reserve | Activity related to restructuring, recorded in Other current liabilities in the consolidated balance sheets is summarized as follows: In millions 2023 Balance at January 1, $ 3.7 Costs incurred 0.3 Cash payments and other (0.2) Balance at April 2, $ 3.8 |
Supplementary balance sheet i_2
Supplementary balance sheet information (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Balance Sheet | Supplementary balance sheet information April 2, December 31, In millions 2023 2022 Accounts and other receivables Trade receivables $ 62.0 $ 56.4 Related parties 0.1 0.1 Prepayments and accrued income 6.5 6.6 Derivative financial instruments 0.1 0.7 Other receivables 5.5 4.0 Total accounts and other receivables $ 74.2 $ 67.8 Inventories Raw materials and supplies $ 55.9 $ 42.7 Work-in-process 44.3 44.0 Finished goods 29.2 24.4 Total inventories $ 129.4 $ 111.1 Property, plant and equipment, net Land, buildings and leasehold improvements $ 59.7 $ 58.9 Machinery and equipment 258.8 254.9 Construction in progress 11.7 9.8 Total property, plant and equipment 330.2 323.6 Accumulated depreciation and impairment (252.6) (245.9) Total property, plant and equipment, net $ 77.6 $ 77.7 Other current liabilities Restructuring provision $ 3.8 $ 3.7 Short term provision — 0.1 Derivative financial instruments 0.2 0.4 Operating lease liability 5.5 4.7 Advance payments 2.3 2.3 Total other current liabilities $ 11.8 $ 11.2 Other non-current liabilities Contingent liabilities $ 0.5 $ 0.7 Operating lease liability 16.8 18.2 Other non-current liabilities 0.2 0.1 Total other non-current liabilities $ 17.5 $ 19.0 |
Goodwill and other identifiab_2
Goodwill and other identifiable intangible assets (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in goodwill during the first three months ended April 2, 2023, were as follows: In millions Gas Cylinders Elektron Total At January 1, 2023 $ 25.0 $ 40.6 $ 65.6 Exchange difference 0.6 0.3 0.9 Net balance at April 2, 2023 $ 25.6 $ 40.9 $ 66.5 |
Schedule of Intangible Assets | Identifiable intangible assets consisted of the following: In millions Customer relationships Technology and trading related Total Cost: At January 1, 2023 $ 15.2 $ 7.4 $ 22.6 Exchange movements — 0.2 0.2 At April 2, 2023 $ 15.2 $ 7.6 $ 22.8 Accumulated amortization: At January 1, 2023 $ 6.1 $ 4.0 $ 10.1 Provided during the period 0.1 0.1 0.2 Exchange movements — 0.1 0.1 At April 2, 2023 $ 6.2 $ 4.2 $ 10.4 Net book values: At January 1, 2023 $ 9.1 $ 3.4 $ 12.5 At April 2, 2023 $ 9.0 $ 3.4 $ 12.4 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt outstanding was as follows: In millions April 2, 2023 December 31, 2022 4.88% Loan Notes due 2023 $ 25.0 $ 25.0 4.94% Loan Notes due 2026 25.0 25.0 Revolving credit facility 42.2 31.9 Unamortized debt issuance costs (0.8) (0.7) Total debt $ 91.4 $ 81.2 Less current portion $ (25.0) $ (25.0) Non-current debt $ 66.4 $ 56.2 |
Schedule of Maturities of Company's Debt | The maturity profile of the Company's debt, excluding unamortized issuance costs and discounts, is as follows: In millions 2023 2024 2025 2026 Thereafter Total Loan Notes due 2023 25.0 — — — — 25.0 Loan Notes due 2026 — — — 25.0 — 25.0 Revolving credit facility — — — 42.2 — 42.2 Total debt $ 25.0 $ — $ — $ 67.2 $ — $ 92.2 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Results of Discontinued Operations | Results of discontinued operations in the first quarter of 2023 and 2022 were as follows: First Quarter In millions 2023 2022 Net sales $ 2.3 $ 1.7 Cost of goods sold (1.9) (1.6) Gross profit $ 0.4 $ 0.1 Selling, general and administrative expenses (0.3) (0.2) Restructuring charges (0.1) — Operating profit / (loss) $ — $ (0.1) Tax (charge) / credit — — Net profit / (loss) $ — $ (0.1) The assets and liabilities classified as held-for-sale related to discontinued operations were as follows: Held-for-sale assets April 2, December 31, In millions 2023 2022 Inventory 2.4 2.7 Accounts and other receivables 1.6 2.7 Current assets $ 4.0 $ 5.4 Right-of-use-assets 2.6 2.7 Held-for-sale assets $ 6.6 $ 8.1 Held-for-sale liabilities Accounts payable 0.8 0.8 Accrued liabilities 0.4 0.2 Other liabilities 2.9 4.0 Held-for-sale liabilities $ 4.1 $ 5.0 |
Share Plans (Tables)
