Cover Page
Cover Page - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Jun. 25, 2021 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 001-35370 | |
Entity Registrant Name | Luxfer Holdings PLC | |
Entity Incorporation, State or Country Code | X0 | |
Entity Tax Identification Number | 98-1024030 | |
Entity Address, Address Line One | 8989 North Port Washington Road, Suite 211, | |
Entity Address, City or Town | Milwaukee | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53217 | |
Country Region | +1 | |
City Area Code | 414 | |
Local Phone Number | 269-2419 | |
Title of 12(b) Security | Ordinary Shares, nominal value £0.50 each | |
Trading Symbol | LXFR | |
Security Exchange Name | NYSE | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | true | |
Entity Shell Company | false | |
Entity Public Float | $ 580,000,000 | |
Entity Common Stock, Shares Outstanding | 27,529,824 | |
Documents Incorporated by Reference | Parts of the Registrant's definitive proxy statement for its annual general meeting to be held on June 8, 2022, to be filed no later than 120 days after the end of the fiscal year covered by this annual report, are incorporated by reference in this Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14. | |
Entity Central Index Key | 0001096056 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 876 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Manchester, United Kingdom |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Income Statement [Abstract] | ||||
Net sales | $ 374.1 | $ 324.8 | $ 373.4 | |
Cost of sales | (278.1) | (243.9) | (269.7) | |
Gross profit | 96 | 80.9 | 103.7 | |
Selling, general and administrative expenses | (47.3) | (39.8) | (49.7) | |
Research and development | (3.9) | (3.3) | (5.7) | |
Restructuring charges | (6.2) | (8.9) | (25.9) | |
Impairment credit | 0 | 0 | 0.2 | |
Acquisitions and disposals costs | (1.5) | 0 | (1.4) | |
Other income | 0.2 | 0 | 0 | |
Other charges | (1.1) | (0.4) | (2.5) | |
Operating income | 36.2 | 28.5 | 18.7 | |
Interest expense | (3.1) | (5) | (4.5) | |
Interest income | 0 | 0 | 0.1 | |
Defined benefit pension credit | 2.3 | 4.3 | 1.3 | |
Income before income taxes and equity in net income of affiliates | 35.4 | 27.8 | 15.6 | |
Provision for income taxes | (5.4) | (6.9) | (7.6) | |
Income before equity in net income of affiliates | 30 | 20.9 | 8 | |
Equity in (loss) / income of affiliates (net of tax) | 0 | (0.1) | 0.7 | |
Net income from continuing operations | 30 | 20.8 | 8.7 | |
Net gain on disposition of discontinued operations | 6.6 | 0 | 0 | |
Net loss from discontinued operations | (6.7) | (0.8) | (5.6) | |
Net income | $ 29.9 | $ 20 | $ 3.1 | |
Earnings / (loss) per share | ||||
Basic from continuing operations (in usd per share) | [1] | $ 1.08 | $ 0.75 | $ 0.32 |
Basic from discontinued operations (in usd per share) | [1] | 0 | (0.03) | (0.21) |
Basic earnings per ordinary share (in usd per share) | [1] | 1.08 | 0.73 | 0.11 |
Diluted from continuing operations (in usd per share) | [1] | 1.07 | 0.74 | 0.31 |
Diluted from discontinued operations (in usd per share) | [1] | 0 | (0.03) | (0.21) |
Diluted earnings per ordinary share (in usd per share) | [1] | $ 1.07 | $ 0.72 | $ 0.11 |
Weighted average ordinary shares outstanding | ||||
Basic (in shares) | 27,698,691 | 27,557,219 | 27,289,042 | |
Diluted (in shares) | 28,032,506 | 27,971,382 | 27,882,864 | |
[1] | The calculation of earnings per share is performed separately for continuing and discontinued operations. As a result, the sum of the two in any particular year may not equal the earnings-per-share amount in total. |
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 | $ 29.9 | $ 20 | $ 3.1 |
Other comprehensive income / (loss) | |||
Net change in foreign currency translation adjustment | (0.8) | 3.8 | 0.6 |
Pension and post-retirement actuarial gains / (losses), net of $10.6, $4.8 and $0.9 of tax, respectively | 31.6 | (20) | (3.9) |
Cash flow hedges, net of $0.0, $0.0 and $0.1 of tax, respectively | 0 | 0 | 0.3 |
Other comprehensive income / (loss) net of tax | 30.8 | (16.2) | (3) |
Total comprehensive income | $ 60.7 | $ 3.8 | $ 0.1 |
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] | |||
Pension and post-retirement actuarial gains / (losses), tax | $ 10.6 | $ 4.8 | $ 0.9 |
Cash flow hedges , tax | $ 0 | $ 0 | $ 0.1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 6.2 | $ 1.5 |
Restricted cash | 0.2 | 0 |
Accounts and other receivables, net of allowances of $0.8 and $0.5, respectively | 57.8 | 43.1 |
Inventories | 90.5 | 68.8 |
Current assets held-for-sale | 8.5 | 36 |
Other current assets | 0 | 1.5 |
Total current assets | 163.2 | 150.9 |
Non-current assets | ||
Property, plant and equipment, net | 87.5 | 86 |
Right-of-use assets from operating leases | 12.6 | 9.5 |
Goodwill | 69.7 | 70.2 |
Intangibles, net | 13.7 | 12.8 |
Deferred tax assets | 8 | 16.5 |
Pensions and other retirement benefits | 13.7 | 0 |
Investments and loans to joint ventures and other affiliates | 0.4 | 0.5 |
Total assets | 368.8 | 346.4 |
Current liabilities | ||
Accounts payable | 31.7 | 18.6 |
Accrued liabilities | 28.2 | 21.5 |
Taxes on income | 3 | 0.4 |
Current liabilities held-for-sale | 1.4 | 11.4 |
Other current liabilities | 19.6 | 13.5 |
Total current liabilities | 83.9 | 65.4 |
Non-current liabilities | ||
Long-term debt | 59.6 | 53.4 |
Pensions and other retirement benefits | 1.9 | 50.8 |
Deferred tax liabilities | 2.7 | 2 |
Other non-current liabilities | 11.6 | 7.7 |
Total liabilities | 159.7 | 179.3 |
Commitments and Contingencies | ||
Shareholders' equity | ||
Common stock | 176.4 | 176.5 |
Additional paid-in capital | 70.9 | 70.6 |
Treasury shares | (9.6) | (4) |
Company shares held by ESOP | (1.1) | (1.4) |
Retained earnings | 107.5 | 91.2 |
Accumulated other comprehensive loss | (135) | (165.8) |
Total shareholders' equity | 209.1 | 167.1 |
Total liabilities and shareholders' equity | 368.8 | 346.4 |
Ordinary shares | ||
Shareholders' equity | ||
Common stock | 26.5 | 26.6 |
Deferred shares | ||
Shareholders' equity | ||
Common stock | $ 149.9 | $ 149.9 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares |
Allowance and other receivables, net of allowance | $ | $ 0.8 | $ 0.5 |
Common stock, shares authorized (in shares) | 761,875,318,444 | 761,875,338,444 |
Common stock, shares issued (in shares) | 761,864,262,444 | 761,864,338,444 |
Ordinary shares | ||
Common stock, par value (in GBP per share) | (per share) | $ 0.50 | $ 0.50 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 28,944,000 | 29,000,000 |
Common stock, shares outstanding (in shares) | 28,944,000 | 29,000,000 |
Deferred shares | ||
Common stock, shares authorized (in shares) | 761,835,318,444 | 761,835,338,444 |
Common stock, shares issued (in shares) | 761,835,318,444 | 761,835,338,444 |
Common stock, shares outstanding (in shares) | 761,835,318,444 | 761,835,338,444 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income | $ 29.9 | $ 20 | $ 3.1 |
Net loss from discontinued operations | 0.1 | 0.8 | 5.6 |
Net income from continuing operations | 30 | 20.8 | 8.7 |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities | |||
Equity in loss / (income) of affiliates | 0 | 0.1 | (0.7) |
Depreciation | 14.7 | 12.6 | 12 |
Amortization of purchased intangible assets | 0.9 | 0.7 | 1.2 |
Amortization of debt issuance costs | 0.5 | 0.4 | 0.3 |
Share-based compensation charge | 2.8 | 2.8 | 4.5 |
Deferred income taxes | (1.6) | 4.8 | 4 |
Loss on disposal of property, plant and equipment | 0 | 0.1 | 0.2 |
Gain on disposal of business | 0 | 0 | (2.9) |
Asset impairment charges | 0 | 0 | 4.8 |
Defined benefit pension credit | (1.9) | (3.9) | (2.8) |
Defined benefit pension contributions | (18.2) | (5.8) | (7.9) |
Changes in assets and liabilities, net of effects of business acquisitions | |||
Accounts and notes receivable | (9.8) | 10.7 | (7.6) |
Inventories | (15.3) | 9.5 | 3.5 |
Other current assets | (1.6) | 9.6 | (2.3) |
Accounts payable | 11.4 | (12.9) | (0.7) |
Accrued liabilities | 7.5 | (1.9) | (9.5) |
Other current liabilities | 6.6 | 2.5 | 3.1 |
Other non-current assets and liabilities | 0 | (0.8) | (2.9) |
Net cash provided by operating activities - continuing | 26 | 49.3 | 5 |
Net cash provided by operating activities - discontinued | 0.1 | 0.3 | 0.8 |
Net cash provided by operating activities | 26.1 | 49.6 | 5.8 |
Investing activities | |||
Capital expenditures | (9.1) | (8) | (13.1) |
Proceeds from sale of property, plant and equipment | 0 | 0 | 1.2 |
Proceeds from sale of businesses | 23.4 | 1.5 | 4.4 |
Acquisitions, net of cash acquired | (19.3) | 0 | 0 |
Net cash used for investing activities - continuing | (5) | (6.5) | (7.5) |
Net cash used for investing activities - discontinued | (0.1) | (0.3) | (0.8) |
Net cash used for investing activities | (5.1) | (6.8) | (8.3) |
Financing activities | |||
Net repayments of short term borrowings | 0 | 0 | (3.5) |
Net drawdowns / (repayments) of long-term borrowings | 6.4 | (38.2) | 17.5 |
Debt issuance costs | (1) | 0 | 0 |
Deferred consideration paid | 0 | (0.4) | (0.5) |
Proceeds from sale of shares | 0 | 1.1 | 3.5 |
Dividends paid | (13.6) | (13.6) | (13.6) |
Share based compensation cash paid | (1.5) | (1.4) | (4.4) |
Repurchases of ordinary shares | (6.4) | 0 | 0 |
Net cash used for financing activities | (16.1) | (52.5) | (1) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0.9 | (0.3) |
Net increase / (decrease) | 4.9 | (8.8) | (3.8) |
Cash, cash equivalents and restricted cash; beginning of year | 1.5 | 10.3 | 14.1 |
Cash, cash equivalents and restricted cash; end of year | 6.4 | 1.5 | 10.3 |
Supplemental cash flow information: | |||
Interest payments | 3.2 | 5.1 | 4.6 |
Income tax payments | $ 5.3 | $ 2.1 | $ 6.1 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions | Total | Additional paid-in capital | Treasury shares | Company shares held by ESOP | Retained earnings | Accumulated other comprehensive loss | Ordinary sharesCommon stock | Deferred sharesCommon stock |
Beginning balance at Dec. 31, 2018 | $ 184.3 | $ 65.6 | $ (4.3) | $ (2.2) | $ 95.3 | $ (146.6) | $ 26.6 | $ 149.9 |
Beginning balance (in shares) at Dec. 31, 2018 | (0.4) | (1.6) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 3.1 | 3.1 | ||||||
Shares sold from ESOP (in shares) | 0.2 | |||||||
Shares sold from ESOP | 3.5 | 3.3 | $ 0.2 | |||||
Other comprehensive (loss) income, net of tax | (3) | (3) | ||||||
Dividends declared and paid | (13.6) | (13.6) | ||||||
Share based compensation | 4.5 | 4.5 | ||||||
Utilization of treasury shares to satisfy share based compensation | 0.2 | (0.1) | $ 0.3 | |||||
Utilization of shares from ESOP to satisfy share based compensation | (4.6) | (4.9) | $ 0.3 | |||||
Utilization of shares from ESOP to satisfy share based compensation (in shares) | 0.2 | |||||||
Ending balance at Dec. 31, 2019 | 174.4 | 68.4 | $ (4) | $ (1.7) | 84.8 | (149.6) | 26.6 | 149.9 |
Ending balance (in shares) at Dec. 31, 2019 | (0.4) | (1.2) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 20 | 20 | ||||||
Shares sold from ESOP (in shares) | 0.1 | |||||||
Shares sold from ESOP | 1.1 | 0.8 | $ 0.3 | |||||
Other comprehensive (loss) income, net of tax | (16.2) | (16.2) | ||||||
Dividends declared and paid | (13.6) | (13.6) | ||||||
Share based compensation | 2.8 | 2.8 | ||||||
Utilization of treasury shares to satisfy share based compensation | (0.1) | (0.1) | ||||||
Utilization of shares from ESOP to satisfy share based compensation | (1.3) | (1.3) | ||||||
Utilization of shares from ESOP to satisfy share based compensation (in shares) | 0.1 | |||||||
Ending balance at Dec. 31, 2020 | 167.1 | 70.6 | $ (4) | $ (1.4) | 91.2 | (165.8) | 26.6 | 149.9 |
Ending balance (in shares) at Dec. 31, 2020 | (0.4) | (1) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 29.9 | 29.9 | ||||||
Other comprehensive (loss) income, net of tax | 30.8 | 30.8 | ||||||
Dividends declared and paid | (13.6) | (13.6) | ||||||
Share based compensation | 2.8 | 2.8 | ||||||
Utilization of treasury shares to satisfy share based compensation | 0 | (0.1) | $ 0.1 | |||||
Utilization of shares from ESOP to satisfy share based compensation | (1.5) | (1.8) | $ 0.3 | |||||
Utilization of shares from ESOP to satisfy share based compensation (in shares) | 0.2 | |||||||
Repurchases of ordinary shares (in shares) | (0.3) | |||||||
Repurchases of ordinary shares | (6.4) | $ (6.4) | ||||||
Cancellation of ordinary shares | 0 | (0.6) | $ 0.7 | (0.1) | ||||
Shares cancelled (in shares) | 0.1 | |||||||
Ending balance at Dec. 31, 2021 | $ 209.1 | $ 70.9 | $ (9.6) | $ (1.1) | $ 107.5 | $ (135) | $ 26.5 | $ 149.9 |
Ending balance (in shares) at Dec. 31, 2021 | (0.6) | (0.8) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business description Luxfer Holdings PLC is a global industrial company innovating niche applications in materials engineering. Luxfer focuses on value creation by using its broad array of technical know-how and proprietary technologies. Luxfer's high-performance materials, components and high-pressure gas containment devices are used in defense and emergency response, healthcare, transportation and general industrial applications. It comprises two reportable segments being Gas Cylinders and Elektron. Principles of consolidation The consolidated financial statements comprise the financial statements of Luxfer Holdings PLC and its subsidiaries (collectively "we," "our," "Luxfer" or "the Company" ) that we control. Investments in unconsolidated affiliates, where we have the ability to exercise significant influence over the operating and financial policies, are accounted for using the equity method. All inter-company balances and transactions, including unrealized profits arising from intra-company transactions, have been eliminated in full. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and are presented in U.S. dollars ("USD"). The books of the Company's non-U.S. entities are converted to USD at each reporting period date in accordance with the accounting policy below. The functional currency of the holding company, Luxfer Holdings PLC, is USD (2020 and 2019 pounds sterling ("GBP")) and that of its U.K. subsidiaries is GBP, being the most appropriate currency for those particular operations. Discontinued operations Certain amounts relating to our discontinued businesses are recorded within assets or liabilities held-for-sale on the consolidated balance sheets and within net loss from discontinued operations on the consolidated statements of income. Fiscal year Our fiscal year ends on December 31. We report our interim quarterly periods on a 13-week basis ending on a Sunday. Impact of COVID-19 on the Financial Statements Demand from most end-markets we serve has improved throughout 2021 following the adverse impact of COVID-19 on prior year volumes. Sharp recovery in demand, combined with supply chain challenges, has resulted in some adverse business impacts, including increased material cost inflation on key inputs (including magnesium, aluminum and carbon fiber), labor availability issues and energy and transport cost increases. Currently, our expectation is that the impact of material and energy cost inflation and labor and transport constraints will continue into 2022, but it is our intention to pass through inflation to our customers. The Company continues to monitor the COVID-19 situation closely, including subsequent constraints on supply, while simultaneously executing business continuity plans. These business continuity plans include, but are not limited to, (i) retooling operations to maintain social distance and maximize employee safety; (ii) increasing resources to manage supply constraints and recruit employees in order to satisfy demand; (iii) expanding flexible work arrangements and policies, where practical, to maximize employee safety; and (iv) providing regular updates to our shareholders, employees, customers, and suppliers in a transparent and timely manner. In relation to liquidity, the Company has access to a revolving credit facility (see Note 11) and has performed stress testing on financial covenants using current forecast information. Consequently, the Company has not identified any liquidity concerns. Use of estimates The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes, disclosures of contingent assets and liabilities at the date of the financial statements and in the reported amounts of revenues and expenses during the reporting period. Significant estimates include our assessment of goodwill for impairment, estimated realizable value on excess and obsolete inventory, assets acquired and liabilities assumed in acquisitions, estimated selling proceeds from assets held for sale, contingent liabilities, income taxes and pension benefits. Actual results could differ from our estimates. 1. Summary of Significant Accounting Policies (continued) Goodwill and other identifiable intangible assets Business combinations are accounted for using the purchase method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interest in the acquiree. The measurement of non-controlling interest is at fair value and is determined on a transaction by transaction basis. Acquisition costs are expensed as incurred. Goodwill represents the excess of the cost of acquired businesses over the net of the fair value of identifiable tangible net assets, identifiable intangible assets purchased, and liabilities assumed. Goodwill is tested at least annually for impairment or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill is tested for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We may elect not to perform the qualitative assessment for some or all reporting units and only perform a quantitative impairment test. At the end of the third quarter of 2021, management carried out its qualitative review, which showed no indicators of impairment, as a result, the Company concluded its review at this point and was not required to perform a quantitative review. We completed a quantitative goodwill impairment evaluation as of the last day of the third quarter of 2020 and 2019 with each of our reporting units' fair value being substantially in excess of their carrying value. Other intangible assets are measured initially at cost, or, where acquired in a business combination, at fair value, and are amortized on a straight-line basis over their estimated useful lives, as shown in the table below. Customer relationships 15 - 25 years Technology and trading related 5 - 25 years The carrying values are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Reviews are made annually of the estimated remaining lives and residual values of the patents and trademarks. Investments in affiliates The company owns interest in the following affiliate: Name of company Country of Holding Proportion of voting rights and shares held Classification Consolidation method Nikkei-MEL Co. Limited Japan Ordinary shares 50% Joint venture Equity method Sub161 Pty Limited, our former Australian associate, (VIE), in which we held a 26% interest, was liquidated and deregistered as a legal entity in November 2020. We were not the primary beneficiary of the VIE, and thus did not consolidate it so we used the equity method to account for its results. We had previously fully impaired our investment, and there was no gain or loss resulting from the liquidation. Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis over the estimated useful life of the particular asset. The depreciation expense during 2021, 2020 and 2019 was $14.7 million, $12.6 million and $12.0 million, respectively. The estimated useful lives are summarized as follows: Freehold buildings 10 - 33 years Leasehold land and buildings The lesser of life of lease or freehold rate Machinery and equipment 3 - 25 years Including: Heavy production equipment (including casting, rolling, extrusion and press equipment) 20 - 25 years Chemical production plant and robotics 7 - 10 years Other production machinery 5 - 10 years Furniture, fittings, storage and equipment 3 - 10 years Computer software 4 - 7 years Freehold land is not depreciated. 1. Summary of Significant Accounting Policies (continued) Property, plant and equipment, net (continued) Reviews are made annually of the estimated remaining lives and residual values of individual productive assets, taking account of commercial and technological obsolescence, as well as normal wear and tear. We review the carrying value for any individual asset or asset group for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. If any such indication exists, and where the carrying value exceeds the estimated recoverable amount, the asset is written-down to its estimated recoverable amount. The assessment of possible impairment is based on our ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset or asset group, an impairment loss is recognized for the difference between estimated fair value and carrying value. Impairment losses on long-lived assets held for sale are determined in a similar manner, except that fair values are reduced for the cost to dispose of the assets.The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets. During 2021 and 2019, we recorded an impairment charge of $1.5 million and $5.2 million, respectively, recorded within discontinued operations. There was no impairment charge recognized in 2020. Impairments The Company will recognize impairments in relation to property, plant and equipment, investments, goodwill, other identifiable intangible assets and other long-lived assets in accordance with the above policies. Impairments relating to restructuring activities, incurred to exit an activity or location, will be recorded within the restructuring line on the Statements of Income. Other impairments will be recorded within the impairment charges line on the Statements of Income. Impairments related to discontinued operations will be recorded within the net loss from discontinued operations line on the Statements of Income. Within discontinued operations in 2021, there was a $1.5 million impairment charge relating to plant and equipment held in our Superform U.S. business, reflecting updated expectations of fair market value. In 2019, there was a $0.2 million impairment credit resulting from a true-up upon the final sale of the Czech business, recognized in the impairment credit line, and within discontinued operations, there was a $5.2 million charge relating to plant and equipment held in our Superform UK business. Within restructuring costs in 2019 there was $5.0 million of asset impairment predominantly relating to asset write-downs and one-time employee benefits following the decision to scale down production at one of our Luxfer Magtech sites. Revenue recognition A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The majority of the Company’s contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. There is no variable consideration or obligations for returns, refunds, or other related obligations in the Company’s contracts. Payment terms and conditions vary by contract type and may include a requirement of payment in advance. In general, our payment terms are 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined its contracts do not include a significant financing component. The Company’s revenue is primarily derived from the following sources and are recognized when or as the Company satisfies a performance obligation by transferring a good or service to a customer: Product revenues We recognize revenue when it is realized or realizable and has been earned. Revenue is recognized when the following are met: (i) persuasive evidence of an arrangement exists; (ii) shipment or delivery has occurred (depending on the terms of the sale), which is when the transfer of product or control occurs; (iii) our price to the buyer is fixed or determinable; and (iv) the ability to collect is reasonably assured. Royalties Royalty revenue is recognized on an accrual basis in accordance with the substance of the relevant agreements, provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Practical Expedients The Company applies the practical expedient and does not disclose information about remaining performance obligations for contracts that have original expected durations of one year or less. 1. Summary of Significant Accounting Policies (continued) Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash is recognized separately in the Consolidated Balance Sheets. Restricted cash balances were $0.2 million at December 31, 2021, and less than $0.1 million at December 31, 2020. The amounts held in escrow at December 31, 2021, were held in relation to a payment received for an historic doubtful debt in our Elektron division and the amounts held at December 31, 2020, were held to disburse environmental liabilities recognized as a result of the acquisition of the Specialty Metals division of ESM Inc. in 2017. Inventories Inventories are stated at the lower of cost or net realizable value. Raw materials are valued on a first-in, first-out basis. Strategic purchases of inventories in order to secure supply and reduce the impact of price volatility on the cost of inventories are valued on a weighted-average cost basis. Work in progress and finished goods costs comprise direct materials including, where applicable, direct labor costs, an apportionment of production overheads and any other costs that have been incurred in bringing the inventories to their present location and condition. Inventories are reviewed on a regular basis, and we make allowance for excess or obsolete inventories and write-down to net realizable value based primarily on committed sales prices and our estimates of expected and future product demand and related pricing. Research and Development Included within research and development costs are directly attributable salaries, materials and consumables, as well as third-party contractor fees and research costs. These costs are expensed as incurred. Foreign currencies Transactions in currencies other than an operation's functional currency are initially recorded in the functional currency at the rate of exchange prevailing on the dates of transactions. At each balance sheet date, the foreign currency monetary assets and liabilities of each operation are translated into the functional currency of that operation at the rates prevailing on the balance sheet date. All differences are taken to the consolidated statement of income, with the exception of differences on foreign currency borrowings that provide a hedge against a net investment in a foreign entity. These differences on foreign currency borrowings are taken directly to equity until the disposal of the net investment, at which time they are recognized in the consolidated statement of income. Tax charges and credits attributable to exchange differences on those borrowings are also included in equity. On consolidation, the assets and liabilities of the Company's foreign operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences that arise, if any, are included in Accumulated other comprehensive income (“AOCI”), a separate component of equity. Such translation differences are recognized in the consolidated statements of income in the period in which the Company either loses control of the operation or liquidation occurs. During 2021, the average USD/GBP sterling exchange rate was £0.7264 compared to the 2020 average of £0.7805. This change resulted in a positive impact of $9.5 million on revenue and $0.3 million on operating income. Based on the 2021 level of revenue and income, a weakening in GBP sterling leading to a £0.05 increase in the USD/GBP sterling exchange rate would result in a decrease of $8.9 million in revenue and a decrease of $1.3 million in operating net income. On January 1, 2021 the functional currency of Luxfer Holdings PLC was changed from the local currency, GBP to the reporting currency, USD reflecting that the majority of the parent company's cash flows are now denominated in USD, including intercompany loans and interest payments as well as dividends paid to its shareholders. The change was triggered by a revision to our intercompany financing model which now aims to manage foreign exchange risk through Luxfer Group Limited, whose functional currency remains GBP (the same as its local currency). 1. Summary of Significant Accounting Policies (continued) Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. When the Company does not believe that, on the basis of available information, it is more likely than not that deferred tax assets will be fully recovered, it recognizes a valuation allowance against its deferred tax assets to reduce the deferred tax assets to the amount more likely than not to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactments date. Furthermore, a tax benefit from a tax position may be recognized in the financial statements only if it is more-likely-than-not that the position is sustainable, based solely on its technical merits and consideration of the relevant tax authority’s widely understood administrative practices and precedents. The tax benefit recognized, when the likelihood of realization is more likely-than-not (i.e. greater than 50 percent), is measured at the largest amount that is greater than 50 percent likely of being realized upon settlement. Employee benefit plans The Company operates funded defined benefit pension plans in the U.K., the U.S. and France. The levels of funding are determined by periodic actuarial valuations that take into account changes in actuarial assumptions, including discount rates and expected returns on plan assets. The assets of the plans are generally held in separate Trustee-administered funds. The Company also operates defined contribution plans in the U.K., the U.S., Australia and Canada. Actuarial assumptions are updated annually and are disclosed in Note 14. We recognize changes in the fair value of plan assets and net actuarial gains or losses for pension and other post-retirement benefits annually in the fourth quarter each year (“mark-to-market adjustment”) and, if applicable, in any quarter in which an interim remeasurement is triggered. Net actuarial gains and losses occur when the actual experience differs from any of the various assumptions used to value our pension and other post-retirement plans or when assumptions change, as they may each year. The remaining components of pension expense, including service and interest costs and estimated return on plan assets, are recorded on a quarterly basis. Payments to defined contribution plans are charged as an expense as they fall due. Commitments and contingencies Loss contingencies are recognized when the Company has a present obligation as a result of a past event, it is probable that a transfer of resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Share-based compensation We account for share-based compensation awards on a fair value basis at the grant date. The estimated grant date fair value of each option award is recognized in income on an accelerated basis over the requisite service period (generally the vesting period). The estimated fair value of each option award is calculated using either the Black-Scholes option-pricing model or a Monte-Carlo simulation, both of which are subjective and involve the application of significant estimates and assumptions, including the expected term of the award, implied volatility, expected dividend yield and the risk-free interest rate. Restricted share awards and units are recorded as compensation cost on an accelerated basis over the requisite service periods based on the market value on the date of the grant. Performance share units ("PSU") are stock awards where the ultimate number of shares issued will be contingent on the Company's performance against certain financial performance targets. The fair value of each PSU is based on the market value on the date of grant. We recognize expense based upon the fair value of the awards on the grant date and the estimated vesting of the PSUs granted. The estimated vesting of the PSUs is based on the probability of achieving certain financial performance thresholds over the specified performance period. 