Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 09, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity File Number | 1-13879 | ||
Entity Registrant Name | INNOSPEC INC. | ||
Entity Central Index Key | 0001054905 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 98-0181725 | ||
Entity Address, Postal Zip Code | 80112 | ||
City Area Code | 303 | ||
Local Phone Number | 792 5554 | ||
Security Exchange Name | NASDAQ | ||
Title of 12(b) Security | Common stock | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 24,773,694 | ||
Entity Address, Address Line One | 8310 South Valley Highway | ||
Entity Address, Address Line Two | Suite 350 | ||
Entity Address, City or Town | Englewood | ||
Entity Address, State or Province | CO | ||
Trading Symbol | IOSP | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 1,245 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 876 | ||
Auditor Location | Manchester, United Kingdom |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 1,483.4 | $ 1,193.1 | $ 1,513.3 |
Cost of goods sold | (1,048.5) | (850.4) | (1,047.1) |
Gross profit | 434.9 | 342.7 | 466.2 |
Operating expenses: | |||
Selling, general and administrative | (267.2) | (237) | (280.9) |
Research and development | (37.4) | (30.9) | (35.4) |
Restructuring charge | 0 | (21.3) | 0 |
Impairment of intangible assets | 0 | (19.8) | 0 |
Profit on disposal | 1.8 | 0 | 0 |
Total operating expenses | (302.8) | (309) | (316.3) |
Operating income | 132.1 | 33.7 | 149.9 |
Other income, net | 3.8 | 7.8 | 5.3 |
Interest expense, net | (1.5) | (1.8) | (4.8) |
Income before income tax expense | 134.4 | 39.7 | 150.4 |
Income tax expense | (41.3) | (11) | (38.2) |
Net income | $ 93.1 | $ 28.7 | $ 112.2 |
Earnings per share: | |||
Basic | $ 3.78 | $ 1.17 | $ 4.58 |
Diluted | $ 3.75 | $ 1.16 | $ 4.54 |
Weighted average shares outstanding (in thousands): | |||
Basic | 24,647 | 24,563 | 24,482 |
Diluted | 24,854 | 24,779 | 24,728 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 93.1 | $ 28.7 | $ 112.2 |
Changes in cumulative translation adjustment, net of tax of $2.0 million, $3.9 million and $(0.3) million, respectively | (20.2) | 23.7 | (6) |
Changes in derivative instruments, net of tax of $0.0 million, $0.0 million and $(0.4) million, respectively | 0 | 0 | (1.5) |
Amortization of prior service cost/(credit), net of tax of $(0.1) million, $0.1 million and $0.2 million, respectively | 0.2 | (0.4) | (0.7) |
Amortization of actuarial net losses, net of tax of $(0.4) million, $(0.2) million and $0.0 million, respectively | 2.2 | 1.5 | 0 |
Actuarial net gains/(losses) arising during the year, net of tax of $(9.0) million, $1.9 million and $(2.2) million, respectively | 28.2 | (7.7) | 9.5 |
Total comprehensive income | $ 103.5 | $ 45.8 | $ 113.5 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Changes in cumulative translation adjustment, tax | $ 2 | $ 3.9 | $ 0.3 |
Changes in derivative instruments, tax | 0 | 0 | 0.4 |
Amortization of prior service credit, tax | 0.1 | 0.1 | 0.2 |
Amortization of actuarial net losses, tax | 0.4 | 0.2 | 0 |
Actuarial net gains, tax | $ 9 | $ 1.9 | $ 2.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 141.8 | $ 105.3 |
Trade and other accounts receivable (less allowances of $5.1 million and $4.5 million, respectively) | 284.5 | 221.4 |
Inventories (less allowances of $25.4 million and $19.4 million, respectively): | ||
Finished goods | 188.3 | 156.3 |
Raw materials | 89.3 | 63.7 |
Total inventories | 277.6 | 220 |
Prepaid expenses | 18 | 14.9 |
Prepaid income taxes | 5.8 | 4.2 |
Other current assets | 0.4 | 0.4 |
Total current assets | 728.1 | 566.2 |
Net property, plant and equipment | 214.4 | 210.8 |
Operating leases right-of-use assets | 35.4 | 40.1 |
Goodwill | 364.3 | 371.2 |
Other intangible assets | 57.5 | 75.3 |
Deferred tax assets | 6.4 | 7.6 |
Pension asset | 159.8 | 118 |
Other non-current assets | 5 | 8.2 |
Total assets | 1,570.9 | 1,397.4 |
Current liabilities: | ||
Accounts payable | 148.7 | 98.7 |
Accrued liabilities | 166.5 | 129.8 |
Current portion of finance leases | 0.1 | 0.5 |
Current portion of operating lease liabilities | 12.4 | 11.3 |
Current portion of plant closure provisions | 5.2 | 6.6 |
Current portion of accrued income taxes | 3.7 | 5.5 |
Total current liabilities | 336.6 | 252.4 |
Finance leases, net of current portion | 0 | 0.1 |
Operating lease liabilities, net of current portion | 23.1 | 28.9 |
Plant closure provisions, net of current portion | 51.3 | 51.9 |
Accrued income taxes, net of current portion | 30.6 | 32.4 |
Unrecognized tax benefits, net of current portion | 16.3 | 16 |
Deferred tax liabilities | 60.8 | 46.9 |
Pension liabilities and post-employment benefits | 17.8 | 20.5 |
Other non-current liabilities | 1.4 | 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 | 346.7 | 336.1 |
Treasury stock (4,780,806 and 4,958,599 shares at cost, respectively) | (90.6) | (93.3) |
Retained earnings | 822.9 | 758.6 |
Accumulated other comprehensive loss | (46.9) | (57.3) |
Total Innospec stockholders' equity | 1,032.4 | 944.4 |
Non-controlling interest | 0.6 | 0.5 |
Total equity | 1,033 | 944.9 |
Total liabilities and equity | $ 1,570.9 | $ 1,397.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowances for doubtful accounts | $ 5.1 | $ 4.5 |
Inventory allowances | $ 25.4 | $ 19.4 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 29,554,500 | 29,554,500 |
Treasury stock, shares | 4,780,806 | 4,958,599 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities | |||
Net income | $ 93.1 | $ 28.7 | $ 112.2 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 42.7 | 46 | 47.6 |
Impairment of intangible assets | 0 | 19.8 | 0 |
Impairment of tangible assets | 0 | 2 | 0 |
Deferred taxes | 6.4 | (2.5) | (0.8) |
Profit on disposal | (1.8) | 0 | 0 |
Cash contributions to defined benefit pension plans | 0 | 0 | (0.4) |
Non-cash income of defined benefit pension plans | (3.5) | (4) | (6.1) |
Stock option compensation | 4.4 | 5.8 | 6.6 |
Changes in assets and liabilities, net of effects of acquired and divested companies: | |||
Trade and other accounts receivable | (70.3) | 74.4 | (18.2) |
Inventories | (62) | 25.5 | 2.4 |
Prepaid expenses | (3.5) | (1) | (3.1) |
Accounts payable and accrued liabilities | 90.2 | (45.9) | 23.2 |
Plant closure provisions | (1.4) | 8.5 | 0 |
Accrued income taxes | (3.2) | (10.3) | (2.4) |
Unrecognized tax benefits | 0.3 | (0.4) | 2.5 |
Other assets and liabilities | 1.8 | (0.7) | (1.9) |
Net cash provided by operating activities | 93.2 | 145.9 | 161.6 |
Cash Flows from Investing Activities | |||
Capital expenditures | (39.1) | (29.7) | (29.9) |
Proceeds on disposal of property, plant and equipment | 2.9 | 0 | 0 |
Internally developed software | 0 | 0 | (1.1) |
Net cash used in investing activities | (36.2) | (29.7) | (31) |
Cash Flows from Financing Activities | |||
Non-controlling interest | 0.1 | 0.1 | 0 |
Proceeds from revolving credit facility | 0 | 15 | 105.5 |
Repayments of revolving credit facility | 0 | (75) | (171.5) |
Repayment of term loans | 0 | 0 | (82.5) |
Repayment of finance leases | (0.6) | (1.1) | (1.7) |
Refinancing costs | 0 | (0.3) | (1.5) |
Dividend paid | (28.8) | (25.6) | (25) |
Issue of treasury stock | 10.1 | 2.2 | 1.2 |
Repurchase of common stock | (0.8) | (2.1) | (2.4) |
Net cash used in financing activities | (20) | (86.8) | (177.9) |
Effect of foreign currency exchange rate changes on cash | (0.5) | 0.2 | (0.1) |
Net change in cash and cash equivalents | 36.5 | 29.6 | (47.4) |
Cash and cash equivalents at beginning of year | 105.3 | 75.7 | 123.1 |
Cash and cash equivalents at end of year | $ 141.8 | $ 105.3 | $ 75.7 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Non-Controlling Interest [Member] |
Beginning Balance at Dec. 31, 2018 | $ 825.5 | $ 0.3 | $ 324.9 | $ (92.8) | $ 668.3 | $ (75.7) | $ 0.5 |
Net income | 112.2 | 112.2 | |||||
Dividend paid | (25) | (25) | |||||
Changes in cumulative translation adjustment, net of tax | (6) | (6) | |||||
Share of net income | (0.1) | (0.1) | |||||
Changes in derivative instruments, net of tax | (1.5) | (1.5) | |||||
Treasury stock re-issued | 0.8 | (1.1) | 1.9 | ||||
Treasury stock repurchased | (2.4) | (2.4) | |||||
Stock option compensation | 6.6 | 6.6 | |||||
Amortization of prior service credit, net of tax | (0.7) | (0.7) | |||||
Amortization of actuarial net losses, net of tax | 0 | ||||||
Actuarial net gains (losses) arising during the year, net of tax | 9.5 | 9.5 | |||||
Ending Balance at Dec. 31, 2019 | 918.9 | 0.3 | 330.4 | (93.3) | 755.5 | (74.4) | 0.4 |
Net income | 28.7 | 28.7 | |||||
Dividend paid | (25.6) | (25.6) | |||||
Changes in cumulative translation adjustment, net of tax | 23.7 | 23.7 | |||||
Share of net income | 0.1 | 0.1 | |||||
Treasury stock re-issued | 2 | (0.1) | 2.1 | ||||
Treasury stock repurchased | (2.1) | (2.1) | |||||
Stock option compensation | 5.8 | 5.8 | |||||
Amortization of prior service credit, net of tax | (0.4) | (0.4) | |||||
Amortization of actuarial net losses, net of tax | 1.5 | 1.5 | |||||
Actuarial net gains (losses) arising during the year, net of tax | (7.7) | (7.7) | |||||
Ending Balance at Dec. 31, 2020 | 944.9 | 0.3 | 336.1 | (93.3) | 758.6 | (57.3) | 0.5 |
Net income | 93.1 | 93.1 | |||||
Dividend paid | (28.8) | (28.8) | |||||
Changes in cumulative translation adjustment, net of tax | (20.2) | (20.2) | |||||
Share of net income | 0.1 | 0.1 | |||||
Treasury stock re-issued | 9.7 | 6.2 | 3.5 | ||||
Treasury stock repurchased | (0.8) | (0.8) | |||||
Stock option compensation | 4.4 | 4.4 | |||||
Amortization of prior service credit, net of tax | 0.2 | 0.2 | |||||
Amortization of actuarial net losses, net of tax | 2.2 | 2.2 | |||||
Actuarial net gains (losses) arising during the year, net of tax | 28.2 | 28.2 | |||||
Ending Balance at Dec. 31, 2021 | $ 1,033 | $ 0.3 | $ 346.7 | $ (90.6) | $ 822.9 | $ (46.9) | $ 0.6 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividend paid, per share | $ 1.16 | $ 1.04 | $ 1.02 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Note 1. Nature of Operations Innospec develops, manufactures, blends, markets and supplies fuel additives, oilfield chemicals, personal care products and other specialty chemicals. Our products are sold primarily to oil and gas exploration and production companies, oil refiners, personal care and home care companies, formulators of agrochemical and metal extraction preparations and other chemical and industrial companies throughout the world. Our fuel additives help improve fuel efficiency, boost engine performance and reduce harmful emissions. Our Performance Chemicals business provides effective technology-based solutions for our customers’ processes or products focused in the personal care, home care, agrochemical and metal extraction markets. Our Oilfield Services business supplies drilling and production chemicals which make exploration and production more cost-efficient, and more environmentally friendly. Our principal reportable segments are Fuel Specialties, Performance Chemicals and Oilfield Services. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note 2. Accounting Policies Basis of preparation: Use of estimates: Revenue recognition: on-demand products are shipped, delivered, or consumed by the customer, depending on the underlying contracts. While some of our customers have payment terms beyond 30 days, we do not provide extended payment terms of a year or more, nor do our contracts include a financing component. Some of our contracts include variable consideration in the form of rebates. We record rebates at the point of sale as a reduction in sales when we can reasonably estimate the amount of the rebate. The estimates are based on our best judgment at the time of sale, which includes anticipated as well as historical performance. Taxes assessed by a governmental authority which are concurrent with sales to our customers, including sales, use, value-added, and revenue-related excise taxes, are collected by us from the customer and are not included in net sales, but are reflected in accrued liabilities until remitted to the appropriate governmental authority. When we are responsible for shipping and handling costs after title has transferred, we account for those as fulfilment costs and include them in cost of goods sold. Components of net sales: Components of cost of goods sold: non-recoverable Components of selling, general and administrative e xpenses: Research and development expens es: Earnings per share: Foreign currencies: Stock-based compensation plans: Business combinations: . The determination of the fair values of certain assets and liabilities are usually based on significant estimates provided by management, such as forecast revenue or profit. In determining the fair value of intangible assets, an income approach is generally used and may incorporate the use of a discounted cash flow method. In applying the discounted cash flow method, the estimated future cash flows and residual values for each intangible asset are discounted to a present value using a discount rate appropriate to the business being acquired. These cash flow projections are based on management’s estimates of economic and market conditions including revenue growth rates, operating margins, capital expenditures and working capital requirements. Cash equivalents: Trade and other accounts receivable: conditions. Credit losses: No. 2016-13, The standard was adopted using prospective application and principally impacts the allowance for trade and other accounts receivables. Upon adoption, there was no adjustment made to opening retained earnings as at January 1, 2020. As a result of implementing the standard, the Company did not recognize any material change to the allowance within trade and other accounts receivable as at January 1, 2020. Trade and other accounts receivable are shown net of a $5.1 million allowance at December 31, 2021. The allowance remains immaterial to the financial statements. The Company is exposed to credit losses primarily through sales of products. The Company’s expected loss allowance methodology for trade and other accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers’ receivables. Due to the short-term nature of such receivables, the estimate of accounts receivable amounts that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, a further allowance is included to account for the Company’s historic track record of credit losses, for balances which are not aged sufficiently to be considered under the aging based approach. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 Inventories: conditions. Property, plant and equipment: related gain or loss is included in earnings. The estimated useful lives of the major classes of depreciable assets are as follows: Buildings 7 to 25 years Equipment 3 to 10 years Goodwill: Initially we perform a qualitative assessment to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a segment is less than the carrying amount prior to performing a quantitative goodwill impairment test. The annual measurement date for impairment assessment of the goodwill relating to the Fuel Specialties, Performance Chemicals and Oilfield Services segments is December 31 each year. Factors utilized in the qualitative assessment process include macroeconomic conditions, industry and market considerations, cost factors, overall financial performance and Company specific events. If a quantitative test is required, we assess the fair value based on projected post-tax O ther intangible assets: In order to facilitate testing for potential impairment the Company groups together assets at the lowest possible level for which cash flow information is available. Undiscounted future cash flows expected to result from the asset groups are compared with the carrying value of the assets and, if such cash flows are lower, an impairment loss may be recognized. The amount of the impairment loss is the difference between the fair value and the carrying value of the assets. Fair values are determined using post-tax non-cash impairment of their carrying value. A reduction in the amortization periods would have no impact on cash flows. The estimated useful lives of the major classes of assets are as follows: Technology 10 to 17 years Customer lists 10 to 15 years Brand names 5 to 10 years Product rights 9 to 10 years Internally developed software 3 to 5 years Marketing related 11 Leases: non-current) non-current) Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future lease payments over the remaining lease term. Very few of our leases have renewal options or early termination break clauses, but where they do we have assessed the term of the lease based on any options being exercised only if they are reasonably certain. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at point of recognition in determining the present value of future payments. The operating lease ROU asset excludes lease incentives and initial direct costs incurred. Lease expense for lease payments is recognized on a straight-line basis over the lease term unless payments are variable per the agreement. We do not separate related non-lease We do not recognize a ROU asset or operating lease liability for short-term leases (with a length of one year or less), and any associated cost is recognized, as incurred, through the income statement. Deferred finance costs: Impairment of long-lived assets: post-tax Derivative instruments: non-current Plant closure provisions: The Company must comply with environmental legislation in the countries in which it operates or has operated in and annually reassesses the program of work required. This includes estimating the credit-adjusted risk free rate and the timing and cost of performing the remediation work. Management receives input from specialists to develop these estimates and assumptions utilizing the latest information available together with experience of recent costs. While we believe our assumptions for the liabilities are reasonable, they are subjective estimates and it is possible that variations in any of the assumptions will result in materially different calculations to the liabilities we have reported. Costs of future obligations are discounted to their present values using the Company’s credit-adjusted risk-free rate. Pension plans and other post-employment benefits: year-end. Movements in the underlying plan asset value and Projected Benefit Obligation (“PBO”) are dependent on actual return on investments as well as our assumptions in respect of the discount rate, annual member mortality rates, future return on assets and future inflation. Income taxes: |
Segment Reporting and Geographi