Share Plans (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Expense | Total share-based compensation expense for the quarters ended April 2, 2023 and March 27, 2022 was as follows: First Quarter In millions 2023 2022 Total share-based compensation charges $ 0.6 $ 0.2 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table illustrates the assumptions used in deriving the fair value of share options granted during the First Quarter of 2023 and the year-ended December 31, 2022: First Quarter Year ended December 31, 2023 2022 Dividend yield (%) 2.75 - 3.41 2.75 - 3.41 Expected volatility range (%) 36.11 - 49.43 36.11 - 49.43 Risk-free interest rate (%) 1.28 - 2.99 1.28 - 2.99 Expected life of share options range (years) 0.50 - 4.00 0.50 - 4.00 Forfeiture rate (%) 5.00 5.00 Weighted average exercise price ($) $1.00 $1.00 Model used Black-Scholes & Monte-Carlo Black-Scholes & Monte-Carlo |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Equity [Abstract] | |
Schedule of Dividends Paid and Proposed | First Quarter In millions 2023 2022 Dividends declared and paid during the year: Interim dividend paid February 4, 2022 ($0.125 per ordinary share) $ — $ 3.4 Interim dividend paid February 1 2023 ($0.130 per ordinary share) 3.5 — Interim dividend declared March 10 2022, and paid May 4, 2022 ($0.130) per ordinary share) — 3.6 $ 3.5 $ 7.0 In millions 2023 2022 Dividends declared and paid after the quarter end (not recognized as a liability at the quarter end): Interim dividend declared April 3 2023, and to be paid May 3, 2023 ($0.130 per ordinary share) 3.5 — $ 3.5 $ — |
Segmental Information (Tables)
Segmental Information (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by reportable segment for the Quarters ended April 2, 2023, and March 27, 2022, is included in the following summary: Net sales Adjusted EBITDA First Quarter First Quarter In millions 2023 2022 2023 2022 Gas Cylinders segment $ 41.5 $ 42.4 $ 2.5 $ 2.7 Elektron segment 59.8 54.6 8.8 13.4 Consolidated $ 101.3 $ 97.0 $ 11.3 $ 16.1 Depreciation and amortization Restructuring charges First Quarter First Quarter In millions 2023 2022 2023 2022 Gas Cylinders segment $ 1.1 $ 1.4 $ 0.3 $ 1.4 Elektron segment 2.2 2.3 — — Consolidated $ 3.3 $ 3.7 $ 0.3 $ 1.4 13. Segmental Information (continued) Total assets Capital expenditures First Quarter, December 31, First Quarter In millions 2023 2022 2023 2022 Gas Cylinders segment $ 143.3 $ 133.1 $ 0.3 $ 0.2 Elektron segment 234.4 216.4 1.7 0.8 Other 36.8 49.5 — — Discontinued operations $ 6.6 $ 8.1 $ (0.1) $ — Consolidated $ 421.1 $ 407.1 $ 1.9 $ 1.0 |
Property, Plant and Equipment, Net by Geographic Region | Property, plant and equipment, net First Quarter December 31, In millions 2023 2022 U.S. $ 40.5 $ 41.6 United Kingdom 33.0 32.0 Canada 2.7 2.8 Rest of Europe 1.0 1.0 Asia Pacific 0.4 0.3 $ 77.6 $ 77.7 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table presents a reconciliation of Adjusted EBITDA to net income from continuing operations: First Quarter In millions 2023 2022 Adjusted EBITDA $ 11.3 $ 16.1 Other share-based compensation charges (0.6) (0.2) Depreciation and amortization (3.3) (3.7) Restructuring charges (0.3) (1.4) Acquisition and disposal related costs — (0.2) Defined benefits pension credit (8.9) 0.4 Interest expense, net (1.3) (0.8) Net (loss) / income before income taxes from continuing operations $ (3.1) $ 10.2 |
Revenue from External Customers and Long-term Assets by Geographic Areas | The following tables present certain geographic information by geographic region for the First Quarter ended April 2, 2023, and March 27, 2022: Net Sales (1) First Quarter 2023 2022 $M Percent $M Percent United States $ 57.7 57.0 % $ 55.3 57.0 % U.K. 5.6 5.5 % 5.4 5.6 % Germany 6.3 6.2 % 4.5 4.6 % France 2.1 2.1 % 3.5 3.6 % Italy 3.3 3.3 % 2.3 2.4 % Top five countries $ 75.0 74.1 % $ 71.0 73.2 % Rest of Europe 7.4 7.3 % 6.0 6.2 % Asia Pacific 14.8 14.6 % 14.6 15.1 % Other (2) 4.1 4.0 % 5.4 5.6 % $ 101.3 $ 97.0 (1) Net sales are based on the geographic destination of sale. (2) Other includes Canada, South America, Latin America and Africa. |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended |
