Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 24, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2022 | |
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 | |
City Area Code | 303 | |
Entity Address, Postal Zip Code | 80112 | |
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 | 24,815,171 | |
Entity Address, Address Line One | 8310 South Valley Highway | |
Entity Address, Address Line Two | Suite 350 | |
Entity Address, City or Town | Englewood | |
Entity Address, State or Province | CO | |
Trading Symbol | IOSP | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net sales | $ 472.4 | $ 339.6 |
Cost of goods sold | (333.1) | (238.8) |
Gross profit | 139.3 | 100.8 |
Operating expenses: | ||
Selling, general and administrative | (84.9) | (63.6) |
Research and development | (10.1) | (9) |
Total operating expenses | (95) | (72.6) |
Operating income | 44.3 | 28.2 |
Other income/(expense), net | 4.3 | 3 |
Interest expense, net | (0.4) | (0.4) |
Income before income tax expense | 48.2 | 30.8 |
Income tax expense | (11.7) | (7.4) |
Net income | $ 36.5 | $ 23.4 |
Earnings per share: | ||
Basic | $ 1.47 | $ 0.95 |
Diluted | $ 1.46 | $ 0.94 |
Weighted average shares outstanding (in thousands): | ||
Basic | 24,791,000 | 24,601,000 |
Diluted | 24,956,000 | 24,840,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 36.5 | $ 23.4 |
Changes in cumulative translation adjustment, net of tax of $(0.2) million and $1.0 million, respectively | (3.8) | (11.3) |
Amortization of prior service cost, net of tax of $0.0 million and $0.0 million, respectively | 0.1 | 0.1 |
Amortization of actuarial net losses, net of tax of $0.0 million and $(0.1) million, respectively | 0.1 | 0.6 |
Total other comprehensive loss | (3.6) | (10.6) |
Total comprehensive income | $ 32.9 | $ 12.8 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Changes in cumulative translation adjustment, tax | $ 0.2 | $ 1 |
Amortization of prior service credit, tax | 0 | 0 |
Amortization of actuarial net losses, tax | $ 0 | $ 0.1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 105.6 | $ 141.8 |
Trade and other accounts receivable (less allowances of $6.0 million and $5.1 million respectively) | 337.7 | 284.5 |
Inventories (less allowances of $26.5 million and $25.4 million respectively): | ||
Finished goods | 206.8 | 188.3 |
Raw materials | 101.4 | 89.3 |
Total inventories | 308.2 | 277.6 |
Prepaid expenses | 17.2 | 18 |
Prepaid income taxes | 9.5 | 5.8 |
Other current assets | 0.4 | 0.4 |
Total current assets | 778.6 | 728.1 |
Net property, plant and equipment | 213.7 | 214.4 |
Operating lease right-of-use assets | 42.3 | 35.4 |
Goodwill | 362 | 364.3 |
Other intangible assets | 53 | 57.5 |
Deferred tax assets | 6.2 | 6.4 |
Pension asset | 160.8 | 159.8 |
Other non-current assets | 7.2 | 5 |
Total assets | 1,623.8 | 1,570.9 |
Current liabilities: | ||
Accounts payable | 161.8 | 148.7 |
Accrued liabilities | 156.5 | 166.5 |
Finance leases | 0 | 0.1 |
Current portion of operating lease liabilities | 14.1 | 12.4 |
Current portion of plant closure provisions | 6.2 | 5.2 |
Current portion of accrued income taxes | 13.7 | 3.7 |
Total current liabilities | 352.3 | 336.6 |
Plant closure provisions, net of current portion | 50.1 | 51.3 |
Operating lease liabilities, net of current portion | 28.3 | 23.1 |
Accrued income taxes, net of current portion | 27.8 | 30.6 |
Unrecognized tax benefits | 16.3 | 16.3 |
Deferred tax liabilities | 61.3 | 60.8 |
Pension liabilities and post-employment benefits | 17.4 | 17.8 |
Other non-current liabilities | 1.4 | 1.4 |
Total liabilities | 554.9 | 537.9 |
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 | 349.6 | 346.7 |
Treasury stock (4,739,680 and 4,780,806 shares at cost, respectively) | (90.6) | (90.6) |
Retained earnings | 859.4 | 822.9 |
Accumulated other comprehensive loss | (50.5) | (46.9) |
Total Innospec stockholders' equity | 1,068.2 | 1,032.4 |
Non-controlling interest | 0.7 | 0.6 |
Total equity | 1,068.9 | 1,033 |
Total liabilities and equity | $ 1,623.8 | $ 1,570.9 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowances for doubtful accounts | $ 6 | $ 5.1 |
Inventory allowances | $ 26.5 | $ 25.4 |
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 | 4,739,680 | 4,780,806 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net income | $ 36.5 | $ 23.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 10.5 | 10.3 |
Deferred tax expense | 0.9 | 0.1 |
Non-cash income on defined benefit pension plans | (0.7) | (0.8) |
Stock option compensation | 1.7 | 1.6 |
Changes in assets and liabilities, net of effects of acquired and divested companies: | ||
Trade and other accounts receivable | (52.9) | (30.7) |
Inventories | (29.5) | (5.5) |
Prepaid expenses | 1.2 | 2.4 |
Accounts payable and accrued liabilities | 1.9 | 20.2 |
Plant closure provisions | 0 | (0.2) |
Accrued income taxes | 3.4 | 3.7 |
Other assets and liabilities | (2) | (1.8) |