Segment Reporting and Geographical Area Data | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 3. Segment Reporting and Geographical Area Data The Fuel Specialties 10-Q Our Fuel Specialties segment develops, manufactures, blends, markets and supplies a range of specialty chemicals products used as additives to a wide range of fuels. Our Performance Chemicals segment provides effective technology-based solutions for our customers’ processes or products focused in the personal care, home care, agrochemical and metal extraction markets. Our Oilfield Services segment develops and markets chemical solutions for fracturing, stimulation and stimulation operations, products for oil and gas production which aid flow assurance and maintain asset integrity and products to prevent loss of mud in drilling operations. The Octane Additives business has ceased trading and is no longer a reporting segment from July 1, 2020 as the production of TEL for use in motor gasoline has finished. Legacy costs related to these operations are now being recorded as operating expenses within corporate costs. There are no significant customers with sales greater than 10% of our net group sales in the last three financial years. The Company evaluates the performance of its segments based on operating income. The following table analyzes sales and other financial information by the Company’s reportable segments: (in millions) 2021 2020 2019 Net Sales: Refinery and Performance $ 445.3 $ 372.9 $ 427.9 Other 173.0 139.8 155.8 Fuel Specialties 618.3 512.7 583.7 Personal Care 296.1 231.4 228.0 Home Care 93.0 87.0 93.4 Other 136.2 107.0 107.3 Performance Chemicals 525.3 425.4 428.7 Oilfield Services 339.8 255.0 479.9 Octane Additives — — 21.0 $ 1,483.4 $ 1,193.1 $ 1,513.3 (in millions) 2021 2020 2019 Gross profit/(loss): Fuel Specialties $ 193.2 $ 160.3 $ 204.5 Performance Chemicals 125.2 103.8 100.1 Oilfield Services 116.5 80.8 159.9 Octane Additives — (2.2 ) 1.7 $ 434.9 $ 342.7 $ 466.2 Operating income/(expense): Fuel Specialties $ 104.6 $ 84.5 $ 116.6 Performance Chemicals 70.9 54.8 48.7 Oilfield Services 10.4 (9.5 ) 39.7 Octane Additives — (2.8 ) (0.7 ) Corporate costs (55.6 ) (52.2 ) (54.4 ) Restructuring charge — (21.3 ) — Impairment of intangible assets — (19.8 ) — Profit on disposal 1.8 — — Total operating income $ 132.1 $ 33.7 $ 149.9 (in millions) 2021 2020 2019 Identifiable assets at year end: Fuel Specialties $ 571.3 $ 509.7 $ 499.7 Performance Chemicals 469.5 391.5 383.3 Oilfield Services 230.8 210.8 316.8 Octane Additives — — 24.2 Corporate 299.3 285.4 244.8 $ 1,570.9 $ 1,397.4 $ 1,468.8 Identifiable assets relating to our tetra ethyl lead (“TEL”) operations are included within our Fuel Specialties segment in 2021 and 2020 and in our Octane Additives segment in 2019, as shown in the table above. Octane Additives ceased trading on June 30, 2020 and is no longer a reporting segment after that date. As a result, it is now appropriate to report the identifiable assets relating to the remaining TEL production within Fuel Specialties from July 1, 2020. Our TEL operations historically produced TEL for automotive gasoline, which is reported in our Octane Additives segment for the years presented above, and for our AvGas product line, which is reported in our Fuel Specialties segment. The Company includes within the corporate costs line item the costs of: • managing the group as a company with securities listed on the NASDAQ and registered with the SEC; • the President/CEO’s office, group finance, group human resources, group legal and compliance counsel, and investor relations; • running the corporate offices in the U.S. and Europe; • the corporate development function since they do not relate to the current trading activities of our other reporting segments; and • the corporate share of the information technology, product technology, safety, health, environment, accounting and human resources departments. The following tables analyze sales and other financial information by location: (in millions) 2021 2020 2019 Net sales by source: United States & North America $ 821.6 $ 642.4 $ 897.2 United Kingdom 811.9 689.1 810.9 Rest of Europe 115.6 83.4 115.7 Rest of World 66.4 45.6 47.8 Sales between areas (332.1 ) (267.4 ) (358.3 ) $ 1,483.4 $ 1,193.1 $ 1,513.3 (in millions) 2021 2020 2019 Income before income taxes: United States & North America $ 54.6 $ — $ 53.9 United Kingdom 46.1 16.9 67.0 Rest of Europe 26.4 19.7 27.2 Rest of World 7.3 3.1 2.3 $ 134.4 $ 39.7 $ 150.4 Long-lived assets at year end: United States & North America $ 137.3 $ 141.0 $ 156.0 United Kingdom 55.4 61.3 70.4 Rest of Europe 112.0 123.2 116.6 Rest of World 0.2 0.2 0.3 $ 304.9 $ 325.7 $ 343.3 Identifiable assets at year end: United States & North America $ 464.9 $ 368.8 $ 419.5 United Kingdom 533.7 455.8 487.2 Rest of Europe 164.7 171.0 163.2 Rest of World 43.3 30.6 35.9 Goodwill 364.3 371.2 363.0 $ 1,570.9 $ 1,397.4 $ 1,468.8 Sales by geographical area are reported by source, being where the transactions originated. Intercompany sales are priced using an appropriate pricing methodology and are eliminated in the consolidated financial statements. Identifiable assets are those directly associated with the operations of the geographical area. Goodwill has not been allocated by geographical location on the grounds that it would be impracticable to do so. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 4. Earnings per Share Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the effect of options that are dilutive and outstanding during the period. Per share amounts are computed as follows: 2021 2020 2019 Numerator (in millions): Net income available to common stockholders $ 93.1 $ 28.7 $ 112.2 Denominator (in thousands): Weighted average common shares outstanding 24,647 24,563 24,482 Dilutive effect of stock options and awards 207 216 246 Denominator for diluted earnings per share 24,854 24,779 24,728 Net income per share, basic: $ 3.78 $ 1.17 $ 4.58 Net income per share, diluted: $ 3.75 $ 1.16 $ 4.54 In 2021, 2020 and 2019 the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 18,378, 17,980 and 6,270 respectively. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring Charges [Abstract] | |
Restructuring | Note 5. Restructuring During 2020, the Company recorded a charge of $21.3 million for the restructuring of its Octane Additives segment in line with the end of the manufacturing and sale of TEL for use in motor gasoline. As a result, the Octane Additives segment ceased trading and is no longer a reporting segment from July 1, 2020. Production of TEL will continue for sales of our AvGas product line, as reported within our Fuel Specialties segment. The restructuring charge comprised the future committed costs of environmental monitoring of $2.0 million, remediation of facilities of $7.5 million, contract termination costs of $7.2 million, impairment of tangible assets of $2.0 million and costs of redundancy due to the down-sizing |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 6. Property, Plant and Equipment Property, plant and equipment consists of the following: (in millions) 2021 2020 Land $ 20.7 $ 21.6 Buildings 69.5 65.5 Equipment 371.5 349.9 Work in progress 23.7 27.5 485.4 464.5 Less accumulated depreciation and impairment (271.0 ) (253.7 ) $ 214.4 $ 210.8 Of the total net book value of equipment at December 31, 2021, $0.5 million are in respect of assets held under finance leases (2020 – $1.0 million). Depreciation charges were $26.3 million, $24.7 million and $23.6 million in 2021, 2020 and 2019, respectively. An impairment charge of $2.0 million was incurred in 2020 as a result of the Octane Additives segment ceasing to trade on June 30, 2020. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 7. Leases We have operating and finance leases for toll manufacturing facilities, warehouse storage, land, buildings, plant and equipment. Our leases have remaining lease terms of up to 10 years, some of which include options to terminate the leases within 1 year. The components of lease expense were as follows: (in millions) Twelve Months Twelve Months 2021 2020 Finance lease cost: Amortization of right-of-use $ 0.5 $ 1.0 Interest on lease liabilities — — Total finance lease cost 0.5 1.0 Operating lease cost 13.8 12.8 Short-term lease cost 3.8 3.2 Variable lease cost 0.3 0.3 Total lease cost $ 18.4 $ 17.3 Supplemental cash flow information related to leases is as follows: (in millions) Twelve Months Twelve Months 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18.1 $ 15.9 Operating cash flows from finance leases 0.5 1.2 Finance cash flows from finance leases — — Right-of-use Operating leases $ 5.2 $ 5.7 Finance leases — — Supplemental balance sheet information related to leases is as follows: (in millions except lease term and discount rate) December 31 December 31 Operating leases: Operating lease right-of-use $ 35.4 $ 40.1 Current portion of operating lease liabilities $ 12.4 $ 11.3 Operating lease liabilities, net of current portion 23.1 28.9 Total operating lease liabilities $ 35.5 $ 40.2 Finance leases: Property, plant and equipment at cost $ 5.0 $ 9.0 Accumulated depreciation (4.5 ) (8.0 ) Net property, plant and equipment $ 0.5 $ 1.0 Current portion finance leases $ 0.1 $ 0.5 Finance leases current portion — 0.1 Total finance lease liabilities $ 0.1 $ 0.6 (in millions except lease term and discount rate) December 31 December 31 Weighted average remaining lease term: Operating leases 4.9 years 4.1 years Finance leases 0.5 years 1.1 years Weighted average discount rate: Operating leases 2.5 % 3.0 % Finance leases 2.5 % 2.6 % Maturities of lease liabilities were as follows as at December 31, 2021: (in millions) Operating Finance Within one year $ 12.5 $ 0.1 Year two 9.0 — Year three 6.0 — Year four 3.9 — Year five 3.1 — Thereafter 3.2 — Total lease payments 37.7 0.1 Less imputed interest (2.2 ) — Total $ 35.5 $ 0.1 As of December 31, 2021, additional operating and finance leases that have not yet commenced are $8.8 million. Future lease payment for all non-cancellable (in millions) Operating Finance Within one year $ 11.4 $ 0.5 Year two 9.4 0.1 Year three 8.2 — Year four 5.5 — Year five 3.8 — Thereafter 4.6 — Total lease payments 42.9 0.6 Less imputed interest (2.7 ) — Total $ 40.2 $ 0.6 As of December 31, 2020, additional operating and finance leases that have not yet commenced are $0.0 million. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 8. Goodwill The following table analyzes goodwill movement for 2021 and 2020. (in millions) Fuel Performance Oilfield Octane Total At December 31, 2019 Gross cost (1) $ 207.7 $ 110.5 $ 44.8 $ 236.5 $ 599.5 Accumulated impairment losses — — — (236.5 ) (236.5 ) Net book amount $ 207.7 $ 110.5 $ 44.8 $ — $ 363.0 Exchange effect 0.2 8.0 — — 8.2 At December 31, 2020 Gross cost (1) $ 207.9 $ 118.5 $ 44.8 $ — $ 371.2 Accumulated impairment losses — — — — — Net book amount $ 207.9 $ 118.5 $ 44.8 $ — $ 371.2 Exchange effect (0.3 ) (6.6 ) — — (6.9 ) At December 31, 2021 Gross cost (1) $ 207.6 $ 111.9 $ 44.8 $ — $ 364.3 Accumulated impairment losses — — — — — Net book amount $ 207.6 $ 111.9 $ 44.8 $ — $ 364.3 (1) Gross cost is net of $8.7 million, $0.3 million and $289.5 million of historical accumulated amortization in respect of the Fuel Specialties, Performance Chemicals and Octane Additives reporting segments, respectively The Company’s reporting units, the level at which goodwill is tested for impairment, are consistent with the reportable segments: Fuel Specialties, Performance Chemicals and Oilfield Services. The Octane Additives segment has ceased trading and is no longer a reporting segment from July 1, 2020, as reported in our Quarterly Report on Form 10-Q The components in each segment (including products, markets and competitors) have similar economic characteristics and the segments, therefore, reflect the lowest level at which operations and cash flows can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. The Company assesses goodwill for impairment on at least an annual basis, initially based on a qualitative assessment to determine whether it is more likely than not that the fair value of a segment is less than the carrying amount. If a potential impairment is identified then an impairment test is performed. The Company performed its annual impairment assessment in respect of goodwill as at December 31, 2021, 2020 and 2019. Our impairment assessment concluded that there had been no impairment of goodwill in respect of those reporting units. Due to the triggering events of the COVID-19 We believe that where appropriate the assumptions used in our impairment assessments are reasonable, but that they are judgmental, and variations in any of the assumptions may result in materially different calculations of any potential impairment charges. |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | Note 9. Other Intangible Assets The following table analyzes other intangible assets movement for 2021 and 2020. (in millions) 2021 2020 Gross cost at January 1 $ 298.9 $ 294.8 Exchange effect (3.7 ) 4.1 Gross cost at December 31 295.2 298.9 Accumulated amortization at January 1 (223.6 ) (181.3 ) Amortization expense (16.0 ) (20.9 ) Impairment — (19.8 ) Exchange effect 1.9 (1.6 ) Accumulated amortization at December 31 (237.7 ) (223.6 ) Net book amount at December 31 $ 57.5 $ 75.3 Amortization expense The amortization expense was $16.0 million, $20.9 million and $23.0 million in 2021, 2020 and 2019, respectively. Excluding the impact of foreign exchange translation on the balance sheet, $2.3 million, $2.9 million and $3.4 million of amortization, respectively, was recognized in cost of goods sold, and the remainder was recognized in selling, general and administrative expenses. During the quarter ended June 30, 2020, the Company performed an impairment review over the assets of each operating segment. This indicated the fair values substantially exceeded the carrying values for all operating segments. Further, the Company also performed an impairment review over each of the businesses within the Oilfield Services segment, as a result of reduction in demand for drilling related products. A discounted cash flow analysis was performed to determine the fair value of the assets. This indicated that the intangible assets arising from the acquisition of Strata Control Services Inc. were impaired. The impaired assets relate to technology ($10.0 million) and customer relationships ($9.8 million). There was no impairment indicated on the other businesses within the Oilfield Services operating segment. Other intangible assets at December 31, 2021 were: (in millions) Gross Accumulated Product rights $ 34.0 $ (31.5 ) Brand names 8.9 (7.2 ) Technology 55.1 (37.7 ) Customer relationships 125.3 (90.7 ) Internally developed software 43.1 (41.8 ) Other 28.8 (28.8 ) $ 295.2 $ (237.7 ) Other intangible assets at December 31, 2020 were: (in millions) Gross Accumulated Product rights $ 34.0 $ (27.7 ) Brand names 8.9 (6.6 ) Technology 55.1 (35.4 ) Customer relationships 128.3 (84.0 ) Internally developed software 43.4 (40.7 ) Other 29.2 (29.2 ) $ 298.9 $ (223.6 ) Future amortization expense is estimated to be as follows for the next five years: (in millions) 2022 $ 14.5 2023 $ 11.2 2024 $ 10.4 2025 $ 7.4 2026 $ 7.3 |
Pension and Post-Employment Ben
Pension and Post-Employment Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Post-Employment Benefits | Note 10. Pension and Post-Employment Benefits United Kingdom plan The Company maintains a defined benefit pension plan covering certain current and former employees in the United Kingdom (the “UK Plan”). The UK Plan is closed to future service accrual and has a large number of deferred and current pensioners. The Projected Benefit Obligation (“PBO”) is based on final salary and years of credited service reduced by social security benefits according to a plan formula. Normal retirement age is 65 but provisions are made for early retirement. The UK Plan’s assets are invested by several investment management companies in funds holding United Kingdom and overseas equities, United Kingdom and overseas fixed interest securities, index linked securities, property unit trusts and cash or cash equivalents. The trustees’ investment policy is to seek to achieve specified objectives through investing in a suitable mixture of real and monetary assets. The trustees recognize that the returns on real assets, while expected to be greater over the long-term than those on monetary assets, are likely to be more volatile. A mixture across asset classes should nevertheless provide the level of returns required by the UK Plan to meet its liabilities at an acceptable level of risk for the trustees and an acceptable level of cost to the Company. In 2021, the Company contributed $0.0 million (2020 – $0.0 million) in cash to the UK Plan in accordance with an agreement with the trustees. For the year ending December 31, 2022, there are no plans to make cash contributions to the UK Plan. The service cost shown in the table below has been recognized in selling, general and administrative expenses within corporate costs and the other items recognized within other income, net. (in millions) 2021 2020 2019 Service cost $ 1.6 $ 1.2 $ 0.9 Interest cost on PBO 7.6 11.2 15.2 Expected return on plan assets (15.5 ) (17.8 ) (22.0 ) Amortization of prior service cost/(credit) 0.3 (0.5 ) (0.9 ) Amortization of actuarial net losses 1.6 0.9 — Settlement event (0.3 ) — — Net periodic benefit $ (4.7 ) $ (5.0 ) $ (6.8 ) Plan assumptions at December 31, (%): Discount rate 1.84 1.36 1.95 Inflation rate 3.55 2.35 2.25 Rate of return on plan assets – overall on bid-value 2.30 2.00 2.50 Plan asset allocation by category (%): Debt securities and insurance contracts 82 86 86 Equity securities and real estate 5 10 10 Cash 13 4 4 100 100 100 The discount rate used represents the annualized yield based on a cash flow matched methodology with reference to an AA corporate bond spot curve and having regard to the duration of the Plan’s liabilities. The inflation rate is derived using a similar cash flow matched methodology as used for the discount rate but having regard to the difference between yields on fixed interest and index linked United Kingdom government gilts. A 0.25% change in the discount rate assumption would change the PBO at December 31, 2021 by approximately $22 million and the net pension credit for 2022 would change by approximately $1.4 million. A 0.25% change in the level of price inflation assumption would change the PBO at December 31, 2021 by approximately $14 million and the net pension credit for 2022 by approximately $0.3 million. Movements in PBO and fair value of Plan assets are as follows: (in millions) 2021 2020 Change in PBO: Opening balance $ 758.7 $ 701.0 Interest cost 7.6 11.2 Service cost 1.6 1.2 Benefits paid (37.3 ) (45.5 ) Settlements (10.6 ) — Plan amendments 