Apr. 02, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Uncommitted Facilities | Uncommitted Facilities April 2, 2023 December 31, 2022 Facility Drawn Facility Drawn Bond and Guarantees $ 0.6 $ 0.2 $ 0.6 $ 0.2 Letters of Credit 2.0 1.5 2.0 1.5 Overdraft 4.0 — 4.0 — $ 6.6 $ 1.7 $ 6.6 $ 1.7 |
Earnings per share (Details)
Earnings per share (Details) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Apr. 02, 2023 USD ($) $ / shares shares | Mar. 27, 2022 USD ($) $ / shares shares | Apr. 02, 2023 £ / shares | Dec. 31, 2022 £ / shares | ||
Basic earnings: | |||||
Net income from continuing operations | $ | $ 0.5 | $ 7.7 | |||
Net income / (loss) from discontinued operations | $ | 0 | (0.1) | |||
Net income | $ | $ 0.5 | $ 7.6 | |||
Weighted average number of £0.50 ordinary shares: | |||||
For basic earnings per share (in shares) | shares | 26,921,010 | 27,490,741 | |||
Dilutive effect of potential common stock (in shares) | shares | 150,484 | 205,377 | |||
For diluted earnings per share (in shares) | shares | 27,071,494 | 27,696,118 | |||
Earnings / (loss) per share using weighted average number of ordinary shares outstanding | |||||
Basic earnings per ordinary share for continuing operations (usd per share) | [1] | $ 0.02 | $ 0.28 | ||
Basic (loss)/earnings per ordinary share for discontinued operations (usd per share) | [1],[2] | 0 | 0 | ||
Basic (usd per share) | [1] | 0.02 | 0.28 | ||
Diluted earnings per ordinary share for continuing operations (usd per share) | [1] | 0.02 | 0.28 | ||
Diluted (loss)/earnings per ordinary share for discontinued operations (usd per share) | [1],[2] | 0 | 0 | ||
Diluted (usd per share) | [1] | 0.02 | 0.28 | ||
Ordinary shares | |||||
Basic earnings: | |||||
Common stock, par value (in GBP per share) | (per share) | $ 0.50 | $ 0.50 | £ 0.50 | £ 0.50 | |
[1]The calculation of earnings per share is performed separately for continuing and discontinued operations. As a result, the sum of the two in any particular period may not equal the earnings-per-share amount in total.[2] The loss per share for discontinued operations in the First Quarter of 2022 has not been diluted, since the incremental shares included in the weighted-average number of shares outstanding would have been anti-dilutive. |
Net Sales - Disaggregation of R
Net Sales - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Mar. 27, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 101.3 | $ 97 |
General industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 32.4 | 35.3 |
Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 26.7 | 29.8 |
Defense, First Response & Healthcare | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 42.2 | 31.9 |
Gas Cylinders | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 41.5 | 42.4 |
Gas Cylinders | General industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 9.5 | 8.4 |
Gas Cylinders | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 13.9 | 16.9 |
Gas Cylinders | Defense, First Response & Healthcare | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 18.1 | 17.1 |
Elektron | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 59.8 | 54.6 |
Elektron | General industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 22.9 | 26.9 |
Elektron | Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 12.8 | 12.9 |
Elektron | Defense, First Response & Healthcare | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 24.1 | $ 14.8 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Mar. 27, 2022 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring charges | $ 0.3 | $ 1.4 |
Restructuring - Charges (Detail
Restructuring - Charges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Mar. 27, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring charges | $ 0.3 | $ 1.4 |
Other restructuring | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring charges | 0.3 | 1.4 |
Gas Cylinders | Other restructuring | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | 0.3 | 1.4 |
Elektron | Other restructuring | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | $ 0 | $ 0 |
Restructuring - Reserve (Detail
Restructuring - Reserve (Details) $ in Millions | 3 Months Ended |
Apr. 02, 2023 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 3.7 |
Costs incurred | 0.3 |
Cash payments and other | (0.2) |
Ending balance | $ 3.8 |
Acquisition and disposal rela_2
