☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE | 98-0181725 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
8310 South Valley Highway | ||
Suite 350 | ||
Englewood | ||
Colorado | 80112 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common stock, par value $0.01 per share | IOSP | NASDAQ |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
Class | Outstanding as of | |
Common Stock, par value $0.01 | 24,647,433 |
PART I | ||||||
Item 1 | ||||||
Item 2 | ||||||
Item 3 | ||||||
Item 4 | ||||||
PART II | ||||||
Item 1 | ||||||
Item 1A | ||||||
Item 2 | ||||||
Item 3 | ||||||
Item 4 | ||||||
Item 5 | ||||||
Item 6 | ||||||
41 |
Three Months Ended June 30 | Six Months Ended June 30 | Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||
(in millions, except share and per share data) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Net sales | $ | 354.5 | $ | 244.9 | $ | 694.1 | $ | 617.2 | $ | 376.1 | $ | 265.1 | $ | 1,070.2 | $ | 882.3 | ||||||||||||||||
Cost of goods sold | (246.2 | ) | (185.8 | ) | (485.0 | ) | (444.2 | ) | (263.2 | ) | (186.4 | ) | (748.2 | ) | (630.6 | ) | ||||||||||||||||
Gross profit | 108.3 | 59.1 | 209.1 | 173.0 | 112.9 | 78.7 | 322.0 | 251.7 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Selling, general and administrative | (62.7 | ) | (63.5 | ) | (126.3 | ) | (127.9 | ) | (71.2 | ) | (54.2 | ) | (197.5 | ) | (182.1 | ) | ||||||||||||||||
Research and development | (8.6 | ) | (8.1 | ) | (17.6 | ) | (16.7 | ) | (10.3 | ) | (7.7 | ) | (27.9 | ) | (24.4 | ) | ||||||||||||||||
Restructuring charge | 0.0 | (21.1 | ) | 0.0 | (21.1 | ) | 0.0 | 0.0 | 0.0 | (21.1 | ) | |||||||||||||||||||||
Impairment of intangible assets | 0.0 | (19.8 | ) | 0.0 | (19.8 | ) | 0.0 | 0.0 | 0.0 | (19.8 | ) | |||||||||||||||||||||
Total operating expenses | (71.3 | ) | (112.5 | ) | (143.9 | ) | (185.5 | ) | (81.5 | ) | (61.9 | ) | (225.4 | ) | (247.4 | ) | ||||||||||||||||
Operating income/(loss) | 37.0 | (53.4 | ) | 65.2 | (12.5 | ) | ||||||||||||||||||||||||||
Other income, net | 3.4 | 0.1 | 6.4 | 4.0 | ||||||||||||||||||||||||||||
Operating income | 31.4 | 16.8 | 96.6 | 4.3 | ||||||||||||||||||||||||||||
Other income/(expense), net | (0.2 | ) | 3.8 | 6.2 | 7.8 | |||||||||||||||||||||||||||
Interest expense, net | (0.3 | ) | (0.5 | ) | (0.7 | ) | (1.1 | ) | (0.4 | ) | (0.4 | ) | (1.1 | ) | (1.5 | ) | ||||||||||||||||
Income/(loss) before income tax expense | 40.1 | (53.8 | ) | 70.9 | (9.6 | ) | ||||||||||||||||||||||||||
Income tax (expense)/credit | (17.7 | ) | 14.1 | (25.1 | ) | 3.0 | ||||||||||||||||||||||||||
Income before income tax expense | 30.8 | 20.2 | 101.7 | 10.6 | ||||||||||||||||||||||||||||
Income tax expense | (7.4 | ) | (7.5 | ) | (32.5 | ) | (4.5 | ) | ||||||||||||||||||||||||
Net income/(loss) | $ | 22.4 | $ | (39.7 | ) | $ | 45.8 | $ | (6.6 | ) | ||||||||||||||||||||||
Net income | $ | 23.4 | $ | 12.7 | $ | 69.2 | $ | 6.1 | ||||||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.91 | $ | (1.62 | ) | $ | 1.86 | $ | (0.27 | ) | $ | 0.95 | $ | 0.52 | $ | 2.81 | $ | 0.25 | ||||||||||||||
Diluted | $ | 0.90 | $ | (1.62 | ) | $ | 1.84 | $ | (0.27 | ) | $ | 0.94 | $ | 0.51 | $ | 2.78 | $ | 0.25 | ||||||||||||||
Weighted average shares outstanding (in thousands): | ||||||||||||||||||||||||||||||||
Basic | 24,628 | 24,564 | 24,615 | 24,547 | 24,643 | 24,570 | 24,624 | 24,555 | ||||||||||||||||||||||||
Diluted | 24,869 | 24,564 | 24,856 | 24,547 | 24,864 | 24,720 | 24,872 | 24,758 | ||||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Net income/(loss) | $ | 22.4 | $ | (39.7 | ) | 45.8 | (6.6 | ) | ||||||||||||||||||||||||
Net income | $ | 23.4 | $ | 12.7 | 69.2 | 6.1 | ||||||||||||||||||||||||||
Other comprehensive income/(loss): | ||||||||||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax of $(0.5) million, $(0.1) million, $0.5 million and $1.5 million, respectively | 3.8 | 5.5 | (7.5 | ) | (2.4 | ) | ||||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax of $0.7 million, $(0.5) million, $1.2 million and $1.0 million, respectively | (7.0 | ) | 11.9 | (14.5 | ) | 9.5 | ||||||||||||||||||||||||||
Amortization of prior service cost/(credit), net of tax of $0.0 million, $0.0 million, $0.0 million and $0.1 million, respectively | 0.0 | (0.2 | ) | 0.1 | (0.4 | ) | 0.1 | (0.1 | ) | 0.2 | (0.5 | ) | ||||||||||||||||||||
Amortization of actuarial net losses, net of tax of $0.0 million, $0.0 million, $(0.1) million and $(0.1) million, respectively | 0.6 | 0.6 | 1.2 | 0.8 | ||||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax of $(0.1) million, $0.0 million, $(0.2) million and $(0.1) million, respectively | 0.5 | 0.3 | 1.7 | 1.1 | ||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | 4.4 | 5.9 | (6.2 | ) | (2.0 | ) | (6.4 | ) | 12.1 | (12.6 | ) | 10.1 | ||||||||||||||||||||
Total comprehensive income/(loss) | $ | 26.8 | $ | (33.8 | ) | 39.6 | (8.6 | ) | ||||||||||||||||||||||||
Total comprehensive income | $ | 17.0 | $ | 24.8 | 56.6 | 16.2 | ||||||||||||||||||||||||||
(in millions, except share and per share data) | June 30, 2021 | December 31, 2020 | ||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 94.4 | $ | 105.3 | ||||
Trade and other accounts receivable (less allowances of $4.2 million and $4.5 million respectively) | 281.6 | 221.4 | ||||||
Inventories (less allowances of $21.1 million and $19.4 million respectively): | ||||||||
Finished goods | 174.0 | 156.3 | ||||||
Raw materials | 76.5 | 63.7 | ||||||
Total inventories | 250.5 | 220.0 | ||||||
Prepaid expenses | 11.6 | 14.9 | ||||||
Prepaid income taxes | 3.5 | 4.2 | ||||||
Other current assets | 1.5 | 0.4 | ||||||
Total current assets | 643.1 | 566.2 | ||||||
Net property, plant and equipment | 214.1 | 210.8 | ||||||
Operating lease right-of-use | 36.4 | 40.1 | ||||||
Goodwill | 368.2 | 371.2 | ||||||
Other intangible assets | 66.4 | 75.3 | ||||||
Deferred tax assets | 7.4 | 7.6 | ||||||
Pension asset | 121.2 | 118.0 | ||||||
Other non-current assets | 5.0 | 8.2 | ||||||
Total assets | $ | 1,461.8 | $ | 1,397.4 | ||||
(in millions, except share and per share data) | September 30, 2021 | December 31, 2020 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 89.2 | $ | 105.3 | ||||
Trade and other accounts receivable (less allowances of $4.8 million and $4.5 million respectively) | 302.8 | 221.4 | ||||||
Inventories (less allowances of $20.6 million and $19.4 million respectively): | ||||||||
Finished goods | 193.0 | 156.3 | ||||||
Raw materials | 81.1 | 63.7 | ||||||
Total inventories | 274.1 | 220.0 | ||||||
Prepaid expenses | 12.3 | 14.9 | ||||||