1. Summary of Significant Accounting Policies (continued) Trade receivables and concentration of credit risk The Company is exposed to credit losses primarily through sales of products. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts 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, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted. Estimates are used to determine the allowance. It is based on assessment of anticipated receipts and all other historical, current and future information that is reasonably available. We are exposed to credit risk in the event of nonpayment by customers. However, we mitigate our exposure to credit risk by performing ongoing credit evaluations and, when deemed necessary, utilizing credit insurance, prepayments or guarantees. No individual customer represented more than 10% of our revenue or accounts receivable. The concentration of credit risks from financial instruments related to the markets we serve is not expected to have a material adverse effect on our consolidated financial position, cash flows or future results of operations. Derivative financial instruments We recognize all derivatives as either assets or liabilities (within accounts and other receivables or accounts payable) at fair value in our Consolidated Balance Sheets. We no longer apply hedge accounting. Therefore any changes in fair value are reported in income immediately in cost of sales. We use derivative instruments for the purpose of hedging commodity price risk and currency exposures, which exist as part of ongoing business operations. New accounting standards There were no new accounting standards issued which required adoption in the fiscal year ended December 31, 2021. Accounting standards which have been early adopted None Accounting standards issued but not yet effective There are no accounting standards that have been issued, but are not yet effective, that are expected to have a material impact on our results of operations or balance sheet presentation. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregated revenue from continuing operations for the fiscal years ended December 31, 2021, 2020, and 2019, are included below and in Note 17, Segment Information. Years ended December 31, 2021 2020 2019 In millions Gas Cylinders Elektron Total Gas Cylinders Elektron Total Gas Cylinders Elektron Total General industrial $ 33.4 $ 95.8 $ 129.2 $ 24.2 $ 87.7 $ 111.9 $ 24.7 $ 111.7 $ 136.4 Transportation 71.2 45.8 117.0 49.8 42.3 92.1 48.5 59.5 108.0 Defense, First Response & Healthcare 73.7 54.2 127.9 67.9 52.9 120.8 80.3 48.7 129.0 $ 178.3 $ 195.8 $ 374.1 $ 141.9 $ 182.9 $ 324.8 $ 153.5 $ 219.9 $ 373.4 The Company’s performance obligations are satisfied at a point in time. With the classification of our Superform business as discontinued operations, none of the Company's revenue is satisfied over time. As a result, the Company's contract receivables, contract assets and contract liabilities at December 31, 2021, and December 31, 2020, are disclosed with current assets and liabilities held-for-sale. |
Acquisitions and disposals
Acquisitions and disposals | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and disposals | Acquisitions and disposals On March 15, 2021, the Company completed the acquisition of the SCI business of Worthington Industries, Inc., based in Pomona, California, for $19.3 million cash consideration. The acquisition of SCI strengthens Luxfer’s composite cylinder offerings and aligns with recent investment to enhance our alternative fuel capabilities to capitalize on the growing compressed natural gas ("CNG") and hydrogen opportunities. The fair value of assets and liabilities acquired are as follows: In millions Accounts and other receivables $ 4.7 Inventories 6.7 Property, plant and equipment 7.8 Customer relationships 1.8 Less: Accounts payable (1.7) Net assets acquired 19.3 Purchase consideration $ 19.3 In 2021, the Company recognized a net gain on disposition of $6.6 million, consisting of a $7.1 million gain on our U.S. aluminum business, sold in March 2021, partially offset by a $0.5 million loss on our Superform U.K. business sold in September 2021. Our Superform U.K. business was sold for $4.0 million, net of working capital adjustments, made up of $3.0 million cash received in 2021 and $1.0 million of non-contingent, deferred consideration, receivable by September 30, 2022. In millions 2021 Net proceeds $ 3.0 Deferred consideration payable 1.0 Less Net assets sold (4.5) Loss on disposition $ (0.5) 3. Acquisitions and disposals (continued) Our U.S. aluminum business was sold for $20.2 million cash consideration, net of working capital adjustments. The below table shows the gain on disposition. In millions 2021 Net proceeds $ 20.2 Less Net assets sold (11.5) Gross gain on disposition 8.7 Tax expense (1.6) Net gain on disposition $ 7.1 Acquisition-related costs of $1.5 million in 2021 represent professional fees incurred in relation to the SCI acquisition. In 2020, the Company sold its 51% investment in Luxfer Uttam India Private Limited to our joint venture partner for INR 137.4 million ($1.8 million) cash. Allowing for legal costs, we generated a profit on disposal of less than $0.1 million. During the year we also incurred $0.4 million costs in relation to M&A exploration activities offset by deferred consideration adjustment and profit on previous written-down inventory. In 2019, acquisition and disposal related costs of $1.4 million were incurred. The amount includes a $3.5 million charge in relation to the reimbursement of costs, $0.9 million of professional and legal fees incurred in connection with the terminated Neo acquisition, partially offset by a $2.9 million gain from the sale of Magnesium Elektron CZ s.r.o in the second quarter of 2019, and a $0.1 million credit on the remeasurement of the deferred contingent consideration. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring During 2021, 2020 and 2019, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. In 2021, there was $5.0 million of costs in relation to the closure of Luxfer Gas Cylinders' French site, which includes an additional $1.0 million charge for environmental remediation and $2.4 million employee litigation claims, with the remaining largely legal and professional fees. It is expected that we will incur further costs in 2022. A further $0.3 million of miscellaneous project costs were incurred in the Gas Cylinders Segment during 2021. There was also $0.9 million of one-time employee termination costs in the Elektron division, largely in relation to the divestiture of our small Luxfer Magtech production facility in Ontario, Canada. In 2020, there was $7.5 million of costs in relation to the closure of Luxfer Gas Cylinders' French site. In response to uncertain global economic conditions, we undertook actions to reduce the Company's cost structure and improve operating efficiency. These actions included a workforce reduction program resulting in $1.4 million of severance-related charges, of which $0.4 million and $0.9 million were incurred in the Gas Cylinders and Elektron Segments respectively, and $0.1 million which is unallocated. In 2019, there was $20.1 million of costs in relation to the closure of Luxfer Gas Cylinders' French site. Within the Elektron segment, there was $4.6 million of asset write-downs and one-time employee benefits, following the decision to scale down production at one of our Luxfer Magtech sites. There were other simplification costs incurred of $1.2 million across both segments. Restructuring related costs included in restructuring charges in the consolidated statement of income are as follows: Years ended December 31, In millions 2021 2020 2019 Severance and related costs $ (6.2) $ (8.9) $ (20.9) Asset impairment — — (5.0) Total restructuring charges $ (6.2) $ (8.9) $ (25.9) 4. Restructuring (continued) Restructuring costs by reportable segment were as follows: Years ended December 31, In millions 2021 2020 2019 Gas Cylinders Segment $ (5.3) $ (7.9) $ (20.7) Elektron Segment (0.9) (0.9) (5.2) Other $ — $ (0.1) $ — Total restructuring charges $ (6.2) $ (8.9) $ (25.9) Activity related to restructuring, recorded in other current liabilities in the consolidated balance sheets is summarized as follows: In millions 2021 2020 Balance at January 1, $ 9.0 $ 6.5 Costs incurred 6.2 8.9 Cash payments and other (3.5) (6.4) Balance at December 31, $ 11.7 $ 9.0 |
Other charges
Other charges | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other charges | Other charges Other charges of $1.1 million in 2021 relates to the settlement of a class action lawsuit in the Gas Cylinders segment in relation to an alleged historic violation of the California Labor Code, concerning a Human Resources administration matter. The Company paid the settlement during the year, with no additional charge to the income statement expected. In 2019, the Company decided to commence a project to remove low-level naturally occurring radioactive material (NORM) from a redundant building at Elektron's Manchester, U.K. site. The work represented remediation of a legacy environmental issue and was completed in 2021. In 2020 and 2019, the Company recognized $0.4 million and $2.5 million, respectively, in other charges on the Statements of Income related to this remediation. This work is now complete and all liabilities have been settled. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Basic earnings per share are computed by dividing net income for the period by the weighted-average number of ordinary shares outstanding, net of Treasury shares and shares held in ESOP. Diluted earnings per share are computed by dividing net income for the period by the weighted average number of ordinary shares outstanding and the dilutive ordinary share equivalents. Basic and diluted earnings per share were calculated as follows: Years ended December 31, In millions except share and per-share data 2021 2020 2019 Basic earnings: Net income from continuing operations $ 30.0 $ 20.8 $ 8.7 Net gain / (loss) from discontinued operations (0.1) (0.8) (5.6) Net income $ 29.9 $ 20.0 $ 3.1 Weighted average number of £0.50 ordinary shares: For basic earnings per share 27,698,691 27,557,219 27,289,042 Dilutive effect of potential common stock 333,815 414,163 593,822 For diluted earnings per share 28,032,506 27,971,382 27,882,864 Earnings per share using weighted average number of ordinary shares outstanding: (1) Basic earnings per ordinary share for continuing operations $ 1.08 $ 0.75 $ 0.32 Basic earnings / (loss) per ordinary share for discontinued operations $ — $ (0.03) $ (0.21) Basic earnings per ordinary share $ 1.08 $ 0.73 $ 0.11 Diluted earnings per ordinary share for continuing activities $ 1.07 $ 0.74 $ 0.31 Diluted earnings / (loss) per ordinary share for discontinued operations $ — $ (0.03) $ (0.21) Diluted earnings per ordinary share $ 1.07 $ 0.72 $ 0.11 (1) Th e calculation of earnings per share is performed separately for continuing and discontinued operations. As a result, the sum of the two in any particular year may not equal the earnings-per-share amount in total. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations | Discontinued operations Our Superform aluminum superplastic forming business, which operated from sites in the U.S. and the U.K, and our U.S. aluminum gas cylinder business were historically included in the Gas Cylinders Segment. As a result of our decision to exit non-strategic aluminum product lines in 2020, we have reflected the results of operations of these businesses as discontinued operations in the Consolidated Statements of Income for all periods presented. Our U.S. aluminum gas cylinder business was sold in March 2021 for $20.2 million, net of working capital adjustments. The Company recognized a gain on disposition, net of tax, of $7.1 million. In September 2021, our Superform U.K. business was sold for $4.0 million, net of working capital adjustments. The Company recognized a loss on disposition, net of tax, of $0.5 million. We expect our Superform U.S. business to be sold within the next twelve months. The assets and liabilities of the above businesses have been presented within C urrent assets held-for-sale and C urrent liabilities held-for-sale in the Consolidated Balance Sheets at December 31, 2021, and December 31, 2020. The Company recognized a $1.5 million impairment charge relating to plant and equipment held in our Superform U.S. business reflecting updated expectations of fair market value. 7. Discontinued operations (continued) Results of discontinued operations were as follows: In millions 2021 2020 2019 Net sales $ 20.9 $ 53.2 $ 70.1 Cost of goods sold (21.8) (51.5) (65.8) Gross (loss) / profit (0.9) 1.7 4.3 Selling, general and administrative expenses (2.9) (5.8) (5.3) Restructuring charges (1.0) (0.1) (0.1) Impairment charges (1.5) — (5.2) Other income — 3.4 — Operating loss (6.3) (0.8) (6.3) Net interest expense — — (0.2) Net loss before income taxes (6.3) (0.8) (6.5) Provision for income taxes (0.4) — 0.9 Net loss $ (6.7) $ (0.8) $ (5.6) The assets and liabilities classified as held-for-sale were as follows: In millions December 31, 2021 December 31, 2020 Accounts and other receivables $ 2.1 $ 8.7 Inventories 2.7 12.6 Current assets 4.8 21.3 Property, plant and equipment — 7.9 Right-of-use assets — 3.1 Total assets $ 4.8 $ 32.3 Accounts payable 0.5 4.3 Accrued liabilities 0.1 1.5 Other current liabilities 0.8 1.5 Current liabilities 1.4 7.3 Other non-current liabilities — 4.1 Total liabilities $ 1.4 $ 11.4 Also included within assets held-for-sale in 2021 and 2020 is one building valued at $3.7 million within our Elektron Segment. The depreciation and amortization, capital expenditures and significant operating non-cash items were as follows: In millions 2021 2020 2019 Non-cash add-backs to cash flows from discontinued operating activities: Depreciation $ 0.5 $ 1.1 $ 1.1 Impairment charges 1.5 — 5.2 Cash flows from discontinued investing activities: Capital expenditures $ 0.1 $ 0.3 $ 0.8 Cash balances are swept into the treasury entities at the end of each day, and these sweeps are recorded within operating cash flows in the statements of cash flows. |