5.4 5.5 Actuarial losses/(gains) (40.5 ) 61.1 Exchange effect (5.8 ) 24.2 Closing balance $ 679.1 $ 758.7 Fair value of plan assets: Opening balance $ 876.7 $ 816.9 Benefits paid (37.3 ) (45.5 ) Settlements (10.6 ) — Actual return on assets 17.5 77.6 Exchange effect (7.4 ) 27.7 Closing balance $ 838.9 $ 876.7 Net pension asse t $ 159.8 $ 118.0 The current investment strategy of the UK Plan is to divest equity securities and real estate in order to achieve a lower risk return on assets from debt securities and cash. The UK Plan holds approximately 10% (December 31, 2020 – 11%) of the Plan’s assets in debt securities issued by non-US For the vast majority of assets, a market approach is adopted to assess the fair value of the assets, with the inputs being the quoted market prices for the actual securities held in the relevant fund. Settlement The 2021 settlement threshold for the total of interest cost and service cost was triggered in October 2021 by the level of transfers paid out of the UK Plan during the year. As a result, a settlement value of $10.6 million has been included for the PBO movements in 2021. Debt securities Fixed income securities are valued based on quotations received from independent pricing services or from dealers who make markets in such securities and are classified as Level 1. Corporate debt securities are classified as Level 2 in line with the industry standard. Equity backed securities Common and preferred stock for which market prices are readily available at the measurement date are valued at the last reported sale price or official closing price on the primary market or exchange on which they are actively traded. Other financial derivatives are classified as level 2 and certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been categorized with a hierarchy. Other asset backed securities The Company has invested in insurance contracts, known as buy-in The Company also invests in real estate as a low risk asset backed security, classified as Level 1. The fair values of pension assets by level of input were as follows: (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total At December 31, 2021 Debt securities: Debt securities issued by non-U.S. $ 80.3 $ $ $ 80.3 Corporate debt securities 445.7 445.7 Equity backed securities: Other financial derivatives (1.5 ) (1.5 ) Other asset backed securities: Insurance contracts 162.2 162.2 Real estate 47.0 47.0 Total assets at fair value 127.3 444.2 162.2 733.7 Cash 105.2 105.2 Total plan assets $ 232.5 $ 444.2 $ 162.2 $ 838.9 (in millions) Quoted Prices Significant Significant Total At December 31, 2020 Debt securities: Debt securities issued by non-U.S. $ 99.5 $ $ $ 99.5 Corporate debt securities 488.0 488.0 Equity backed securities: Other financial derivatives (2.3 ) (2.3 ) Investments measured at net asset value (1) 51.0 Other asset backed securities: Insurance contracts 167.4 167.4 Real estate 40.2 40.2 Total assets at fair value 139.7 485.7 167.4 843.8 Cash 32.9 32.9 Total plan assets $ 172.6 $ 485.7 $ 167.4 $ 876.7 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been categorized in the fair value table with a hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The reconciliation of the fair value of the Plan assets measured using significant unobservable inputs was as follows: (in millions) Other Assets Balance at December 31, 2019 $ 157.9 Realized/unrealized gains/(losses): Relating to assets still held at the reporting date 10.8 Purchases, issuances and settlements (6.6 ) Exchange effect 5.3 Balance at December 31, 2020 $ 167.4 Realized/unrealized gains/(losses): Relating to assets still held at the reporting date 3.3 Purchases, issuances and settlements (7.0 ) Exchange effect (1.5 ) Balance at December 31, 2021 $ 162.2 The projected net periodic benefit for the year ending December 31, 2022 is as follows: (in millions) Service cost $ 2.4 Interest cost on PBO 11.0 Expected return on plan assets (17.5 ) Amortization of prior service credit 0.5 Amortization of actuarial net losses — Net periodic benefit $ (3.6 ) The following benefit payments are expected to be made: (in millions) 2022 $ 37.6 2023 $ 36.8 2024 $ 36.8 2025 $ 36.7 2026 $ 36.1 2027-2031 $ 175.5 German plan The Company also maintains an unfunded defined benefit pension plan covering certain current and former employees in Germany (the “German plan”), which is reported within our Fuel Specialties segment. The German plan is closed to new entrants and has no assets. The service cost shown in the table below has been recognized in selling, general and administrative expenses within corporate costs and the other items recognized within other income, net. (in millions) 2021 2020 2019 Service cost $ 0.1 $ 0.1 $ 0.1 Interest cost on PBO 0.1 0.1 0.2 Amortization of actuarial net loss 1.0 0.8 0.3 Net periodic cost $ 1.2 $ 1.0 $ 0.6 Plan assumptions at December 31, (%): Discount rate 0.90 0.40 0.80 Inflation rate 2.00 1.50 1.75 Rate of increase in compensation levels 2.75 2.75 2.75 Movements in PBO of the German plan are as follows: (in millions) 2021 2020 Change in PBO: Opening balance $ 15.2 $ 13.3 Service cost 0.1 0.1 Interest cost 0.1 0.1 Benefits paid (0.4 ) (0.3 ) Actuarial losses/(gains) (0.7 ) 0.8 Exchange effect (1.1 ) 1.2 Closing balance $ 13.2 $ 15.2 Other plans As at December 31, 2021, we have post-employment obligations in our Performance Chemicals European businesses with a liability of $4.6 million (December 31, 2020 – $5.3 million). For the year ended December 31, 2021 we have recognized an actuarial loss of $0.1 million in other comprehensive loss in relation to the Performance Chemicals pension in France (December 31, 2020 – $0.2 million). Company contributions to defined contribution schemes during 2021 were $10.9 million (2020 – $10.3 million), across all our reporting segments. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11. Income Taxes A roll-forward of unrecognized tax benefits and associated accrued interest and penalties is as follows: (in millions) Unrecognised Tax Benefits Interest Total Opening balance at January 1, 2019 $ 13.4 $ 0.6 $ 14.0 Additions for tax positions of prior periods 1.0 1.4 2.4 Closing balance at 31 December, 2019 14.4 2.0 16.4 Current — — — Non-current $ 14.4 $ 2.0 $ 16.4 Opening balance at January 1, 2020 $ 14.4 $ 2.0 $ 16.4 Reductions for tax positions of prior periods (1.2 ) (0.2 ) (1.4 ) Additions for tax positions of prior periods 0.4 0.6 1.0 Closing balance at 31 December, 2020 13.6 2.4 16.0 Current — — — Non-current $ 13.6 $ 2.4 $ 16.0 Opening balance at January 1, 2021 $ 13.6 $ 2.4 $ 16.0 Reductions for tax positions of prior periods (1.3 ) 0.0 (1.3 ) Additions for tax positions of prior periods 0.9 0.7 1.6 Closing balance at 31 December, 2021 13.2 3.1 16.3 Current — — — Non-current $ 13.2 $ 3.1 $ 16.3 All of the $16.3 million of unrecognised tax benefits would impact our effective tax rate if recognised. During 2021, a non-U.S. As previously disclosed, a non-U.S. As previously disclosed, in 2018 the Company recorded an unrecognized tax benefit in relation to a potential adjustment that could arise as a consequence of the Tax Cuts and Jobs Act of 2017 (“Tax Act”), but for which retrospective adjustment to the filed 2017 U.S. federal income tax returns was not permissible. The Company has determined that additional tax, interest and penalties totaling $12.0 million may arise in relation to this item. This includes a reduction in the unrecognized tax benefit of $0.9 million related to adjustments recognized during 2021 that would offset adjustments arising as a consequence of the Tax Act. This also includes an increase in interest accrued of $0.5 million during 2021. In addition to the items noted above, an amount of $0.2 million was also released during 2021 in relation to a non-significant non-U.S. The Company and its U.S. subsidiaries remain open to examination by the IRS for certain elements of year 2017 and for years 2018 onwards under the statute of limitations. The Company’s subsidiaries in foreign tax jurisdictions are open to examination including Spain (2018 onwards), France (2019 onwards), Germany (2018 onwards), Switzerland (2017 onwards) and the U.K. (2017 onwards). The sources of income before income taxes were as follows: (in millions) 2021 2020 2019 Domestic $ 53.2 $ (0.7 ) $ 52.4 Foreign 81.2 40.4 98.0 $ 134.4 $ 39.7 $ 150.4 The components of income tax expense are summarized as follows: (in millions) 2021 2020 2019 Current: Federal $ 12.4 $ 6.1 $ 13.8 State and local 2.6 0.5 2.3 Foreign 19.4 6.8 22.9 34.4 13.4 39.0 Deferred: Federal (1.9 ) (2.8 ) (3.0 ) State and local (0.3 ) (0.4 ) (0.5 ) Foreign 9.1 0.8 2.7 6.9 (2.4 ) (0.8 ) $ 41.3 $ 11.0 $ 38.2 Cash payments for income taxes were $36.8 million, $23.4 million and $37.6 million during 2021, 2020 and 2019, respectively. The effective tax rate varies from the U.S. federal statutory rate because of the factors indicated below: (in percent) 2021 2020 2019 Statutory rate 21.0 % 21.0 % 21.0 % Foreign income inclusions 1.7 7.1 0.3 Foreign tax rate differential 1.0 4.2 (0.3 ) Tax charge/(credit) from previous years 0.6 3.7 1.8 Net charge/(credit) from unrecognized tax benefits 0.4 (1.7 ) 1.1 Foreign currency transactions 0.1 (4.5 ) (1.0 ) Effect of U.S. tax law change — — 0.6 Tax on unremitted earnings 0.1 0.3 (0.1 ) Non-deductible — 0.7 0.8 Change in U.K. statutory tax rate 5.4 6.9 — State and local taxes 1.3 1.5 1.4 U.S. incentive for foreign derived intangible income (1.5 ) (1.5 ) (0.5 ) Innovation incentives – current year (1.1 ) (4.9 ) (0.6 ) Innovation incentives – prior years — (5.3 ) — Non-deductible 0.2 1.8 0.2 Tax on closure of legacy operations 1.6 — — Other items and adjustments, net (0.1 ) (1.6 ) 0.7 30.7 % 27.7 % 25.4 % During 2021, an income tax rate increase was enacted in the U.K.. The increase in the rate of tax from 19% to 25% will take effect on 1 April 2023. The Company’s U.K. deferred tax liabilities have been revalued at the higher rate. This revaluation increased the 2021 tax charge by $7.3 million and had a significant negative impact on the effective tax rate. Foreign income inclusions arise each year from certain types of income earned overseas being taxable under U.S. tax regulations. Foreign tax credits can fully or partially offset these incremental U.S. taxes from foreign income inclusions. The utilization of foreign tax credits varies year on year as this is dependent on a number of variable factors which are difficult to predict and may prevent offset. The effective tax rate is negatively impacted by the net impact of foreign inclusions post foreign tax credit usage in 2021. During 2021, to facilitate the closure of legal entities who had historically operated as part of the Octane Additives business segment, that ceased to operate in June 2020, a reorganization took place to distribute assets unrelated to the Octane Additives business prior to commencing liquidation proceedings. Tax arising on the distribution of assets in relation to the reorganization totaled $2.2 million and this had a negative impact on the effective tax rate. The effective tax rate was positively impacted by an increase in foreign-derived intangible income, as a result of U.S. subsidaries serving non-U.S. Other items do not have a significant impact on the effective tax rate. Details of deferred tax assets and liabilities are analyzed as follows: (in millions) 2021 2020 Deferred tax assets: Stock compensation $ 5.2 $ 5.3 Net operating loss carry forwards 12.0 9.8 Other intangible assets 11.1 10.6 Accretion expense 3.2 3.2 Restructuring provision 2.0 1.4 Employee related liabilities 4.1 0.2 Foreign tax credits 1.9 2.0 Operating lease liabilities 10.6 9.2 Other 7.4 6.7 Subtotal 57.5 48.4 Less valuation allowance (0.8 ) (1.1 ) Total net deferred tax assets $ 56.7 $ 47.3 Deferred tax liabilities: Property, plant and equipment $ (23.6 ) $ (21.3 ) Intangible assets including goodwill (29.8 ) (28.3 ) Pension asset (38.2 ) (20.5 ) Customer relationships (4.5 ) (4.4 ) Unremitted overseas earnings (1.9 ) (2.0 ) Right-of-use (10.6 ) (9.2 ) Other (2.5 ) (0.9 ) Total deferred tax liabilities $ (111.1 ) $ (86.6 ) Net deferred tax liability $ (54.4 ) $ (39.3 ) Deferred tax assets $ 6.4 $ 7.6 Deferred tax liabilities (60.8 ) (46.9 ) $ (54.4 ) $ (39.3 ) The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. Available evidence considered in determining the use of deferred tax assets includes, but is not limited to, cumulative losses arising in recent accounting periods, the Company’s estimate of future taxable income and any applicable tax-planning strategies. Based on such evidence, if it is more likely than not that some portion or all of such deferred tax assets will not be realized, a valuation allowance is recorded to reduce the Company’s deferred tax assets. On the basis of this evaluation, as of December 31, 2021, a valuation allowance of $0.8 million has been recorded to recognise only the portion of the deferred tax asset that is more likely than not to be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carry forward period are reduced or increased or if other evidence becomes available. As of December 31, 2021, the Company has approximately $5.4 million of tax-effected tax-effected tax-effected |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 12. Long-Term Debt As at December 31, 2021, and December 31, 2020, the Company has The Company continues to have available a $250.0 million revolving credit facility until September 25, 2024. The facility contains an accordion feature whereby the Company may elect to increase the total available borrowings by an aggregate amount of up to $125.0 million. The deferred finance costs of $1.0 million (December 31, 2020 – $1.3 million) related to the arrangement of the credit facility, are included within other current and non-current (in millions) 2021 2020 Gross cost at January 1 $ 1.8 $ 1.5 Capitalized in the year — 0.3 1.8 1.8 Accumulated amortization at January 1 $ (0.5 ) $ (0.1 ) Amortization in the year (0.3 ) (0.4 ) $ (0.8 ) $ (0.5 ) Net book value at December 31 $ 1.0 $ 1.3 Amortization expense was $0.3 million, $0.4 million and $1.0 million in 2021, 2020 and 2019, respectively. The charge is included in interest expense, see Note 2 of the Notes to the Consolidated Financial Statements. The obligations of the Company under the credit facility are secured obligations and guaranteed by certain subsidiaries of the Company. Amounts available under the revolving facility may be borrowed in U.S. dollars, Euros, British pounds and other freely convertible currencies. The Company’s credit facility contains restrictive clauses which may constrain our activities and limit our operational and financial flexibility. The facility obliges the lenders to comply with a request for utilization of finance unless there is an event of default outstanding. Events of default are defined in the credit facility and include a material adverse change to our assets, operations or financial condition. The facility contains a number of restrictions that limit our ability, amongst other things, and subject to certain limited exceptions, to incur additional indebtedness, pledge our assets as security, guarantee obligations of third parties, make investments, undergo a merger or consolidation, dispose of assets, or materially change our line of business. In addition, the credit facility contains terms which, if breached, would result in it becoming repayable on demand. It requires, among other matters, compliance with the following financial covenant ratios measured on a quarterly basis: (1) the ratio of net debt to EBITDA shall not be greater than 3.0:1 and (2) the ratio of EBITDA to net interest shall not be less than 4.0:1. Management has determined that the Company has not breached these covenants throughout the period to December 31, 2020 and does not expect to breach these covenants for the next 12 months. The weighted average rate of interest on borrowings was 0.00% at December 31, 2021 and 2.20% at December 31, 2020. Payments of interest on long-term debt were $0.0 million, $0.8 million and $4.8 million in 2021, 2020 and 2019, respectively. The net cash outflows in respect of refinancing costs were $0.0 million, $0.3 million and $1.5 million in 2021, 2020 and 2019, respectively. |
Plant Closure Provisions
Plant Closure Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Plant Closure Provisions | Note 13. Plant Closure Provisions The Company has continuing plans to remediate manufacturing facilities at sites around the world as and when those operations are expected to cease or we are required to decommission the sites according to local laws and regulations. The liability for estimated plant closure costs includes costs for environmental remediation liabilities and asset retirement obligations. The principal site giving rise to asset retirement obligations is the manufacturing site at Ellesmere Port in the United Kingdom. There are also asset retirement obligations and environmental remediation liabilities on a much smaller scale in respect of other manufacturing sites. Movements in the provisions are summarized as follows: (in millions) 2021 2020 2019 Total at January 1 $ 58.5 $ 49.3 $ 49.5 Charge for the period excluding restructuring 3.9 5.1 4.4 Restructuring (see Note 5) — 7.5 — Utilized in the period (5.3 ) (4.1 ) (4.4 ) Exchange effect (0.6 ) 0.7 (0.2 ) Total at December 31 56.5 58.5 49.3 Due within one year (5.2 ) (6.6 ) (5.6 ) Due after one year $ 51.3 $ 51.9 $ 43.7 Amounts due within one year refer to provisions where expenditure is expected to arise within one year of the balance sheet date. The charge for the period in 2021 represents the accretion expense recognized of $3.8 million and a further $0.1 million primarily in respect of changes in the expected cost and scope of future remediation activities. The charges for plant closure provisions are recognized in cost of goods sold for our reporting segments and within selling, general and administrative expenses for Corporate costs. The Octane Additives segment ceased trading and is no longer a reporting segment from July 1, 2020. As a result, there was a one-off charge in 2020 of We recognize environmental remediation liabilities when they are probable and the costs can be reasonably estimated, and asset retirement obligations when there is an obligation based on a legal requirement or Company promise, and the costs can be reasonably estimated. The Company has to anticipate the program of work required and the associated future expected costs, and comply with environmental legislation in the countries in which it operates or has operated in. Expenditure utilizing plant closure provisions was |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 14. Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes a mid-market endeavors to utilize the best available information. Accordingly, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The Company is able to classify fair value balances based on the observability of those inputs. The Company gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy Levels. In 2019, the Company evaluated the fair value hierarchy levels assigned to its assets and liabilities, and concluded that there should be no transfers into or out of Levels 1, 2 and 3. The following table presents the carrying amount and fair values of the Company’s assets and liabilities measured on a recurring basis: December 31, 2021 December 31, 2020 (in millions) Carrying Amount Fair Value Carrying Amount Fair Value Assets Non-derivatives: Cash and cash equivalents $ 141.8 $ 141.8 $ 105.3 $ 105.3 Derivatives (Level 1 measurement): Other current and non-current Emissions Trading Scheme credits 3.9 3.9 — — Liabilities Non-derivatives: Finance leases (including current portion) 0.1 0.1 0.6 0.6 Derivatives (Level 1 measurement): Other current liabilities: Foreign currency forward exchange contracts 1.2 1.2 0.5 0.5 Non-financial Stock equivalent units 17.3 17.3 17.2 17.2 The following methods and assumptions were used to estimate the fair values: Cash and cash equivalents: Emissions Trading Scheme credits: Long-term debt and finance leases: Derivatives: Stock equivalent units: |