Acquisition and disposal related costs - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Mar. 27, 2022 | |
Business Combinations [Abstract] | ||
Acquisition and disposal related costs | $ 0 | $ (0.2) |
Supplementary balance sheet i_3
Supplementary balance sheet information - Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Millions | Apr. 02, 2023 | Dec. 31, 2022 |
Accounts and other receivables | ||
Trade receivables | $ 62 | $ 56.4 |
Related parties | 0.1 | 0.1 |
Prepayments and accrued income | 6.5 | 6.6 |
Derivative financial instruments | 0.1 | 0.7 |
Other receivables | 5.5 | 4 |
Total accounts and other receivables | 74.2 | 67.8 |
Inventories | ||
Raw materials and supplies | 55.9 | 42.7 |
Work-in-process | 44.3 | 44 |
Finished goods | 29.2 | 24.4 |
Total inventories | 129.4 | 111.1 |
Property, plant and equipment, net | ||
Total property, plant and equipment | 330.2 | 323.6 |
Accumulated depreciation and impairment | (252.6) | (245.9) |
Total property, plant and equipment, net | 77.6 | 77.7 |
Other current liabilities | ||
Restructuring provision | 3.8 | 3.7 |
Short term provision | 0 | 0.1 |
Derivative financial instruments | 0.2 | 0.4 |
Operating lease liability | 5.5 | 4.7 |
Advance payments | 2.3 | 2.3 |
Total other current liabilities | $ 11.8 | $ 11.2 |
Operating lease, liability, current, statement of financial position [extensible enumeration] | Total other current liabilities | Total other current liabilities |
Other non-current liabilities | ||
Contingent liabilities | $ 0.5 | $ 0.7 |
Operating lease liability | 16.8 | 18.2 |
Other non-current liabilities | 0.2 | 0.1 |
Total other non-current liabilities | $ 17.5 | $ 19 |
Operating lease, liability, noncurrent, statement of financial position [extensible enumeration] | Total other non-current liabilities | Total other non-current liabilities |
Land, buildings and leasehold improvements | ||
Property, plant and equipment, net | ||
Total property, plant and equipment | $ 59.7 | $ 58.9 |
Machinery and equipment | ||
Property, plant and equipment, net | ||
Total property, plant and equipment | 258.8 | 254.9 |
Construction in progress | ||
Property, plant and equipment, net | ||
Total property, plant and equipment | $ 11.7 | $ 9.8 |
Goodwill and other identifiab_3
Goodwill and other identifiable intangible assets - Schedule of Goodwill (Details) $ in Millions | 3 Months Ended |
Apr. 02, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 65.6 |
Exchange difference | 0.9 |
Ending balance | 66.5 |
Gas Cylinders | |
Goodwill [Roll Forward] | |
Beginning balance | 25 |
Exchange difference | 0.6 |
Ending balance | 25.6 |
Elektron | |
Goodwill [Roll Forward] | |
Beginning balance | 40.6 |
Exchange difference | 0.3 |
Ending balance | $ 40.9 |
Goodwill and other identifiab_4
Goodwill and other identifiable intangible assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 02, 2023 | Mar. 27, 2022 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Accumulated goodwill impairment losses | $ 8 | $ 8 | |
Amortization of intangible assets | $ 0.2 | $ 0.2 | |
Useful life | 5 years | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |||
Amortization, remainder of fiscal year | $ 0.7 | ||
Amortization, year one | 0.7 | ||
Amortization, year two | 0.7 | ||
Amortization, year three | 0.7 | ||
Amortization, year four | $ 0.7 |
Goodwill and other identifiab_5
Goodwill and other identifiable intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 02, 2023 | Mar. 27, 2022 | Dec. 31, 2022 | |
Cost: | |||
At period start | $ 22.6 | ||
Exchange movements | 0.2 | ||
At period end | 22.8 | ||
Accumulated amortization: | |||
Accumulated amortization, beginning balance | 10.1 | ||
Amortization of purchased intangible assets | 0.2 | $ 0.2 | |
Exchange movements | 0.1 | ||
Accumulated amortization, ending balance | 10.4 | ||
Net book values: | 12.4 | $ 12.5 | |
Customer relationships | |||
Cost: | |||
At period start | 15.2 | ||
Exchange movements | 0 | ||
At period end | 15.2 | ||
Accumulated amortization: | |||
Accumulated amortization, beginning balance | 6.1 | ||
Amortization of purchased intangible assets | 0.1 | ||
Exchange movements | 0 | ||
Accumulated amortization, ending balance | 6.2 | ||
Net book values: | 9 | 9.1 | |