Goodwill and other identifiable
Goodwill and other identifiable intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other identifiable intangible assets | Goodwill and other identifiable intangible assets Changes in goodwill during the years ended December 31, 2021 and 2020 were as follows: In millions Gas Cylinders Elektron Total At January 1, 2020 $ 27.0 $ 41.8 $ 68.8 Exchange difference 0.9 0.5 1.4 At December 31, 2020 27.9 42.3 70.2 Exchange difference (0.3) (0.2) (0.5) Net balance at December 31, 2021 $ 27.6 $ 42.1 $ 69.7 Accumulated goodwill impairment losses in relation to continuing activities were $8.0 million as of December 31, 2021 and 2020. Changes in the gross value of identifiable intangible assets during the year ended December 31, 2021, were as follows: In millions Customer relationships Technology and trading related Total At January 1, 2020 $ 13.4 $ 8.1 $ 21.5 Exchange movements — 0.2 0.2 At December 31, 2020 $ 13.4 $ 8.3 $ 21.7 Additions 1.8 — 1.8 Exchange movements — (0.1) (0.1) At December 31, 2021 $ 15.2 $ 8.2 $ 23.4 Identifiable intangible assets consisted of the following: December 31, 2021 December 31, 2020 In millions Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 15.2 $ (5.7) $ 9.5 $ 13.4 $ (5.2) $ 8.2 Technology and trading related 8.2 (4.0) 4.2 8.3 (3.7) 4.6 Total identifiable intangibles $ 23.4 $ (9.7) $ 13.7 $ 21.7 $ (8.9) $ 12.8 Identifiable intangible asset amortization expense in 2021, 2020 and 2019 was $0.9 million, $0.7 million and $1.2 million, respectively. Intangible asset amortization expense over the next five years is expected to be approximately $1.0 million per year. The weighted-average amortization period for the customer relationships is 17 years and for the technology and trading related assets is 15 years. |
Supplementary balance sheet inf
Supplementary balance sheet information | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary balance sheet information | Supplementary balance sheet information In millions 2021 2020 Accounts and other receivables Trade receivables, net $ 45.8 $ 33.6 Related parties 0.1 0.2 Prepayments and accrued income 8.5 5.5 Derivative financial instruments 0.1 0.2 Deferred consideration 1.0 0.2 Other receivables 2.3 3.4 Total accounts and other receivables $ 57.8 $ 43.1 Inventories Raw materials and supplies $ 39.3 $ 26.2 Work-in-process 26.7 19.7 Finished goods 24.5 22.9 Total inventories $ 90.5 $ 68.8 Other current assets Income tax receivable — 1.5 Total other current assets $ — $ 1.5 Property, plant and equipment, net Land, buildings and leasehold improvements $ 64.6 $ 65.2 Machinery and equipment 266.3 255.3 Construction in progress 8.4 7.8 Total property plant and equipment 339.3 328.3 Accumulated depreciation and impairment (251.8) (242.3) Total property, plant and equipment, net $ 87.5 $ 86.0 Other current liabilities Short term provision $ 0.2 $ 1.1 Restructuring provision 11.7 9.0 Derivative financial instruments 0.1 0.4 Operating lease liability 3.0 2.9 Advance payments 4.6 0.1 Total other current liabilities $ 19.6 $ 13.5 Other non-current liabilities Contingent liabilities $ 1.8 $ 1.0 Operating lease liability 9.8 6.7 Total other non-current liabilities $ 11.6 $ 7.7 Impairment of property, plant and equipment There were no impairments of property, plant and equipment recognized in 2021 or 2020 in continuing operations. See note 7 for the impairment recognized in discontinued operations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Components of Accumulated Other Comprehensive Loss consist of the following: In millions December 31, 2021 December 31, 2020 Cumulative translation adjustments $ (52.5) $ (51.7) Pension plans actuarial loss, net of tax (82.5) (114.1) Accumulated other comprehensive loss $ (135.0) $ (165.8) |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt outstanding was as follows: In millions December 31, 2021 December 31, 2020 4.88% Loan Notes due 2023 25.0 25.0 4.94% Loan Notes due 2026 25.0 25.0 Revolving credit facility 10.8 4.1 Unamortized debt issuance costs (1.2) (0.7) Total debt $ 59.6 $ 53.4 Non-current debt $ 59.6 $ 53.4 In May 2021, we reduced our revolving credit facility ("RCF") from $150 million to $100 million to reflect the Company's scaled back funding requirements. In October 2021, a new Senior Facilities Agreement ("SFA") was agreed which provides $100 million in committed debt facilities, taking the form of a multi-currency RCF, with an additional $50 million of uncommitted facilities through an accordion provision, a provision that allows the Company to expand the maximum amount allowed on the line of credit. The previous SFA was due to mature in July 2022, but has been replaced by the new agreement which will mature in October 2026. Issuance costs of $0.8 million were capitalized in relation to the new facility, with $0.2 million of costs written off from issuance costs previously capitalized. The SFA bears interest equal to an applicable margin, based upon the Company's leverage, plus either EURIBOR, in the case of amounts drawn in euros, or SONIA (Sterling Overnight Index Average), in the case of amounts drawn in GBP sterling or U.S. dollars. The weighted-average interest rate on the RCF was 1.70% and 2.19% in 2021 and 2020, respectively. The maturity profile of the Company's debt, excluding unamortized issuance costs and discounts is, as follows: In millions 2022 2023 2024 2025 2026 Total Loan Notes due 2023 $ — $ 25.0 $ — $ — $ — $ 25.0 Loan Notes due 2026 — — — — 25.0 25.0 Revolving credit facility — — — — 10.8 10.8 Total debt $ — $ 25.0 $ — $ — $ 35.8 $ 60.8 11. Debt (continued) Loan notes due and shelf facility We have been in compliance with the covenants under the Note Purchase and Private Shelf Agreement throughout all of the quarterly measurement dates in 2021, with an expectation of compliance in 2022. Senior Facilities Agreement The Senior Facilities Agreement contains a number of additional undertakings and covenants that, among other things, restrict, subject to certain exceptions, our and our subsidiaries' ability to: • engage in mergers, divestitures, consolidations or divisions; • change the nature of our business; • make certain acquisitions; • participate in certain joint ventures; • grant liens or other security interests on our assets; • sell, lease, transfer or otherwise dispose of assets, including receivables; • enter into certain non-arm's-length transactions; • grant guarantees; • pay off certain existing indebtedness; • make investments, loans or grant credit; and • issue shares or other securities; The Senior Facilities Agreement requires us to maintain compliance with an interest coverage ratio and a leverage ratio. The interest coverage ratio measures our EBITDA (as defined in the SFA) to Net Finance Charges (as defined in the SFA). We are required to maintain a minimum interest coverage ratio of 4.0:1. The leverage ratio measures our Total Net Debt (as defined in the SFA) to the Relevant Period Adjusted Acquisition EBITDA (as defined in the SFA). We are required to maintain a leverage ratio of no more than 3.0:1. Any breach of a covenant in the SFA could result in a default under the SFA, in which case lenders could elect to declare all borrowed amounts immediately due and payable if the default is not remedied or waived within any applicable grace periods. Additionally, our and our subsidiaries' ability to make investments, incur liens and make certain restricted payments is also tied to ratios based on EBITDA. We have been in compliance with the covenants under the SFA throughout all of the quarterly measurement dates in 2021, with an expectation of compliance in 2022. |
Derivatives and Financial Instr
Derivatives and Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Financial Instruments | Derivatives and Financial Instruments The Company's financial instruments comprise bank and other loans, senior loan notes, derivatives and trade payables. Other than derivatives, the main purpose of these financial instruments is to raise finance for the Company's operations. The Company also has various financial assets, such as trade receivables, deferred consideration and cash and cash equivalents, which arise directly from its operations. Derivative financial instruments We are exposed to market risk during the normal course of business from changes in currency exchange rates, interest rates and commodity prices, such as magnesium and aluminum prices. We manage exposures through a combination of normal operating and financing activities and through the use of derivative financial instruments, such as foreign currency forward purchase contracts. We do not use market risk-sensitive instruments for trading or speculative purposes. In 2021, the Company had $0.1 million (2020: $0.2 million) derivative financial instruments recorded within accounts and other receivables. The value of derivative financial instruments recorded in liabilities in 2021 was $0.1 million (2020: $0.4 million). Forward foreign currency exchange contracts The Company incurs currency transaction risk whenever one of the Company's operating subsidiaries enters into either a purchase or sales transaction in a currency other than its functional currency. Currency transaction risk is reduced by matching sales and expenses in the same currency. The Company's U.S. operations have little currency exposure as most purchases, costs and sales are conducted in U.S. dollars. The Company's U.K. operations are exposed to exchange transaction risks, mainly because these operations sell goods priced in euros and U.S. dollars and purchase raw materials priced in U.S. dollars. The Company also incurs currency transaction risk if it lends currency other than its functional currency to its joint venture partners. At December 31, 2021 and 2020, the Company held various forward foreign currency exchange contracts designated as hedges in respect of forward sales for U.S. dollars, euros, Canadian dollars and Japanese yen for the receipt of GBP sterling or euros. The Company also held forward foreign currency exchange contracts designated as hedges in respect of forward purchases for U.S. dollars, euros, Canadian dollars, Australian dollars and Chinese yuan by the sale of GBP sterling. The contract totals in GBP sterling and euros, range of maturity dates and range of exchange rates are disclosed below, with the value denominated in GBP sterling, given that it is the currency the majority of the contracts are held in. 12. Derivatives and Financial Instruments (continued) December 31, 2021 Sales hedges U.S. dollars Euros Japanese Yen Contract totals/£m 5.0 9.8 0.1 Maturity dates 01/22 to 03/22 01/22 to 03/22 01/22 to 03/22 Exchange rates $1.3455 to $1.3788 €1.1697 to €1.1906 ¥155.2443 to ¥156.6793 Purchase hedges U.S. dollars Euros Canadian dollars Australian dollars Chinese yuan Contract totals/£m 4.5 3.5 7.5 0.9 1.5 Maturity dates 01/22 to 04/22 01/22 to 02/22 01/22 01/22 03/22 Exchange rates $1.3451 to $1.3781 €1.1812 to €1.1662 $1.7172 to $1.6762 $1.8598 ¥8.6126 December 31, 2020 Sales hedges U.S. dollars Euros Japanese Yen Canadian dollars Contract totals/£m 3.0 11.1 0.1 0.1 Maturity dates 01/21 to 03/21 01/21 to 04/21 01/21 01/21 Exchange rates $1.3045 to $1.3667 €1.0917 to €1.1181 ¥136.8910 $1.7409 Purchase hedges U.S. dollars Euros Canadian dollars Australian dollars Chinese yuan Contract totals/£m 4.8 1.7 9.4 0.9 0.9 Maturity dates 01/21 to 04/21 01/21 to 02/21 01/21 01/21 03/21 Exchange rates $1.3046 to $1.3667 €1.1065 to €1.0944 $1.7409 to $1.7201 $1.7729 ¥8.9184 The above contracts are held in GBP sterling. Therefore, the analysis in the table has been given in GBP sterling to avoid any movements as a result of translation. Fair value of financial instruments The following methods were used to estimate the fair values of each class of financial instrument: Cash at bank and in hand The carrying value approximates the fair value as a result of the short-term maturity of the instruments. Cash at bank and in hand are subject to a right to offset in the U.S. Bank loans At December 31, 2021, bank and other loans of $60.8 million (2020: $54.1 million) were outstanding. At December 31, 2021, bank and other loans are shown net of issue costs of $1.2 million (2020: $0.7 million), and these issue costs are to be amortized to the expected maturity of the facilities. This carrying value approximates to its fair value at December 31, 2021 and 2020 respectively. At December 31, 2021, $10.8 million (2020: $4.1 million) of the total $60.8 million (2020: $54.1 million) bank and other loans was variable interest rate debt and subject to floating interest rate risk, with the remainder being fixed rate debt. Forward foreign currency exchange rate contracts The fair value of these contracts was calculated by determining what the Company would be expected to receive or pay on termination of each individual contract by comparison to present market prices. 