Prepaid income taxes | 3.8 | 4.2 | ||||||
Other current assets | 0.8 | 0.4 | ||||||
Total current assets | 683.0 | 566.2 | ||||||
Net property, plant and equipment | 213.0 | 210.8 | ||||||
Operating lease right-of-use | 33.4 | 40.1 | ||||||
Goodwill | 366.0 | 371.2 | ||||||
Other intangible assets | 61.9 | 75.3 | ||||||
Deferred tax assets | 7.3 | 7.6 | ||||||
Pension asset | 122.8 | 118.0 | ||||||
Other non-current assets | 5.0 | 8.2 | ||||||
Total assets | $ | 1,492.4 | $ | 1,397.4 | ||||
(in millions, except share and per share data) | June 30, 2021 | December 31, 2020 | ||||||
(Unaudited) | ||||||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 123.5 | $ | 98.7 | ||||
Accrued liabilities | 142.3 | 129.8 | ||||||
Current portion of finance leases | 0.2 | 0.5 | ||||||
Current portion of plant closure provisions | 6.6 | 6.6 | ||||||
Current portion of accrued income taxes | 6.3 | 5.5 | ||||||
Current portion of operating lease liabilities | 12.1 | 11.3 | ||||||
Total current liabilities | �� | 291.0 | 252.4 | |||||
Finance leases, net of current portion | 0.0 | 0.1 | ||||||
Operating lease liabilities, net of current portion | 24.4 | 28.9 | ||||||
Plant closure provisions, net of current portion | 51.0 | 51.9 | ||||||
Accrued income taxes, net of current portion | 28.6 | 32.4 | ||||||
Unrecognized tax benefits | 16.3 | 16.0 | ||||||
Deferred tax liabilities | 54.4 | 46.9 | ||||||
Pension liabilities and post-employment benefits | 19.5 | 20.5 | ||||||
Other non-current liabilities | 2.4 | 3.4 | ||||||
Equity: | ||||||||
Common stock, $0.01 par value, authorized 40,000,000 shares, issued 29,554,500 shares | 0.3 | 0.3 | ||||||
Additional paid-in capital | 339.5 | 336.1 | ||||||
Treasury stock (4,912,939 and 4,958,599 shares at cost, respectively) | (93.1 | ) | (93.3 | ) | ||||
Retained earnings | 790.4 | 758.6 | ||||||
Accumulated other comprehensive loss | (63.5 | ) | (57.3 | ) | ||||
Total Innospec stockholders’ equity | 973.6 | 944.4 | ||||||
Non-controlling interest | 0.6 | 0.5 | ||||||
Total equity | 974.2 | 944.9 | ||||||
Total liabilities and equity | $ | 1,461.8 | $ | 1,397.4 | ||||
(in millions, except share and per share data) | September 30, 2021 | December 31, 2020 | ||||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 137.1 | $ | 98.7 | ||||
Accrued liabilities | 147.6 | 129.8 | ||||||
Current portion of finance leases | 0.0 | 0.5 | ||||||
Current portion of operating lease liabilities | 13.3 | 11.3 | ||||||
Current portion of plant closure provisions | 5.7 | 6.6 | ||||||
Current portion of accrued income taxes | 4.6 | 5.5 | ||||||
Total current liabilities | 308.3 | 252.4 | ||||||
Finance leases, net of current portion | 0.0 | 0.1 | ||||||
Operating lease liabilities, net of current portion | 20.2 | 28.9 | ||||||
Plant closure provisions, net of current portion | 50.8 | 51.9 | ||||||
Accrued income taxes, net of current portion | 27.8 | 32.4 | ||||||
Unrecognized tax benefits | 16.4 | 16.0 | ||||||
Deferred tax liabilities | 54.4 | 46.9 | ||||||
Pension liabilities and post-employment benefits | 19.1 | 20.5 | ||||||
Other non-current liabilities | 2.3 | 3.4 | ||||||
Equity: | ||||||||
Common stock, $0.01 par value, authorized 40,000,000 shares, issued 29,554,500 shares | 0.3 | 0.3 | ||||||
Additional paid-in capital | 341.3 | 336.1 | ||||||
Treasury stock (4,909,301 and 4,958,599 shares at cost, respectively) | (93.0 | ) | (93.3 | ) | ||||
Retained earnings | 813.8 | 758.6 | ||||||
Accumulated other comprehensive loss | (69.9 | ) | (57.3 | ) | ||||
Total Innospec stockholders’ equity | 992.5 | 944.4 | ||||||
Non-controlling interest | 0.6 | 0.5 | ||||||
Total equity | 993.1 | 944.9 | ||||||
Total liabilities and equity | $ | 1,492.4 | $ | 1,397.4 | ||||
Six Months Ended June 30 | Nine Months Ended September 30 | |||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||
Net income | $ | 45.8 | $ | (6.6 | ) | $ | 69.2 | $ | 6.1 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 20.6 | 24.2 | 30.9 | 35.3 | ||||||||||||
Impairment of intangible assets | 0.0 | 19.8 | 0.0 | 19.8 | ||||||||||||
Impairment of tangible assets | 0.0 | 2.0 | 0.0 | 2.0 | ||||||||||||
Deferred tax expense | 7.8 | (5.6 | ) | |||||||||||||
Deferred taxes | 8.0 | (3.3 | ) | |||||||||||||
Non-cash movements on defined benefit pension plans | (1.6 | ) | (2.2 | ) | (2.4 | ) | (3.3 | ) | ||||||||
Stock option compensation | 2.9 | 2.8 | 4.6 | 4.4 | ||||||||||||
Changes in assets and liabilities, net of effects of acquired and divested companies: | ||||||||||||||||
Trade and other accounts receivable | (64.3 | ) | 76.2 | (86.5 | ) | 86.0 | ||||||||||
Inventories | (31.3 | ) | (2.1 | ) | (57.1 | ) | 3.3 | |||||||||
Prepaid expenses | 3.5 | 3.9 | 2.4 | 5.7 | ||||||||||||
Accounts payable and accrued liabilities | 39.3 | (79.6 | ) | 58.6 | (64.1 | ) | ||||||||||
Plant closure provisions | (1.5 | ) | 8.2 | |||||||||||||
Accrued income taxes | (1.7 | ) | (9.5 | ) | (3.8 | ) | (12.9 | ) | ||||||||
Plant closure provisions | (0.6 | ) | 8.5 | |||||||||||||
Unrecognized tax benefits | 0.3 | (1.3 | ) | 0.4 | (0.9 | ) | ||||||||||
Other assets and liabilities | 0.9 | 1.7 | 1.6 | 1.4 | ||||||||||||
Net cash provided by operating activities | 21.6 | 32.2 | 24.4 | 87.7 | ||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||
Capital expenditures | (19.5 | ) | (14.6 | ) | (27.4 | ) | (21.7 | ) | ||||||||
Proceeds on disposal of property, plant and equipment | 0.3 | 0.0 | 0.4 | 0.0 | ||||||||||||
Net cash used in investing activities | (19.2 | ) | (14.6 | ) | (27.0 | ) | (21.7 | ) | ||||||||
Cash Flows from Financing Activities | ||||||||||||||||
Non-controlling interest | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||
Proceeds from revolving credit facility | 0.0 | 15.0 | 0.0 | 15.0 | ||||||||||||
Repayments of revolving credit facility | 0.0 | (35.0 | ) | 0.0 | (75.0 | ) | ||||||||||
Repayments of finance leases | (0.3 | ) | (0.6 | ) | (0.5 | ) | (0.9 | ) | ||||||||
Refinancing costs | 0.0 | (0.3 | ) | |||||||||||||
Dividend paid | (14.0 | ) | (12.8 | ) | (14.0 | ) | (12.8 | ) | ||||||||
Issue of treasury stock | 1.7 | 0.8 | 2.0 | 1.2 | ||||||||||||
Repurchase of common stock | (0.8 | ) | (2.1 | ) | (0.8 | ) | (2.1 | ) | ||||||||
Net cash used in financing activities | (13.3 | ) | (34.6 | ) | (13.2 | ) | (74.8 | ) | ||||||||
Effect of foreign currency exchange rate changes on cash | 0.0 | (0.5 | ) | (0.3 | ) | (0.3 | ) | |||||||||
Net change in cash and cash equivalents | (10.9 | ) | (17.5 | ) | (16.1 | ) | (9.1 | ) | ||||||||