Technology and trading related | |||
Cost: | |||
At period start | 7.4 | ||
Exchange movements | 0.2 | ||
At period end | 7.6 | ||
Accumulated amortization: | |||
Accumulated amortization, beginning balance | 4 | ||
Amortization of purchased intangible assets | 0.1 | ||
Exchange movements | 0.1 | ||
Accumulated amortization, ending balance | 4.2 | ||
Net book values: | $ 3.4 | $ 3.4 |
Debt - Schedule of Debt Outstan
Debt - Schedule of Debt Outstanding (Details) - USD ($) $ in Millions | Apr. 02, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (0.8) | $ (0.7) |
Total debt | 91.4 | 81.2 |
Less current portion | (25) | (25) |
Non-current debt | 66.4 | 56.2 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 42.2 | 31.9 |
Loan Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 92.2 | |
Loan Notes | 4.88% Loan Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Debt stated interest rate | 4.88% | |
Long-term debt, gross | $ 25 | 25 |
Loan Notes | 4.94% Loan Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Debt stated interest rate | 4.94% | |
Long-term debt, gross | $ 25 | $ 25 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Amount drew down during the period, on line of credit | $ 9.9 | |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Debt, weighted average interest rate | 6% | 3.80% |
Long-term debt, gross | $ 42.2 | $ 31.9 |
Borrowing capacity | $ 82.8 |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Company's Debt (Details) - USD ($) $ in Millions | Apr. 02, 2023 | Dec. 31, 2022 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
2023 | $ 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 42.2 | |
Thereafter | 0 | |
Total | 42.2 | $ 31.9 |
Committed banking facilities | ||
Debt Instrument [Line Items] | ||
Total | 42.2 | 10.8 |
Loan Notes | ||
Debt Instrument [Line Items] | ||
2023 | 25 | |
2024 | 0 | |
2025 | 0 | |
2026 | 67.2 | |
Thereafter | 0 | |
Total | 92.2 | |
4.88% Loan Notes due 2023 | Loan Notes | ||
Debt Instrument [Line Items] | ||
2023 | 25 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0 | |
Total | 25 | 25 |
4.94% Loan Notes due 2026 | Loan Notes | ||
Debt Instrument [Line Items] | ||
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 25 | |
Thereafter | 0 | |
Total | $ 25 | $ 25 |
Discontinued Operations - Resul
Discontinued Operations - Results of Discontinued Operations (Details) - Discontinued Operations, Held-for-sale - Superform Aluminum Superplastic - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Mar. 27, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net sales | $ 2.3 | $ 1.7 |
Cost of goods sold | (1.9) | (1.6) |
Gross profit | 0.4 | 0.1 |
Selling, general and administrative expenses | (0.3) | (0.2) |
Restructuring charges | (0.1) | 0 |
Operating profit / (loss) | 0 | (0.1) |
Tax (charge) / credit | 0 | 0 |
Net profit / (loss) | $ 0 | $ (0.1) |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) $ in Millions | Apr. 02, 2023 USD ($) |
Held-for-sale | Building | Elektron | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Amount of property disposed | $ 1.2 |
Discontinued Operations - Asset
Discontinued Operations - Assets and Liabilities (Details) - USD ($) $ in Millions | Apr. 02, 2023 | Dec. 31, 2022 |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Current assets | $ 7.8 | $ 9.3 |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||
Held-for-sale liabilities | 4.1 | 5 |
Discontinued operations | Superform Aluminum Superplastic | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Inventory | 2.4 | 2.7 |
Accounts and other receivables | 1.6 | 2.7 |
Current assets | 4 | 5.4 |
Right-of-use-assets | 2.6 | 2.7 |
Held-for-sale assets | 6.6 | 8.1 |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||
Accounts payable | 0.8 | 0.8 |
Accrued liabilities | 0.4 | 0.2 |
Other liabilities | 2.9 | 4 |
Held-for-sale liabilities | $ 4.1 | $ 5 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | |
Apr. 02, 2023 | Mar. 27, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 116% | 24.50% |
Share Plans - Schedule of Share
Share Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Mar. 27, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Total share-based compensation charges | $ 0.6 | $ 0.2 |
Share Plans - Additional Inform