12. Derivatives and Financial Instruments (continued) Fair value of financial instruments (continued) The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. The fair values of the financial instruments of the Company at December 31, 2021 and 2020, were analyzed using the hierarchy as follows: December 31, 2021 In millions Total Level 1 Level 2 Level 3 Derivative financial assets: Foreign currency contract assets $ 0.1 $ — $ 0.1 $ — Derivative financial liabilities: Foreign currency contract liabilities 0.1 — 0.1 — Interest bearing loans and borrowings: Loan Notes due 2023 25.0 — 25.0 — Loan Notes due 2026 25.0 — 25.0 — Revolving credit facility 10.8 — 10.8 — December 31, 2020 In millions Total Level 1 Level 2 Level 3 Derivative financial assets: Foreign currency contract assets $ 0.2 $ — $ 0.2 $ — Derivative financial liabilities: Foreign currency contract liabilities 0.4 — 0.4 — Interest bearing loans and borrowings: Loan Notes due 2023 25.0 — 25.0 — Loan Notes due 2026 25.0 — 25.0 — Revolving credit facility 4.1 — 4.1 — |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income before income taxes consisted of the following: Years ended December 31, In millions 2021 2020 2019 U.K. $ 21.8 $ 21.0 $ 13.4 International (1) 13.6 6.7 2.9 Income before income taxes $ 35.4 $ 27.7 $ 16.3 (1) "International" reflects non-U.K. income before income taxes. The provision for income taxes consisted of the following: Years ended December 31, In millions 2021 2020 2019 Currently payable U.K. $ 2.0 $ (0.2) $ 0.7 International (1) 5.4 2.3 2.9 Total current taxes $ 7.4 $ 2.1 $ 3.6 Deferred U.K. $ (1.1) $ 2.1 $ 4.5 International (1) (0.9) 2.7 (0.5) Total deferred taxes $ (2.0) $ 4.8 $ 4.0 Total provision for income taxes $ 5.4 $ 6.9 $ 7.6 (1) "International" reflects non-U.K. income taxes. Differences between the financial reporting and the corresponding tax basis of assets and liabilities and the different income tax rates and laws applicable to the Company, among other factors, give rise to permanent differences between the statutory tax rate applicable in the U.K. and the effective tax rate presented in the Consolidated Income Statement, which in 2021, 2020 and 2019, were as follows: Years ended December 31, In millions 2021 2020 2019 Income before income taxes $ 35.4 $ 27.7 $ 16.3 Provision for income taxes at the U.K. statutory tax rate (2021: 19%, 2020:19%, 2019: 19%) 6.7 5.3 3.1 Effect of: Non-deductible expenses 1.9 1.7 2.7 Movement in valuation allowances (0.6) 0.8 1.2 Differences in income tax rates in countries where the Company operates (1) 0.5 (0.1) 1.1 Effect of changes in tax rates (2) (2.0) 0.1 (0.1) Movement in uncertain tax positions — (0.4) 0.4 Other (1.1) (0.5) (0.8) Total provision for income taxes $ 5.4 $ 6.9 $ 7.6 (1) Refers mainly to the effects of the differences between the statutory income tax rate in the U.K. against the applicable income tax rates of each country where the Company operates. (2) An increase in the U.K. corporation tax rate from 19% to 25%, effective from April 1, 2023, was announced in March 2021. Rate changes also occur in each period as a result of changes in the average state tax rate in the U.S. 13. Income Taxes (continued) Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows: Years ended December 31, In millions 2021 2020 2019 Beginning balance $ 2.4 $ 3.2 $ 3.2 Gross increases based on tax positions related to the current year 0.1 0.6 0.6 Reductions due to expiry of statute of limitations (0.7) (1.4) (0.6) Ending balance $ 1.8 $ 2.4 $ 3.2 Non-current $ 1.8 $ 2.4 $ 3.2 The Company's unrecognized tax benefits relate to the pricing of its various inter-company transactions. Because the transfer pricing calculation is often multifaceted, taking into account economics, finance, industry practice, and functional analysis, a company's transfer pricing position often sits at a particular point along a wide continuum of possible pricing outcomes. The inherent subjectivity in pricing inter-company balances gives rise to measurement uncertainty. Management has considered the valuation uncertainty in determining the measurement of the uncertain tax position. There are no current tax audit examinations. Management estimates that it is reasonably possible that approximately $1.1 million of our gross unrecognized tax benefits ($0.3 million of our net unrecognized tax benefits) may be recognized by the end of 2022 as a result of a lapse of the statute of limitations. At December 31, 2021, 2020 and 2019, there were $0.4 million, $0.5 million, and $0.5 million of unrecognized tax benefits, respectively, that, if recognized, would affect the annual effective tax rate. The Company recognizes interest accrued and penalties relating to unrecognized tax benefits in the income tax line. During the years ended December 31, 2021, 2020 and 2019, the Company recognized approximately $nil, $0.1 million and $nil, respectively, in interest and penalties. The following is a summary of the tax years open by major tax jurisdiction: Jurisdiction Years open U.K. 2019 - 2021 U.S. Federal 2018 - 2021 U.S. State and local 2018 - 2021 France 2018 - 2021 Germany 2017 - 2021 China 2018 - 2021 Canada 2017 - 2021 13. Income Taxes (continued) Taxes have not been provided on undistributed earnings of subsidiaries where it is our intention to reinvest these earnings permanently or to repatriate the earnings only when it is tax efficient to do so. The amount of unremitted earnings at December 31, 2021 was approximately $70.3 million (at December 31, 2020: $56.4 million, at December 31, 2019: $47.2 million). If these earnings were remitted, it is estimated that the additional income tax arising would be approximately $1.0 million (at December 31, 2020: $0.8 million, at December 31, 2019: $0.7 million). Deferred taxes were recorded in the Consolidated Balance Sheets as follows: December 31, In millions 2021 2020 Deferred tax assets $ 8.0 $ 16.5 Deferred tax liabilities (2.7) (2.0) Net deferred tax assets $ 5.3 $ 14.5 The tax effects of the major items recorded in deferred tax assets and liabilities were as follows: December 31, In millions 2021 2020 Deferred tax assets Pension benefits $ 0.5 $ 9.9 Accrued liabilities 1.5 0.7 Tax loss and credit carry forwards 28.3 25.8 Employee compensation benefits 2.9 1.9 Other 2.1 1.5 Total deferred tax assets 35.3 39.8 Valuation allowances (18.0) (19.3) Deferred tax assets, net of valuation allowances $ 17.3 $ 20.5 Deferred tax liabilities Property, plant and equipment $ 4.5 $ 1.7 Pension benefits 3.5 — Goodwill and other intangibles 2.4 3.2 Other 1.6 1.1 Total deferred tax liabilities $ 12.0 $ 6.0 Net deferred tax assets $ 5.3 $ 14.5 Deferred tax liabilities and assets represent the tax effect of temporary differences between the value of assets and liabilities for financial statement purposes and such values as measured by the relevant jurisdiction's tax laws and regulations. Deferred tax assets and liabilities from the same tax jurisdiction have been netted, resulting in assets and liabilities being recorded under the deferred taxation captions on the consolidated balance sheet. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences and carryforwards become deductible or creditable. Management considers the scheduled reversal of existing taxable temporary differences, projected future taxable income, and tax-planning strategies in making this assessment. In March 2021 an increase in the U.K. corporation tax rate from 19% to 25% was announced, effective from April 1, 2023. Deferred tax liabilities and assets which are expected to unwind after April 1, 2023 have been revalued at 25%. Gains and losses arising from revaluation have been recognized in the income statement and other comprehensive income. 13. Income Taxes (continued) At December 31, 2021, the Company had carried forward tax losses and tax credits of $106.3 million (U.K.: $43.0 million, non-U.K.: $63.3 million). Carried forward tax losses and tax credits for 2020 were $104.2 million (U.K.: $30.0 million, non-U.K.: $74.2 million) and for 2019 were $94.9 million (U.K.: $32.8 million, non-U.K.: $62.1 million). To the extent that these losses are not already recognized as deferred income taxes assets and are available to offset against future taxable profits, it is expected that the future effective tax rate would be below the standard rate in the country where the profits are offset. A valuation allowance of $18.0 million (2020: $19.3 million, 2019: $14.9 million) exists for deferred tax benefits related to the tax loss and tax credit carry forwards and other benefits that may not be realized. The apportionment of the valuation allowance between the U.K. and non-U.K. jurisdictions is U.K.: $4.1 million, non-U.K.: $13.9 million (2020: U.K.: $3.2 million, non-U.K.: $16.1 million; 2019: U.K.: $2.8 million, non-U.K.: $12.1 million). The non-U.K. valuation allowances relates to tax losses in France and Germany. Of the carried forward tax losses and tax credits as at December 31, 2021, $13.4 million expire between 2023 and 2034, and $99.2 million are available for indefinite carry-forward. |
Pension Plans
Pension Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension Plans | Pension Plans The Company has defined benefit pension plans in the U.K., the U.S. and France. The levels of funding are determined by periodic actuarial valuations. The assets of the plans are generally held in separate Trustee-administered funds. The Company also operates defined contribution plans in the U.K., the U.S., Australia and Canada. The "10% corridor" method for recognizing gains and losses has been adopted. This methodology means that cumulative gains and losses up to an amount equal to 10% of the higher of the liabilities and the assets (the corridor) have no impact on the pension cost. Cumulative gains or losses greater than this corridor are amortized over the average future lifetime of the members in the plans. The principal defined benefit pension plan in the Company is the U.K. Luxfer Group Pension Plan ("the Plan"), which closed to new members in 1998, with new employees then being eligible for a defined contribution plan. In April 2016, the Plan was closed to further benefit accrual, with members being offered contributions to a defined contribution plan. The Company's other arrangements are less significant than the Plan, the largest being the BA Holdings, Inc. Pension Plan in the U.S. In December 2005, this plan was closed to further benefit accrual, with members being offered contributions to that company's 401(k) plan. At January 1, 2016, the U.S. pension plans (BA Holdings Inc. Pension Plan and Luxfer Hourly Pension Plan) merged into one plan. The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans as of and for the years ended December 31, 2021 and 2020: 2021 2021 2021 2020 2020 2020 In millions U.K. U.S. / other Total U.K. U.S. / other Total Change in benefit obligations Benefit obligation at January 1 $ 404.0 $ 50.7 $ 454.7 $ 359.2 $ 47.1 $ 406.3 Interest cost 5.6 1.1 6.7 7.0 1.4 8.4 Actuarial (gain) / loss (29.6) (0.8) (30.4) 40.7 4.7 45.4 Exchange difference (4.0) — (4.0) 11.7 — 11.7 Benefits paid (13.1) (2.3) (15.4) (14.7) (2.5) (17.2) Prior service cost — — — 0.1 — 0.1 Benefit obligation at December 31 $ 362.9 $ 48.7 $ 411.6 $ 404.0 $ 50.7 $ 454.7 Change in plan assets Fair value of plan assets at January 1 $ 358.9 $ 45.0 $ 403.9 $ 328.7 $ 42.4 $ 371.1 Actual return on assets 16.3 4.1 20.4 27.9 5.1 33.0 Exchange difference (3.7) — (3.7) 11.2 — 11.2 Contributions from employer 18.2 — 18.2 5.8 — 5.8 Benefits paid (13.1) (2.3) (15.4) (14.7) (2.5) (17.2) Fair value of plan assets at December 31 $ 376.6 $ 46.8 $ 423.4 $ 358.9 $ 45.0 $ 403.9 Funded status Net benefit surplus / (obligation) $ 13.7 $ (1.9) $ 11.8 $ (45.1) $ (5.7) $ (50.8) The net benefit surplus of $13.7 million in the U.K. plan is recorded in non-current assets at December 31, 2021, and the net benefit obligation of $1.9 million in the U.S. / other is recorded in non-current liabilities at December 31, 2021. The net benefit obligation of $50.8 million was recorded in non-current liabilities at December 31, 2020, as all plans were in a net benefit obligation position. In December 2021, the Company made a special one-off deficit reduction payment to the U.K. Plan of $12.7 million. The payment means the Company is not expected to make any additional contributions to the Plan for at least the next three years. 14. Pension Plans (continued) The amounts recognized in the Consolidated Statements of Income in respect of the pension plans were as follows: 2021 2021 2021 2020 2020 2020 2019 2019 2019 In millions U.K. U.S. / other Total U.K. U.S. / other Total U.K. U.S. / other Total In respect of defined benefit plans: Current service cost $ — $ — $ — $ — $ — $ — $ — $ 0.1 $ 0.1 Interest cost 5.6 1.1 6.7 7.0 1.4 8.4 9.2 1.9 11.1 Expected return on assets (10.2) (1.8) (12.0) (12.2) (2.3) (14.5) (13.4) (2.3) (15.7) Curtailment gain — — — — — — — (1.8) (1.8) Settlement loss — — — — — — — 0.8 0.8 Amortization of net actuarial loss 3.4 0.4 3.8 2.3 0.3 2.6 2.5 0.6 3.1 Amortization of prior service credit (0.4) — (0.4) (0.4) — (0.4) (0.4) — (0.4) Total credit for defined benefit plans $ (1.6) $ (0.3) $ (1.9) $ (3.3) $ (0.6) $ (3.9) $ (2.1) $ (0.7) $ (2.8) In respect of defined contribution plans: Total charge for defined contribution plans $ 2.1 $ 1.5 $ 3.6 $ 1.5 $ 1.9 $ 3.4 $ 2.1 $ 2.1 $ 4.2 Total charge / (credit) for benefit plans $ 0.5 $ 1.2 $ 1.7 $ (1.8) $ 1.3 $ (0.5) $ — $ 1.4 $ 1.4 In accordance with ASC 715, defined benefit pension credit is split in the income statement, with $0.4 million (2020: $0.4 million; 2019: $0.3 million) of expenses recognized within sales, general and administrative expenses and a credit of $2.3 million (2020: $4.3 million credit; 2019: $1.3 million credit) recognized below operating income in the income statement. In 2019, a credit of $1.8 million was recognized in relation to the curtailment gain on the French pension plan, recognized in restructuring charge in the Consolidated Statements of Income. The following table shows other changes in plan assets and benefit obligations recognized in other comprehensive income during the years ended December 31: In millions 2021 2020 2019 Net actuarial gain / (loss) $ 38.8 $ (26.9) $ (7.5) Amortization of actuarial loss 3.8 2.6 3.1 Prior service cost — (0.1) — Amortization of prior service credit (0.4) (0.4) (0.4) Total recognized in other comprehensive income / (loss) 42.2 (24.8) (4.8) Total recognized in net periodic benefit cost and other comprehensive income / (loss) $ 44.1 $ (20.9) $ (2.0) The estimated net loss for defined benefit plans included in AOCI that will be recognized in net periodic benefit cost during 2022 is $1.9 million, consisting of amortization of net actuarial loss of $2.3 million, partially offset by amortization of prior service credit of $0.4 million. The following table shows the amounts included in AOCI that have not yet been recognized as components of net periodic benefit cost for the years ended December 31: In millions 2021 2020 Gross actuarial loss $ (122.5) $ (165.1) Gross prior service credit 11.4 11.8 Total included in AOCI not yet recognized in the statement of income $ (111.1) $ (153.3) 14. Pension Plans (continued) In September 2019, the U.K. Statistics Authority announced plans to reform the RPI inflation index. On November 25, 2020, the government and U.K. Statistics Authority confirmed these plans to reform the RPI index to bring it into line with the CPIH index from 2030, with no compensation for the holders of index-linked gilts. Inflation measured by the CPIH is consistently significantly lower than that measured by RPI, and, therefore, these plans imply a significant expected reduction in RPI inflation from 2030 onwards. As a result.we have taken a stepped approach and used different inflation rates pre and post 2030. The financial assumptions used in the calculations were: Projected Unit Credit Valuation U.K. U.S. 2021 2020 2019 2021 2020 2019 % % % % % % Discount rate 1.90 1.40 2.10 2.70 2.30 3.10 Expected return on assets 3.30 3.00 4.10 2.50 5.00 6.20 Pre-2030 Retail Price Inflation 3.30 2.90 2.90 n/a n/a n/a Consumer Price Inflation 2.20 1.80 2.00 n/a n/a n/a Pension increases Pre 6 April 1997 2.00 1.70 1.80 n/a n/a n/a 1997 - 2005 2.20 1.90 2.10 n/a n/a n/a Post 5 April 2005 1.80 1.60 1.70 n/a n/a n/a Post-2030 Retail Price Inflation 3.30 2.70 2.90 n/a n/a n/a Consumer Price Inflation 3.20 2.60 2.00 n/a n/a n/a Pension increases Pre 6 April 1997 2.50 2.20 1.80 n/a n/a n/a 1997 - 2005 3.10 2.60 2.10 n/a n/a n/a Post 5 April 2005 2.20 2.00 1.70 n/a n/a n/a The discount rate used for the UK Plan 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 with regard to the difference between yields on fixed-interest and index-linked United Kingdom government gilts. The expected return on assets assumption is set with regard to the asset allocation and expected return on each asset class as of the balance sheet date. 2021 2020 Other principal actuarial assumptions: Years Years Life expectancy of male / female in the U.K. aged 65 at accounting date 21.1 / 22.9 21.5 / 24.3 Life expectancy of male / female in the U.K. aged 65 at 20 years after accounting date 22.4 / 24.4 22.9 / 25.8 Investment strategies For the principal defined benefit plan in the Company and the U.K., the Luxfer Group Pension Plan, (the "Plan," as defined above), the assets are invested in a diversified range of asset classes and include matching assets (comprising fixed-interest and index-linked bonds and swaps) and growth assets (comprising all other assets). The Trustees of the Plan have formulated a de-risking strategy to help control the short-term risk of volatility associated with holding growth assets. The Trustees also monitor the cost of a buy-in to secure pensioner liabilities with an insurance company to ensure they and the Company are able to act if such an opportunity arises. Other options to progressively reduce the scale of the liabilities are discussed between the Trustees and the Company. 