Cash and cash equivalents at beginning of period | 105.3 | 75.7 | 105.3 | 75.7 | ||||||||||||
Cash and cash equivalents at end of period | $ | 94.4 | $ | 58.2 | $ | 89.2 | $ | 66.6 | ||||||||
(in millions) | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Non- Controlling Interest | Total Equity | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Non- Controlling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 0.3 | $ | 336.1 | $ | (93.3 | ) | $ | 758.6 | $ | (57.3 | ) | $ | 0.5 | $ | 944.9 | $ | 0.3 | $ | 336.1 | $ | (93.3 | ) | $ | 758.6 | $ | (57.3 | ) | $ | 0.5 | $ | 944.9 | ||||||||||||||||||||||||
Net income | 45.8 | 45.8 | 69.2 | 69.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend paid ($0.57 per share) | (14.0 | ) | (14.0 | ) | (14.0 | ) | (14.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax | (7.5 | ) | (7.5 | ) | (14.5 | ) | (14.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Share of net income | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock reissued | 0.5 | 1.0 | 1.5 | 0.6 | 1.1 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchased | (0.8 | ) | (0.8 | ) | (0.8 | ) | (0.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock option compensation | 2.9 | 2.9 | 4.6 | 4.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost, net of tax | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax | 1.2 | 1.2 | 1.7 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 0.3 | $ | 339.5 | $ | (93.1 | ) | $ | 790.4 | $ | (63.5 | ) | $ | 0.6 | $ | 974.2 | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 0.3 | $ | 341.3 | $ | (93.0 | ) | $ | 813.8 | $ | (69.9 | ) | $ | 0.6 | $ | 993.1 | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Non- Controlling Interest | Total Equity | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Non- Controlling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 0.3 | $ | 330.4 | $ | (93.3 | ) | $ | 755.5 | $ | (74.4 | ) | $ | 0.4 | $ | 918.9 | $ | 0.3 | $ | 330.4 | $ | (93.3 | ) | $ | 755.5 | $ | (74.4 | ) | $ | 0.4 | $ | 918.9 | ||||||||||||||||||||||||
Net income | (6.6 | ) | (6.6 | ) | 6.1 | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend paid ($0.52 per share) | (12.8 | ) | (12.8 | ) | (12.8 | ) | (12.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax | (2.4 | ) | (2.4 | ) | 9.5 | 9.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share of net income | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock reissued | (0.2 | ) | 1.6 | 1.4 | (0.4 | ) | 1.7 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchased | (2.1 | ) | (2.1 | ) | (2.1 | ) | (2.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock option compensation | 2.8 | 2.8 | 4.4 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service credit, net of tax | (0.4 | ) | (0.4 | ) | (0.5 | ) | (0.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax | 0.8 | 0.8 | 1.1 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 0.3 | $ | 333.0 | $ | (93.8 | ) | $ | 736.1 | $ | (76.4 | ) | $ | 0.5 | $ | 899.7 | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 0.3 | $ | 334.4 | $ | (93.7 | ) | $ | 748.8 | $ | (64.3 | ) | $ | 0.5 | $ | 926.0 | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Non- Controlling Interest | Total Equity | |||||||||||||||||||||
Balance at June 30, 2021 | $ | 0.3 | $ | 339.5 | $ | (93.1 | ) | $ | 790.4 | $ | (63.5 | ) | $ | 0.6 | $ | 974.2 | ||||||||||||
Net income | 23.4 | 23.4 | ||||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax | (7.0 | ) | (7.0 | ) | ||||||||||||||||||||||||
Treasury stock reissued | 0.1 | 0.1 | 0.2 | |||||||||||||||||||||||||
Stock option compensation | 1.7 | 1.7 | ||||||||||||||||||||||||||
Amortization of prior service cost, net of tax | 0.1 | 0.1 | ||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax | 0.5 | 0.5 | ||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 0.3 | $ | 341.3 | $ | (93.0 | ) | $ | 813.8 | $ | (69.9 | ) | $ | 0.6 | $ | 993.1 | ||||||||||||
(in millions) | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Non- Controlling Interest | Total Equity | |||||||||||||||||||||
Balance at June 30, 2020 | $ | 0.3 | $ | 333.0 | $ | (93.8 | ) | $ | 736.1 | $ | (76.4 | ) | $ | 0.5 | $ | 899.7 | ||||||||||||
Net income | 12.7 | 12.7 | ||||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax | 11.9 | 11.9 | ||||||||||||||||||||||||||
Treasury stock reissued | (0.2 | ) | 0.1 | (0.1 | ) | |||||||||||||||||||||||
Stock option compensation | 1.6 | 1.6 | ||||||||||||||||||||||||||
Amortization of prior service credit, net of tax | (0.1 | ) | (0.1 | ) | ||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax | 0.3 | 0.3 | ||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 0.3 | $ | 334.4 | $ | (93.7 | ) | $ | 748.8 | $ | (64.3 | ) | $ | 0.5 | $ | 926.0 | ||||||||||||
(in millions) | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Non- Controlling Interest | Total Equity | |||||||||||||||||||||
Balance at March 31, 2021 | $ | 0.3 | $ | 337.8 | $ | (93.6 | ) | $ | 782.0 | $ | (67.9 | ) | $ | 0.5 | $ | 959.1 | ||||||||||||
Net income | 22.4 | 22.4 | ||||||||||||||||||||||||||
Dividend paid ($0.57 per share) | (14.0 | ) | (14.0 | ) | ||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax | 3.8 | 3.8 | ||||||||||||||||||||||||||
Share of net income | 0.1 | 0.1 | ||||||||||||||||||||||||||
Treasury stock reissued | 0.4 | 0.7 | 1.1 | |||||||||||||||||||||||||
Treasury stock repurchased | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||||
Stock option compensation | 1.3 | 1.3 | ||||||||||||||||||||||||||
Amortization of prior service cost, net of tax | 0.0 | 0.0 | ||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax | 0.6 | 0.6 | ||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 0.3 | $ | 339.5 | $ | (93.1 | ) | $ | 790.4 | $ | (63.5 | ) | $ | 0.6 | $ | 974.2 | ||||||||||||
(in millions) | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Non- Controlling Interest | Total Equity | |||||||||||||||||||||
Balance at March 31, 2020 | $ | 0.3 | $ | 331.2 | $ | (94.0 | ) | $ | 788.6 | $ | (82.3 | ) | $ | 0.5 | $ | 944.3 | ||||||||||||
Net income | (39.7 | ) | (39.7 | ) | ||||||||||||||||||||||||
Dividend paid ($0.52 per share) | (12.8 | ) | (12.8 | ) | ||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax | 5.5 | 5.5 | ||||||||||||||||||||||||||
Treasury stock reissued | 0.2 | 0.2 | 0.4 | |||||||||||||||||||||||||
Stock option compensation | 1.6 | 1.6 | ||||||||||||||||||||||||||