Net cash (used in)/provided by operating activities | (29) | 22.7 |
Cash Flows from Investing Activities | ||
Capital expenditures | (8.4) | (10.3) |
Net cash used in investing activities | (8.4) | (10.3) |
Cash Flows from Financing Activities | ||
Proceeds from revolving credit facility | 0 | 0 |
Repayments of revolving credit facility | 0 | 0 |
Repayments of finance leases | (0.1) | (0.2) |
Issue of treasury stock | 1.9 | 0.5 |
Repurchase of common stock | (0.9) | (0.6) |
Net cash provided by/(used in) financing activities | 0.9 | (0.3) |
Effect of foreign currency exchange rate changes on cash | 0.3 | (0.4) |
Net change in cash and cash equivalents | (36.2) | 11.7 |
Cash and cash equivalents at beginning of period | 141.8 | 105.3 |
Cash and cash equivalents at end of period | $ 105.6 | $ 117 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Non-Controlling Interest [Member] |
Beginning Balance at Dec. 31, 2020 | $ 944.9 | $ 0.3 | $ 336.1 | $ (93.3) | $ 758.6 | $ (57.3) | $ 0.5 |
Net income | 23.4 | 23.4 | |||||
Changes in cumulative translation adjustment, net of tax | (11.3) | (11.3) | |||||
Treasury stock reissued | 0.4 | 0.1 | 0.3 | ||||
Treasury stock repurchased | (0.6) | (0.6) | |||||
Stock option compensation | 1.6 | 1.6 | |||||
Amortization of prior service cost, net of tax | 0.1 | 0.1 | |||||
Amortization of actuarial net losses, net of tax | 0.6 | 0.6 | |||||
Ending Balance at Mar. 31, 2021 | 959.1 | 0.3 | 337.8 | (93.6) | 782 | (67.9) | 0.5 |
Beginning Balance at Dec. 31, 2021 | 1,033 | 0.3 | 346.7 | (90.6) | 822.9 | (46.9) | 0.6 |
Net income | 36.5 | 36.5 | |||||
Changes in cumulative translation adjustment, net of tax | (3.8) | (3.8) | |||||
Share of net income | 0.1 | 0.1 | |||||
Treasury stock reissued | 2.1 | 1.2 | 0.9 | ||||
Treasury stock repurchased | (0.9) | (0.9) | |||||
Stock option compensation | 1.7 | 1.7 | |||||
Amortization of prior service cost, net of tax | 0.1 | 0.1 | |||||
Amortization of actuarial net losses, net of tax | 0.1 | 0.1 | |||||
Ending Balance at Mar. 31, 2022 | $ 1,068.9 | $ 0.3 | $ 349.6 | $ (90.6) | $ 859.4 | $ (50.5) | $ 0.7 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q S-X It is our opinion, however, that all adjustments (consisting of normal, recurring adjustments, unless otherwise disclosed) have been made which are necessary for the condensed consolidated financial statements to be fairly stated. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K 10-K”). The results for the interim period covered by this report are not necessarily indicative of the results to be expected for the full year. When we use the terms “Innospec,” “the Corporation,” “the Company,” “Registrant,” “we,” “us” and “our,” we are referring to Innospec Inc. and its consolidated subsidiaries unless otherwise indicated or the context otherwise requires. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 2 – SEGMENT REPORTING The Company reports its financial performance based on the following three reportable segments: Performance Chemicals, Fuel Specialties and Oilfield Services. The Performance Chemicals, Fuel Specialties and Oilfield Services segments operate in markets where we actively seek growth opportunities although their ultimate customers are different. The Company evaluates the performance of its segments based on operating income. The following tables analyze sales and other financial information by the Company’s reportable segments: Three Months Ended March 31 (in millions) 2022 2021 Net Sales: Personal Care 103.4 68.2 Home Care 24.4 23.0 Other 39.3 34.7 Performance Chemicals $ 167.1 $ 125.9 Refinery and Performance 148.4 99.3 Other 43.4 40.0 Fuel Specialties 191.8 139.3 Oilfield Services 113.5 74.4 $ 472.4 $ 339.6 Gross profit: Performance Chemicals $ 40.8 $ 31.4 Fuel Specialties 60.7 44.9 Oilfield Services 37.8 24.5 $ 139.3 $ 100.8 Operating income/(loss): Performance Chemicals $ 25.3 $ 18.3 Fuel Specialties 35.5 23.8 Oilfield Services 2.5 1.2 Corporate costs (19.0 ) (15.1 ) Total operating income $ 44.3 $ 28.2 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share | NOTE 3 – EARNINGS PER SHARE Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the effect of options that are dilutive and outstanding during the period under the treasury stock method. Per share amounts are computed as follows: Three Months Ended 2022 2021 Numerator (in millions): Net income available to common stockholders $ 36.5 $ 23.4 Denominator (in thousands): Weighted average common shares outstanding 24,791 24,601 Dilutive effect of stock options and awards 165 239 Denominator for diluted earnings per share 24,956 24,840 Net income per share, basic: $ 1.47 $ 0.95 Net income per share, diluted: $ 1.46 $ 0.94 In the three months ended March 31, 2022, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 38,825 (three months ended March 31, 2021 –15,144). |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | NOTE 4 – GOODWILL The following table summarizes the goodwill movements in the year: (in millions) Gross Cost Opening balance at January 1, 2022 $ 364.3 Exchange effect (2.3 ) Closing balance at March 31, 2022 $ 362.0 |