Derivative Instruments and Risk
Derivative Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Risk Management | Note 15. Derivative Instruments and Risk Management The Company has limited involvement with derivative instruments and does not trade them. The Company does use derivatives to manage certain interest rate, foreign currency exchange rate, raw material cost exposures and greenhouse gases emission allowances, as the need arises. The Company previously entered into interest rate swap contracts to reduce interest rate risk on its core debt. As at December 31, 2021 and at December 31, 2020, there were no interest rate swaps in place with all swaps having been settled during 2019. Interest rate swaps were previously in place to hedge interest rate risk on the term loan for a notional value that matched the repayment profile of the term loan. The interest rate swaps in the prior years were designated as hedging instruments, and their impact on other comprehensive loss for 2019 was a loss of $1.9 million. The Company enters into various foreign currency forward exchange contracts to minimize currency exchange rate exposure from expected future cash flows. As at December 31, 2021, foreign currency forward exchange contracts with a notional value of $113 million were in place (December 31, 2020 $127.2 million), with maturity dates of up to one year from the date of inception. These foreign currency forward exchange contracts have not been designated as hedging instruments, and their impact on the income statement for 2021 was a gain of $1.0 million (2020 – loss $1.5 million). As at December 31, 2021 and December 31, 2020 the Company did not hold any raw material derivatives. The Company participates in the new United Kingdom Emissions Trading Scheme (“UK ETS”) which was launched on January 1, 2021. Emissions trading schemes work on the ‘cap and trade’ principle, where a cap is set on the total amount of certain greenhouse gases that can be emitted by sectors covered by the scheme. This limits the total amount of carbon that can be emitted. Within this cap, participants receive free allowances and/or buy emission allowances at auction or on the secondary market which they can trade with other participants as needed. As at December 31, 2021, the Company held UK ETS credits of $3.9 million (December 31, 2020 – $0.0 million). The Company sells a range of specialty chemicals to major oil refiners and chemical companies throughout the world. Credit limits, ongoing credit evaluation and account monitoring procedures are intended to minimize bad debt risk. Collateral is not generally required. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16. Commitments and Contingencies Environmental remediation liabilities and asset retirement obligations Commitments in respect of environmental remediation liabilities and asset retirement obligations are disclosed in Note 13 of the Notes to the Consolidated Financial Statements. Capital commitments The estimated additional cost to complete work in progress at December 31, 2021 is $23.5 million (2020 – $14.7 million). Contingencies Legal matters While we are involved from time to time in claims and legal proceedings that result from, and are incidental to, the conduct of our business including business and commercial litigation, employee and product liability claims, there are no material pending legal proceedings to which the Company or any of its subsidiaries is a party, or of which any of their property is subject. It is possible however, that an adverse resolution of an unexpectedly large number of such individual items could in the aggregate have a material adverse effect on results of operations for a particular year or quarter. Guarantees The Company and certain of the Company’s consolidated subsidiaries are contingently liable for certain obligations of affiliated companies primarily in the form of guarantees of debt and performance under contracts entered into as a normal business practice. This includes guarantees of non-U.S. Under the terms of the guarantee arrangements, generally the Company would be required to perform should the affiliated company fail to fulfill its obligations under the arrangements. In some cases, the guarantee arrangements have recourse provisions that would enable the Company to recover any payments made under the terms of the guarantees from securities held of the guaranteed parties’ assets. The Company and its affiliates have numerous long-term sales and purchase commitments in their various business activities, which are expected to be fulfilled with no adverse consequences material to the Company. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 17. Stockholders’ Equity Common Stock Treasury Stock (number of shares in thousands) 2021 2020 2019 2021 2020 2019 At January 1 29,554.5 29,554.5 29,554.5 4,959 5,047 5,121 Exercise of options — — — (185 ) (109 ) (104 ) Stock purchases — — — 7 21 30 At December 31 29,554.5 29,554.5 29,554.5 4,781 4,959 5,047 At December 31, 2021, the Company had authorized common stock of 40,000,000 shares (2020 - 40,000,000). |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Note 18. Stock-Based Compensation Plans Stock option plans The Company has two stock option plans, the Omnibus Long-Term Incentive Plan and the ShareSave Plan 2008 under which it currently grants awards. The stock options have vesting periods ranging from 2 to 5 years and in all cases stock options granted expire within 10 years of the date of grant. All grants are at the sole discretion of the Compensation Committee of the Board of Directors. Grants may be priced at market value or at a premium or discount. The aggregate number of shares of common stock reserved for issuance which can be granted under the plans is 2,550,000. In the fourth quarter of 2020, a number of stock options that were granted to 14 employees in February 2018 were modified to extend the vesting period by two years. The incremental compensation cost resulting from the modifications was $2.4 million, resulting from the performance targets that were not achieved in 2020 being extended to a future period. The fair value of stock options is measured on the grant date using either the Black-Scholes model, or in cases where performance criteria are dependent upon external factors such as the Company’s stock price, using a Monte Carlo model. The following weighted average assumptions were used to determine the grant-date fair value of options: 2021 2020 2019 Dividend yield 1.03 % 1.18 % 1.09 % Expected life 5 years 5 years 5 years Volatility (daily) 40.3 % 27.0 % 26.8 % Risk free interest rate 0.23 % 1.13 % 2.48 % The following table summarizes the transactions of the Company’s stock option plans for the year ended December 31, 2021: Number of Options Weighted Average Exercise Price Weighted Average Grant-Date Fair Value Outstanding at December 31, 2020 442,893 $ 32.49 $ 45.31 Granted – at discount 81,596 $ 0.00 $ 92.37 – at market value 10,688 $ 99.85 $ 32.73 Exercised (185,488 ) $ 53.07 $ 30.28 Forfeited (63,656 ) $ 6.29 $ 68.80 Outstanding at December 31, 2021 286,033 $ 18.08 $ 62.88 At December 31, 2021, there were 107,383 (Weighted Average Exercise Price $22.54, Weighted Average Grant-Date Fair Value $43.65) stock options that were exercisable , had performance conditions attached. The Company’s policy is to issue shares from treasury stock to holders of stock options who exercise those options, but if sufficient treasury stock is not available, the Company will issue previously unissued shares of stock to holders of stock options who exercise options. The stock option compensation cost for 2021, 2020 and 2019 was $4.4 million, $5.8 million and $6.6 million, respectively. The total intrinsic value of options exercised in 2021, 2020 and 2019 was $3.7 million, $4.9 million and $3.5 million, respectively. The total intrinsic value of options outstanding at December 31, 2021 is $20.7 million. The total compensation cost related to non-vested In 2021, the Company recorded a current tax benefit of $1.3 million in respect of stock option compensation (2020 – $1.6 million). This amount is inclusive of excess tax benefits. Forfeits are accounted for as an adjustment to the charge in the period in which the forfeits occur. Stock equivalent units The Company awards Stock Equivalent Units (“SEUs”) from time to time as a long-term performance incentive. SEUs are cash settled equity instruments conditional on certain performance criteria and linked to the Innospec Inc. share price. SEUs have vesting periods ranging from six months to 5 years and in all cases SEUs granted expire within 10 years of the date of grant. Grants may be priced at market value or at a premium or discount. There is no limit to the number of SEUs that can be granted. As at December 31, 2021 the liability for SEUs of $17.3 million is included in accrued liabilities in the consolidated balance sheets until they are cash settled. In the fourth quarter of 2020, a number of SEUs that were granted to 61 employees in February 2018 were modified to extend the vesting period by two years. The adjusted compensation cost resulting from the modifications has been recognised by the fair valuation at the balance sheet date based on the extended vesting period. The fair value of SEUs is measured at the balance sheet date using either the Black-Scholes model, or in cases where performance criteria are dependent upon external factors such as the Company’s stock price, using a Monte Carlo model. The following assumptions were used to determine the fair value of SEUs at the balance sheet dates: 2021 2020 2019 Dividend yield 1.28 % 1.15 % 0.99 % Expected life 5 years 5 years 5 years Volatility (daily) 39.6 % 39.9 % 26.6 % Risk free interest rate 0.97 % 0.17 % 1.62 % The following table summarizes the transactions of the Company’s SEUs for the year ended December 31, 2021: Number of SEUs Weighted Average Exercise Price Weighted Average Grant-Date Fair Value Outstanding at December 31, 2020 390,164 $ 4.35 $ 63.96 Granted – at discount 199,431 $ 0.00 $ 85.54 – at market value 3,803 $ 99.85 $ 32.71 Exercised (40,115 ) $ 17.27 $ 44.22 Forfeited (25,345 ) $ 2.52 $ 66.45 Outstanding at December 31, 2021 527,938 $ 2.50 $ 73.27 At December 31, 2021, there were 25,877 (Weighted Average Exercise Price $12.41, Weighted Average Grant-Date Fair Value $47.12) SEUs that were exercisable , had performance conditions attached. The charges for SEUs are spread over the life of the award subject to a revaluation to fair value each quarter. The revaluation may result in a charge or a credit to the income statement in the quarter dependent upon our share price and other performance criteria. The SEU compensation cost for 2021, 2020 and 2019 was $3.1 million, $1.9 million and $20.1 million, respectively. The total intrinsic value of SEUs exercised in 2021, 2020 and 2019 was $1.8 million, $6.3 million and $7.3 million, respectively. The total intrinsic value of SEUs outstanding at December 31, 2021 is $46.4 million. The weighted-average remaining vesting period of non-vested Forfeits are accounted for as an adjustment to the charge in the period in which the forfeits occur. |
Reclassifications out of Accumu
Reclassifications out of Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Reclassifications out of Accumulated Other Comprehensive Loss | Note 19. Reclassifications out of Accumulated Other Comprehensive Loss Reclassifications out of accumulated other comprehensive loss for 2021 were: (in millions) Amount Affected Line Item in the Details about AOCL Components Defined benefit pension plan items: Amortization of prior service credit $ 0.3 See (1) below Amortization of actuarial net losses 2.6 See (1) below 2.9 Total before tax (0.5 ) Income tax expense Total reclassifications $ 2.4 Net of tax (1) These items are included in the computation of net periodic pension cost. See Note 10 Changes in accumulated other comprehensive loss for 2021, net of tax, were: (in millions) Defined Benefit Pension Plan Items Cumulative Translation Adjustments Total Balance at December 31, 2020 $ (19.9 ) $ (37.4 ) $ (57.3 ) Other comprehensive income before reclassifications — (20.2 ) (20.2 ) Amounts reclassified from AOCL 2.4 — 2.4 Actuarial net gains arising during the year 28.2 — 28.2 Net current period other comprehensive income 30.6 (20.2 ) 10.4 Balance at December 31, 2021 $ 10.7 $ (57.6 ) $ (46.9 ) Reclassifications out of accumulated other comprehensive loss for 2020 were: (in millions) Amount Affected Line Item in the Net Income is Presented Details about AOCL Components Defined benefit pension plan items: Amortization of prior service credit $ (0.5 ) See (1) below Amortization of actuarial net losses 1.7 See (1) below 1.2 Total before tax (0.1 ) Income tax expense Total reclassifications $ 1.1 Net of tax (1) These items are included in the computation of net periodic pension cost. See Note 10 Changes in accumulated other comprehensive loss for 2020, net of tax, were: (in millions) Defined Cumulative Total Balance at December 31, 2019 $ (13.3 ) $ (61.1 ) $ (74.4 ) Other comprehensive income before reclassifications 0.0 23.7 23.7 Amounts reclassified from AOCL 1.1 — 1.1 Actuarial net gains arising during the year (7.7 ) — (7.7 ) Net current period other comprehensive income (6.6 ) 23.7 17.1 Balance at December 31, 2020 $ (19.9 ) $ (37.4 ) $ (57.3 ) |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 20. Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2019-12, In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This provides various practical expedients to account for contract modification for loan agreements, lease agreements and derivative instruments currently referencing the London Interbank Offered Rate (“LIBOR”) up to December 31, 2022 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 21. Related Party Transactions Mr. Patrick S. Williams has been an executive director of the Company since April 2009 and has been a non-executive Mr. Robert I. Paller has been a non-executive Mr. David F. Landless has been a non-executive non-executive |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 22. Subsequent Events The Company has evaluated subsequent events through the date that the consolidated financial statements were issued, and has concluded that no additional disclosures are required in relation to events subsequent to the balance sheet date. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation: |
Use of estimates | Use of estimates: |
Revenue recognition | Revenue recognition: on-demand products are shipped, delivered, or consumed by the customer, depending on the underlying contracts. While some of our customers have payment terms beyond 30 days, we do not provide extended payment terms of a year or more, nor do our contracts include a financing component. Some of our contracts include variable consideration in the form of rebates. We record rebates at the point of sale as a reduction in sales when we can reasonably estimate the amount of the rebate. The estimates are based on our best judgment at the time of sale, which includes anticipated as well as historical performance. Taxes assessed by a governmental authority which are concurrent with sales to our customers, including sales, use, value-added, and revenue-related excise taxes, are collected by us from the customer and are not included in net sales, but are reflected in accrued liabilities until remitted to the appropriate governmental authority. When we are responsible for shipping and handling costs after title has transferred, we account for those as fulfilment costs and include them in cost of goods sold. |
Components of net sales | Components of net sales: |
Components of cost of goods sold | Components of cost of goods sold: non-recoverable |
Components of selling, general and administrative expenses | Components of selling, general and administrative e xpenses: |
Research and development expenses | Research and development expens es: |
Earnings per share | Earnings per share: |
Foreign currencies | Foreign currencies: |
Stock-based compensation plans | Stock-based compensation plans: |
Business combinations | Business combinations: . The determination of the fair values of certain assets and liabilities are usually based on significant estimates provided by management, such as forecast revenue or profit. In determining the fair value of intangible assets, an income approach is generally used and may incorporate the use of a discounted cash flow method. In applying the discounted cash flow method, the estimated future cash flows and residual values for each intangible asset are discounted to a present value using a discount rate appropriate to the business being acquired. These cash flow projections are based on management’s estimates of economic and market conditions including revenue growth rates, operating margins, capital expenditures and working capital requirements. |
Cash equivalents | Cash equivalents: |
Trade and other accounts receivable | Trade and other accounts receivable: conditions. |