Amortization of prior service credit, net of tax | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax | 0.6 | 0.6 | ||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 0.3 | $ | 333.0 | $ | (93.8 | ) | $ | 736.1 | $ | (76.4 | ) | $ | 0.5 | $ | 899.7 | ||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||||||||||||
Refinery and Performance | $ | 94.8 | $ | 74.9 | $ | 194.1 | 183.5 | $ | 113.8 | $ | 86.8 | $ | 307.9 | 270.3 | ||||||||||||||||||
Other | 48.3 | 32.5 | 88.3 | 70.9 | 42.6 | 33.2 | 130.9 | 104.1 | ||||||||||||||||||||||||
Fuel Specialties | 143.1 | 107.4 | 282.4 | 254.4 | 156.4 | 120.0 | 438.8 | 374.4 | ||||||||||||||||||||||||
Personal Care | 73.8 | 49.8 | 142.0 | 112.8 | 75.8 | 57.1 | 217.8 | 169.9 | ||||||||||||||||||||||||
Home Care | 21.3 | 21.3 | 44.3 | 42.9 | 24.4 | 21.6 | 68.7 | 64.5 | ||||||||||||||||||||||||
Other | 33.1 | 24.6 | 67.8 | 53.1 | 32.6 | 23.3 | 100.4 | 76.4 | ||||||||||||||||||||||||
Performance Chemicals | 128.2 | 95.7 | 254.1 | 208.8 | 132.8 | 102.0 | 386.9 | 310.8 | ||||||||||||||||||||||||
Oilfield Services | 83.2 | 41.8 | 157.6 | 154.0 | 86.9 | 43.1 | 244.5 | 197.1 | ||||||||||||||||||||||||
$ | 354.5 | $ | 244.9 | $ | 694.1 | 617.2 | $ | 376.1 | $ | 265.1 | $ | 1,070.2 | 882.3 | |||||||||||||||||||
Gross profit/(loss): | ||||||||||||||||||||||||||||||||
Fuel Specialties | $ | 50.1 | $ | 25.4 | $ | 95.0 | 76.6 | $ | 49.1 | $ | 40.3 | $ | 144.1 | 116.9 | ||||||||||||||||||
Performance Chemicals | 31.6 | 24.9 | 63.0 | 52.5 | 32.6 | 24.0 | 95.6 | 76.5 | ||||||||||||||||||||||||
Oilfield Services | 26.6 | 9.9 | 51.1 | 46.1 | 31.2 | 14.4 | 82.3 | 60.5 | ||||||||||||||||||||||||
Octane Additives | 0.0 | (1.1 | ) | 0.0 | (2.2 | ) | 0.0 | 0.0 | 0.0 | (2.2 | ) | |||||||||||||||||||||
$ | 108.3 | $ | 59.1 | $ | 209.1 | 173.0 | $ | 112.9 | $ | 78.7 | $ | 322.0 | 251.7 | |||||||||||||||||||
Operating income/(loss): | ||||||||||||||||||||||||||||||||
Fuel Specialties | $ | 28.5 | $ | 4.7 | $ | 52.3 | 36.8 | $ | 26.6 | $ | 22.2 | $ | 78.9 | 59.0 | ||||||||||||||||||
Performance Chemicals | 17.9 | 12.2 | 36.2 | 27.8 | 17.8 | 12.4 | 54.0 | 40.2 | ||||||||||||||||||||||||
Oilfield Services | 2.2 | (12.4 | ) | 3.4 | (5.2 | ) | 2.7 | (4.5 | ) | 6.1 | (9.7 | ) | ||||||||||||||||||||
Octane Additives | 0.0 | (1.6 | ) | 0.0 | (2.8 | ) | 0.0 | 0.0 | 0.0 | (2.8 | ) | |||||||||||||||||||||
Corporate costs | (11.6 | ) | (15.4 | ) | (26.7 | ) | (28.2 | ) | (15.7 | ) | (13.3 | ) | (42.4 | ) | (41.5 | ) | ||||||||||||||||
Restructuring charge | 0.0 | (21.1 | ) | 0.0 | (21.1 | ) | 0.0 | 0.0 | 0.0 | (21.1 | ) | |||||||||||||||||||||
Impairment of intangible assets | 0.0 | (19.8 | ) | 0.0 | (19.8 | ) | 0.0 | 0.0 | 0.0 | (19.8 | ) | |||||||||||||||||||||
Total operating income | $ | 37.0 | $ | (53.4 | ) | $ | 65.2 | (12.5 | ) | $ | 31.4 | $ | 16.8 | $ | 96.6 | 4.3 | ||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Numerator (in millions): | ||||||||||||||||||||||||||||||||
Net income/(loss) available to common stockholders | $ | 22.4 | $ | (39.7 | ) | $ | 45.8 | $ | (6.6 | ) | ||||||||||||||||||||||
Net income available to common stockholders | $ | 23.4 | $ | 12.7 | $ | 69.2 | $ | 6.1 | ||||||||||||||||||||||||
Denominator (in thousands): | ||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | 24,628 | 24,564 | 24,615 | 24,547 | 24,643 | 24,570 | 24,624 | 24,555 | ||||||||||||||||||||||||
Dilutive effect of stock options and awards | 241 | 0 | 241 | 0 | 221 | 150 | 248 | 203 | ||||||||||||||||||||||||
Denominator for diluted earnings per share | 24,869 | 24,564 | 24,856 | 24,547 | 24,864 | 24,720 | 24,872 | 24,758 | ||||||||||||||||||||||||
Net income/(loss) per share, basic: | $ | 0.91 | $ | (1.62 | ) | $ | 1.86 | $ | (0.27 | ) | ||||||||||||||||||||||
Net income per share, basic: | $ | 0.95 | $ | 0.52 | $ | 2.81 | $ | 0.25 | ||||||||||||||||||||||||
Net income/(loss) per share, diluted: | $ | 0.90 | $ | (1.62 | ) | $ | 1.84 | $ | (0.27 | ) | ||||||||||||||||||||||
Net income per share, diluted: | $ | 0.94 | $ | 0.51 | $ | 2.78 | $ | 0.25 | ||||||||||||||||||||||||
�� |
(in millions) | Gross Cost | Gross Cost | ||||||
Opening balance at January 1, 2021 | $ | 371.2 | $ | 371.2 | ||||
Exchange effect | (3.0 | ) | (5.2 | ) | ||||
Closing balance at June 30, 2021 | $ | 368.2 | ||||||
Closing balance at September 30, 2021 | $ | 366.0 | ||||||
(in millions) | 2021 | |||
Gross cost at January 1 | $ | 298.9 | ||
Exchange effect | (1.5 | ) | ||
Gross cost at June 30 | 297.4 | |||
Accumulated amortization at January 1 | (223.6 | ) | ||
Amortization expense | (8.0 | ) | ||
Exchange effect | 0.6 | |||
Accumulated amortization at June 30 | (231.0 | ) | ||
Net book amount at June 30 | $ | 66.4 | ||
(in millions) | 2021 | |||
Gross cost at January 1 | $ | 298.9 | ||
Exchange effect | (2.8 | ) | ||
Gross cost at September 30 | 296.1 | |||
Accumulated amortization at January 1 | (223.6 | ) | ||
Amortization expense | (12.0 | ) | ||
Exchange effect | 1.4 | |||
Accumulated amortization at September 30 | (234.2 | ) | ||
Net book amount at September 30 | $ | 61.9 | ||
(in millions) | June 30 2021 | December 31 2020 | September 30 2021 | December 31 2020 | ||||||||||||
Product rights | $ | 4.4 | $ | 6.3 | $ | 3.5 | $ | 6.3 | ||||||||
Brand names | 2.0 | 2.3 | 1.8 | 2.3 | ||||||||||||
Technology | 18.6 | 19.8 | 18.0 | 19.8 | ||||||||||||
Customer relationships | 39.4 | 44.2 | 36.9 | 44.2 | ||||||||||||
Internally developed software | 2.0 | 2.7 | 1.7 | 2.7 | ||||||||||||
$ | 66.4 | $ | 75.3 | $ | 61.9 | $ | 75.3 | |||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Plan net pension credit/(charge): | ||||||||||||||||
Interest cost on projected benefit obligation | $ | (1.9 | ) | $ | (2.7 | ) | $ | (3.8 | ) | $ | (5.5 | ) | ||||
Expected return on plan assets | 3.9 | 4.3 | 7.8 | 8.8 | ||||||||||||
Amortization of prior service (cost)/credit | 0.0 | 0.2 | (0.1 | ) | 0.4 | |||||||||||
Amortization of actuarial net losses | (0.4 | ) | (0.2 | ) | (0.8 | ) | (0.4 | ) | ||||||||
$ | 1.6 | $ | 1.6 | $ | 3.1 | $ | 3.3 | |||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Service cost | $ | (0.5 | ) | $ | (0.3 | ) | $ | (1.4 | ) | $ | (1.0 | ) | ||||
Interest cost on projected benefit obligation | (1.9 | ) | (2.9 | ) | (5.7 | ) | (8.5 | ) | ||||||||
Expected return on plan assets | 3.9 | 4.5 | 11.7 | 13.3 | ||||||||||||
Amortization of prior service credit/(cost) | (0.1 | ) | 0.2 | (0.2 | ) | 0.6 | ||||||||||
Amortization of actuarial net losses | (0.6 | ) | (0.4 | ) | (1.9 | ) | (1.2 | ) | ||||||||
Net periodic benefit | $ | 0.8 | $ | 1.1 | $ | 2.5 | $ | 3.2 | ||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Plan net pension charge: | ||||||||||||||||