Other Intangible Assets
Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | NOTE 5 – OTHER INTANGIBLE ASSETS The following table analyzes other intangible assets movements in the year: (in millions) 2022 Gross cost at January 1 $ 295.2 Exchange effect (1.1 ) Gross cost at March 31 294.1 Accumulated amortization at January 1 (237.7 ) Amortization expense (4.0 ) Exchange effect 0.6 Accumulated amortization at March 31 (241.1 ) Net book amount at March 31 $ 53.0 The amortization expense for the three months ended March 31, 2022 was $4.0 million (three months ended March 31, 2021 – $4.0 million). |
Pension and Post-Employment Ben
Pension and Post-Employment Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Post-Employment Benefits | NOTE 6 – PENSION AND POST EMPLOYMENT BENEFITS 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 Company also maintains an unfunded defined benefit pension plan covering certain current and former employees in Germany (the “German plan”). The German plan is closed to new entrants and has no assets. The net periodic benefit of these plans is shown in the following table: Three Months Ended March 31 (in millions) 2022 2021 Service cost $ (0.6 ) $ (0.4 ) Interest cost on projected benefit obligation (2.8 ) (1.9 ) Expected return on plan assets 4.3 3.9 Amortization of prior service cost (0.1 ) (0.1 ) Amortization of actuarial net losses (0.1 ) (0.7 ) Net periodic benefit $ 0.7 $ 0.8 The service cost has been recognized in selling, general and administrative expenses. All other items have been recognized within other income and expense. The amortization of prior service cost In addition, we have obligations for post-employment benefits in some of our other European businesses. As at March 31, 2022, we have recorded a liability of $4.6 million (December 31, 2021 – $4.6 million). |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7 – INCOME TAXES A roll-forward of unrecognized tax benefits and associated accrued interest and penalties is as follows: (in millions) Unrecognized Tax Benefits Interest and Penalties Total Opening balance at January 1, 2022 $ 13.2 $ 3.1 $ 16.3 Net change for tax positions of prior periods (0.1 ) 0.1 — Closing balance at March 31, 2022 13.1 3.2 16.3 Current — — — Non-current $ 13.1 $ 3.2 $ 16.3 All of the $16.3 million of unrecognized tax benefits, interest and penalties would impact our effective tax rate if recognized. In 2021 a non-U.S. A non-U.S. 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 $12.1 million may arise in relation to this item. This includes an increase in interest accrued of $0.1 million in the three months to March 31, 2022. 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 the U.K. (2017 onwards), Switzerland (2017 onwards), Germany (2018 onwards), Spain (2018 onwards) and France (2019 onwards). |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 8 – LONG-TERM DEBT As at March 31, 2022, and December 31, 2021, the Company had not drawn down on its revolving credit facility. The Company continues to have available a $250.0 million revolving credit facility until September 25, 2024. The facility contains an accordion feature whereby the Company may elect to increase the total available borrowings by an aggregate amount of up to $125.0 million. The deferred finance costs of $0.9 million (December 31, 2021 - $1.0 million) related to the arrangement of the credit facility, are included within other current and non-current |
Plant Closure Provisions
Plant Closure Provisions | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Plant Closure Provisions | NOTE 9 – 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) 2022 Total at January 1 $ 56.5 Charge for the period 0.9 Utilized in the period (0.9 ) Exchange effect (0.2 ) Total at March 31 56.3 Due within one year (6.2 ) Due after one year $ 50.1 The charge for the three months ended March 31, 2022 was $0.9 million (three months ended March 31, 2021 – $1.0 million). The current year charge represents the accounting accretion only, with no changes for the expected cost and scope of future remediation activities. Amounts due within one year refer to provisions where expenditure is expected to arise within one year of the balance sheet date. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 10 – FAIR VALUE MEASUREMENTS The following table presents the carrying amount and fair values of the Company’s financial assets and liabilities measured on a recurring basis: March 31, 2022 December 31, 2021 (in millions) Carrying Amount Fair Value Carrying Amount Fair Value Assets Non-derivatives: Cash and cash equivalents $ 105.6 $ 105.6 $ 141.8 $ 141.8 Derivatives (Level 1 measurement): Other current and non-current Emissions Trading Scheme credits 4.1 4.1 3.9 3.9 Liabilities Non-derivatives: Finance leases (including current portion) $ — $ — $ 0.1 $ 0.1 Derivatives (Level 1 measurement): Other current and non-current Foreign currency forward exchange contracts 1.0 1.0 1.2 1.2 Non-financial Other current and non-current Stock equivalent units 21.7 21.7 17.3 17.3 The following methods and assumptions were used to estimate the fair values: Cash and cash equivalents: Emissions Trading Scheme credits: Derivatives: Finance leases: Stock equivalent units: |