Share Plans - Additional Information (Details) | 1 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards granted during the period (in shares) | 10,000 |
Tranche one | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting percentage | 50% |
Tranche two | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting percentage | 50% |
Luxfer Holdings PLC Long-Term Umbrella Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards granted during the period (in shares) | 126,600 |
Weighted average fair value of options granted (in USD per share) | $ / shares | $ 17.94 |
Share Plans - Share Options Fai
Share Plans - Share Options Fair Value Assumptions (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Apr. 02, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility range (%), minimum | 36.11% | 36.11% |
Expected volatility range (%), maximum | 49.43% | 49.43% |
Risk-free interest rate (%), minimum | 1.28% | 1.28% |
Risk-free interest rate (%), maximum | 2.99% | 2.99% |
Forfeiture rate (%) | 5% | 5% |
Weighted average exercise price (in USD per share) | $ 1 | $ 1 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield (%) | 2.75% | 2.75% |
Expected life of share options range (years) | 6 months | 6 months |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield (%) | 3.41% | 3.41% |
Expected life of share options range (years) | 4 years | 4 years |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Dividend Paid and Proposed (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||||
May 03, 2023 | Feb. 01, 2023 | May 04, 2022 | Feb. 04, 2022 | Apr. 02, 2023 | Mar. 27, 2022 | |
Class of Stock [Line Items] | ||||||
Dividends paid (in USD per share) | $ 0.130 | $ 0.130 | $ 0.125 | |||
Dividends paid | $ 3.5 | $ 3.4 | $ 3.5 | $ 3.4 | ||
Dividends payable | 3.6 | |||||
Dividends | $ 7 | |||||
Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Dividends paid (in USD per share) | $ 0.130 | |||||
Dividends paid | $ 3.5 |
Segmental Information - Additio
Segmental Information - Additional Information (Details) | 3 Months Ended |
Apr. 02, 2023 segment division | |
Segment Reporting [Abstract] | |
Number of operating segments | segment | 2 |
Number of operating divisions | 4 |
Number of reportable segments | 2 |
Segmental Information - Financi
Segmental Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 02, 2023 | Mar. 27, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 101.3 | $ 97 | |
Adjusted EBITDA | 11.3 | 16.1 | |
Depreciation and amortization | 3.3 | 3.7 | |
Restructuring charges | 0.3 | 1.4 | |
Total assets | 421.1 | $ 407.1 | |
Capital expenditures | 1.9 | 1 | |
Discontinued operations | |||
Segment Reporting Information [Line Items] | |||
Total assets | 6.6 | 8.1 | |
Capital expenditures | (0.1) | 0 | |
Gas Cylinders | |||
Segment Reporting Information [Line Items] | |||
Net sales | 41.5 | 42.4 | |
Elektron | |||
Segment Reporting Information [Line Items] | |||
Net sales | 59.8 | 54.6 | |
Operating Segments | Gas Cylinders | |||
Segment Reporting Information [Line Items] | |||
Net sales | 41.5 | 42.4 | |
Adjusted EBITDA | 2.5 | 2.7 | |
Depreciation and amortization | 1.1 | 1.4 | |
Restructuring charges | 0.3 | 1.4 | |
Total assets | 143.3 | 133.1 | |
Capital expenditures | 0.3 | 0.2 | |
Operating Segments | Elektron | |||
Segment Reporting Information [Line Items] | |||
Net sales | 59.8 | 54.6 | |
Adjusted EBITDA | 8.8 | 13.4 | |
Depreciation and amortization | 2.2 | 2.3 | |
Restructuring charges | 0 | 0 | |
Total assets | 234.4 | 216.4 | |
Capital expenditures | 1.7 | 0.8 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 36.8 | $ 49.5 | |
Capital expenditures | $ 0 | $ 0 |
Segmental Information - Geograp
Segmental Information - Geographic Information by Region (Details) - USD ($) $ in Millions | Apr. 02, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 77.6 | $ 77.7 |
U.S. | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 40.5 | 41.6 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 33 | 32 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 2.7 | 2.8 |
Rest of Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 1 | 1 |
Asia Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 0.4 | $ 0.3 |
Segmental Information - Reconci