Interest cost on projected benefit obligation | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | (0.1 | ) | |||||||
Amortization of actuarial net losses | (0.2 | ) | (0.3 | ) | (0.5 | ) | (0.4 | ) | ||||||||
$ | (0.2 | ) | $ | (0.3 | ) | $ | (0.5 | ) | $ | (0.5 | ) | |||||
(in millions) | Unrecognized Tax Benefits | Interest and Penalties | Total | Unrecognized Tax Benefits | Interest and Penalties | Total | ||||||||||||||||||
Opening balance at January 1, 2021 | $ | 13.6 | $ | 2.4 | $ | 16.0 | $ | 13.6 | $ | 2.4 | $ | 16.0 | ||||||||||||
Net change for tax positions of prior periods | (0.1 | ) | 0.4 | 0.3 | (0.2 | ) | 0.6 | 0.4 | ||||||||||||||||
Closing balance at June 30, 2021 | 13.5 | 2.8 | 16.3 | |||||||||||||||||||||
Closing balance at September 30 , 2021 | 13.4 | 3.0 | 16.4 | |||||||||||||||||||||
Current | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
Non-current | $ | 13.5 | $ | 2.8 | $ | 16.3 | $ | 13.4 | $ | 3.0 | $ | 16.4 | ||||||||||||
(in millions) | 2021 | |||
Total at January 1 | $ | 58.5 | ||
Charge for the period | 1.9 | |||
Utilized in the period | (2.5 | ) | ||
Exchange effect | (0.3 | ) | ||
Total at June 30 | 57.6 | |||
Due within one year | (6.6 | ) | ||
Due after one year | $ | 51.0 | ||
(in millions) | 2021 | |||
Total at January 1 | $ | 58.5 | ||
Charge for the period | 2.8 | |||
Utilized in the period | (4.3 | ) | ||
Exchange effect | (0.5 | ) | ||
Total at September 30 | 56.5 | |||
Due within one year | (5.7 | ) | ||
Due after one year | $ | 50.8 | ||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||
(in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Non-derivatives: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 94.4 | $ | 94.4 | $ | 105.3 | $ | 105.3 | $ | 89.2 | $ | 89.2 | $ | 105.3 | $ | 105.3 | ||||||||||||||||
Derivatives (Level 1 measurement): | ||||||||||||||||||||||||||||||||
Other current and non-current assets: | ||||||||||||||||||||||||||||||||
Foreign currency forward exchange contracts | 1.1 | 1.1 | 0.0 | 0.0 | 0.4 | 0.4 | 0.0 | 0.0 | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Non-derivatives: | ||||||||||||||||||||||||||||||||
Finance leases (including current portion) | 0.2 | 0.2 | 0.6 | 0.6 | 0.0 | 0.0 | 0.6 | 0.6 | ||||||||||||||||||||||||
Derivatives (Level 1 measurement): | ||||||||||||||||||||||||||||||||
Other current and non-current liabilities: | ||||||||||||||||||||||||||||||||
Foreign currency forward exchange contracts | 0.0 | 0.0 | 0.5 | 0.5 | 0.0 | 0.0 | 0.5 | 0.5 | ||||||||||||||||||||||||
Non-financial liabilities (Level 3 measurement): | ||||||||||||||||||||||||||||||||
Other current and non-current liabilities: | ||||||||||||||||||||||||||||||||
Stock equivalent units | 17.8 | 17.8 | 17.2 | 17.2 | 17.9 | 17.9 | 17.2 | 17.2 |
Number of Options | Weighted Average Exercise Price | Weighted Average Grant-Date Fair Value | Number of Options | Weighted Average Exercise Price | Weighted Average Grant-Date Fair Value | |||||||||||||||||||
Outstanding at December 31, 2020 | 442,893 | $ | 32.49 | $ | 45.31 | 442,893 | $ | 32.49 | $ | 45.31 | ||||||||||||||
Granted - at discount | 81,596 | $ | 0.00 | $ | 92.37 | 81,596 | $ | 0.00 | $ | 92.37 | ||||||||||||||
- at market value | 10,688 | $ | 99.85 | $ | 32.73 | 10,688 | $ | 99.85 | $ | 32.73 | ||||||||||||||
Exercised | (52,870 | ) | $ | 32.93 | $ | 38.15 | (56,508 | ) | $ | 34.57 | $ | 37.45 | ||||||||||||
Forfeited | (17,806 | ) | $ | 17.98 | $ | 65.96 | (19,023 | ) | $ | 20.46 | $ | 63.56 | ||||||||||||
Outstanding at June 30, 2021 | 464,501 | $ | 28.75 | $ | 53.57 | |||||||||||||||||||
Outstanding at September 30, 2021 | 459,646 | $ | 28.44 | $ | 53.64 | |||||||||||||||||||
Number of SEUs | Weighted Average Exercise Price | Weighted Average Grant-Date Fair Value | Number of SEUs | Weighted Average Exercise Price | Weighted Average Grant-Date Fair Value | |||||||||||||||||||
Outstanding at December 31, 2020 | 390,164 | $ | 4.35 | $ | 63.96 | 390,164 | $ | 4.35 | $ | 63.96 | ||||||||||||||
Granted - at discount | 91,451 | $ | 0.00 | $ | 92.01 | 94,151 | $ | 0.00 | $ | 91.83 | ||||||||||||||
- at market value | 3,803 | $ | 99.85 | $ | 32.71 | 3,803 | $ | 99.85 | $ | 32.71 | ||||||||||||||
Exercised | (29,573 | ) | $ | 16.67 | $ | 43.05 | (35,384 | ) | $ | 13.93 | $ | 45.20 | ||||||||||||
Forfeited | (21,940 | ) | $ | 2.76 | $ | 67.01 | (25,290 | ) | $ | 2.40 | $ | 66.53 | ||||||||||||
Outstanding at June 30, 2021 | 433,905 | $ | 3.51 | $ | 70.87 | |||||||||||||||||||
Outstanding at September 30, 2021 | 427,444 | $ | 3.57 | $ | 71.22 | |||||||||||||||||||
(in millions) Details about AOCL Components | Amount Reclassified from AOCL | Affected Line Item in Statement where Net Income is | ||||
Defined benefit pension plan items: | ||||||
Amortization of prior service cost | $ | 0.1 | See (1) below | |||
Amortization of actuarial net losses | 1.3 | See (1) below | ||||
1.4 | Total before tax | |||||
(0.1 | ) | Income tax expense | ||||
Total reclassifications | $ | 1.3 | Net of tax | |||
(1) These items are included in other income and expense. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for additional information. |
(in millions) | Defined Benefit Pension Plan Items | Cumulative Translation Adjustments | Total | |||||||||
Balance at December 31, 2020 | $ | (15.9 | ) | $ | (41.4 | ) | $ | (57.3 | ) | |||
Other comprehensive income before reclassifications | 0.0 | (7.5 | ) | (7.5 | ) | |||||||
Amounts reclassified from AOCL | 1.3 | 0.0 | 1.3 | |||||||||
Total other comprehensive income | 1.3 | (7.5 | ) | (6.2 | ) | |||||||
Balance at June 30, 2021 | $ | (14.6 | ) | $ | (48.9 | ) | $ | (63.5 | ) | |||
(in millions) Details about AOCL Components | Amount Reclassified from AOCL | Affected Line Item in the Statement where Net Income is Presented | ||||
Defined benefit pension plan items: | ||||||
Amortization of prior service credit | $ | (0.4 | ) | See (1) below | ||
Amortization of actuarial net losses | 0.8 | See (1) below | ||||
0.4 | Total before tax | |||||
0.0 | Income tax expense | |||||
Total reclassifications | $ | 0.4 | Net of tax | |||
(in millions) Details about AOCL Components | Amount Reclassified from | Affected Statement where Net | ||||
Defined benefit pension plan items: | ||||||
Amortization of prior service cost | $ | 0.2 | See (1) below | |||
Amortization of actuarial net losses | 1.9 | See (1) below | ||||
2.1 | Total before tax | |||||
(0.2 | ) | Income tax expense | ||||
Total reclassifications | $ | 1.9 | Net of tax | |||
(1) | These items are included in other income and expense. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for additional information. |