Derivative Instruments and Risk
Derivative Instruments and Risk Management | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Risk Management | NOTE 11 – DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT The Company enters into various foreign currency forward exchange contracts to minimize currency exchange rate exposure from expected future cash flows. As at March 31, 2022, the contracts have maturity dates of up to twelve months at the date of inception. These foreign currency forward exchange contracts have not been designated as hedging instruments, and their impact on the income statement for the first three months of 2022 was a gain of $0.8 million (first three months of 2021 – a gain of $1.3 million). |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | NOTE 12 – CONTINGENCIES Legal matters While we are involved from time to time in claims and legal proceedings that result from, and are incidental to, the conduct of our business including business and commercial litigation, employee and product liability claims, there are no material pending legal proceedings to which the Company or any of its subsidiaries is a party, or of which any of their property is subject. It is possible, however, that an adverse resolution of an unexpectedly large number of such individual claims or proceedings could in the aggregate have a material adverse effect on the results of operations for a particular year or quarter. Guarantees The Company and certain of the Company’s consolidated subsidiaries are contingently liable for certain obligations of affiliated companies primarily in the form of guarantees of debt and performance under contracts entered into as a normal business practice. This includes guarantees of non-U.S. Under the terms of the guarantee arrangements, generally the Company would be required to perform should the affiliated company fail to fulfil its obligations under the arrangements. In some cases, the guarantee arrangements have recourse provisions that would enable the Company to recover any payments made under the terms of the guarantees from securities held of the guaranteed parties’ assets. The Company and its affiliates have numerous long-term sales and purchase commitments in their various business activities, which are expected to be fulfilled with no adverse consequences material to the Company. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Plans | NOTE 13 – SHARE-BASED COMPENSATION PLANS The compensation cost recorded for stock options for the first three months of 2022 and 2021 was $1.7 million and $1.6 million, respectively. The compensation cost recorded for stock equivalent units for the first three months of 2022 and 2021 was $7.1 million and $4.4 million, respectively. The following table summarizes the transactions of the Company’s share-based compensation plans for the three months ended March 31, 2022. Number of shares Weighted Average Grant-Date Fair Value Nonvested at December 31, 2021 680,711 $ 74.6 Granted 164,205 $ 87.5 Vested (68,931 ) $ 61.8 Forfeited (56,762 ) $ 70.9 Nonvested at March 31, 2022 719,223 $ 79.0 New grants in the quarter have similar vesting conditions to those granted in previous periods. The valuation methodologies of the new grants are consistent with previous periods. As of March 31, 2022, there was $33.2 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 1.96 years. |
Reclassifications out of Accumu
Reclassifications out of Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Reclassifications out of Accumulated Other Comprehensive Loss | NOTE 14 – RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS Reclassifications out of accumulated other comprehensive loss (“AOCL”) for the first three months of 2022 were: (in millions) Details about AOCL Components Amount Reclassified from AOCL Affected Line Item in the Statement where Net Income is Presented Defined benefit pension plan items: Amortization of prior service cost $ 0.1 See (1) Amortization of actuarial net losses 0.1 See (1) 0.2 Total before tax — Income tax expense Total reclassifications $ 0.2 Net of tax (1) Changes in accumulated other comprehensive loss for the first three months of 2022, net of tax, were: (in millions) Defined Benefit Pension Plan Items Cumulative Translation Adjustments Total Balance at December 31, 2021 $ 10.7 $ (57.6 ) $ (46.9 ) Other