Segmental Information - Reconciliation of Consolidated Segment Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Mar. 27, 2022 | |
Segment Reporting [Abstract] | ||
Adjusted EBITDA | $ 11.3 | $ 16.1 |
Other share-based compensation charges | (0.6) | (0.2) |
Depreciation and amortization | (3.3) | (3.7) |
Restructuring charges | (0.3) | (1.4) |
Acquisition and disposal related costs | 0 | (0.2) |
Defined benefits pension credit | (8.9) | 0.4 |
Interest expense, net | (1.3) | (0.8) |
Net (loss) / income before income taxes from continuing operations | $ (3.1) | $ 10.2 |
Segmental Information - Geogr_2
Segmental Information - Geographic Information by Region (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2023 | Mar. 27, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 101.3 | $ 97 |
Top five countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 75 | $ 71 |
Top five countries | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 74.10% | 73.20% |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 57.7 | $ 55.3 |
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 57% | 57% |
U.K. | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 5.6 | $ 5.4 |
U.K. | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 5.50% | 5.60% |
Germany | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 6.3 | $ 4.5 |
Germany | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 6.20% | 4.60% |
France | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 2.1 | $ 3.5 |
France | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 2.10% | 3.60% |
Italy | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 3.3 | $ 2.3 |
Italy | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 3.30% | 2.40% |
Rest of Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 7.4 | $ 6 |
Rest of Europe | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 7.30% | 6.20% |
Asia Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 14.8 | $ 14.6 |
Asia Pacific | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 14.60% | 15.10% |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 4.1 | $ 5.4 |
Other | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 4% | 5.60% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 1 Months Ended | ||
Nov. 30, 2018 lawsuit fatality | Apr. 02, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | |||
Number of fatalities | fatality | 1 | ||
Number of lawsuits | lawsuit | 3 | ||
Revolving credit facility | |||
Loss Contingencies [Line Items] | |||
Long-term debt, gross | $ 42.2 | $ 31.9 | |
Uncommitted accordion facility | 25 | 50 | |
Overdraft | |||
Loss Contingencies [Line Items] | |||
Debt maximum borrowing capacity | 4 | 4 | |
Long-term debt, gross | 0 | 0 | |
Committed banking facilities | |||
Loss Contingencies [Line Items] | |||
Debt maximum borrowing capacity | 125 | 100 | |
Bond and Guarantees | |||
Loss Contingencies [Line Items] | |||
Debt maximum borrowing capacity | 0.6 | 0.6 | |
Long-term debt, gross | 0.2 | 0.2 | |
Letters of Credit | |||
Loss Contingencies [Line Items] | |||
Debt maximum borrowing capacity | 2 | 2 | |
Long-term debt, gross | $ 1.5 | $ 1.5 |
Commitment and Contingencies -
Commitment and Contingencies - Schedule of Uncommitted Facilities (Details) - USD ($) $ in Millions | Apr. 02, 2023 | Dec. 31, 2022 |
Overdraft | ||
Other Commitments [Line Items] | ||
Debt maximum borrowing capacity | $ 4 | $ 4 |
Long-term debt, gross | 0 | 0 |
Bond and Guarantees | ||
Other Commitments [Line Items] | ||
Debt maximum borrowing capacity | 0.6 | 0.6 |
Long-term debt, gross | 0.2 | 0.2 |
Letters of Credit | ||
Other Commitments [Line Items] | ||
Debt maximum borrowing capacity | 2 | 2 |
Long-term debt, gross | 1.5 | 1.5 |
Bonding facility for bank guarantees, letter of credit and bank overdrafts | ||
Other Commitments [Line Items] | ||
Debt maximum borrowing capacity | 6.6 | 6.6 |
Long-term debt, gross | $ 1.7 | $ 1.7 |
Pension Settlement - Additional
Pension Settlement - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Apr. 02, 2023 | Dec. 31, 2022 | |
U.S. / other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension charge | $ 9.2 | |
Pension charge, cash | 2.3 | |
Derecognition of pension liability | 6.9 | |
U.K. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service credit | $ (0.3) | $ (0.4) |