Credit losses | Credit losses: No. 2016-13, The standard was adopted using prospective application and principally impacts the allowance for trade and other accounts receivables. Upon adoption, there was no adjustment made to opening retained earnings as at January 1, 2020. As a result of implementing the standard, the Company did not recognize any material change to the allowance within trade and other accounts receivable as at January 1, 2020. Trade and other accounts receivable are shown net of a $5.1 million allowance at December 31, 2021. The allowance remains immaterial to the financial statements. The Company is exposed to credit losses primarily through sales of products. The Company’s expected loss allowance methodology for trade and other accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers’ receivables. Due to the short-term nature of such receivables, the estimate of accounts receivable amounts that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, a further allowance is included to account for the Company’s historic track record of credit losses, for balances which are not aged sufficiently to be considered under the aging based approach. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 |
Inventories | Inventories: conditions. |
Property, plant and equipment | Property, plant and equipment: related gain or loss is included in earnings. The estimated useful lives of the major classes of depreciable assets are as follows: Buildings 7 to 25 years Equipment 3 to 10 years |
Goodwill and other intangible assets | Goodwill: Initially we perform a qualitative assessment to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a segment is less than the carrying amount prior to performing a quantitative goodwill impairment test. The annual measurement date for impairment assessment of the goodwill relating to the Fuel Specialties, Performance Chemicals and Oilfield Services segments is December 31 each year. Factors utilized in the qualitative assessment process include macroeconomic conditions, industry and market considerations, cost factors, overall financial performance and Company specific events. If a quantitative test is required, we assess the fair value based on projected post-tax O ther intangible assets: In order to facilitate testing for potential impairment the Company groups together assets at the lowest possible level for which cash flow information is available. Undiscounted future cash flows expected to result from the asset groups are compared with the carrying value of the assets and, if such cash flows are lower, an impairment loss may be recognized. The amount of the impairment loss is the difference between the fair value and the carrying value of the assets. Fair values are determined using post-tax non-cash impairment of their carrying value. A reduction in the amortization periods would have no impact on cash flows. The estimated useful lives of the major classes of assets are as follows: Technology 10 to 17 years Customer lists 10 to 15 years Brand names 5 to 10 years Product rights 9 to 10 years Internally developed software 3 to 5 years Marketing related 11 |
Leases | Leases: non-current) non-current) Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future lease payments over the remaining lease term. Very few of our leases have renewal options or early termination break clauses, but where they do we have assessed the term of the lease based on any options being exercised only if they are reasonably certain. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at point of recognition in determining the present value of future payments. The operating lease ROU asset excludes lease incentives and initial direct costs incurred. Lease expense for lease payments is recognized on a straight-line basis over the lease term unless payments are variable per the agreement. We do not separate related non-lease We do not recognize a ROU asset or operating lease liability for short-term leases (with a length of one year or less), and any associated cost is recognized, as incurred, through the income statement. |
Deferred finance costs | Deferred finance costs: |
Impairment of long-lived assets | Impairment of long-lived assets: post-tax |
Derivative instruments | Derivative instruments: non-current |
Plant closure provisions | Plant closure provisions: The Company must comply with environmental legislation in the countries in which it operates or has operated in and annually reassesses the program of work required. This includes estimating the credit-adjusted risk free rate and the timing and cost of performing the remediation work. Management receives input from specialists to develop these estimates and assumptions utilizing the latest information available together with experience of recent costs. While we believe our assumptions for the liabilities are reasonable, they are subjective estimates and it is possible that variations in any of the assumptions will result in materially different calculations to the liabilities we have reported. Costs of future obligations are discounted to their present values using the Company’s credit-adjusted risk-free rate. |
Pension plans and other post-employment benefits | Pension plans and other post-employment benefits: year-end. Movements in the underlying plan asset value and Projected Benefit Obligation (“PBO”) are dependent on actual return on investments as well as our assumptions in respect of the discount rate, annual member mortality rates, future return on assets and future inflation. |
Income taxes | Income taxes: |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of Major Classes of Depreciable Assets | The estimated useful lives of the major classes of depreciable assets are as follows: Buildings 7 to 25 years Equipment 3 to 10 years |
Estimated Useful Lives of Major Classes of Assets | The estimated useful lives of the major classes of assets are as follows: Technology 10 to 17 years Customer lists 10 to 15 years Brand names 5 to 10 years Product rights 9 to 10 years Internally developed software 3 to 5 years Marketing related 11 |
Segment Reporting and Geograp_2
Segment Reporting and Geographical Area Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | The Company evaluates the performance of its segments based on operating income. The following table analyzes sales and other financial information by the Company’s reportable segments: (in millions) 2021 2020 2019 Net Sales: Refinery and Performance $ 445.3 $ 372.9 $ 427.9 Other 173.0 139.8 155.8 Fuel Specialties 618.3 512.7 583.7 Personal Care 296.1 231.4 228.0 Home Care 93.0 87.0 93.4 Other 136.2 107.0 107.3 Performance Chemicals 525.3 425.4 428.7 Oilfield Services 339.8 255.0 479.9 Octane Additives — — 21.0 $ 1,483.4 $ 1,193.1 $ 1,513.3 (in millions) 2021 2020 2019 Gross profit/(loss): Fuel Specialties $ 193.2 $ 160.3 $ 204.5 Performance Chemicals 125.2 103.8 100.1 Oilfield Services 116.5 80.8 159.9 Octane Additives — (2.2 ) 1.7 $ 434.9 $ 342.7 $ 466.2 Operating income/(expense): Fuel Specialties $ 104.6 $ 84.5 $ 116.6 Performance Chemicals 70.9 54.8 48.7 Oilfield Services 10.4 (9.5 ) 39.7 Octane Additives — (2.8 ) (0.7 ) Corporate costs (55.6 ) (52.2 ) (54.4 ) Restructuring charge — (21.3 ) — Impairment of intangible assets — (19.8 ) — Profit on disposal 1.8 — — Total operating income $ 132.1 $ 33.7 $ 149.9 (in millions) 2021 2020 2019 Identifiable assets at year end: Fuel Specialties $ 571.3 $ 509.7 $ 499.7 Performance Chemicals 469.5 391.5 383.3 Oilfield Services 230.8 210.8 316.8 Octane Additives — — 24.2 Corporate 299.3 285.4 244.8 $ 1,570.9 $ 1,397.4 $ 1,468.8 |
Summary of Segment Depreciation and Amortization | The following tables analyze sales and other financial information by location: (in millions) 2021 2020 2019 Net sales by source: United States & North America $ 821.6 $ 642.4 $ 897.2 United Kingdom 811.9 689.1 810.9 Rest of Europe 115.6 83.4 115.7 Rest of World 66.4 45.6 47.8 Sales between areas (332.1 ) (267.4 ) (358.3 ) $ 1,483.4 $ 1,193.1 $ 1,513.3 (in millions) 2021 2020 2019 Income before income taxes: United States & North America $ 54.6 $ — $ 53.9 United Kingdom 46.1 16.9 67.0 Rest of Europe 26.4 19.7 27.2 Rest of World 7.3 3.1 2.3 $ 134.4 $ 39.7 $ 150.4 Long-lived assets at year end: United States & North America $ 137.3 $ 141.0 $ 156.0 United Kingdom 55.4 61.3 70.4 Rest of Europe 112.0 123.2 116.6 Rest of World 0.2 0.2 0.3 $ 304.9 $ 325.7 $ 343.3 Identifiable assets at year end: United States & North America $ 464.9 $ 368.8 $ 419.5 United Kingdom 533.7 455.8 487.2 Rest of Europe 164.7 171.0 163.2 Rest of World 43.3 30.6 35.9 Goodwill 364.3 371.2 363.0 $ 1,570.9 $ 1,397.4 $ 1,468.8 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share | Diluted earnings per share includes the effect of options that are dilutive and outstanding during the period. Per share amounts are computed as follows: 2021 2020 2019 Numerator (in millions): Net income available to common stockholders $ 93.1 $ 28.7 $ 112.2 Denominator (in thousands): Weighted average common shares outstanding 24,647 24,563 24,482 Dilutive effect of stock options and awards 207 216 246 Denominator for diluted earnings per share 24,854 24,779 24,728 Net income per share, basic: $ 3.78 $ 1.17 $ 4.58 Net income per share, diluted: $ 3.75 $ 1.16 $ 4.54 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consists of the following: (in millions) 2021 2020 Land $ 20.7 $ 21.6 Buildings 69.5 65.5 Equipment 371.5 349.9 Work in progress 23.7 27.5 485.4 464.5 Less accumulated depreciation and impairment (271.0 ) (253.7 ) $ 214.4 $ 210.8 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: (in millions) Twelve Months Twelve Months 2021 2020 Finance lease cost: Amortization of right-of-use $ 0.5 $ 1.0 Interest on lease liabilities — — Total finance lease cost 0.5 1.0 Operating lease cost 13.8 12.8 Short-term lease cost 3.8 3.2 Variable lease cost 0.3 0.3 Total lease cost $ 18.4 $ 17.3 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows: (in millions) Twelve Months Twelve Months 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18.1 $ 15.9 Operating cash flows from finance leases 0.5 1.2 Finance cash flows from finance leases — — Right-of-use Operating leases $ 5.2 $ 5.7 Finance leases — — |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases is as follows: (in millions except lease term and discount rate) December 31 December 31 Operating leases: Operating lease right-of-use $ 35.4 $ 40.1 Current portion of operating lease liabilities $ 12.4 $ 11.3 Operating lease liabilities, net of current portion 23.1 28.9 Total operating lease liabilities $ 35.5 $ 40.2 Finance leases: Property, plant and equipment at cost $ 5.0 $ 9.0 Accumulated depreciation (4.5 ) (8.0 ) Net property, plant and equipment $ 0.5 $ 1.0 Current portion finance leases $ 0.1 $ 0.5 Finance leases current portion — 0.1 Total finance lease liabilities $ 0.1 $ 0.6 (in millions except lease term and discount rate) December 31 December 31 Weighted average remaining lease term: Operating leases 4.9 years 4.1 years Finance leases 0.5 years 1.1 years Weighted average discount rate: Operating leases 2.5 % 3.0 % Finance leases 2.5 % 2.6 % |
Maturities of Lease Liabilities | Maturities of lease liabilities were as follows as at December 31, 2021: (in millions) Operating Finance Within one year $ 12.5 $ 0.1 Year two 9.0 — Year three 6.0 — Year four 3.9 — Year five 3.1 — Thereafter 3.2 — Total lease payments 37.7 0.1 Less imputed interest (2.2 ) — Total $ 35.5 $ 0.1 As of December 31, 2021, additional operating and finance leases that have not yet commenced are $8.8 million. Future lease payment for all non-cancellable (in millions) Operating Finance Within one year $ 11.4 $ 0.5 Year two 9.4 0.1 Year three 8.2 — Year four 5.5 — Year five 3.8 — Thereafter 4.6 — Total lease payments 42.9 0.6 Less imputed interest (2.7 ) — Total $ 40.2 $ 0.6 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | The following table analyzes goodwill movement for 2021 and 2020. (in millions) Fuel Performance Oilfield Octane Total At December 31, 2019 Gross cost (1) $ 207.7 $ 110.5 $ 44.8 $ 236.5 $ 599.5 Accumulated impairment losses — — — (236.5 ) (236.5 ) Net book amount $ 207.7 $ 110.5 $ 44.8 $ — $ 363.0 Exchange effect 0.2 8.0 — — 8.2 At December 31, 2020 Gross cost (1) $ 207.9 $ 118.5 $ 44.8 $ — $ 371.2 Accumulated impairment losses — — — — — Net book amount $ 207.9 $ 118.5 $ 44.8 $ — $ 371.2 Exchange effect (0.3 ) (6.6 ) — — (6.9 ) At December 31, 2021 Gross cost (1) $ 207.6 $ 111.9 $ 44.8 $ — $ 364.3 Accumulated impairment losses — — — — — Net book amount $ 207.6 $ 111.9 $ 44.8 $ — $ 364.3 (1) Gross cost is net of $8.7 million, $0.3 million and $289.5 million of historical accumulated amortization in respect of the Fuel Specialties, Performance Chemicals and Octane Additives reporting segments, respectively |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Other Intangible Assets | The following table analyzes other intangible assets movement for 2021 and 2020. (in millions) 2021 2020 Gross cost at January 1 $ 298.9 $ 294.8 Exchange effect (3.7 ) 4.1 Gross cost at December 31 295.2 298.9 Accumulated amortization at January 1 (223.6 ) (181.3 ) Amortization expense (16.0 ) (20.9 ) Impairment — (19.8 ) Exchange effect 1.9 (1.6 ) Accumulated amortization at December 31 (237.7 ) (223.6 ) Net book amount at December 31 $ 57.5 $ 75.3 |
Schedule of Amortization Expense | Other intangible assets at December 31, 2021 were: (in millions) Gross Accumulated Product rights $ 34.0 $ (31.5 ) Brand names 8.9 (7.2 ) Technology 55.1 (37.7 ) Customer relationships 125.3 (90.7 ) Internally developed software 43.1 (41.8 ) Other 28.8 (28.8 ) $ 295.2 $ (237.7 ) Other intangible assets at December 31, 2020 were: (in millions) Gross Accumulated Product rights $ 34.0 $ (27.7 ) Brand names 8.9 (6.6 ) Technology 55.1 (35.4 ) Customer relationships 128.3 (84.0 ) Internally developed software 43.4 (40.7 ) Other 29.2 (29.2 ) $ 298.9 $ (223.6 ) Future amortization expense is estimated to be as follows for the next five years: (in millions) 2022 $ 14.5 2023 $ 11.2 2024 $ 10.4 2025 $ 7.4 2026 $ 7.3 |
Pension and Post-Employment B_2
Pension and Post-Employment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Movements in PBO and Fair Value of Plan Assets | Movements in PBO and fair value of Plan assets are as follows: (in millions) 2021 2020 Change in PBO: Opening balance $ 758.7 $ 701.0 Interest cost 7.6 11.2 Service cost 1.6 1.2 Benefits paid (37.3 ) (45.5 ) Settlements (10.6 ) — Plan amendments 5.4 5.5 Actuarial losses/(gains) (40.5 ) 61.1 Exchange effect (5.8 ) 24.2 Closing balance $ 679.1 $ 758.7 Fair value of plan assets: Opening balance $ 876.7 $ 816.9 Benefits paid (37.3 ) (45.5 ) Settlements (10.6 ) — Actual return on assets 17.5 77.6 Exchange effect (7.4 ) 27.7 Closing balance $ 838.9 $ 876.7 Net pension asse t $ 159.8 $ 118.0 |
Fair Value of Pension Assets | The fair values of pension assets by level of input were as follows: (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total At December 31, 2021 Debt securities: Debt securities issued by non-U.S. $ 80.3 $ $ $ 80.3 Corporate debt securities 445.7 445.7 Equity backed securities: Other financial derivatives (1.5 ) (1.5 ) Other asset backed securities: Insurance contracts 162.2 162.2 Real estate 47.0 47.0 Total assets at fair value 127.3 444.2 162.2 733.7 Cash 105.2 105.2 Total plan assets $ 232.5 $ 444.2 $ 162.2 $ 838.9 (in millions) Quoted Prices Significant Significant Total At December 31, 2020 Debt securities: Debt securities issued by non-U.S. $ 99.5 $ $ $ 99.5 Corporate debt securities 488.0 488.0 Equity backed securities: Other financial derivatives (2.3 ) (2.3 ) Investments measured at net asset value (1) 51.0 Other asset backed securities: Insurance contracts 167.4 167.4 Real estate 40.2 40.2 Total assets at fair value 139.7 485.7 167.4 843.8 Cash 32.9 32.9 Total plan assets $ 172.6 $ 485.7 $ 167.4 $ 876.7 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been categorized in the fair value table with a hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. |
Reconciliation of Fair Value of Plan Assets Measured Using Significant Unobservable Inputs | The reconciliation of the fair value of the Plan assets measured using significant unobservable inputs was as follows: (in millions) Other Assets Balance at December 31, 2019 $ 157.9 Realized/unrealized gains/(losses): Relating to assets still held at the reporting date 10.8 Purchases, issuances and settlements (6.6 ) Exchange effect 5.3 Balance at December 31, 2020 $ 167.4 Realized/unrealized gains/(losses): Relating to assets still held at the reporting date 3.3 Purchases, issuances and settlements (7.0 ) Exchange effect (1.5 ) Balance at December 31, 2021 $ 162.2 |
Plan Net Pension Credit | The projected net periodic benefit for the year ending December 31, 2022 is as follows: (in millions) Service cost $ 2.4 Interest cost on PBO 11.0 Expected return on plan assets (17.5 ) Amortization of prior service credit 0.5 Amortization of actuarial net losses — Net periodic benefit $ (3.6 ) |
Expected Benefit Payments | The following benefit payments are expected to be made: (in millions) 2022 $ 37.6 2023 $ 36.8 2024 $ 36.8 2025 $ 36.7 2026 $ 36.1 2027-2031 $ 175.5 |
United Kingdom Plan [Member] | |
Plan Net Pension Credit | The service cost shown in the table below has been recognized in selling, general and administrative expenses within corporate costs and the other items recognized within other income, net. (in millions) 2021 2020 2019 Service cost $ 1.6 $ 1.2 $ 0.9 Interest cost on PBO 7.6 11.2 15.2 Expected return on plan assets (15.5 ) (17.8 ) (22.0 ) Amortization of prior service cost/(credit) 0.3 (0.5 ) (0.9 ) Amortization of actuarial net losses 1.6 0.9 — Settlement event (0.3 ) — — Net periodic benefit $ (4.7 ) $ (5.0 ) $ (6.8 ) Plan assumptions at December 31, (%): Discount rate 1.84 1.36 1.95 Inflation rate 3.55 2.35 2.25 Rate of return on plan assets – overall on bid-value 2.30 2.00 2.50 Plan asset allocation by category (%): Debt securities and insurance contracts 82 86 86 Equity securities and real estate 5 10 10 Cash 13 4 4 100 100 100 |
German Plan [Member] | |
Movements in PBO and Fair Value of Plan Assets | Movements in PBO of the German plan are as follows: (in millions) 2021 2020 Change in PBO: Opening balance $ 15.2 $ 13.3 Service cost 0.1 0.1 Interest cost 0.1 0.1 Benefits paid (0.4 ) (0.3 ) Actuarial losses/(gains) (0.7 ) 0.8 Exchange effect (1.1 ) 1.2 Closing balance $ 13.2 $ 15.2 |