comprehensive income before reclassifications — (3.8 ) (3.8 ) Amounts reclassified from AOCL 0.2 — 0.2 Total other comprehensive income 0.2 (3.8 ) (3.6 ) Balance at March 31, 2022 $ 10.9 $ (61.4 ) $ (50.5 ) Reclassifications out of accumulated other comprehensive loss for the first three months of 2021 were: (in millions) Details about AOCL Components Amount Reclassified from AOCL Affected Line Item in the Statement where Net Income is Presented Defined benefit pension plan items: Amortization of prior service cost $ 0.1 See (1) Amortization of actuarial net losses 0.7 See (1) 0.8 Total before tax (0.1 ) Income tax expense Total reclassifications $ 0.7 Net of tax (1) Changes in accumulated other comprehensive loss for the first three months of 2021, net of tax, were: (in millions) Defined Benefit Pension Plan Items Cumulative Translation Adjustments Total Balance at December 31, 2020 $ (19.9 ) $ (37.4 ) $ (57.3 ) Other comprehensive income before reclassifications — (11.3 ) (11.3 ) Amounts reclassified from AOCL 0.7 — 0.7 Total other comprehensive income 0.7 (11.3 ) (10.6 ) Balance at March 31, 2021 $ (19.2 ) $ (48.7 ) $ (67.9 ) |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | NOTE 15 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS The Company has reviewed recently issued accounting pronouncements and concluded there were no matters relevant to the Company’s financial statements. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 16 – RELATED PARTY TRANSACTIONS Mr. Patrick S. Williams has been an executive director of the Company since April 2009 and has been a non-executive Mr. Robert I. Paller has been a non-executive Mr. David F. Landless has been a non-executive non-executive |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | The following tables analyze sales and other financial information by the Company’s reportable segments: Three Months Ended March 31 (in millions) 2022 2021 Net Sales: Personal Care 103.4 68.2 Home Care 24.4 23.0 Other 39.3 34.7 Performance Chemicals $ 167.1 $ 125.9 Refinery and Performance 148.4 99.3 Other 43.4 40.0 Fuel Specialties 191.8 139.3 Oilfield Services 113.5 74.4 $ 472.4 $ 339.6 Gross profit: Performance Chemicals $ 40.8 $ 31.4 Fuel Specialties 60.7 44.9 Oilfield Services 37.8 24.5 $ 139.3 $ 100.8 Operating income/(loss): Performance Chemicals $ 25.3 $ 18.3 Fuel Specialties 35.5 23.8 Oilfield Services 2.5 1.2 Corporate costs (19.0 ) (15.1 ) Total operating income $ 44.3 $ 28.2 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 under the treasury stock method. Per share amounts are computed as follows: Three Months Ended 2022 2021 Numerator (in millions): Net income available to common stockholders $ 36.5 $ 23.4 Denominator (in thousands): Weighted average common shares outstanding 24,791 24,601 Dilutive effect of stock options and awards 165 239 Denominator for diluted earnings per share 24,956 24,840 Net income per share, basic: $ 1.47 $ 0.95 Net income per share, diluted: $ 1.46 $ 0.94 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | The following table summarizes the goodwill movements in the year: (in millions) Gross Cost Opening balance at January 1, 2022 $ 364.3 Exchange effect (2.3 ) Closing balance at March 31, 2022 $ 362.0 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Other Intangible Assets | The following table analyzes other intangible assets movements in the year: (in millions) 2022 Gross cost at January 1 $ 295.2 Exchange effect (1.1 ) Gross cost at March 31 294.1 Accumulated amortization at January 1 (237.7 ) Amortization expense (4.0 ) Exchange effect 0.6 Accumulated amortization at March 31 (241.1 ) Net book amount at March 31 $ 53.0 |
Pension and Post-Employment B_2
Pension and Post-Employment Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Plan Net Pension Credit | The net periodic benefit of these plans is shown in the following table: Three Months Ended March 31 (in millions) 2022 2021 Service cost $ (0.6 ) $ (0.4 ) Interest cost on projected benefit obligation (2.8 ) (1.9 ) Expected return on plan assets 4.3 3.9 Amortization of prior service cost (0.1 ) (0.1 ) Amortization of actuarial net losses (0.1 ) (0.7 ) Net periodic benefit $ 0.7 $ 0.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Roll-forward of Unrecognized Tax Benefits and Associated Accrued Interest and Penalties | A roll-forward of unrecognized tax benefits and associated accrued interest and penalties is as follows: (in millions) Unrecognized Tax Benefits Interest and Penalties Total Opening balance at January 1, 2022 $ 13.2 $ 3.1 $ 16.3 Net change for tax positions of prior periods (0.1 ) 0.1 — Closing balance at March 31, 2022 13.1 3.2 16.3 Current — — — Non-current $ 13.1 $ 3.2 $ 16.3 |
Plant Closure Provisions (Table