(in millions) | Defined Benefit Pension Plan Items | Cumulative Translation Adjustments | Total | Defined Benefit Pension Items | Cumulative Translation Adjustments | Total | ||||||||||||||||||
Balance at December 31, 2019 | $ | (9.3 | ) | $ | (65.1 | ) | $ | (74.4 | ) | |||||||||||||||
Balance at December 31, 2020 | $ | (19.9 | ) | $ | (37.4 | ) | $ | (57.3 | ) | |||||||||||||||
Other comprehensive income before reclassifications | 0.0 | (2.4 | ) | (2.4 | ) | 0.0 | (14.5 | ) | (14.5 | ) | ||||||||||||||
Amounts reclassified from AOCL | 0.4 | 0.0 | 0.4 | 1.9 | 0.0 | 1.9 | ||||||||||||||||||
Total other comprehensive income | 0.4 | (2.4 | ) | (2.0 | ) | 1.9 | (14.5 | ) | (12.6 | ) | ||||||||||||||
Balance at June30, 2020 | $ | (8.9 | ) | $ | (67.5 | ) | $ | (76.4 | ) | |||||||||||||||
Balance at September 30, 2021 | $ | (18.0 | ) | $ | (51.9 | ) | $ | (69.9 | ) | |||||||||||||||
(in millions) Details about AOCL Components | Amount Reclassified from AOCL | Affected LineItem Statement where Net | ||||||
Defined benefit pension plan items: | ||||||||
Amortization of prior service credit | $ | (0.6 | ) | See (1) | ||||
Amortization of actuarial net losses | 1.2 | See (1) | ||||||
0.6 | Total before tax | |||||||
0.0 | Income tax expense | |||||||
Total reclassifications | $ | 0.6 | Net of tax | |||||
(1) | These items are included in other income and expense. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for additional information. |
(in millions) | Defined Benefit Pension Plan Items | Cumulative Translation Adjustments | Total | |||||||||
Balance at December 31, 2019 | $ | (9.3 | ) | $ | (65.1 | ) | $ | (74.4 | ) | |||
Other comprehensive income before reclassifications | 0.0 | 9.5 | 9.5 | |||||||||
Amounts reclassified from AOCL | 0.6 | 0.0 | 0.6 | |||||||||
Total other comprehensive income | 0.6 | 9.5 | 10.1 | |||||||||
Balance at September 30, 2020 | $ | (8.7 | ) | $ | (55.6 | ) | $ | (64.3 | ) | |||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Net sales: | ||||||||||||||||
Fuel Specialties | $ | 143.1 | $ | 107.4 | 282.4 | 254.4 | ||||||||||
Performance Chemicals | 128.2 | 95.7 | 254.1 | 208.8 | ||||||||||||
Oilfield Services | 83.2 | 41.8 | 157.6 | 154.0 | ||||||||||||
$ | 354.5 | $ | 244.9 | 694.1 | 617.2 | |||||||||||
Gross profit/(loss): | ||||||||||||||||
Fuel Specialties | $ | 50.1 | $ | 25.4 | 95.0 | 76.6 | ||||||||||
Performance Chemicals | 31.6 | 24.9 | 63.0 | 52.5 | ||||||||||||
Oilfield Services | 26.6 | 9.9 | 51.1 | 46.1 | ||||||||||||
Octane Additives | 0.0 | (1.1 | ) | 0.0 | (2.2 | ) | ||||||||||
$ | 108.3 | $ | 59.1 | 209.1 | 173.0 | |||||||||||
Operating income/(loss): | ||||||||||||||||
Fuel Specialties | $ | 28.5 | $ | 4.7 | 52.3 | 36.8 | ||||||||||
Performance Chemicals | 17.9 | 12.2 | 36.2 | 27.8 | ||||||||||||
Oilfield Services | 2.2 | (12.4 | ) | 3.4 | (5.2 | ) | ||||||||||
Octane Additives | 0.0 | (1.6 | ) | 0.0 | (2.8 | ) | ||||||||||
Corporate costs | (11.6 | ) | (15.4 | ) | (26.7 | ) | (28.2 | ) | ||||||||
Restructuring Charge | 0.0 | (21.1 | ) | 0.0 | (21.1 | ) | ||||||||||
Impairment of intangible assets | 0.0 | (19.8 | ) | 0.0 | (19.8 | ) | ||||||||||
Total operating income | $ | 37.0 | $ | (53.4 | ) | 65.2 | (12.5 | ) | ||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Net sales: | ||||||||||||||||
Fuel Specialties | $ | 156.4 | $ | 120.0 | 438.8 | 374.4 | ||||||||||
Performance Chemicals | 132.8 | 102.0 | 386.9 | 310.8 | ||||||||||||
Oilfield Services | 86.9 | 43.1 | 244.5 | 197.1 | ||||||||||||
$ | 376.1 | $ | 265.1 | 1,070.2 | 882.3 | |||||||||||
Gross profit/(loss): | ||||||||||||||||
Fuel Specialties | $ | 49.1 | $ | 40.3 | 144.1 | 116.9 | ||||||||||
Performance Chemicals | 32.6 | 24.0 | 95.6 | 76.5 | ||||||||||||
Oilfield Services | 31.2 | 14.4 | 82.3 | 60.5 | ||||||||||||
Octane Additives | 0.0 | 0.0 | 0.0 | (2.2 | ) | |||||||||||
$ | 112.9 | $ | 78.7 | 322.0 | 251.7 | |||||||||||
Operating income/(loss): | ||||||||||||||||
Fuel Specialties | $ | 26.6 | $ | 22.2 | 78.9 | 59.0 | ||||||||||
Performance Chemicals | 17.8 | 12.4 | 54.0 | 40.2 | ||||||||||||
Oilfield Services | 2.7 | (4.5 | ) | 6.1 | (9.7 | ) | ||||||||||
Octane Additives | 0.0 | 0.0 | 0.0 | (2.8 | ) | |||||||||||
Corporate costs | (15.7 | ) | (13.3 | ) | (42.4 | ) | (41.5 | ) | ||||||||
Restructuring Charge | 0.0 | 0.0 | 0.0 | (21.1 | ) | |||||||||||
Impairment of intangible assets | 0.0 | 0.0 | 0.0 | (19.8 | ) | |||||||||||
Total operating income | $ | 31.4 | $ | 16.8 | 96.6 | 4.3 | ||||||||||
Three Months Ended June 30 | ||||||||||||||||
(in millions, except ratios) | 2021 | 2020 | Change | |||||||||||||
Net sales: | ||||||||||||||||
Fuel Specialties | $ | 143.1 | $ | 107.4 | $ | 35.7 | +33 | % | ||||||||
Performance Chemicals | 128.2 | 95.7 | 32.5 | +34 | % | |||||||||||
Oilfield Services | 83.2 | 41.8 | 41.4 | +99 | % | |||||||||||
$ | 354.5 | $ | 244.9 | $ | 109.6 | +45 | % | |||||||||
Gross profit: | ||||||||||||||||
Fuel Specialties | $ | 50.1 | $ | 25.4 | $ | 24.7 | +97 | % | ||||||||
Performance Chemicals | 31.6 | 24.9 | 6.7 | +27 | % | |||||||||||
Oilfield Services | 26.6 | 9.9 | 16.7 | +169 | % | |||||||||||
Octane Additives | 0.0 | (1.1 | ) | 1.1 | -100 | % | ||||||||||
$ | 108.3 | $ | 59.1 | $ | 49.2 | +83 | % | |||||||||
Gross margin (%): | ||||||||||||||||
Fuel Specialties | 35.0 | 23.6 | +11.4 | |||||||||||||
Performance Chemicals | 24.6 | 26.0 | -1.4 | |||||||||||||
Oilfield Services | 32.0 | 23.7 | +8.3 | |||||||||||||
Aggregate | 30.6 | 24.1 | +6.5 | |||||||||||||
Operating expenses: | ||||||||||||||||
Fuel Specialties | $ | (21.6 | ) | $ | (20.7 | ) | $ | (0.9 | ) | +4 | % | |||||
Performance Chemicals | (13.7 | ) | (12.7 | ) | (1.0 | ) | +8 | % | ||||||||
Oilfield Services | (24.4 | ) | (22.3 | ) | (2.1 | ) | +9 | % | ||||||||
Octane Additives | 0.0 | (0.5 | ) | 0.5 | -100 | % | ||||||||||
Corporate costs | (11.6 | ) | (15.4 | ) | 3.8 | -25 | % | |||||||||
Restructuring charge | 0.0 | (21.1 | ) | 21.1 | -100 | % | ||||||||||
Impairment of intangible assets | 0.0 | (19.8 | ) | 19.8 | -100 | % | ||||||||||
$ | (71.3 | ) | $ | (112.5 | ) | $ | 41.2 | -37 | % | |||||||
Three Months Ended September 30 | ||||||||||||||||
(in millions, except ratios) | 2021 | 2020 | Change | |||||||||||||
Net sales: | ||||||||||||||||
Fuel Specialties | $ | 156.4 | $ | 120.0 | $ | 36.4 | +30 | % | ||||||||
Performance Chemicals | 132.8 | 102.0 | 30.8 | +30 | % | |||||||||||
Oilfield Services | 86.9 | 43.1 | 43.8 | +102 | % | |||||||||||
$ | 376.1 | $ | 265.1 | $ | 111.0 | +42 | % | |||||||||