Plan Net Pension Credit | The service cost shown in the table below has been recognized in selling, general and administrative expenses within corporate costs and the other items recognized within other income, net. (in millions) 2021 2020 2019 Service cost $ 0.1 $ 0.1 $ 0.1 Interest cost on PBO 0.1 0.1 0.2 Amortization of actuarial net loss 1.0 0.8 0.3 Net periodic cost $ 1.2 $ 1.0 $ 0.6 Plan assumptions at December 31, (%): Discount rate 0.90 0.40 0.80 Inflation rate 2.00 1.50 1.75 Rate of increase in compensation levels 2.75 2.75 2.75 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Roll-forward of Unrecognized Tax Benefits and Associated Accrued Interest and Penalties | A roll-forward of unrecognized tax benefits and associated accrued interest and penalties is as follows: (in millions) Unrecognised Tax Benefits Interest Total Opening balance at January 1, 2019 $ 13.4 $ 0.6 $ 14.0 Additions for tax positions of prior periods 1.0 1.4 2.4 Closing balance at 31 December, 2019 14.4 2.0 16.4 Current — — — Non-current $ 14.4 $ 2.0 $ 16.4 Opening balance at January 1, 2020 $ 14.4 $ 2.0 $ 16.4 Reductions for tax positions of prior periods (1.2 ) (0.2 ) (1.4 ) Additions for tax positions of prior periods 0.4 0.6 1.0 Closing balance at 31 December, 2020 13.6 2.4 16.0 Current — — — Non-current $ 13.6 $ 2.4 $ 16.0 Opening balance at January 1, 2021 $ 13.6 $ 2.4 $ 16.0 Reductions for tax positions of prior periods (1.3 ) 0.0 (1.3 ) Additions for tax positions of prior periods 0.9 0.7 1.6 Closing balance at 31 December, 2021 13.2 3.1 16.3 Current — — — Non-current $ 13.2 $ 3.1 $ 16.3 |
Sources of Income before Income Taxes | The sources of income before income taxes were as follows: (in millions) 2021 2020 2019 Domestic $ 53.2 $ (0.7 ) $ 52.4 Foreign 81.2 40.4 98.0 $ 134.4 $ 39.7 $ 150.4 |
Components of Income Tax Expense | The components of income tax expense are summarized as follows: (in millions) 2021 2020 2019 Current: Federal $ 12.4 $ 6.1 $ 13.8 State and local 2.6 0.5 2.3 Foreign 19.4 6.8 22.9 34.4 13.4 39.0 Deferred: Federal (1.9 ) (2.8 ) (3.0 ) State and local (0.3 ) (0.4 ) (0.5 ) Foreign 9.1 0.8 2.7 6.9 (2.4 ) (0.8 ) $ 41.3 $ 11.0 $ 38.2 |
Factors Effecting Effective Tax Rate from U.S. Federal Statutory Rate | The effective tax rate varies from the U.S. federal statutory rate because of the factors indicated below: (in percent) 2021 2020 2019 Statutory rate 21.0 % 21.0 % 21.0 % Foreign income inclusions 1.7 7.1 0.3 Foreign tax rate differential 1.0 4.2 (0.3 ) Tax charge/(credit) from previous years 0.6 3.7 1.8 Net charge/(credit) from unrecognized tax benefits 0.4 (1.7 ) 1.1 Foreign currency transactions 0.1 (4.5 ) (1.0 ) Effect of U.S. tax law change — — 0.6 Tax on unremitted earnings 0.1 0.3 (0.1 ) Non-deductible — 0.7 0.8 Change in U.K. statutory tax rate 5.4 6.9 — State and local taxes 1.3 1.5 1.4 U.S. incentive for foreign derived intangible income (1.5 ) (1.5 ) (0.5 ) Innovation incentives – current year (1.1 ) (4.9 ) (0.6 ) Innovation incentives – prior years — (5.3 ) — Non-deductible 0.2 1.8 0.2 Tax on closure of legacy operations 1.6 — — Other items and adjustments, net (0.1 ) (1.6 ) 0.7 30.7 % 27.7 % 25.4 % |
Details of Deferred Tax Assets and Liabilities | Details of deferred tax assets and liabilities are analyzed as follows: (in millions) 2021 2020 Deferred tax assets: Stock compensation $ 5.2 $ 5.3 Net operating loss carry forwards 12.0 9.8 Other intangible assets 11.1 10.6 Accretion expense 3.2 3.2 Restructuring provision 2.0 1.4 Employee related liabilities 4.1 0.2 Foreign tax credits 1.9 2.0 Operating lease liabilities 10.6 9.2 Other 7.4 6.7 Subtotal 57.5 48.4 Less valuation allowance (0.8 ) (1.1 ) Total net deferred tax assets $ 56.7 $ 47.3 Deferred tax liabilities: Property, plant and equipment $ (23.6 ) $ (21.3 ) Intangible assets including goodwill (29.8 ) (28.3 ) Pension asset (38.2 ) (20.5 ) Customer relationships (4.5 ) (4.4 ) Unremitted overseas earnings (1.9 ) (2.0 ) Right-of-use (10.6 ) (9.2 ) Other (2.5 ) (0.9 ) Total deferred tax liabilities $ (111.1 ) $ (86.6 ) Net deferred tax liability $ (54.4 ) $ (39.3 ) Deferred tax assets $ 6.4 $ 7.6 Deferred tax liabilities (60.8 ) (46.9 ) $ (54.4 ) $ (39.3 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt Refinancing Costs | (in millions) 2021 2020 Gross cost at January 1 $ 1.8 $ 1.5 Capitalized in the year — 0.3 1.8 1.8 Accumulated amortization at January 1 $ (0.5 ) $ (0.1 ) Amortization in the year (0.3 ) (0.4 ) $ (0.8 ) $ (0.5 ) Net book value at December 31 $ 1.0 $ 1.3 |
Plant Closure Provisions (Table
Plant Closure Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Movements in Plant Closure and Restructuring Provisions | Movements in the provisions are summarized as follows: (in millions) 2021 2020 2019 Total at January 1 $ 58.5 $ 49.3 $ 49.5 Charge for the period excluding restructuring 3.9 5.1 4.4 Restructuring (see Note 5) — 7.5 — Utilized in the period (5.3 ) (4.1 ) (4.4 ) Exchange effect (0.6 ) 0.7 (0.2 ) Total at December 31 56.5 58.5 49.3 Due within one year (5.2 ) (6.6 ) (5.6 ) Due after one year $ 51.3 $ 51.9 $ 43.7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Fair Values of the Company's Assets and Liabilities Measured on a Recurring Basis | The following table presents the carrying amount and fair values of the Company’s assets and liabilities measured on a recurring basis: December 31, 2021 December 31, 2020 (in millions) Carrying Amount Fair Value Carrying Amount Fair Value Assets Non-derivatives: Cash and cash equivalents $ 141.8 $ 141.8 $ 105.3 $ 105.3 Derivatives (Level 1 measurement): Other current and non-current Emissions Trading Scheme credits 3.9 3.9 — — Liabilities Non-derivatives: Finance leases (including current portion) 0.1 0.1 0.6 0.6 Derivatives (Level 1 measurement): Other current liabilities: Foreign currency forward exchange contracts 1.2 1.2 0.5 0.5 Non-financial Stock equivalent units 17.3 17.3 17.2 17.2 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Common Stock Treasury Stock (number of shares in thousands) 2021 2020 2019 2021 2020 2019 At January 1 29,554.5 29,554.5 29,554.5 4,959 5,047 5,121 Exercise of options — — — (185 ) (109 ) (104 ) Stock purchases — — — 7 21 30 At December 31 29,554.5 29,554.5 29,554.5 4,781 4,959 5,047 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summarizes Transactions of SEUs | The following table summarizes the transactions of the Company’s SEUs for the year ended December 31, 2021: Number of SEUs Weighted Average Exercise Price Weighted Average Grant-Date Fair Value Outstanding at December 31, 2020 390,164 $ 4.35 $ 63.96 Granted – at discount 199,431 $ 0.00 $ 85.54 – at market value 3,803 $ 99.85 $ 32.71 Exercised (40,115 ) $ 17.27 $ 44.22 Forfeited (25,345 ) $ 2.52 $ 66.45 Outstanding at December 31, 2021 527,938 $ 2.50 $ 73.27 |
Stock Options Plan [Member] | |
Assumptions Used to Determine Grant-Date Fair Value of Options | The following weighted average assumptions were used to determine the grant-date fair value of options: 2021 2020 2019 Dividend yield 1.03 % 1.18 % 1.09 % Expected life 5 years 5 years 5 years Volatility (daily) 40.3 % 27.0 % 26.8 % Risk free interest rate 0.23 % 1.13 % 2.48 % |
Summary of Transactions of Company's Stock Option Plans | The following table summarizes the transactions of the Company’s stock option plans for the year ended December 31, 2021: Number of Options Weighted Average Exercise Price Weighted Average Grant-Date Fair Value Outstanding at December 31, 2020 442,893 $ 32.49 $ 45.31 Granted – at discount 81,596 $ 0.00 $ 92.37 – at market value 10,688 $ 99.85 $ 32.73 Exercised (185,488 ) $ 53.07 $ 30.28 Forfeited (63,656 ) $ 6.29 $ 68.80 Outstanding at December 31, 2021 286,033 $ 18.08 $ 62.88 |
Stock Equivalent Units [Member] | |
Assumptions Used to Determine Fair Value of SEUs | The following assumptions were used to determine the fair value of SEUs at the balance sheet dates: 2021 2020 2019 Dividend yield 1.28 % 1.15 % 0.99 % Expected life 5 years 5 years 5 years Volatility (daily) 39.6 % 39.9 % 26.6 % Risk free interest rate 0.97 % 0.17 % 1.62 % |
Reclassifications out of Accu_2
Reclassifications out of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Reclassifications Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss for 2021 were: (in millions) Amount Affected Line Item in the Details about AOCL Components Defined benefit pension plan items: Amortization of prior service credit $ 0.3 See (1) below Amortization of actuarial net losses 2.6 See (1) below 2.9 Total before tax (0.5 ) Income tax expense Total reclassifications $ 2.4 Net of tax (1) These items are included in the computation of net periodic pension cost. See Note 10 Reclassifications out of accumulated other comprehensive loss for 2020 were: (in millions) Amount Affected Line Item in the Net Income is Presented Details about AOCL Components Defined benefit pension plan items: Amortization of prior service credit $ (0.5 ) See (1) below Amortization of actuarial net losses 1.7 See (1) below 1.2 Total before tax (0.1 ) Income tax expense Total reclassifications $ 1.1 Net of tax (1) These items are included in the computation of net periodic pension cost. See Note 10 |
Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss for 2021, net of tax, were: (in millions) Defined Benefit Pension Plan Items Cumulative Translation Adjustments Total Balance at December 31, 2020 $ (19.9 ) $ (37.4 ) $ (57.3 ) Other comprehensive income before reclassifications — (20.2 ) (20.2 ) Amounts reclassified from AOCL 2.4 — 2.4 Actuarial net gains arising during the year 28.2 — 28.2 Net current period other comprehensive income 30.6 (20.2 ) 10.4 Balance at December 31, 2021 $ 10.7 $ (57.6 ) $ (46.9 ) Changes in accumulated other comprehensive loss for 2020, net of tax, were: (in millions) Defined Cumulative Total Balance at December 31, 2019 $ (13.3 ) $ (61.1 ) $ (74.4 ) Other comprehensive income before reclassifications 0.0 23.7 23.7 Amounts reclassified from AOCL 1.1 — 1.1 Actuarial net gains arising during the year (7.7 ) — (7.7 ) Net current period other comprehensive income (6.6 ) 23.7 17.1 Balance at December 31, 2020 $ (19.9 ) $ (37.4 ) $ (57.3 ) |
Accounting Policies - Estimated
Accounting Policies - Estimated Useful Lives of Major Classes of Depreciable Assets (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 7 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 25 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Accounting Policies - Estimat_2
Accounting Policies - Estimated Useful Lives of Major Classes of Assets (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Technology [Member] | Minimum [Member] | |
Other Intangible Assets [Line Items] | |
finite-lived intangible asset, useful life | 10 years |
Technology [Member] | Maximum [Member] | |
Other Intangible Assets [Line Items] | |
finite-lived intangible asset, useful life | 17 years |
Customer lists [Member] | Minimum [Member] | |
Other Intangible Assets [Line Items] | |
finite-lived intangible asset, useful life | 10 years |
Customer lists [Member] | Maximum [Member] | |
Other Intangible Assets [Line Items] | |
finite-lived intangible asset, useful life | 15 years |
Brand Names [Member] | Minimum [Member] | |
Other Intangible Assets [Line Items] | |
finite-lived intangible asset, useful life | 5 years |
Brand Names [Member] | Maximum [Member] | |
Other Intangible Assets [Line Items] | |
finite-lived intangible asset, useful life | 10 years |
Product Rights [Member] | Minimum [Member] | |
Other Intangible Assets [Line Items] | |
finite-lived intangible asset, useful life | 9 years |
Product Rights [Member] | Maximum [Member] | |
Other Intangible Assets [Line Items] | |
finite-lived intangible asset, useful life | 10 years |
Internally Developed Software [Member] | Minimum [Member] | |
Other Intangible Assets [Line Items] | |
finite-lived intangible asset, useful life | 3 years |
Internally Developed Software [Member] | Maximum [Member] | |
Other Intangible Assets [Line Items] | |
finite-lived intangible asset, useful life | 5 years |
Marketing Related [Member] | |
Other Intangible Assets [Line Items] | |
finite-lived intangible asset, useful life | 11 years |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Income tax, Uncertain tax position description | The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. | |
Allowances for doubtful accounts | $ 5.1 | $ 4.5 |
Segment Reporting and Geograp_3
Segment Reporting and Geographical Area Data - Segment Reporting (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 1,483.4 | $ 1,193.1 | $ 1,513.3 |
Gross profit/(loss) | 434.9 | 342.7 | 466.2 |
Restructuring charge | 0 | (21.3) | 0 |
Impairment of intangible assets | 0 | (19.8) | 0 |
Profit on disposal | 1.8 | 0 | 0 |
Operating income/(expense) | 132.1 | 33.7 | 149.9 |
Identifiable assets at year end | 1,570.9 | 1,397.4 | 1,468.8 |
Operating Segments [Member] | Fuel Specialties [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 618.3 | 512.7 | 583.7 |
Gross profit/(loss) | 193.2 | 160.3 | 204.5 |
Operating income/(expense) | 104.6 | 84.5 | 116.6 |
Identifiable assets at year end | 571.3 | 509.7 | 499.7 |
Operating Segments [Member] | Fuel Specialties [Member] | Refinery and Performance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 445.3 | 372.9 | 427.9 |
Operating Segments [Member] | Fuel Specialties [Member] | Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 173 | 139.8 | 155.8 |
Operating Segments [Member] | Performance Chemicals [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 525.3 | 425.4 | 428.7 |
Gross profit/(loss) | 125.2 | 103.8 | 100.1 |
Operating income/(expense) | 70.9 | 54.8 | 48.7 |
Identifiable assets at year end | 469.5 | 391.5 | 383.3 |
Operating Segments [Member] | Performance Chemicals [Member] | Personal Care [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 296.1 | 231.4 | 228 |
Operating Segments [Member] | Performance Chemicals [Member] | Home Care [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 93 | 87 | 93.4 |
Operating Segments [Member] | Performance Chemicals [Member] | Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 136.2 | 107 | 107.3 |
Operating Segments [Member] | Oilfield Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 339.8 | 255 | 479.9 |
Gross profit/(loss) | 116.5 | 80.8 | 159.9 |
Operating income/(expense) | 10.4 | (9.5) | 39.7 |
Identifiable assets at year end | 230.8 | 210.8 | 316.8 |
Operating Segments [Member] | Octane Additives [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | 21 |
Gross profit/(loss) | 0 | (2.2) | 1.7 |
Operating income/(expense) | 0 | (2.8) | (0.7) |
Identifiable assets at year end | 0 | 0 | 24.2 |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Corporate costs | (55.6) | (52.2) | (54.4) |
Restructuring charge | 0 | (21.3) | 0 |
Impairment of intangible assets | 0 | (19.8) | 0 |
Profit on disposal | 1.8 | 0 | 0 |
Identifiable assets at year end | $ 299.3 | $ 285.4 | $ 244.8 |
Segment Reporting and Geograp_4
Segment Reporting and Geographical Area Data - Segment Reporting on Basis of Geographical Location (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 1,483.4 | $ 1,193.1 | $ 1,513.3 |
Income before income taxes | 134.4 | 39.7 | 150.4 |
Long-lived assets at year end | 304.9 | 325.7 | 343.3 |
Goodwill | 364.3 | 371.2 | 363 |
Identifiable assets at year end | 1,570.9 | 1,397.4 | 1,468.8 |
United States & North America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 821.6 | 642.4 | 897.2 |
Income before income taxes | 54.6 | 0 | 53.9 |
Long-lived assets at year end | 137.3 | 141 | 156 |
Identifiable assets at year end | 464.9 | 368.8 | 419.5 |
United Kingdom [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 811.9 | 689.1 | 810.9 |
Income before income taxes | 46.1 | 16.9 | 67 |
Long-lived assets at year end | 55.4 | 61.3 | 70.4 |
Identifiable assets at year end | 533.7 | 455.8 | 487.2 |
Rest of Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 115.6 | 83.4 | 115.7 |
Income before income taxes | 26.4 | 19.7 | 27.2 |
Long-lived assets at year end | 112 | 123.2 | 116.6 |
Identifiable assets at year end | 164.7 | 171 | 163.2 |
Rest of World [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 66.4 | 45.6 | 47.8 |
Income before income taxes | 7.3 | 3.1 | 2.3 |
Long-lived assets at year end | 0.2 | 0.2 | 0.3 |
Identifiable assets at year end | 43.3 | 30.6 | 35.9 |
Sales Between Areas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ (332.1) | $ (267.4) | $ (358.3) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Average number of anti-dilutive options excluded from the calculation of diluted earnings per share | 18,378 | 17,980 | 6,270 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator (in millions): | |||
Net income available to common stockholders | $ 93.1 | $ 28.7 | $ 112.2 |
Denominator (in thousands): | |||
Weighted average common shares outstanding | 24,647 | 24,563 | 24,482 |
Dilutive effect of stock options and awards | 207 | 216 | 246 |
Denominator for diluted earnings per share | 24,854 | 24,779 | 24,728 |
Net income per share, basic: | $ 3.78 | $ 1.17 | $ 4.58 |
Net income per share, diluted: | $ 3.75 | $ 1.16 | $ 4.54 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges provided for during the period | $ 0 | $ 21.3 | $ 0 |
Environment remediation and monitoring costs | 0 | 7.5 | 0 |
Impairment of tangible assets | 0 | 2 | $ 0 |
Environmental Monitoring Expense | 2 | ||
Octane Additives [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment of tangible assets | 2 | ||
Octane Additives [Member] | Operating Segments [Member] | Tetra Ethyl Lead [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges provided for during the period | $ 21.3 | ||
Environment remediation and monitoring costs | 7.5 | ||
Expected loss on contracts | 7.2 | ||
Impairment of tangible assets | 2 | ||
Restructuring costs due to downsizing of operations | $ 2.6 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 485.4 | $ 464.5 |
Accumulated depreciation | (271) | (253.7) |
Property, plant and equipment, Net | 214.4 | 210.8 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 20.7 | 21.6 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 69.5 | 65.5 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 371.5 | 349.9 |
Work in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 23.7 | $ 27.5 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Amounts of assets held under finance leases | $ 214.4 | $ 210.8 | |
Depreciation charges | 26.3 | 24.7 | $ 23.6 |
Tangible Asset Impairment Charges | 0 | 2 | $ 0 |
Octane Additives [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible Asset Impairment Charges | 2 | ||
Assets Held under Capital Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Amounts of assets held under finance leases | $ 0.5 | $ 1 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Line Items] | ||
Additional leases that have not yet commenced | $ 8.8 | $ 0 |
Maximum [Member] | ||
Leases [Line Items] | ||
Operating and finance leases, remaining lease terms | 10 years | |
Minimum [Member] | ||
Leases [Line Items] | ||
Operating and finance leases, remaining lease terms | 1 year |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finance lease cost: | ||
Amortization of right-of-use assets | $ 0.5 | $ 1 |
Interest on lease liabilities | 0 | 0 |
Total finance lease cost | 0.5 | 1 |
Operating lease cost | 13.8 | 12.8 |
Short-term lease cost | 3.8 | 3.2 |