Plant Closure Provisions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Movements in Plant Closure and Restructuring Provisions | Movements in the provisions are summarized as follows: (in millions) 2022 Total at January 1 $ 56.5 Charge for the period 0.9 Utilized in the period (0.9 ) Exchange effect (0.2 ) Total at March 31 56.3 Due within one year (6.2 ) Due after one year $ 50.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Fair Values of the Company's Assets and Liabilities Measured on a Recurring Basis | The following table presents the carrying amount and fair values of the Company’s financial assets and liabilities measured on a recurring basis: March 31, 2022 December 31, 2021 (in millions) Carrying Amount Fair Value Carrying Amount Fair Value Assets Non-derivatives: Cash and cash equivalents $ 105.6 $ 105.6 $ 141.8 $ 141.8 Derivatives (Level 1 measurement): Other current and non-current Emissions Trading Scheme credits 4.1 4.1 3.9 3.9 Liabilities Non-derivatives: Finance leases (including current portion) $ — $ — $ 0.1 $ 0.1 Derivatives (Level 1 measurement): Other current and non-current Foreign currency forward exchange contracts 1.0 1.0 1.2 1.2 Non-financial Other current and non-current Stock equivalent units 21.7 21.7 17.3 17.3 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Transactions of The Share Based Compensation Plans | The following table summarizes the transactions of the Company’s share-based compensation plans for the three months ended March 31, 2022. Number of shares Weighted Average Grant-Date Fair Value Nonvested at December 31, 2021 680,711 $ 74.6 Granted 164,205 $ 87.5 Vested (68,931 ) $ 61.8 Forfeited (56,762 ) $ 70.9 Nonvested at March 31, 2022 719,223 $ 79.0 |
Reclassifications out of Accu_2
Reclassifications out of Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Summary of Reclassifications Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss (“AOCL”) for the first three months of 2022 were: (in millions) Details about AOCL Components Amount Reclassified from AOCL Affected Line Item in the Statement where Net Income is Presented Defined benefit pension plan items: Amortization of prior service cost $ 0.1 See (1) Amortization of actuarial net losses 0.1 See (1) 0.2 Total before tax — Income tax expense Total reclassifications $ 0.2 Net of tax (1) Reclassifications out of accumulated other comprehensive loss for the first three months of 2021 were: (in millions) Details about AOCL Components Amount Reclassified from AOCL Affected Line Item in the Statement where Net Income is Presented Defined benefit pension plan items: Amortization of prior service cost $ 0.1 See (1) Amortization of actuarial net losses 0.7 See (1) 0.8 Total before tax (0.1 ) Income tax expense Total reclassifications $ 0.7 Net of tax (1) |
Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss for the first three months of 2022, net of tax, were: (in millions) Defined Benefit Pension Plan Items Cumulative Translation Adjustments Total Balance at December 31, 2021 $ 10.7 $ (57.6 ) $ (46.9 ) Other comprehensive income before reclassifications — (3.8 ) (3.8 ) Amounts reclassified from AOCL 0.2 — 0.2 Total other comprehensive income 0.2 (3.8 ) (3.6 ) Balance at March 31, 2022 $ 10.9 $ (61.4 ) $ (50.5 ) Changes in accumulated other comprehensive loss for the first three months of 2021, net of tax, were: (in millions) Defined Benefit Pension Plan Items Cumulative Translation Adjustments Total Balance at December 31, 2020 $ (19.9 ) $ (37.4 ) $ (57.3 ) Other comprehensive income before reclassifications — (11.3 ) (11.3 ) Amounts reclassified from AOCL 0.7 — 0.7 Total other comprehensive income 0.7 (11.3 ) (10.6 ) Balance at March 31, 2021 $ (19.2 ) $ (48.7 ) $ (67.9 ) |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 472.4 | $ 339.6 |
Gross profit/(loss) | 139.3 | 100.8 |
Operating income/(loss) | 44.3 | 28.2 |
Operating Segments [Member] | Fuel Specialties [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 191.8 | 139.3 |
Gross profit/(loss) | 60.7 | 44.9 |
Operating income/(loss) | 35.5 | 23.8 |
Operating Segments [Member] | Fuel Specialties [Member] | Refinery and Performance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 148.4 | 99.3 |
Operating Segments [Member] | Fuel Specialties [Member] | Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 39.3 | 34.7 |
Operating Segments [Member] | Performance Chemicals [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 167.1 | 125.9 |
Gross profit/(loss) | 40.8 | 31.4 |
Operating income/(loss) | 25.3 | 18.3 |
Operating Segments [Member] | Performance Chemicals [Member] | Personal Care [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 103.4 | 68.2 |
Operating Segments [Member] | Performance Chemicals [Member] | Home Care [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 24.4 | 23 |
Operating Segments [Member] | Performance Chemicals [Member] | Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 43.4 | 40 |
Operating Segments [Member] | Oilfield Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 113.5 | 74.4 |