14. Pension Plans (continued) Risk exposures The U.K. plan currently has a strategic target to hold 40 percent of assets in equity and other growth investments, with the intention of growing the value of assets relative to liabilities. Although there is an intention to further increase the proportion of matching assets over the next few years towards 75 percent, at the current level of 60 percent, the Company is at risk if the value of liabilities grows at a faster rate than the plans' assets, or if there is a significant fall in the value of these assets not matched by a fall in the value of liabilities. If any of these events occurred, it would be expected to lead to an increase in the Company's future cash contributions. Special events In 2021, the Company decided to terminate its U.S. Pension Plan. The process is expected to complete within 12 to 18 months, including final funding requirements and administrative cost payments. In accordance with ASC 715, the liabilities must be valued based on market expectations for the period over which the obligations are to be settled. The Company is committed to buying out the U.S. plans with an insurer in 2023. Therefore, at the 2021 year-end, the obligation reflects the expected cost of securing the plans’ benefits with an insurer. This increases the liability by $2.8m. In preparation for the buyout, in April 2021 the Company switched its asset portfolio in favor of fixed interest securities with the intention of matching asset movements to movements in the value of plan liabilities. In June 2019, the closure of Luxfer Gas Cylinders' French site affected the French pension plan. This resulted in a curtailment gain of $1.8 million and triggered immediate recognition of the unamortized net actuarial losses of $0.3 million. In December 2019, the U.S. plan offered deferred members the opportunity to receive a lump sum in respect of their benefits in the Plan. As a result lump sums totaling $2.7 million were paid out with a corresponding $3.6 million of defined benefit obligation being extinguished. This triggered immediate recognition of the unamortized net actuarial losses of $0.8 million. The fair value of plan assets were: 2021 2021 2021 2020 2020 2020 In millions U.K. U.S. / other Total U.K. U.S. / other Total Assets in active markets: Equities and growth funds $ 149.9 $ — $ 149.9 $ 152.3 $ 26.9 $ 179.2 Government bonds 64.6 — 64.6 63.1 — 63.1 Corporate bonds 147.5 46.6 194.1 141.6 18.1 159.7 Cash 14.6 0.2 14.8 1.9 — 1.9 Total fair value of plan assets $ 376.6 $ 46.8 $ 423.4 $ 358.9 $ 45.0 $ 403.9 All investments, apart from cash, were classified as Level 2 in the fair value hierarchy as of December 31, 2021, and December 31, 2020. Cash is classified as Level 1 in the fair value hierarchy as of December 31, 2021, and December 31, 2020. The following benefit payments are expected to be paid by the plans for the years ended December 31 as follows: In millions U.K. pension plans U.S. / other pension plans (1) 2022 $ 9.9 $ 13.5 2023 10.1 2.4 2024 10.3 2.4 2025 10.5 2.4 2026 10.8 2.4 Thereafter 56.9 12.1 (1) The expected payments reflect the current projection of benefits due to be paid. Upon completion of the d buyout this will be a nil value. The expected buyout completion date is in 2023. The estimated amount of employer contributions expected to be paid to the defined benefit pension plans for the year ending December 31, 2022, is nil (2021: $18.2 million actual employer contributions). |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity (a) Ordinary share capital December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 No. No. Millions Millions Authorized: Ordinary shares of £0.50 each 40,000,000 40,000,000 $ 35.7 (1) $ 35.7 (1) Deferred ordinary shares of £0.0001 each 761,835,318,444 761,835,338,444 149.9 (1) 149.9 (1) 761,875,318,444 761,875,338,444 $ 185.6 (1) $ 185.6 (1) Allotted, called up and fully paid: Ordinary shares of £0.50 each 28,944,000 29,000,000 $ 26.5 (1) $ 26.6 (1) Deferred ordinary shares of £0.0001 each 761,835,318,444 761,835,338,444 149.9 (1) 149.9 (1) 761,864,262,444 761,864,338,444 $ 176.4 (1) $ 176.5 (1) (1) The Company's ordinary and deferred share capital are shown in U.S. dollars at the exchange rate prevailing at the month-end spot rate at the time of the share capital being issued. The rights of the shares are as follows: Ordinary shares of £0.50 each The ordinary shares carry no entitlement to an automatic dividend but rank pari passu in respect of any dividend declared and paid. The ordinary shares were allotted and issued to satisfy share awards which vested under the Company's share award and share incentive plans. At December 31, 2021, there were 27,529,824 (2020: 27,636,153) ordinary shares of Luxfer Holdings PLC listed on the New York Stock Exchange (NYSE). Deferred ordinary shares of £0.0001 each The deferred shares have no entitlement to dividends or to vote. Upon liquidation (but not otherwise), the holders of the deferred shares shall be entitled to the repayment of the paid up nominal amount of the deferred shares, but only after any payment to the holders of ordinary shares of an amount equal to 100 times the amount paid up on such ordinary shares. (b) Treasury Shares In millions January 1, 2020 and December 31, 2020 (4.0) Purchase of treasury shares (6.4) Cancellation of treasury shares 0.7 Utilization of treasury shares 0.1 At December 31, 2021 $ (9.6) In June 2021, the Board announced a share buy-back program. As a result, in 2021, the Company purchased 297,678 total shares for $6.4 million. Of the 297,678 shares repurchased in the year, 56,000 at $0.7 million have been cancelled. 16,395 shares were utilized at $0.1 million, with the remaining 225,283 retained within Treasury shares. At December 31, 2021, there were 575,618 (2020: 350,335) treasury shares held at a cost of $9.6 million (2020: $4.0 million). 15. Shareholders' Equity (continued) (c) Company shares held by ESOP In millions At January 1, 2020 $ (1.7) Shares sold from ESOP 0.3 At December 31, 2020 (1.4) Utilization of ESOP shares 0.3 At December 31, 2021 $ (1.1) At December 31, 2021, there were 838,558 ordinary shares at £0.50 each (2020: 1,013,512 ordinary shares of £0.50 each) held by The Luxfer Group Employee Share Ownership Plan (the "ESOP"). (d) Dividends paid and proposed In millions 2021 2020 2019 Dividends declared and paid during the year: Interim dividend paid February 6, 2019 ($0.125 per ordinary share) $ — $ — $ 3.4 Interim dividend paid May 1, 2019 ($0.125 per ordinary share) — — 3.4 Interim dividend paid August 7, 2019 ($0.125 per ordinary share) — — 3.4 Interim dividend paid November 6, 2019 ($0.125 per ordinary share) — — 3.4 Interim dividend paid February 5, 2020 ($0.125 per ordinary share) — 3.4 — Interim dividend paid May 6, 2020 ($0.125 per ordinary share) — 3.4 — Interim dividend paid August 5, 2020 ($0.125 per ordinary share) — 3.4 — Interim dividend paid November 4, 2020 ($0.125 per ordinary share) — 3.4 — Interim dividend paid February 4, 2021 ($0.125 per ordinary share) 3.4 — — Interim dividend paid May 5, 2021 ($0.125 per ordinary share) 3.4 — — Interim dividend paid August 4, 2021 ($0.125 per ordinary share) 3.4 — — Interim dividend paid November 3, 2021 ($0.125 per ordinary share) 3.4 — — $ 13.6 $ 13.6 $ 13.6 In millions 2021 2020 2019 Dividends declared and paid after December 31 (not recognized as a liability at December 31): Interim dividend paid February 5, 2020: ($0.125 per ordinary share) $ — $ — $ 3.4 Interim dividend paid February 4, 2021: ($0.125 per ordinary share) — 3.4 — Interim dividend paid February 2, 2022 : ($0.125 per ordinary share) 3.4 — — $ 3.4 $ 3.4 $ 3.4 |
Share Plans
Share Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share Plans | Share Plans (a) The Luxfer Group Employee Share Ownership Plan The trust In 1997, the Company established an employee benefit trust ("the ESOP") with independent Trustees, to purchase and hold shares in the Company in trust to be used to satisfy options granted to eligible senior employees under the Company's share plans established from time to time. The ESOP was established with the benefit of a gift equivalent to the set up and running costs. Purchase monies and costs required by the ESOP Trustees to purchase shares for and under the provisions of the trust are provided by way of an interest free loan from a Company subsidiary. The loan is repayable, in normal circumstances, out of monies received from senior employees when they exercise options granted to them over shares. Surplus shares are held by the ESOP Trustees to satisfy future option awards. The ESOP Trustees have waived their right to receive dividends on shares held in trust. The Remuneration Committee is charged with determining which senior employees are to be granted options, and in what number, subject to the relevant plan rules. The current plan The current share option plan, implemented by the Company in February 2007 is The Luxfer Holdings Executive Share Option Plan ("the Plan"), which consists of two parts. Part A of the Plan is approved by HM Revenue & Customs, and Part B is unapproved. Options can be exercised at any time up to the tenth anniversary of their grant, subject to the rules of the relevant part of the Plan. As a result of the Company's initial public offering of ordinary shares in 2012, all leaver restrictions over the shares were released. There are no other performance criteria attached to the options. Changes in the year The change in the number of shares held by the Trustees of the ESOP and the number of share options held over those shares are shown below: Number of shares held by ESOP Trustees £0.0001 deferred shares £0.50 ordinary shares At January 1, 2021 15,977,968,688 1,013,512 Shares utilized during the year — (242,579) Shares transferred into ESOP during the year — 67,625 At December 31, 2021 15,977,968,688 838,558 At December 31, 2021, the loan outstanding from the ESOP was $0.5 million (2020: $0.6 million). The market value of each £0.50 ordinary share held by the ESOP at December 31, 2021, was $19.31 (2020: $16.42). (b) Share-based compensation Luxfer Holdings PLC Long-Term Umbrella Incentive Plan and Luxfer Holdings PLC Non-Executive Directors Equity Incentive Plan As an important retention tool and to align the long-term financial interests of our management with those of our shareholders, the Company adopted the Luxfer Holdings PLC Long-Term Umbrella Incentive Plan (the "LTIP") for the Company's senior employees and the Luxfer Holdings PLC Non-Executive Directors Equity Incentive Plan (the "Director EIP") for the Non-Executive Directors. The equity or equity-related awards under the LTIP and the Director EIP are based on the ordinary shares of the Company. The Remuneration Committee administers the LTIP and has the power to determine to whom the awards will be granted, the amount, type and other terms. Awards granted under the LTIP generally vest one-quarter each year over a four-year period, subject to continuous employment and certain other conditions, with the exercise period expiring six years after grant date. Awards granted under the Director EIP are non-discretionary, are purely time-based and vest over one year, with settlement occurring immediately on vesting. 16. Share Plans (continued) (b) Share-based compensation (continued) Share option and restricted stock awards In March 2021, a combined 110,000 of Restricted Stock Units and Options over ordinary shares were granted under the LTIP, which were all time-based awards vesting over four years and expiring two years later. Also, in March 2021, a combined 45,000 awards were granted based on the achievement of total shareholder return targets from the period January 1, 2018, to December 31, 2020. The awards vest over two years. In June 2021, a combined 19,000 Restricted Stock Units and Options over ordinary shares were granted under the Director EIP, which were all time-based awards that would fully vest one year later. In March 2020, a combined 132,900 Restricted Stock Units and Options over ordinary shares were granted under the LTIP, which were all time-based awards vesting over four years and expiring two years later. In May 2020, a combined 2,000 Restricted Stock Units and Options over ordinary shares were granted under the LTIP, which were all time-based awards vesting over four years and expiring two years later. In June 2020, a combined 27,280 Restricted Stock Units and Options over ordinary shares were granted under the Director EIP, which were all time-based awards that would fully vest one year later. In September 2020, a combined 3,892 oRestricted Stock Units and Options over ordinary shares were granted under the LTIP, which were all time-based awards vesting over four years and expiring two years later. In March 2019, a combined 196,320 Restricted Stock Units and Options over ordinary shares were granted under the LTIP, which were all time-based awards vesting over four years and expiring two years later. In May 2019, a combined 3,981 Restricted Stock Units and Options over ordinary shares were granted under the Director EIP, which were all time-based awards that would fully vest one year later. In December 2019, a combined 6,000 Restricted Stock Units and Options over ordinary shares were granted under the LTIP, which were all time-based awards vesting over four years and expiring two years later. Total share-based compensation expense for 2021, 2020 and 2019 was as follows: Years ended December 31, In millions 2021 2020 2019 Total share-based compensation charges $ 2.8 $ 2.8 $ 4.5 There were no cancellations or modifications to the awards in 2021, 2020 or 2019. The actual tax benefit realized for the tax deductions from option exercises totaled $1.1 million, $0.6 million and $0.9 million in 2021, 2020 and 2019, respectively. The following tables illustrates the number of, and movements in, share options during the year, with each option relating to 1 ordinary share: Number of shares Weighted- average exercise price Weighted- average remaining contractual life (years) Aggregate intrinsic value ($M) At January 1, 2021 412,804 $ 0.87 1.9 $ 6.8 Granted during the year 174,264 $ 1.00 Exercised during the year (271,851) $ 0.77 Accrued dividend awards 7,898 $ 0.95 Lapsed during the year (25,628) $ 0.92 At December 31, 2021 297,487 $ 0.99 2.2 $ 5.7 Options exercisable at December 31, 2021 13,874 $ 0.84 3.1 $ 0.2 Options expected to vest as of December 31, 2021 269,432 $ 1.00 2.2 $ 5.2 The weighted average fair value of options granted in 2021, 2020 and 2019 was estimated to be $20.56, $9.41 and $17.65 per share, respectively. The total intrinsic value of options that were exercised during 2021, 2020 and 2019 was $5.8 million, $3.0 million and $11.2 million, respectively. At December 31, 2021, the total unrecognized compensation cost related to share options was $2.8 million (2020: $2.2 million). This cost is expected to be recognized over a weighted average period of 1.9 years (2020: 1.3 years ). 