Variable lease cost | 0.3 | 0.3 |
Total lease cost | $ 18.4 | $ 17.3 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 18.1 | $ 15.9 |
Operating cash flows from finance leases | 0.5 | 1.2 |
Financing cash flows from finance leases | 0 | 0 |
Right-of-use assets obtained in exchange for new lease obligations: | ||
Operating leases | 5.2 | 5.7 |
Finance leases | $ 0 | $ 0 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Operating lease right-of-use assets | $ 35.4 | $ 40.1 |
Current portion of operating lease liabilities | 12.4 | 11.3 |
Operating lease liabilities, net of current portion | 23.1 | 28.9 |
Total operating lease liabilities | 35.5 | 40.2 |
Finance leases | ||
Property, plant and equipment at cost | 485.4 | 464.5 |
Accumulated depreciation | (271) | (253.7) |
Property, plant and equipment, Net | 214.4 | 210.8 |
Current portion of finance leases | 0.1 | 0.5 |
Finance leases, net of current portion | 0 | 0.1 |
Total finance lease liabilities | $ 0.1 | $ 0.6 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of finance leases | Current portion of finance leases |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Finance leases, net of current portion | Finance leases, net of current portion |
Weighted average remaining lease term | ||
Operating leases | 4 years 10 months 24 days | 4 years 1 month 6 days |
Finance leases | 6 months | 1 year 1 month 6 days |
Weighted average discount rate | ||
Operating leases | 2.50% | 3.00% |
Finance leases | 2.50% | 2.60% |
Financial Leases [Member] | ||
Finance leases | ||
Property, plant and equipment at cost | $ 5 | $ 9 |
Accumulated depreciation | (4.5) | (8) |
Property, plant and equipment, Net | 0.5 | 1 |
Current portion of finance leases | 0.1 | 0.5 |
Finance leases, net of current portion | 0 | 0.1 |
Total finance lease liabilities | $ 0.1 | $ 0.6 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
Within one year | $ 12.5 | $ 11.4 |
Year two | 9 | 9.4 |
Year three | 6 | 8.2 |
Year four | 3.9 | 5.5 |
Year five | 3.1 | 3.8 |
Thereafter | 3.2 | 4.6 |
Total lease payments | 37.7 | 42.9 |
Less imputed interest | (2.2) | (2.7) |
Total operating lease liabilities | 35.5 | 40.2 |
Finance Lease Liabilities, Payments, Due [Abstract] | ||
Within one year | 0.1 | 0.5 |
Year two | 0 | 0.1 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Thereafter | 0 | 0 |
Total lease payments | 0.1 | 0.6 |
Less imputed interest | 0 | 0 |
Total finance lease liabilities | $ 0.1 | $ 0.6 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||
Impairment of goodwill | $ 0 | ||
Fuel Specialties [Member] | |||
Goodwill [Line Items] | |||
Impairment of goodwill | 0 | $ 0 | $ 0 |
Performance Chemicals [Member] | |||
Goodwill [Line Items] | |||
Impairment of goodwill | 0 | 0 | 0 |
Oilfield Services [Member] | |||
Goodwill [Line Items] | |||
Impairment of goodwill | 0 | 0 | 0 |
Octane Additives [Member] | |||
Goodwill [Line Items] | |||
Impairment of goodwill | $ 0 | $ 0 | $ 0 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Gross cost, beginning balance | $ 371.2 | $ 599.5 |
Accumulated impairment losses, beginning balance | 0 | (236.5) |
Net book amount, beginning balance | 371.2 | 363 |
Exchange effect | (6.9) | 8.2 |
Gross cost, ending balance | 364.3 | 371.2 |
Accumulated impairment losses, ending balance | 0 | 0 |
Net book amount, ending balance | 364.3 | 371.2 |
Fuel Specialties [Member] | ||
Goodwill [Line Items] | ||
Gross cost, beginning balance | 207.9 | 207.7 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Net book amount, beginning balance | 207.9 | 207.7 |
Exchange effect | (0.3) | 0.2 |
Gross cost, ending balance | 207.6 | 207.9 |
Accumulated impairment losses, ending balance | 0 | 0 |
Net book amount, ending balance | 207.6 | 207.9 |
Performance Chemicals [Member] | ||
Goodwill [Line Items] | ||
Gross cost, beginning balance | 118.5 | 110.5 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Net book amount, beginning balance | 118.5 | 110.5 |
Exchange effect | (6.6) | 8 |
Gross cost, ending balance | 111.9 | 118.5 |
Accumulated impairment losses, ending balance | 0 | 0 |
Net book amount, ending balance | 111.9 | 118.5 |
Oilfield Services [Member] | ||
Goodwill [Line Items] | ||
Gross cost, beginning balance | 44.8 | 44.8 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Net book amount, beginning balance | 44.8 | 44.8 |
Exchange effect | 0 | 0 |
Gross cost, ending balance | 44.8 | 44.8 |
Accumulated impairment losses, ending balance | 0 | 0 |
Net book amount, ending balance | 44.8 | 44.8 |
Octane Additives [Member] | ||
Goodwill [Line Items] | ||
Gross cost, beginning balance | 0 | 236.5 |
Accumulated impairment losses, beginning balance | 0 | (236.5) |
Net book amount, beginning balance | 0 | 0 |
Exchange effect | 0 | 0 |
Gross cost, ending balance | 0 | 0 |
Accumulated impairment losses, ending balance | 0 | 0 |
Net book amount, ending balance | $ 0 | $ 0 |
Goodwill - Summary of Goodwil_2
Goodwill - Summary of Goodwill (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fuel Specialties [Member] | |||
Goodwill [Line Items] | |||
Historical accumulated amortization | $ 8.7 | $ 8.7 | $ 8.7 |
Performance Chemicals [Member] | |||
Goodwill [Line Items] | |||
Historical accumulated amortization | 0.3 | 0.3 | 0.3 |
Octane Additives [Member] | |||
Goodwill [Line Items] | |||
Historical accumulated amortization | $ 289.5 | $ 289.5 | $ 289.5 |
Other Intangible Assets - Summa
Other Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gross cost at January 1 | $ 298.9 | $ 294.8 | |
Exchange effect | (3.7) | 4.1 | |
Gross cost at December 31 | 295.2 | 298.9 | $ 294.8 |
Accumulated amortization at January 1 | (223.6) | (181.3) | |
Amortization expense | (16) | (20.9) | (23) |
Impairment | 0 | (19.8) | 0 |
Exchange effect | 1.9 | (1.6) | |
Accumulated amortization at December 31 | (237.7) | (223.6) | $ (181.3) |
Net book amount at December 31 | $ 57.5 | $ 75.3 |
Other Intangible Assets - Sched
Other Intangible Assets - Schedule of Amortization Expense (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 295.2 | $ 298.9 | $ 294.8 |
Accumulated amortization | (237.7) | (223.6) | $ (181.3) |
Product Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 34 | 34 | |
Accumulated amortization | (31.5) | (27.7) | |
Brand Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 8.9 | 8.9 | |
Accumulated amortization | (7.2) | (6.6) | |
Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 55.1 | 55.1 | |
Accumulated amortization | (37.7) | (35.4) | |
Customer and Distributor Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 125.3 | 128.3 | |
Accumulated amortization | (90.7) | (84) | |
Internally Developed Software [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 43.1 | 43.4 | |
Accumulated amortization | (41.8) | (40.7) | |
Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 28.8 | 29.2 | |
Accumulated amortization | $ (28.8) | $ (29.2) |
Other Intangible Assets - Addit
Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 16 | $ 20.9 | $ 23 |
Cost of goods, amortization | 2.3 | 2.9 | 3.4 |
Impairment of intangible assets | 0 | $ 19.8 | $ 0 |
Technology-Based Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of intangible assets | 10 | ||
Customer and Distributor Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of intangible assets | $ 9.8 |
Other Intangible Assets - Sch_2
Other Intangible Assets - Schedule of Future Amortization Estimated Expense (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2022 | $ 14.5 |
2023 | 11.2 |
2024 | 10.4 |
2025 | 7.4 |
2026 | $ 7.3 |
Pension and Post-Employment B_3
Pension and Post-Employment Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Annual cash contribution | $ 0 | $ 0 |
Percentage change in discount rate | 0.25% | |
Amount change in PBO due to discount rate | $ 22 | |
Amount change in net pension credit due to discount rate | 1.4 | |
Amount change in PBO due to change price inflation | $ 14 | |
Percentage change in price inflation | 0.25% | |
Amount change in net pension credit due price inflation | $ 0.3 | |
Maximum percentage of Plan's assets invested in individual company's investment funds | 5.00% | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan settlement benefit obligation | $ 10.6 | |
Other Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amount of contributions to defined contribution schemes | 10.9 | 10.3 |
Europe [Member] | Performance Chemicals [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Post-employment obligations European businesses | 4.6 | $ 5.3 |
France [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amount of unrecognized actuarial net losses, net of tax | $ 0.1 | |
Non-US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of asset allocation, actual | 10.00% | 11.00% |
Pension and Post-Employment B_4
Pension and Post-Employment Benefits - Defined Benefit Pension Plan (Detail) - United Kingdom Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Plan assumptions at December 31, (%): | |||
Discount rate | 1.84% | 1.36% | 1.95% |
Inflation rate | 3.55% | 2.35% | 2.25% |
Rate of return on plan assets - overall on bid-value | 2.30% | 2.00% | 2.50% |
Plan asset allocation by category (%): | |||
Total plan asset allocation by category | 100.00% | 100.00% | 100.00% |
Cash [Member] | |||
Plan asset allocation by category (%): | |||
Total plan asset allocation by category | 13.00% | 4.00% | 4.00% |
Defined Benefit Plan Debt Securities And Insurance Contracts [Member] | |||
Plan asset allocation by category (%): | |||
Total plan asset allocation by category | 82.00% | 86.00% | 86.00% |
Defined Benefit Plan Equity Securities And Real Estate [Member] | |||
Plan asset allocation by category (%): | |||
Total plan asset allocation by category | 5.00% | 10.00% | 10.00% |
United Kingdom [Member] | |||
Plan net pension (credit)/charge: | |||
Service cost | $ 1.6 | $ 1.2 | $ 0.9 |
Interest cost on PBO | 7.6 | 11.2 | 15.2 |
Expected return on plan assets | (15.5) | (17.8) | (22) |
Amortization of prior service credit | 0.3 | (0.5) | (0.9) |
Amortization of actuarial net losses | 1.6 | 0.9 | 0 |
Settlement event | (0.3) | 0 | 0 |
Net periodic benefit | $ (4.7) | $ (5) | $ (6.8) |
Pension and Post-Employment B_5
Pension and Post-Employment Benefits - Movements in PBO and Fair Value of Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in PBO: | |||
Actuarial losses/(gains) | $ (28.2) | $ 7.7 | $ (9.5) |
Fair value of plan assets: | |||
Opening balance | 118 | ||
Settlements | (10.6) | 0 | |
Closing balance | 159.8 | 118 | |
United Kingdom Plan [Member] | |||
Change in PBO: | |||
Benefits paid | (37.3) | (45.5) | |
Fair value of plan assets: | |||
Opening balance | 876.7 | 816.9 | |
Benefits paid | (37.3) | (45.5) | |
Actual return on assets | 17.5 | 77.6 | |
Exchange effect | (7.4) | 27.7 | |
Closing balance | 838.9 | 876.7 | 816.9 |
German Plan [Member] | |||
Change in PBO: | |||
Opening balance | 15.2 | 13.3 | |
Interest cost | 0.1 | 0.1 | 0.2 |
Service cost | 0.1 | 0.1 | 0.1 |
Benefits paid | (0.4) | (0.3) | |
Actuarial losses/(gains) | (0.7) | 0.8 | |
Exchange effect | (1.1) | 1.2 | |
Closing balance | 13.2 | 15.2 | 13.3 |
Fair value of plan assets: | |||
Benefits paid | (0.4) | (0.3) | |
Pension Benefit Obligation [Member] | |||
Change in PBO: | |||
Settlements | (10.6) | ||
Pension Benefit Obligation [Member] | United Kingdom Plan [Member] | |||
Change in PBO: | |||
Opening balance | 758.7 | 701 | |
Interest cost | 7.6 | 11.2 | |
Service cost | 1.6 | 1.2 | |
Benefits paid | (37.3) | (45.5) | |
Settlements | (10.6) | 0 | |
Actuarial losses/(gains) | (40.5) | 61.1 | |
Plan amendments | 5.4 | 5.5 | |
Exchange effect | (5.8) | 24.2 | |
Closing balance | 679.1 | 758.7 | $ 701 |
Fair value of plan assets: | |||
Benefits paid | $ (37.3) | $ (45.5) |
Pension and Post-Employment B_6
Pension and Post-Employment Benefits - Fair Value of Pension Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair value of pension assets | ||
Total plan assets | $ 159.8 | $ 118 |
Non-US [Member] | ||
Fair value of pension assets | ||
Debt securities | 733.7 | 843.8 |
Cash | 105.2 | 32.9 |
Total plan assets | 838.9 | 876.7 |
Non-US [Member] | Debt Securities Issued by Non-U.S. Government and Government Agencies [Member] | ||
Fair value of pension assets | ||
Debt securities | 80.3 | 99.5 |
Non-US [Member] | Corporate Debt Securities [Member] | ||
Fair value of pension assets | ||
Debt securities | 445.7 | 488 |
Non-US [Member] | Real Estate [Member] | ||
Fair value of pension assets | ||
Debt securities | 47 | 40.2 |
Non-US [Member] | Insurance Contracts [Member] | ||
Fair value of pension assets | ||
Debt securities | 162.2 | 167.4 |
Non-US [Member] | Investments Measured At Net Asset Value [Member] | ||
Fair value of pension assets | ||
Debt securities | 51 | |
Non-US [Member] | Other Financial Derivatives [Member] | ||
Fair value of pension assets | ||
Debt securities | (1.5) | (2.3) |
Non-US [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair value of pension assets | ||
Debt securities | 127.3 | 139.7 |
Cash | 105.2 | 32.9 |
Total plan assets | 232.5 | 172.6 |
Non-US [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Debt Securities Issued by Non-U.S. Government and Government Agencies [Member] | ||
Fair value of pension assets | ||
Debt securities | 80.3 | 99.5 |
Non-US [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Real Estate [Member] | ||
Fair value of pension assets | ||
Debt securities | 47 | 40.2 |
Non-US [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair value of pension assets | ||
Debt securities | 444.2 | 485.7 |
Total plan assets | 444.2 | 485.7 |
Non-US [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Fair value of pension assets | ||
Debt securities | 445.7 | 488 |
Non-US [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Financial Derivatives [Member] | ||
Fair value of pension assets | ||
Debt securities | (1.5) | (2.3) |
Non-US [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value of pension assets | ||
Debt securities | 162.2 | 167.4 |
Total plan assets | 162.2 | 167.4 |
Non-US [Member] | Significant Unobservable Inputs (Level 3) [Member] | Insurance Contracts [Member] | Other Asset Backed Securitites [Member] | ||
Fair value of pension assets | ||
Debt securities | $ 162.2 | $ 167.4 |
Pension and Post-Employment B_7
Pension and Post-Employment Benefits - Reconciliation of Fair Value of Plan Assets Measured Using Significant Unobservable Inputs (Detail) - United Kingdom Plan [Member] - Significant Unobservable Inputs (Level 3) [Member] - Other Assets [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 167.4 | $ 157.9 |
Realized/unrealized gains/(losses): | ||
Relating to assets still held at the reporting date | 3.3 | 10.8 |
Purchases, issuances and settlements | (7) | (6.6) |
Exchange effect | (1.5) | 5.3 |
Ending balance | $ 162.2 | $ 167.4 |
Pension and Post-Employment B_8
Pension and Post-Employment Benefits - Plan Net Pension Credit (Detail) - United Kingdom Plan [Member] - Nonoperating Income (Expense) [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Service cost | $ 2.4 |
Interest cost on PBO | 11 |
Expected return on plan assets | (17.5) |
Amortization of prior service credit | 0.5 |
Amortization of actuarial net losses | 0 |
Net periodic benefit | $ (3.6) |
Pension and Post-Employment B_9
Pension and Post-Employment Benefits - Expected Benefit Payments (Detail) - United Kingdom Plan [Member] $ in Millions | Dec. 31, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 37.6 |
2023 | 36.8 |
2024 | 36.8 |
2025 | 36.7 |
2026 | 36.1 |
2027-2031 | $ 175.5 |
Pension and Post-Employment _10
Pension and Post-Employment Benefits - Unfunded Defined Benefit Pension Plan (Detail) - German Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Plan net pension charge: | |||
Service cost | $ 0.1 | $ 0.1 | $ 0.1 |
Interest cost on PBO | 0.1 | 0.1 | 0.2 |
Amortization of actuarial net loss | 1 | 0.8 | 0.3 |
Net periodic benefit | $ 1.2 | $ 1 | $ 0.6 |
Plan assumptions at December 31, (%): | |||
Discount rate | 0.90% | 0.40% | 0.80% |
Inflation rate | 2.00% | 1.50% | 1.75% |
Rate of increase in compensation levels | 2.75% | 2.75% | 2.75% |
Income Taxes - Roll-forward of
Income Taxes - Roll-forward of Unrecognized Tax Benefits and Associated Accrued Interest and Penalties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Opening balance at January 1 | $ 16 | $ 16.4 | $ 14 |
Additions for tax positions of prior periods | 1.6 | 1 | 2.4 |
Reductions for tax positions of prior periods | (1.3) | (1.4) | |
Closing balance at 31 December | 16.3 | 16 | 16.4 |
Current | 0 | 0 | 0 |
Non-current | 16.3 | 16 | 16.4 |
Interest and Penalties [Member] | |||
Income Tax Contingency [Line Items] | |||
Opening balance at January 1 | 2.4 | 2 | 0.6 |
Additions for tax positions of prior periods | 0.7 | 0.6 | 1.4 |
Reductions for tax positions of prior periods | 0 | (0.2) | |
Closing balance at 31 December | 3.1 | 2.4 | 2 |
Current | 0 | 0 | 0 |
Non-current | 3.1 | 2.4 | 2 |
Unrecognized Tax Benefits [Member] | |||
Income Tax Contingency [Line Items] | |||
Opening balance at January 1 | 13.6 | 14.4 | 13.4 |
Additions for tax positions of prior periods | 0.9 | 0.4 | 1 |
Reductions for tax positions of prior periods | (1.3) | (1.2) | |
Closing balance at 31 December | 13.2 | 13.6 | 14.4 |
Current | 0 | 0 | 0 |
Non-current | $ 13.2 | $ 13.6 | $ 14.4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits would impact effective tax rate if recognized | $ 16.3 | |||
Unrecognized tax benefit | 16.3 | $ 16 | $ 16.4 | $ 14 |
Income tax examination interest expense | 0.1 | |||
Cash payments for income taxes | 36.8 | $ 23.4 | $ 37.6 | |
Increase to income tax expense | $ 0.5 | |||
Effective income tax reconciliation at federal statutory income tax rate | 21.00% | 21.00% | 21.00% | |
Deferred tax assets valuation allowance | $ 0.8 | $ 1.1 | ||
Unrecognized tax benefits decrease from prior period tax position | 1.3 | $ 1.4 | ||
Foreign exchange movements | 0.2 | |||
Income Tax Reconciliation Innovation Incentive Amount | 2 | |||
Effective income tax reconciliation tax arising on distribution of assets amount | 2.2 | |||
Italian Tax Authorities [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefit | 3.3 | |||
State [Member] | Certain Losses Upto Two Thousand And Thirty Six And Others Indefinitely [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carry forwards | 0.4 | |||
Foreign [Member] | Indefinitely [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carry forwards | $ 5.4 | |||
United Kingdom [Member] | Foreign [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Effective income tax reconciliation at federal statutory income tax rate | 19.00% | |||
Effective income tax reconciliation change in deferred tax assets valuation allowance | $ 7.3 | |||