Gross profit/(loss) | 37.8 | 24.5 |
Operating income/(loss) | 2.5 | 1.2 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Corporate costs | $ (19) | $ (15.1) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Average number of anti-dilutive options excluded from the calculation of diluted earnings per share | 38,825 | 15,144 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator (in millions): | ||
Net income available to common stockholders | $ 36.5 | $ 23.4 |
Denominator (in thousands): | ||
Weighted average common shares outstanding | 24,791,000 | 24,601,000 |
Dilutive effect of stock options and awards | 165,000 | 239,000 |
Denominator for diluted earnings per share | 24,956,000 | 24,840,000 |
Net income per share, basic: | $ 1.47 | $ 0.95 |
Net income per share, diluted: | $ 1.46 | $ 0.94 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill [Line Items] | |
Gross cost, beginning balance | $ 364.3 |
Exchange effect | (2.3) |
Gross cost, ending balance | $ 362 |
Other Intangible Assets - Summa
Other Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Gross cost at January 1 | $ 295.2 | ||
Exchange effect | (1.1) | ||
Gross cost at March 31 | 294.1 | ||
Accumulated amortization at January 1 | (237.7) | ||
Amortization expense | (4) | $ (4) | |
Exchange effect | 0.6 | ||
Accumulated amortization at March 31 | (241.1) | ||
Net book amount at March 31 | $ 53 | $ 57.5 |
Other Intangible Assets - Addit
Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 4 | $ 4 |
Pension and Post-Employment B_3
Pension and Post-Employment Benefits - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Europe [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Post-employment obligations European businesses | $ 4.6 | $ 4.6 |
Pension and Post-Employment B_4
Pension and Post-Employment Benefits - Plan Net Pension Credit (Detail) - GERMANY - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ (0.6) | $ (0.4) |
Interest cost on projected benefit obligation | (2.8) | (1.9) |
Expected return on plan assets | 4.3 | 3.9 |
Amortization of prior service cost | (0.1) | (0.1) |
Amortization of actuarial net losses | (0.1) | (0.7) |
Net periodic benefit | $ 0.7 | $ 0.8 |
Income Taxes - Roll-forward of
Income Taxes - Roll-forward of Unrecognized Tax Benefits and Associated Accrued Interest and Penalties (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | ||
Opening balance at January 1 | $ 16.3 | |
Net change for tax positions of prior periods | 0 | |
Closing balance at September 30 | 16.3 | |
Current | 0 | |
Non-current | 16.3 | $ 16.3 |
Interest and Penalties [Member] | ||
Income Tax Contingency [Line Items] | ||
Opening balance at January 1 | 3.1 | |
Net change for tax positions of prior periods | 0.1 | |
Closing balance at September 30 | 3.2 | |
Current | 0 | |
Non-current | 3.2 | |
Unrecognized Tax Benefits [Member] | ||
Income Tax Contingency [Line Items] | ||
Opening balance at January 1 | 13.2 | |
Net change for tax positions of prior periods | (0.1) | |
Closing balance at September 30 | 13.1 | |
Current | 0 | |
Non-current | $ 13.1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits would impact effective tax rate if recognized | $ 16.3 | |
Unrecognized tax benefit | $ 16.3 | $ 16.3 |
Income tax examination, description | 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 the U.K. (2017 onwards), Switzerland (2017 onwards), Germany (2018 onwards), Spain (2018 onwards) and France (2019 onwards). | |
Increase to income tax expense | $ 0.1 | |
Foreign Exchange Movements | 0.1 | |
Italian Tax Authorities [Member] | ||
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefit | 3.2 | |
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 | $ 12.1 | |
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 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 26, 2019 | |
Debt Instrument [Line Items] | |||
Deferred finance costs, net | $ 0.9 | $ 1 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Due date of revolving credit | Sep. 25, 2024 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 | ||
Line Of Credit Facility Cumulative Drawn Down | $ 0 | $ 0 | |
Revolving Credit Facility [Member] | Accordion Feature [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125 |
Plant Closure Provisions - Move
Plant Closure Provisions - Movements in Plant Closure and Restructuring Provisions (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | ||
Beginning Balance | $ 56.5 | |
Charge for the period | 0.9 | |
Utilized in the period | (0.9) | |
Exchange effect | (0.2) | |
Ending Balance | 56.3 | |
Due within one year | (6.2) | $ (5.2) |
Due after one year | $ 50.1 | $ 51.3 |
Plant Closure Provisions - Addi
Plant Closure Provisions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Remediation [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accretion expense recognized | $ 0.9 | $ 1 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Fair Values of the Company's Assets and Liabilities Measured on a Recurring Basis (Detail) - Recurring [Member] - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Carrying Amount [Member] | ||