Gross profit: | ||||||||||||||||
Fuel Specialties | $ | 49.1 | $ | 40.3 | $ | 8.8 | +22 | % | ||||||||
Performance Chemicals | 32.6 | 24.0 | 8.6 | +36 | % | |||||||||||
Oilfield Services | 31.2 | 14.4 | 16.8 | +117 | % | |||||||||||
$ | 112.9 | $ | 78.7 | $ | 34.2 | +43 | % | |||||||||
Gross margin (%): | ||||||||||||||||
Fuel Specialties | 31.4 | 33.6 | -2.2 | |||||||||||||
Performance Chemicals | 24.5 | 23.5 | +1.0 | |||||||||||||
Oilfield Services | 35.9 | 33.4 | +2.5 | |||||||||||||
Aggregate | 30.0 | 29.7 | +0.3 | |||||||||||||
Operating expenses: | ||||||||||||||||
Fuel Specialties | $ | (22.5 | ) | $ | (18.1 | ) | $ | (4.4 | ) | +24 | % | |||||
Performance Chemicals | (14.8 | ) | (11.6 | ) | (3.2 | ) | +28 | % | ||||||||
Oilfield Services | (28.5 | ) | (18.9 | ) | (9.6 | ) | +51 | % | ||||||||
Corporate costs | (15.7 | ) | (13.3 | ) | (2.4 | ) | +18 | % | ||||||||
$ | (81.5 | ) | $ | (61.9 | ) | $ | (19.6 | ) | +32 | % | ||||||
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||
Change (%) | Americas | EMEA | ASPAC | AvGas | Total | Americas | EMEA | ASPAC | AvGas | Total | ||||||||||||||||||||||||||||||
Volume | +39 | +11 | +28 | -11 | +20 | +54 | +4 | +7 | -44 | +17 | ||||||||||||||||||||||||||||||
Price and product mix | -3 | +1 | -3 | +88 | +6 | -5 | +17 | +11 | +52 | +12 | ||||||||||||||||||||||||||||||
Exchange rates | 0 | +13 | +3 | 0 | +7 | 0 | +3 | +1 | 0 | +1 | ||||||||||||||||||||||||||||||
+36 | +25 | +28 | +77 | +33 | +49 | +24 | +19 | +8 | +30 | |||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | |||||||||
United Kingdom pension credit | $ | 1.6 | $ | 1.6 | 0.0 | |||||||
German pension charge | (0.2 | ) | (0.3 | ) | 0.1 | |||||||
Profit on disposal of assets | 0.2 | 0.0 | 0.2 | |||||||||
Foreign exchange gain on translation | 2.9 | (1.1 | ) | 4.0 | ||||||||
Foreign currency forward contracts losses | (1.1 | ) | (0.1 | ) | (1.0 | ) | ||||||
$ | 3.4 | $ | 0.1 | $ | 3.3 | |||||||
Three Months Ended June 30 | ||||||||
(in millions) | 2021 | 2020 | ||||||
Income before income taxes | $ | 40.1 | $ | (53.8 | ) | |||
Indemnification asset regarding tax audit | (0.1 | ) | (0.5 | ) | ||||
Adjustment for stock compensation | 1.2 | (1.4 | ) | |||||
Legacy costs of closed operations | 0.9 | 0.0 | ||||||
Restructuring charge | 0.0 | 21.1 | ||||||
Impairment of acquired intangible assets | 0.0 | 19.8 | ||||||
Adjusted income before income taxes | $ | 42.1 | $ | (14.8 | ) | |||
Income taxes | $ | 17.7 | $ | (14.1 | ) | |||
Tax on stock compensation | 0.2 | 0.1 | ||||||
Adjustment of income tax provision | (0.3 | ) | 1.2 | |||||
Tax on legacy cost of closed operations | 0.2 | 0.0 | ||||||
Tax on restructuring charge | 0.0 | 4.3 | ||||||
Tax on impairment of acquired intangible assets | 0.0 | 4.6 | ||||||
Tax on foreign exchange on distribution | (0.2 | ) | 0.4 | |||||
Change in UK statutory tax rate | (7.4 | ) | 0.0 | |||||
Adjusted income taxes | $ | 10.2 | $ | (3.5 | ) | |||
GAAP effective tax rate | 44.1 | % | 26.2 | % | ||||
Adjusted effective tax rate | 24.2 | % | 23.6 | % |
Six Months Ended June 30 | ||||||||||||||||
(in millions, except ratios) | 2021 | 2020 | Change | |||||||||||||
Net sales: | ||||||||||||||||
Fuel Specialties | $ | 282.4 | $ | 254.4 | $ | 28.0 | +11 | % | ||||||||
Performance Chemicals | 254.1 | 208.8 | 45.3 | +22 | % | |||||||||||
Oilfield Services | 157.6 | 154.0 | 3.6 | +2 | % | |||||||||||
$ | 694.1 | $ | 617.2 | $ | 76.9 | +12 | % | |||||||||
Gross profit: | ||||||||||||||||
Fuel Specialties | $ | 95.0 | $ | 76.6 | $ | 18.4 | +24 | % | ||||||||
Performance Chemicals | 63.0 | 52.5 | 10.5 | +20 | % | |||||||||||
Oilfield Services | 51.1 | 46.1 | 5.0 | +11 | % | |||||||||||
Octane Additives | 0.0 | (2.2 | ) | 2.2 | -100 | % | ||||||||||
$ | 209.1 | $ | 173.0 | $ | 36.1 | +21 | % | |||||||||
Gross margin (%): | ||||||||||||||||
Fuel Specialties | 33.6 | 30.1 | +3.5 | |||||||||||||
Performance Chemicals | 24.8 | 25.1 | -0.3 | |||||||||||||
Oilfield Services | 32.4 | 29.9 | +2.5 | |||||||||||||
Aggregate | 30.1 | 28.0 | +2.1 | |||||||||||||
Operating expenses: | ||||||||||||||||
Fuel Specialties | $ | (42.7 | ) | $ | (39.8 | ) | $ | (2.9 | ) | +7 | % | |||||
Performance Chemicals | (26.8 | ) | (24.7 | ) | (2.1 | ) | +9 | % | ||||||||
Oilfield Services | (47.7 | ) | (51.3 | ) | 3.6 | -7 | % | |||||||||
Octane Additives | 0.0 | (0.6 | ) | 0.6 | -100 | % | ||||||||||
Corporate costs | (26.7 | ) | (28.2 | ) | 1.5 | -5 | % | |||||||||
Restructuring charge | 0.0 | (21.1 | ) | 21.1 | -100 | % | ||||||||||
Impairment of intangible assets | 0.0 | (19.8 | ) | 19.8 | -100 | % | ||||||||||
$ | (143.9 | ) | $ | (185.5 | ) | $ | 41.6 | -22 | % | |||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||
Change (%) | Americas | EMEA | ASPAC | AvGas | Total | |||||||||||||||
Volume | +14 | +4 | +11 | -38 | +5 | |||||||||||||||
Price and product mix | -4 | -3 | -3 | +46 | 0 | |||||||||||||||
Exchange rates | 0 | +12 | +2 | 0 | +6 | |||||||||||||||
+10 | +13 | +10 | +8 | +11 | ||||||||||||||||
Change (%) | Americas | EMEA | ASPAC | Total | ||||||||||||||||
Volume | + | +3 | -34 | + | ||||||||||||||||
Price and product mix | + | + | + | +19 | ||||||||||||||||
Exchange rates | 0 | + | + | + | ||||||||||||||||
+ | + | + | +30 | |||||||||||||||||
(in millions) | 2021 | 2020 | Change | |||||||||
United Kingdom pension credit | $ | 3.1 | $ | 3.3 | (0.2 | ) | ||||||
German pension charge | (0.5 | ) | (0.5 | ) | 0.0 | |||||||
Profit on disposal of assets | 0.2 | 0.0 | 0.2 | |||||||||
Foreign exchange gain on translation | 3.4 | (0.6 | ) | 4.0 | ||||||||
Foreign currency forward contracts gain | 0.2 | 1.8 | (1.6 | ) | ||||||||
$ | 6.4 | $ | 4.0 | $ | 2.4 | |||||||
(in millions) | 2021 | 2020 | Change | |||||||||
Net pension credit | $ | 1.3 | $ | 1.4 | (0.1 | ) | ||||||
Foreign exchange gains/(losses) on translation | (2.2 | ) | 3.5 | (5.7 | ) | |||||||
Foreign currency forward contracts gains/(losses) | 0.7 | (1.1 | ) | 1.8 | ||||||||
$ | (0.2 | ) | $ | 3.8 | $ | (4.0 | ) | |||||
Six Months Ended June 30 | Three Months Ended September 30 | |||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Income before income taxes | $ | 70.9 | $ | (9.6 | ) | $ | 30.8 | $ | 20.2 | |||||||
Indemnification asset regarding tax audit | 0.0 | (0.3 | ) | 0.1 | 0.4 | |||||||||||
Adjustment for stock compensation | 2.6 | 0.0 | 1.6 | 0.0 | ||||||||||||
Acquisition costs | 0.8 | 0.0 | ||||||||||||||
Legacy cost of closed operations | 1.8 | 0.0 | ||||||||||||||
Restructuring charge | 0.0 | 21.1 | ||||||||||||||
Impairment of acquired intangible assets | 0.0 | 19.8 | ||||||||||||||