16. Share Plans (continued) (b) Share-based compensation (continued) The following table illustrates the assumptions used in deriving the fair value of share options during the year: 2021 2020 2019 Dividend yield (%) 2.27 3.39 - 4.09 2.10 Expected volatility range (%) 42.80 - 59.03 36.48 - 56.28 35.06 - 44.20 Risk-free interest rate (%) 0.04 - 0.24 0.18 - 0.49 0.74 - 2.52 Expected life of share options range (years) 0.50 - 4.00 0.50 - 4.00 0.50 - 4.00 Forfeiture rate (%) 5.00 5.00 5.00 Weighted average exercise price ($) $1.00 $1.00 $1.00 Models used Black-Scholes & Monte-Carlo Black-Scholes & Monte-Carlo Black-Scholes & Monte-Carlo The expected life of the share options is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. Employee share incentive plans The Company operates an all-employee share incentive plan in its U.K. and U.S. operations and may look to implement plans in other geographic regions. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We classify our operations into two core business segments, Gas Cylinders and Elektron, based primarily on shared economic characteristics for the nature of the products and services; the nature of the production processes; the type or class of customer for their products and services; the methods used to distribute their products or provide their services; and the nature of the regulatory environment. The Company has four identified business units, which aggregate into the two reportable Segments. Luxfer Gas Cylinders forms the Gas Cylinders Segment, and Luxfer MEL Technologies, Luxfer Magtech and Luxfer Graphic Arts aggregate into the Elektron Segment. The Superform business unit used to aggregate into the Gas Cylinders Segment but is now recognized within discontinued operations. A summary of the operations of the segments is provided below: Gas Cylinders Segment Our Gas Cylinders Segment manufactures and markets specialized highly-engineered cylinders using carbon composites and aluminum alloys, such as pressurized cylinders for use in various applications including self-contained breathing apparatus (SCBA) for firefighters, containment of oxygen and other medical gases for healthcare, alternative fuel vehicles, and general industrial applications. Elektron Segment Our Elektron Segment focuses on specialty materials based primarily on magnesium and zirconium, with key product lines including advanced lightweight magnesium alloys with a variety of uses across a variety of industries, including the following: (i) magnesium powders for use in countermeasure flares, as well as heater meals; (ii) photoengraving plates for graphic arts; and (iii) high-performance zirconium-based materials and oxides used as catalysts and in the manufacture of advanced ceramics, fiber-optic fuel cells, and many other high-performance products. Other Other, as used below, primarily represents unallocated corporate expense and includes non-service related defined benefit pension cost / credit. Management monitors the operating results of its reportable segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated by the chief operating decision maker, the CEO, who is responsible for allocating resources and assessing performance of the operating segments, using adjusted EBITA (1) and adjusted EBITDA, which is defined as segment income, and is based on (i) operating income adjusted for share based compensation charges; (ii) loss on disposal of property, plant and equipment; (iii) restructuring charges; (iv) impairment charges; (v) acquisition and disposal related gains and costs; (vi) other charges; (vii) depreciation and amortization; and (viii) unwind of discount on deferred consideration. Unallocated assets and liabilities include those which are held on behalf of the Company and cannot be allocated to a segment, such as taxation, investments, cash, retirement benefits obligations, bank and other loans and holding company assets and liabilities. Financial information by reportable segment for the years ended December 31 is included in the following summary: Net Sales Adjusted EBITDA In millions 2021 2020 2019 2021 2020 2019 Gas Cylinders segment $ 178.3 $ 141.9 $ 153.5 $ 22.7 $ 21.3 $ 22.3 Elektron segment 195.8 182.9 219.9 40.7 32.6 44.8 Consolidated $ 374.1 $ 324.8 $ 373.4 $ 63.4 $ 53.9 $ 67.1 During 2021 there were no of sales made from the Elektron segment to the Gas Cylinders segment (2020 and 2019 $0.4 million). Depreciation and amortization Restructuring Charges In millions 2021 2020 2019 2021 2020 2019 Gas Cylinders segment $ 5.8 $ 3.7 $ 3.6 $ 5.3 $ 7.9 $ 20.7 Elektron segment 9.8 9.6 9.6 0.9 0.9 5.2 Other segment — — — — 0.1 — Consolidated $ 15.6 $ 13.3 $ 13.2 $ 6.2 $ 8.9 $ 25.9 (1) Adjusted EBITA is adjusted EBITDA less depreciation and loss on disposal of property, plant and equipment. 17. Segment Information (continued) Total assets Capital expenditure In millions 2021 2020 2021 2020 2019 Gas Cylinders segment $ 122.7 $ 99.7 $ 1.0 $ 2.0 $ 3.1 Elektron segment 206.5 189.7 7.9 5.1 10.9 Other 34.8 24.7 — — — Discontinued operations 4.8 32.3 0.1 0.3 0.8 $ 368.8 $ 346.4 $ 9.0 $ 7.4 $ 14.8 The following table presents a reconciliation of Adjusted EBITDA to net income from continuing operations: In millions 2021 2020 2019 Adjusted EBITDA $ 63.4 $ 53.9 $ 67.1 Share based compensation charges (2.8) (2.8) (4.5) Loss on disposal of property, plant and equipment — (0.1) (0.2) Depreciation and amortization (15.6) (13.3) (13.2) Unwind discount on deferred consideration — — (0.2) Restructuring charges (6.2) (8.9) (25.9) Impairment credit — — 0.2 Acquisition costs (1.5) — (1.4) Other charges (1.1) (0.4) (2.5) Defined benefits pension credit 2.3 4.3 1.3 Interest expense, net (3.1) (5.0) (4.4) Provision for taxes (5.4) (6.9) (7.6) Net income from continuing operations $ 30.0 $ 20.8 $ 8.7 Equity (loss) / income of unconsolidated affiliates for 2020 and 2019 relates predominantly to the Gas Cylinders Segment. 17. Segment Information (continued) The following tables present certain geographic information by geographic region for the years ended December 31: Net Sales (1) 2021 2020 2019 $M Percent $M Percent $M Percent United States $ 207.8 55.6 % $ 173.0 53.3 % $ 201.4 53.9 % U.K. 24.4 6.6 % 18.7 5.8 % 23.9 6.4 % Germany 17.7 4.7 % 15.7 4.8 % 21.8 5.8 % Italy 11.0 2.9 % 10.5 3.2 % 13.3 3.6 % France 12.5 3.3 % 20.2 6.2 % 15.9 4.3 % Top five countries $ 273.4 73.1 % $ 238.1 73.3 % $ 276.3 74.0 % Rest of Europe 25.8 6.9 % 25.4 7.8 % 37.7 10.1 % Asia Pacific 53.7 14.3 % 45.2 13.9 % 42.8 11.5 % Other (2) 21.2 5.7 % 16.1 5.0 % 16.6 4.4 % $ 374.1 $ 324.8 $ 373.4 Property, plant and equipment, net In millions 2021 2020 United States $ 46.9 $ 44.3 United Kingdom 36.0 36.6 Canada 3.3 3.7 Rest of Europe 1.0 1.1 Asia Pacific 0.3 0.3 $ 87.5 $ 86.0 (1) Net sales are based on the geographic destination of sale. (2) Other represents Africa, Brazil, Canada, Mexico and Other Americas. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases We have operating leases for buildings, vehicles and certain equipment. The Company has applied practical expedients for leases with a fair value of less than $5,000 or a lease term of less than twelve months. The majority of our leases have remaining lease terms of one The components of the lease expense is as follows: Year to date In millions 2021 2020 2019 Operating lease cost $ 3.4 $ 3.8 $ 4.1 None of our leases were classified as finance leases in any of the years disclosed. Supplemental cash flow information related to leases was as follows: Year-to-date In millions 2021 2020 2019 Operating cash flows from operating leases $ 3.4 $ 3.8 $ 4.1 During the year ended December 31, 2021, there were additional operating leases entered into totaling $2.3 million (2020: $0.8 million, 2019: $0.2 million). These are non-cash items but will impact cash in future years. Supplemental balance sheet information related to leases was as follows: December 31, December 31, In millions 2021 2020 Operating leases Operating lease right-of-use asset $ 12.6 $ 9.5 Other current liabilities 3.0 2.9 Other non-current liabilities 9.8 6.7 $ 12.8 $ 9.6 Weighted Average Remaining Lease Term (Years) 17.2 21.9 Weighted Average Discount Rate 4.38 % 4.43 % Maturities of lease liabilities were as follows: In millions 2021 2022 $ 3.0 2023 2.6 2024 2.2 2025 1.9 2026 1.0 Thereafter 8.7 Total lease payments $ 19.4 Less imputed interest (6.6) Total $ 12.8 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Capital commitments At December 31, 2021, the Company had capital expenditure commitments of $1.5 million (2020: $1.1 million and 2019: $1.0 million) for the acquisition of new plant and equipment. Committed banking facilities The Company refinanced in October 2021, see Note 11 for details of the refinance. At December 31, 2021, the Company had committed banking facilities of $100.0 million with an additional $50.0 million of uncommitted facilities through an accordion provision. Of these committed facilities, $10.8 million was drawn at December 31, 2021. The Company also has three separate (uncommitted) bonding facilities for bank guarantees, two denominated in GBP sterling totaling £0.6 million ($0.9 million) and one denominated in USD of $1.5 million. Of that denominated in GBP, £0.1 million ($0.2 million) was utilized at December 31, 2021. Of that denominated in USD, $0.9 million was utilized at December 31, 2021. The Company also has a $4.0 million separate overdraft facility of which none was drawn at December 31, 2021. The Company has various uncommitted transitional banking and foreign exchange lines available for day-to-day operational purposes. At December 31, 2020 the Company had committed banking facilities of $150.0 million with an additional $50.0 million of uncommitted facilities through an accordion provision. Of the committed facilities, $4.1 million was drawn at December 31, 2020. The Company had a separate (uncommitted) facility for letters of credit, which at December 31, 2020, was £1.0 million ($1.3 million). None of these were utilized at December 31, 2020. The Company also had two separate (uncommitted) bonding facilities for bank guarantees; one denominated in GBP sterling totaling £4.5 million ($6.1 million) and one denominated in USD totaling $1.5 million. Of that dominated in GBP, £1.0 million ($1.4 million) was utilized at December 31, 2020. Of that denominated in USD, $0.8 million was utilized at December 31, 2020. Contingencies During February 2014, a cylinder was sold to a long-term customer and ruptured at one of their gas facilities. As a result of this rupture, three people were noted to have injuries, such as loss of hearing. There was no major damage to assets of the customer. A claim has been launched by the three people who were injured in the incident. We have reviewed our quality control checks from around the time that the cylinder was produced, and no instances of failures have been noted. It has also been noted by the investigator that the customer has poor quality and safety checks. In November 2021, during the final hearing, the Court found the representative of Luxfer Gas Cylinders Limited, not guilty and thus the Company was found not liable. The Civil case is still ongoing but as a result of the above, we do not believe that we are liable for the incident, and therefore, do not currently expect this case to have a material impact on the Company's financial position or results of operations. In November 2018, an alleged explosion occurred at a third-party waste disposal and treatment site in Boise, Idaho, reportedly causing property damage, personal injury, and one fatality. We had contracted with a service company for removal and disposal of certain waste resulting from the magnesium powder manufacturing operations at the Reade facility in Manchester, New Jersey. We believe this service company, in turn, apparently contracted with the third-party disposal company, at whose facility the explosion occurred, for treatment and disposal of the waste. In November 2020, we were named as a defendant in three lawsuits in relation to the incident – one by the third-party disposal company, one by the estate of the decedent, and one by an injured employee of the third-party disposal company. At present, we have received insufficient information on the cause of the explosion. We do not believe that we are liable for the incident, have asserted such, and, therefore, do not currently expect this matter to have a material impact on the Company’s financial position or results of operations. |
Selected Quarterly Data (unaudi