Non-derivatives: | ||
Cash and cash equivalents | $ 105.6 | $ 141.8 |
Non-derivatives: | ||
Finance leases (including current portion) | 0 | 0.1 |
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 | 1.2 |
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 | 4.1 | 3.9 |
Carrying Amount [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Non-financial liabilities (Level 3 measurement): | ||
Stock equivalent units | 21.7 | 17.3 |
Fair Value [Member] | ||
Non-derivatives: | ||
Cash and cash equivalents | 105.6 | 141.8 |
Non-derivatives: | ||
Finance leases (including current portion) | 0 | 0.1 |
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 | 1.2 |
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 | 4.1 | 3.9 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Non-financial liabilities (Level 3 measurement): | ||
Stock equivalent units | $ 21.7 | $ 17.3 |
Derivative Instruments and Ri_2
Derivative Instruments and Risk Management - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | $ 0.8 | $ 1.3 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Other Commitments [Line Items] | ||
Guarantees | $ 5.6 | $ 4.6 |
Maximum [Member] | ||
Other Commitments [Line Items] | ||
Fixed maturity guarantee remaining term | 4 years |
Share-Based Compensation Plans
Share-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option compensation | $ 1.7 | $ 1.6 |
Total compensation cost related to non-vested stock options not yet recognized | $ 33.2 | |
Expected compensation cost recognized over the weighted-average period | 1 year 11 months 15 days | |
Stock Options Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option compensation | $ 1.7 | 1.6 |
Stock Equivalent Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost | $ 7.1 | $ 4.4 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Summary of Transactions of The Share Based Compensation Plans (Detail) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-based Payment Arrangement, Disclosure [Abstract] | |
Number of shares, Begining balance | shares | 680,711 |
Number of shares, Granted | shares | 164,205 |
Number of shares, Vested | shares | (68,931) |
Number of shares, Forfeited | shares | (56,762) |
Number of shares , Ending balance | shares | 719,223 |
Weighted Average Grant-Date Fair Value , Begining balance | $ / shares | $ 74.6 |
Weighted Average Grant-Date Fair Value, Granted | $ / shares | 87.5 |
Weighted Average Grant-Date Fair Value, Vested | $ / shares | 61.8 |
Weighted Average Grant-Date Fair Value, Forfeited | $ / shares | 70.9 |
Weighted Average Grant-Date Fair Value, Ending balance | $ / shares | $ 79 |
Reclassifications out of Accu_3
Reclassifications out of Accumulated Other Comprehensive Loss - Summary of Reclassifications out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications | $ (0.2) | $ (0.7) |
Defined Benefit Pension Plan Items [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications | (0.2) | (0.7) |
Reclassification Out of Accumulated Other Comprehensive Income/(Loss) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | 0.2 | 0.8 |
Income tax expense | 0 | (0.1) |
Total reclassifications | 0.2 | 0.7 |
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 cost | 0.1 | 0.1 |
Amortization of actuarial net losses | $ 0.1 | $ 0.7 |
Reclassifications out of Accu_4
Reclassifications out of Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 1,032.4 | |
Other comprehensive income before reclassifications | (3.8) | $ (11.3) |
Amounts reclassified from AOCL | 0.2 | 0.7 |
Total other comprehensive loss | (3.6) | (10.6) |
Ending Balance | 1,068.2 | |
Accumulated Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (46.9) | (57.3) |
Ending Balance | (50.5) | (67.9) |
Defined Benefit Pension Plan Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 10.7 | (19.9) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from AOCL | 0.2 | 0.7 |
Total other comprehensive loss | 0.2 | 0.7 |
Ending Balance | 10.9 | (19.2) |
Foreign Currency Translation Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (57.6) | (37.4) |
Other comprehensive income before reclassifications | (3.8) | (11.3) |
Amounts reclassified from AOCL | 0 | 0 |
Total other comprehensive loss | (3.8) | (11.3) |
Ending Balance | $ (61.4) | $ (48.7) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Smith, Gambrell & Russell, LLP [Member] | |||
Related Party Transaction [Line Items] | |||
Fees payable to Smith, Gambrell & Russell | $ 0 | $ 0.1 | |
Amount due to related party | 0 | $ 0 | |
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 | 0.1 | |
Advan Six [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related party | 0 | $ 0.1 | |
Tendering process to select best buyer of scrap metal | $ 0.1 | $ 0 |