Legacy costs of closed operations | 1.1 | 1.1 | ||||||||||||||
Adjusted income before income taxes | $ | 76.1 | $ | 31.0 | ||||||||||||
$ | 33.6 | $ | 21.7 | |||||||||||||
Income taxes | $ | 25.1 | $ | (3.0 | ) | $ | 7.4 | $ | 7.5 | |||||||
Tax on stock compensation | 0.3 | 0.5 | ||||||||||||||
Adjustment of income tax provision | (0.3 | ) | 1.2 | (0.1 | ) | (0.2 | ) | |||||||||
Tax on acquisition costs | 0.2 | 0.0 | ||||||||||||||
Tax on legacy cost of closed operations | 0.4 | 0.0 | 0.2 | 0.2 | ||||||||||||
Tax on restructuring charge | 0.0 | 4.3 | ||||||||||||||
Tax on impairment of acquired intangible assets | 0.0 | 4.6 | ||||||||||||||
Tax on foreign exchange on distribution | (0.2 | ) | 0.4 | 0.0 | 0.1 | |||||||||||
Change in UK statutory tax rate | (7.4 | ) | 0.0 | 0.0 | (2.6 | ) | ||||||||||
Adjusted income taxes | $ | 18.1 | $ | 8.0 | $ | 7.5 | $ | 5.0 | ||||||||
GAAP effective tax rate | 35.4 | % | 31.3 | % | 24.0 | % | 37.1 | % | ||||||||
Adjusted effective tax rate | 23.8 | % | 25.8 | % | 22.3 | % | 23.0 | % |
Nine Months Ended September 30 | ||||||||||||||||
(in millions, except ratios) | 2021 | 2020 | Change | |||||||||||||
Net sales: | ||||||||||||||||
Fuel Specialties | $ | 438.8 | $ | 374.4 | $ | 64.4 | +17 | % | ||||||||
Performance Chemicals | 386.9 | 310.8 | 76.1 | +24 | % | |||||||||||
Oilfield Services | 244.5 | 197.1 | 47.4 | +24 | % | |||||||||||
$ | 1,070.2 | $ | 882.3 | $ | 187.9 | +21 | % | |||||||||
Gross profit: | ||||||||||||||||
Fuel Specialties | $ | 144.1 | $ | 116.9 | $ | 27.2 | +23 | % | ||||||||
Performance Chemicals | 95.6 | 76.5 | 19.1 | +25 | % | |||||||||||
Oilfield Services | 82.3 | 60.5 | 21.8 | +36 | % | |||||||||||
Octane Additives | 0.0 | (2.2 | ) | 2.2 | +100 | % | ||||||||||
$ | 322.0 | $ | 251.7 | $ | 70.3 | +28 | % | |||||||||
Gross margin (%): | ||||||||||||||||
Fuel Specialties | 32.8 | 31.2 | +1.6 | |||||||||||||
Performance Chemicals | 24.7 | 24.6 | +0.1 | |||||||||||||
Oilfield Services | 33.7 | 30.7 | +3.0 | |||||||||||||
Aggregate | 30.1 | 28.5 | +1.6 | |||||||||||||
Operating expenses: | ||||||||||||||||
Fuel Specialties | $ | (65.2 | ) | $ | (57.9 | ) | $ | (7.3 | ) | +13 | % | |||||
Performance Chemicals | (41.6 | ) | (36.3 | ) | (5.3 | ) | +15 | % | ||||||||
Oilfield Services | (76.2 | ) | (70.2 | ) | (6.0 | ) | +9 | % | ||||||||
Octane Additives | 0.0 | (0.6 | ) | 0.6 | -100 | % | ||||||||||
Corporate costs | (42.4 | ) | (41.5 | ) | (0.9 | ) | +2 | % | ||||||||
Restructuring charge | 0.0 | (21.1 | ) | 21.1 | -100 | % | ||||||||||
Impairment of intangible assets | 0.0 | (19.8 | ) | 19.8 | -100 | % | ||||||||||
$ | (225.4 | ) | $ | (247.4 | ) | $ | 22.0 | -9 | % | |||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||
Change (%) | Americas | EMEA | ASPAC | AvGas | Total | |||||||||||||||
Volume | +25 | +4 | +9 | -40 | +8 | |||||||||||||||
Price and product mix | -3 | +3 | +2 | +48 | +5 | |||||||||||||||
Exchange rates | 0 | +9 | +2 | 0 | +4 | |||||||||||||||
+22 | +16 | +13 | +8 | +17 | ||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||
Change (%) | Americas | EMEA | ASPAC | Total | ||||||||||||
Volume | +35 | +3 | -8 | +12 | ||||||||||||
Price and product mix | +9 | +7 | +6 | +7 | ||||||||||||
Exchange rates | 0 | +7 | +3 | +5 | ||||||||||||
+44 | +17 | +1 | +24 | |||||||||||||
(in millions) | 2021 | 2020 | Change | |||||||||
Net pension credit | $ | 3.9 | $ | 4.2 | (0.3 | ) | ||||||
Profit on disposal of assets | 0.2 | 0.0 | 0.2 | |||||||||
Foreign exchange gains on translation | 1.2 | 2.9 | (1.7 | ) | ||||||||
Foreign currency forward contracts gains | 0.9 | 0.7 | 0.2 | |||||||||
$ | 6.2 | $ | 7.8 | $ | (1.6 | ) | ||||||
Nine Months Ended September 30 | ||||||||
(in millions) | 2021 | 2020 | ||||||
Income before income taxes | $ | 101.7 | $ | 10.6 | ||||
Indemnification asset regarding tax audit | 0.1 | 0.1 | ||||||
Adjustment for stock compensation | 4.2 | 0.0 | ||||||
Acquisition costs | 0.8 | 0.0 | ||||||
Legacy cost of closed operations | 2.9 | 1.1 | ||||||
Restructuring charge | 0.0 | 21.1 | ||||||
Impairment of acquired intangible assets | 0.0 | 19.8 | ||||||
$ | 109.7 | $ | 52.7 | |||||
Income taxes | $ | 32.5 | $ | 4.5 | ||||
Tax on stock compensation | 0.3 | 0.5 | ||||||
Adjustment of income tax provision | (0.4 | ) | 1.0 | |||||
Tax on acquisition costs | 0.2 | 0.0 | ||||||
Tax on legacy cost of closed operations | 0.6 | 0.2 | ||||||
Tax on restructuring charge | 0.0 | 4.3 | ||||||
Tax on impairment of acquired intangible assets | 0.0 | 4.6 | ||||||
Tax on foreign exchange on distribution | (0.2 | ) | 0.5 | |||||
Change in UK statutory tax rate | (7.4 | ) | (2.6 | ) | ||||
Adjusted income taxes | $ | 25.6 | $ | 13.0 | ||||
GAAP effective tax rate | 32.0 | % | 42.5 | % | ||||
Adjusted effective tax rate | 23.3 | % | 24.7 | % |
(in millions) | June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | ||||||||||||
Total current assets | $ | 643.1 | $ | 566.2 | $ | 683.0 | $ | 566.2 | ||||||||
Total current liabilities | (291.0 | ) | (252.4 | ) | (308.3 | ) | (252.4 | ) | ||||||||
Working capital | 352.1 | 313.8 | 374.7 | 313.8 | ||||||||||||
Less cash and cash equivalents | (94.4 | ) | (105.3 | ) | (89.2 | ) | (105.3 | ) | ||||||||
Less prepaid income taxes | (3.5 | ) | (4.2 | ) | (3.8 | ) | (4.2 | ) | ||||||||
Less other current assets | (1.5 | ) | (0.4 | ) | (0.8 | ) | (0.4 | ) | ||||||||
Add back current portion of accrued income taxes | 6.3 | 5.5 | 4.6 | 5.5 | ||||||||||||
Add back current portion of finance leases | 0.2 | 0.5 | 0.0 | 0.5 | ||||||||||||
Add back current portion of plant closure provisions | 6.6 | 6.6 | 5.7 | 6.6 | ||||||||||||
Add back current portion of operating lease liabilities | 12.1 | 11.3 | 13.3 | 11.3 | ||||||||||||
Adjusted working capital | $ | 277.9 | $ | 227.8 | $ | 304.5 | $ | 227.8 | ||||||||
Period | Total number of shares purchased | Average price paid per share | ||||||
May 1, 2021 through May 31, 2021 | 1,247 | $ | 101.3 | |||||
Total | 1,247 | $ | 101.3 | |||||
Item 5 Other Information |
31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101 | XBRL Instance Document and Related Item - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |
104 | Cover Page Interactive Data File – The cover page XBRL tags are embedded within the inline XBRL document. |
INNOSPEC INC. | ||||||
Registrant | ||||||
Date: | By | /s/ PATRICK S. WILLIAMS | ||||
Patrick S. Williams | ||||||
President and Chief Executive Officer | ||||||
Date: | By | /s/ IAN P. CLEMINSON | ||||
Ian P. Cleminson | ||||||
Executive Vice President and Chief Financial Officer |