United Kingdom [Member] | Foreign [Member] | Effective From First Of April Two Thousand And Twenty Three [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Effective income tax reconciliation at federal statutory income tax rate | 25.00% | |||
United Kingdom [Member] | Foreign [Member] | Profit Diversion Compliance Facility [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax examination penalties and interest expenses | $ 1 | |||
United States [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefit | 12 | |||
United States [Member] | Federal [Member] | Indefinitely [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carry forwards | 5.4 | |||
Non-US [Member] | Non Significant Position [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits decrease from prior period tax position | $ 0.2 | |||
Non-US [Member] | Earliest Tax Year [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Open tax year | 2011 | |||
Non-US [Member] | Latest Tax Year [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Open tax year | 2014 | |||
Non-US [Member] | Historical Impairment Of Subsidiaries [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Decrease in uncertain tax positions | $ 0.9 |
Income Taxes - Sources of Incom
Income Taxes - Sources of Income before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 53.2 | $ (0.7) | $ 52.4 |
Foreign | 81.2 | 40.4 | 98 |
Income before income tax expense | $ 134.4 | $ 39.7 | $ 150.4 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 12.4 | $ 6.1 | $ 13.8 |
State and local | 2.6 | 0.5 | 2.3 |
Foreign | 19.4 | 6.8 | 22.9 |
Total Current Income Tax | 34.4 | 13.4 | 39 |
Deferred: | |||
Federal | (1.9) | (2.8) | (3) |
State and local | (0.3) | (0.4) | (0.5) |
Foreign | 9.1 | 0.8 | 2.7 |
Total Deferred Income Tax | 6.9 | (2.4) | (0.8) |
Total | $ 41.3 | $ 11 | $ 38.2 |
Income Taxes - Factors Effectin
Income Taxes - Factors Effecting Effective Tax Rate from U.S. Federal Statutory Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 21.00% | 21.00% | 21.00% |
Foreign income inclusions | 1.70% | 7.10% | 0.30% |
Foreign tax rate differential | 1.00% | 4.20% | (0.30%) |
Tax charge/(credit) from previous years | 0.60% | 3.70% | 1.80% |
Net charge/(credit) from unrecognized tax benefits | 0.40% | (1.70%) | 1.10% |
Foreign currency transactions | 0.10% | (4.50%) | (1.00%) |
Effect of U.S. tax law change | 0.00% | 0.00% | 0.60% |
Tax on unremitted earnings | 0.10% | 0.30% | (0.10%) |
Non-deductible foreign interest | 0.00% | 0.70% | 0.80% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 5.40% | 6.90% | 0.00% |
State and local taxes | 1.30% | 1.50% | 1.40% |
US incentive for foreign derived intangible income | (1.50%) | (1.50%) | (0.50%) |
Innovation incentives – current year | (1.10%) | (4.90%) | (0.60%) |
Innovation incentives – prior years | 0.00% | (5.30%) | 0.00% |
Non-deductible officer compensation | 0.20% | 1.80% | 0.20% |
Tax on closure of legacy operations | 1.60% | 0.00% | 0.00% |
Other items and adjustments, net | (0.10%) | (1.60%) | 0.70% |
Effective Income Tax Rate | 30.70% | 27.70% | 25.40% |
Income Taxes - Details of Defer
Income Taxes - Details of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Stock compensation | $ 5.2 | $ 5.3 |
Net operating loss carry forwards | 12 | 9.8 |
Other intangible assets | 11.1 | 10.6 |
Accretion expense | 3.2 | 3.2 |
Restructuring provision | 2 | 1.4 |
Employee related liabilities | 4.1 | 0.2 |
Foreign tax credits | 1.9 | 2 |
Operating lease liabilities | 10.6 | 9.2 |
Other | 7.4 | 6.7 |
Subtotal | 57.5 | 48.4 |
Less valuation allowance | (0.8) | (1.1) |
Total net deferred tax assets | 56.7 | 47.3 |
Deferred tax liabilities: | ||
Property, plant and equipment | (23.6) | (21.3) |
Intangible assets including goodwill | (29.8) | (28.3) |
Pension asset | (38.2) | (20.5) |
Customer relationships | (4.5) | (4.4) |
Unremitted overseas earnings | (1.9) | (2) |
Right-of-use assets | (10.6) | (9.2) |
Other | (2.5) | (0.9) |
Total deferred tax liabilities | (111.1) | (86.6) |
Net deferred tax liability | (54.4) | (39.3) |
Deferred tax assets | 6.4 | 7.6 |
Deferred tax liabilities | (60.8) | (46.9) |
Net deferred tax liability | $ (54.4) | $ (39.3) |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - Revolving Credit Facility [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |
Revolving credit borrowing Capacity | $ 250 |
Due date of revolving credit | Sep. 25, 2024 |
Accordion Feature [Member] | |
Debt Instrument [Line Items] | |
Revolving credit borrowing Capacity | $ 125 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Amortization of deferred finance costs | $ 0.3 | $ 0.4 | $ 1 |
Weighted average rate of interest on borrowings | 0.00% | 2.20% | |
Payments of interest on long-term debt | $ 0 | $ 0.8 | 4.8 |
Net cash outflows in respect of refinancing costs | 0 | 0.3 | $ 1.5 |
Other Current And Non Current Assets [Member] | |||
Debt Instrument [Line Items] | |||
Deferred finance costs, net | 1 | 1.3 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit outstanding | $ 0 | $ 0 |
Long-Term Debt - Summary of Deb
Long-Term Debt - Summary of Debt Refinancing Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Gross cost at January 1 | $ 1.8 | $ 1.5 | |
Capitalized in the year | 0 | 0.3 | |
Gross cost | 1.8 | 1.8 | $ 1.5 |
Accumulated amortization,Beginning Balance | (0.5) | (0.1) | |
Amortization in the year | (0.3) | (0.4) | (1) |
Accumulated amortization,Ending balance | (0.8) | (0.5) | $ (0.1) |
Deferred finance costs, net | $ 1 | $ 1.3 |
Plant Closure Provisions - Move
Plant Closure Provisions - Movements in Plant Closure and Restructuring Provisions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |||
Beginning Balance | $ 58.5 | $ 49.3 | $ 49.5 |
Charge for the period excluding restructuring | 3.9 | 5.1 | 4.4 |
Restructuring | 0 | 7.5 | 0 |
Utilized in the period | (5.3) | (4.1) | (4.4) |
Exchange effect | (0.6) | 0.7 | (0.2) |
Ending Balance | 56.5 | 58.5 | 49.3 |
Due within one year | (5.2) | (6.6) | (5.6) |
Due after one year | $ 51.3 | $ 51.9 | $ 43.7 |
Plant Closure Provisions - Addi
Plant Closure Provisions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Expenditure | $ 5.3 | $ 4.1 | $ 4.4 |
Tetra Ethyl Lead [Member] | Operating Segments [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Additional provision restructuring charges plant closure | $ 7.5 | ||
Remediation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accretion expense recognized | 3.8 | ||
Remediation charge for changes in the scope and cost of future remediation activities | $ 0.1 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Fair Values of the Company's Assets and Liabilities Measured on a Recurring Basis (Detail) - Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying Amount [Member] | ||
Non-derivatives: | ||
Cash and cash equivalents | $ 141.8 | $ 105.3 |
Non-derivatives: | ||
Finance leases (including current portion) | 0.1 | 0.6 |
Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Currency Forward Exchange Contracts [Member] | ||
Derivatives (Level 1 measurement): | ||
Foreign currency forward exchange contracts | 1.2 | 0.5 |
Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Emission Trading Scheme Credits [Member] | ||
Derivatives (Level 1 measurement): | ||
Emissions Trading Scheme credits | 3.9 | |
Carrying Amount [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Non-financial liabilities (Level 3 measurement): | ||
Stock equivalent units | 17.3 | 17.2 |
Fair Value [Member] | ||
Non-derivatives: | ||
Cash and cash equivalents | 141.8 | 105.3 |
Non-derivatives: | ||
Finance leases (including current portion) | 0.1 | 0.6 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Currency Forward Exchange Contracts [Member] | ||
Derivatives (Level 1 measurement): | ||
Foreign currency forward exchange contracts | 1.2 | 0.5 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Emission Trading Scheme Credits [Member] | ||
Derivatives (Level 1 measurement): | ||
Emissions Trading Scheme credits | 3.9 | |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Non-financial liabilities (Level 3 measurement): | ||
Stock equivalent units | $ 17.3 | $ 17.2 |
Derivative Instruments and Ri_2
Derivative Instruments and Risk Management - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Interest rate swaps notional value | $ 0 | $ 0 | |
Foreign currency forward exchange contracts notional value | $ 113 | 127.2 | |
Maximum [Member] | |||
Derivative [Line Items] | |||
Maturity period of foreign currency forward exchange contracts | 1 year | ||
Emission Trading Scheme Credits [Member] | UNITED KINGDOM | |||
Derivative [Line Items] | |||
Commodity contract asset non current | $ 3.9 | 0 | |
Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Exchange Contracts [Member] | Other net income/(expense) [Member] | |||
Derivative [Line Items] | |||
Amount of gain/(loss) recognized in income | $ 1 | $ 1.5 | |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Accumulated Other Comprehensive Loss [Member] | |||
Derivative [Line Items] | |||
Amount of gain/(loss) recognized in income | $ 1.9 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other Commitments [Line Items] | ||
Guarantees | $ 4.6 | $ 9.9 |
Minimum [Member] | ||
Other Commitments [Line Items] | ||
Fixed maturity guarantee remaining term | 1 month | |
Maximum [Member] | ||
Other Commitments [Line Items] | ||
Fixed maturity guarantee remaining term | 5 years | |
Additional Cost To Complete Wip [Member] | ||
Other Commitments [Line Items] | ||
Capital commitments | $ 23.5 | $ 14.7 |
Stockholders' Equity - Stockhol
Stockholders' Equity - Stockholder's Equity (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Common Stock, Beginning balance | 29,554,500 | 29,554,500 | 29,554,500 |
Exercise of options, Common Stock | |||
Stock purchases, Common Stock | |||
Common Stock, Ending balance | 29,554,500 | 29,554,500 | 29,554,500 |
Treasury Stock, Beginning balance | 4,958,599 | 5,047,000 | 5,121,000 |
Exercise of options, Treasury Stock | (185,000) | (109,000) | (104,000) |
Stock purchases, Treasury Stock | 7,000 | 21,000 | 30,000 |
Ending balance, Treasury Stock | 4,780,806 | 4,958,599 | 5,047,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020USD ($)Employee | Dec. 31, 2021USD ($)Stock_Plan$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option compensation | $ 4.4 | $ 5.8 | $ 6.6 | |
Accrued liabilities | $ 129.8 | $ 166.5 | 129.8 | |
Weighted Average Exercise Price | $ / shares | $ 22.54 | |||
Weighted Average Grant-Date Fair Value | $ / shares | $ 43.65 | |||
Stock Options Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of stock vesting period | 2 years | |||
Expiration term for stock granted | 10 years | |||
Aggregate number of shares of common stock reserved for issuance which can be granted | shares | 2,550,000 | |||
Number of stock option plans | Stock_Plan | 2 | |||
Number exercisable and fully vested | shares | 107,383 | |||
Fully vested stock options with performance conditions attached | shares | 66,190 | |||
Stock option compensation | $ 4.4 | 5.8 | 6.6 | |
Total intrinsic value exercised | 3.7 | 4.9 | 3.5 | |
Total compensation cost related to non-vested stock options not yet recognized | $ 7.1 | |||
Expected compensation cost recognized over the weighted-average period | 1 year 11 months 4 days | |||
Current tax benefit related to stock option compensation | $ 1.3 | 1.6 | ||
Share-based Goods and Nonemployee Services Transaction, Modification of Terms, Incremental Compensation Cost | $ 2.4 | |||
Number of Grantees Affected | Employee | 14 | |||
Total intrinsic value of options outstanding | $ 20.7 | |||
Stock Options Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of stock vesting period | 2 years | |||
Stock Options Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of stock vesting period | 5 years | |||
Stock Equivalent Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of stock vesting period | 2 years | |||
Expiration term for stock granted | 10 years | |||
Fully vested stock options with performance conditions attached | shares | 21,074 | |||
Total intrinsic value exercised | $ 1.8 | 6.3 | 7.3 | |
Expected compensation cost recognized over the weighted-average period | 1 year 3 months 21 days | |||
Accrued liabilities | $ 17.3 | |||
Number of exercisable SEUs | shares | 25,877 | |||
Compensation cost | $ 3.1 | $ 1.9 | $ 20.1 | |
Number of Grantees Affected | Employee | 61 | |||
Weighted Average Exercise Price | $ / shares | $ 12.41 | |||
Weighted Average Grant-Date Fair Value | $ / shares | $ 47.12 | |||
Total intrinsic value of options outstanding | $ 46.4 | |||
Stock Equivalent Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of stock vesting period | 6 months | |||
Stock Equivalent Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of stock vesting period | 5 years |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Assumptions Used to Determine Grant-Date Fair Value of Options (Detail) - Black-Scholes Model [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.03% | 1.18% | 1.09% |
Expected life | 5 years | 5 years | 5 years |
Volatility | 40.30% | 27.00% | 26.80% |
Risk free interest rate | 0.23% | 1.13% | 2.48% |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Summary of Transactions of the Company's Stock Option Plans (Detail) - Stock Options Plan [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Number of Options, Beginning balance | shares | 442,893 |
Exercised, Number of Options | shares | (185,488) |
Forfeited, Number of Options | shares | (63,656) |
Outstanding, Number of Options, Ending balance | shares | 286,033 |
Outstanding, Weighted Average Exercise Price, Beginning balance | $ 32.49 |
Exercised, Weighted Average Exercise Price | 53.07 |
Forfeited, Weighted Average Exercise Price | 6.29 |
Outstanding, Weighted Average Exercise Price, Ending balance | 18.08 |
Outstanding, Weighted Average Grant-Date Fair Value | 45.31 |
Exercised, Weighted Average Grant-Date Fair Value | 30.28 |
Forfeited, Weighted Average Grant-Date Fair Value | 68.80 |
Outstanding, Weighted Average Grant-Date Fair Value | $ 62.88 |
Discount [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Number of Options | shares | 81,596 |
Granted, Weighted Average Exercise Price | $ 0 |
Granted, Weighted Average Grant-Date Fair Value | $ 92.37 |
Market Value [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Number of Options | shares | 10,688 |
Granted, Weighted Average Exercise Price | $ 99.85 |
Granted, Weighted Average Grant-Date Fair Value | $ 32.73 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans - Assumptions Used to Determine Fair Value of SEUs (Detail) - Stock Equivalent Units [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.28% | 1.15% | 0.99% |
Expected life | 5 years | 5 years | 5 years |
Volatility | 39.60% | 39.90% | 26.60% |
Risk free interest rate | 0.97% | 0.17% | 1.62% |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans - Summarizes Transactions of SEUs (Detail) - Stock Equivalent Units [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Number of SEUs, Beginning balance | shares | 390,164 |
Granted at discount, Number of SEUs | shares | 199,431 |
Granted at market value, Number of SEUs | shares | 3,803 |
Exercised, Number of SEUs | shares | (40,115) |
Forfeited, Number of SEUs | shares | (25,345) |
Outstanding, Number of SEUs, Ending balance | shares | 527,938 |
Outstanding, Weighted Average Exercise Price, Beginning balance | $ 4.35 |
Granted at discount, Weighted Average Exercise Price | 0 |
Granted at market value, Weighted Average Exercise Price | 99.85 |
Exercised, Weighted Average Exercise Price | 17.27 |
Forfeited, Weighted Average Exercise Price | 2.52 |
Outstanding, Weighted Average Exercise Price, Ending balance | 2.50 |
Outstanding, Weighted Average Grant-Date Fair Value | 63.96 |
Granted at discount, Weighted Average Grant-Date Fair Value | 85.54 |
Granted at market value, Weighted Average Grant-Date Fair Value | 32.71 |
Exercised, Weighted Average Grant-Date Fair Value | 44.22 |
Forfeited, Weighted Average Grant-Date Fair Value | 66.45 |
Outstanding, Weighted Average Grant-Date Fair Value | $ 73.27 |
Reclassifications out of Accu_3
Reclassifications out of Accumulated Other Comprehensive Loss - Summary of Reclassifications out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications | $ (2.4) | $ (1.1) |
Defined Benefit Pension Plan Items [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications | (2.4) | (1.1) |
Reclassification Out of Accumulated Other Comprehensive Income/(Loss) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | 2.9 | 1.2 |
Income tax expense | (0.5) | (0.1) |
Total reclassifications | 2.4 | 1.1 |
Reclassification Out of Accumulated Other Comprehensive Income/(Loss) [Member] | Defined Benefit Pension Plan Items [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of prior service credit | 0.3 | (0.5) |
Amortization of actuarial net losses | $ 2.6 | $ 1.7 |
Reclassifications out of Accu_4
Reclassifications out of Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 944.4 | ||
Other comprehensive income before reclassifications | (20.2) | $ 23.7 | |
Amounts reclassified from AOCL | 2.4 | 1.1 | |
Actuarial net gains arising during the year | 28.2 | (7.7) | $ 9.5 |
Total other comprehensive income/(loss) | 10.4 | 17.1 | |
Ending Balance | 1,032.4 | 944.4 | |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (57.3) | (74.4) | |
Actuarial net gains arising during the year | 28.2 | (7.7) | 9.5 |
Ending Balance | (46.9) | (57.3) | (74.4) |
Defined Benefit Pension Plan Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (19.9) | (13.3) | |
Other comprehensive income before reclassifications | 0 | ||
Amounts reclassified from AOCL | 2.4 | 1.1 | |
Actuarial net gains arising during the year | 28.2 | (7.7) | |
Total other comprehensive income/(loss) | 30.6 | (6.6) | |
Ending Balance | 10.7 | (19.9) | (13.3) |
Foreign Currency Translation Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (37.4) | (61.1) | |
Other comprehensive income before reclassifications | (20.2) | 23.7 | |
Amounts reclassified from AOCL | 0 | ||
Actuarial net gains arising during the year | 0 | ||
Total other comprehensive income/(loss) | (20.2) | 23.7 | |
Ending Balance | $ (57.6) | $ (37.4) | $ (61.1) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Smith, Gambrell & Russell, LLP [Member] | |||
Related Party Transaction [Line Items] | |||
Fees payable to Smith, Gambrell & Russell | $ 0.1 | $ 0.8 | $ 0.5 |
Amount due to related party | 0 | 0.1 | |
European Metal Recycling Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related party | 0 | 0 | |
Tendering process to select best buyer of scrap metal | 0.6 | 0.2 | $ 0.4 |
Advan Six [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related party | 0.1 | 0 | |
Tendering process to select best buyer of scrap metal | $ 0.4 | $ 0.3 |