Selected Quarterly Data (unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Data (unaudited) | Selected Quarterly Data (unaudited) The following tables present 2021 and 2020 quarterly financial information for continuing operations: 2021 In millions, except per-share data First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Net sales $ 85.2 $ 99.0 $ 91.2 $ 98.7 $ 374.1 Gross profit 25.2 25.9 21.1 23.8 96.0 Operating income 11.1 11.5 8.1 5.5 36.2 Net income from continuing operations 8.6 11.9 6.0 3.5 30.0 Earnings per ordinary share (1) Basic earnings per ordinary share from continuing operations $ 0.31 $ 0.43 $ 0.22 $ 0.13 $ 1.08 Diluted earnings per ordinary share from continuing operations 0.31 0.42 0.21 0.13 1.07 2020 In millions, except per-share data First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Net sales $ 88.4 $ 76.6 $ 77.7 $ 82.1 $ 324.8 Gross profit 24.1 18.0 18.9 19.9 $ 80.9 Operating income 9.0 5.8 5.3 8.4 $ 28.5 Net income from continuing operations 7.2 4.6 2.4 6.6 $ 20.8 Earnings per ordinary share (1) Basic earnings per ordinary share from continuing operations $ 0.26 $ 0.17 $ 0.09 $ 0.24 $ 0.75 Diluted earnings per ordinary share from continuing operations 0.26 0.16 0.09 0.24 0.74 (1) Amounts may not total to annual earnings because each quarter and year are calculated separately based on basic and diluted weighted-average ordinary shares outstanding during the period. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions Joint venture in which the Company is a venturer During 2021, the Company maintained its 50% investment in the equity of the joint venture, Nikkei-MEL Company Limited. During 2021, the Elektron Segment made $0.8 million of sales to the joint venture (2020: $0.6 million). At December 31, 2021, the gross and net amounts receivable from the joint venture amounted to $0.1 million (2020: $0.2 million). In July 2020, the Company sold its 51% investment in the equity of its previous joint venture (see note 3 Acquisitions and Disposals ), Luxfer Uttam India Private Limited. During 2020, prior to the sale, the Gas Cylinders Segment made $1.5 million (2019: $6.4 million) of sales to the joint venture. In addition, in 2018, we transferred goods to Luxfer Uttam on extended credit terms with a sales value of $1.6 million, where we did not deem it to be probable that we would collect substantially all of the consideration. In accordance with ASC 606, Revenue from Contracts with Customers , we did not recognize any revenue in relation to this transaction in 2018. However, this revenue was recognized, in full, during 2019. Associates in which the Company holds an interest During 2020, Sub161 Pty Limited, in which the Company held 26.4% equity, was liquidated as it no longer traded. During 2020, there were no sales made to or amounts receivable from the associate. Transactions with other related parties At December 31, 2021, the directors and key management comprising the members of the Executive Leadership Team owned 500,237 £0.50 ordinary shares (2020: 425,413 £0.50 ordinary shares) and held awards over a further 299,021 £0.50 ordinary shares (2020: 248,522 £0.50 ordinary shares). During the years ended December 31, 2021, and December 31, 2020, share options held by members of the Executive Leadership Team were exercised. Cherokee Properties Inc. represented a related party in 2019 due to its association with Chris Barnes, who was, until July 2019, the president of one of our operating segments and is the president of Cherokee Properties Inc. During 2019, we engaged with Cherokee Properties Inc. for rental and associated costs regarding our manufacturing site in Madison, IL, for the value of $1.1 million. We continue to engage with Cherokee Properties Inc., although not as a related-party. Other than the transactions with the joint ventures, associates and key management personnel disclosed above, no other related-party transactions have been identified. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsNo material subsequent events. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation The consolidated financial statements comprise the financial statements of Luxfer Holdings PLC and its subsidiaries (collectively "we," "our," "Luxfer" or "the Company" ) that we control. Investments in unconsolidated affiliates, where we have the ability to exercise significant influence over the operating and financial policies, are accounted for using the equity method. All inter-company balances and transactions, including unrealized profits arising from intra-company transactions, have been eliminated in full. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and are presented in U.S. dollars ("USD"). The books of the Company's non-U.S. entities are converted to USD at each reporting period date in accordance with the accounting policy below. The functional currency of the holding company, Luxfer Holdings PLC, is USD (2020 and 2019 pounds sterling ("GBP")) and that of its U.K. subsidiaries is GBP, being the most appropriate currency for those particular operations. |
Discontinued operations | Discontinued operations Certain amounts relating to our discontinued businesses are recorded within assets or liabilities held-for-sale on the consolidated balance sheets and within net loss from discontinued operations on the consolidated statements of income. |
Fiscal year | Fiscal year Our fiscal year ends on December 31. We report our interim quarterly periods on a 13-week basis ending on a Sunday. |
Use of estimates | Use of estimates The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes, disclosures of contingent assets and liabilities at the date of the financial statements and in the reported amounts of revenues and expenses during the reporting period. Significant estimates include our assessment of goodwill for impairment, estimated realizable value on excess and obsolete inventory, assets acquired and liabilities assumed in acquisitions, estimated selling proceeds from assets held for sale, contingent liabilities, income taxes and pension benefits. Actual results could differ from our estimates. |
Goodwill and other identifiable intangible assets | Goodwill and other identifiable intangible assets Business combinations are accounted for using the purchase method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interest in the acquiree. The measurement of non-controlling interest is at fair value and is determined on a transaction by transaction basis. Acquisition costs are expensed as incurred. Goodwill represents the excess of the cost of acquired businesses over the net of the fair value of identifiable tangible net assets, identifiable intangible assets purchased, and liabilities assumed. Goodwill is tested at least annually for impairment or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill is tested for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We may elect not to perform the qualitative assessment for some or all reporting units and only perform a quantitative impairment test. At the end of the third quarter of 2021, management carried out its qualitative review, which showed no indicators of impairment, as a result, the Company concluded its review at this point and was not required to perform a quantitative review. We completed a quantitative goodwill impairment evaluation as of the last day of the third quarter of 2020 and 2019 with each of our reporting units' fair value being substantially in excess of their carrying value. Other intangible assets are measured initially at cost, or, where acquired in a business combination, at fair value, and are amortized on a straight-line basis over their estimated useful lives, as shown in the table below. Customer relationships 15 - 25 years Technology and trading related 5 - 25 years The carrying values are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Reviews are made annually of the estimated remaining lives and residual values of the patents and trademarks. |
Investments in affiliates | Investments in affiliates The company owns interest in the following affiliate: Name of company Country of Holding Proportion of voting rights and shares held Classification Consolidation method Nikkei-MEL Co. Limited Japan Ordinary shares 50% Joint venture Equity method Sub161 Pty Limited, our former Australian associate, (VIE), in which we held a 26% interest, was liquidated and deregistered as a legal entity in November 2020. We were not the primary beneficiary of the VIE, and thus did not consolidate it so we used the equity method to account for its results. We had previously fully impaired our investment, and there was no gain or loss resulting from the liquidation. |
Property, plant and equipment, net | Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis over the estimated useful life of the particular asset. The depreciation expense during 2021, 2020 and 2019 was $14.7 million, $12.6 million and $12.0 million, respectively. The estimated useful lives are summarized as follows: Freehold buildings 10 - 33 years Leasehold land and buildings The lesser of life of lease or freehold rate Machinery and equipment 3 - 25 years Including: Heavy production equipment (including casting, rolling, extrusion and press equipment) 20 - 25 years Chemical production plant and robotics 7 - 10 years Other production machinery 5 - 10 years Furniture, fittings, storage and equipment 3 - 10 years Computer software 4 - 7 years Freehold land is not depreciated. 1. Summary of Significant Accounting Policies (continued) Property, plant and equipment, net (continued) Reviews are made annually of the estimated remaining lives and residual values of individual productive assets, taking account of commercial and technological obsolescence, as well as normal wear and tear. We review the carrying value for any individual asset or asset group for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. If any such indication exists, and where the carrying value exceeds the estimated recoverable amount, the asset is written-down to its estimated recoverable amount. The assessment of possible impairment is based on our ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset or asset group, an impairment loss is recognized for the difference between estimated fair value and carrying value. Impairment losses on long-lived assets held for sale are determined in a similar manner, except that fair values are reduced for the cost to dispose of the assets.The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets. During 2021 and 2019, we recorded an impairment charge of $1.5 million and $5.2 million, respectively, recorded within discontinued operations. There was no impairment charge recognized in 2020. |
Impairments | Impairments The Company will recognize impairments in relation to property, plant and equipment, investments, goodwill, other identifiable intangible assets and other long-lived assets in accordance with the above policies. Impairments relating to restructuring activities, incurred to exit an activity or location, will be recorded within the restructuring line on the Statements of Income. Other impairments will be recorded within the impairment charges line on the Statements of Income. Impairments related to discontinued operations will be recorded within the net loss from discontinued operations line on the Statements of Income. Within discontinued operations in 2021, there was a $1.5 million impairment charge relating to plant and equipment held in our Superform U.S. business, reflecting updated expectations of fair market value. In 2019, there was a $0.2 million impairment credit resulting from a true-up upon the final sale of the Czech business, recognized in the impairment credit line, and within discontinued operations, there was a $5.2 million charge relating to plant and equipment held in our Superform UK business. Within restructuring costs in 2019 there was $5.0 million of asset impairment predominantly relating to asset write-downs and one-time employee benefits following the decision to scale down production at one of our Luxfer Magtech sites. |
Revenue recognition | Revenue recognition A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The majority of the Company’s contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. There is no variable consideration or obligations for returns, refunds, or other related obligations in the Company’s contracts. Payment terms and conditions vary by contract type and may include a requirement of payment in advance. In general, our payment terms are 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined its contracts do not include a significant financing component. The Company’s revenue is primarily derived from the following sources and are recognized when or as the Company satisfies a performance obligation by transferring a good or service to a customer: Product revenues We recognize revenue when it is realized or realizable and has been earned. Revenue is recognized when the following are met: (i) persuasive evidence of an arrangement exists; (ii) shipment or delivery has occurred (depending on the terms of the sale), which is when the transfer of product or control occurs; (iii) our price to the buyer is fixed or determinable; and (iv) the ability to collect is reasonably assured. Royalties Royalty revenue is recognized on an accrual basis in accordance with the substance of the relevant agreements, provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Practical Expedients The Company applies the practical expedient and does not disclose information about remaining performance obligations for contracts that have original expected durations of one year or less. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash is recognized separately in the Consolidated Balance Sheets. Restricted cash balances were $0.2 million at December 31, 2021, and less than $0.1 million at December 31, 2020. The amounts held in escrow at December 31, 2021, were held in relation to a payment received for an historic doubtful debt in our Elektron division and the amounts held at December 31, 2020, were held to disburse environmental liabilities recognized as a result of the acquisition of the Specialty Metals division of ESM Inc. in 2017. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Raw materials are valued on a first-in, first-out basis. Strategic purchases of inventories in order to secure supply and reduce the impact of price volatility on the cost of inventories are valued on a weighted-average cost basis. Work in progress and finished goods costs comprise direct materials including, where applicable, direct labor costs, an apportionment of production overheads and any other costs that have been incurred in bringing the inventories to their present location and condition. Inventories are reviewed on a regular basis, and we make allowance for excess or obsolete inventories and write-down to net realizable value based primarily on committed sales prices and our estimates of expected and future product demand and related pricing. |
Research and Development | Research and Development Included within research and development costs are directly attributable salaries, materials and consumables, as well as third-party contractor fees and research costs. These costs are expensed as incurred. |
Foreign currencies | Foreign currencies Transactions in currencies other than an operation's functional currency are initially recorded in the functional currency at the rate of exchange prevailing on the dates of transactions. At each balance sheet date, the foreign currency monetary assets and liabilities of each operation are translated into the functional currency of that operation at the rates prevailing on the balance sheet date. All differences are taken to the consolidated statement of income, with the exception of differences on foreign currency borrowings that provide a hedge against a net investment in a foreign entity. These differences on foreign currency borrowings are taken directly to equity until the disposal of the net investment, at which time they are recognized in the consolidated statement of income. Tax charges and credits attributable to exchange differences on those borrowings are also included in equity. On consolidation, the assets and liabilities of the Company's foreign operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences that arise, if any, are included in Accumulated other comprehensive income (“AOCI”), a separate component of equity. Such translation differences are recognized in the consolidated statements of income in the period in which the Company either loses control of the operation or liquidation occurs. During 2021, the average USD/GBP sterling exchange rate was £0.7264 compared to the 2020 average of £0.7805. This change resulted in a positive impact of $9.5 million on revenue and $0.3 million on operating income. Based on the 2021 level of revenue and income, a weakening in GBP sterling leading to a £0.05 increase in the USD/GBP sterling exchange rate would result in a decrease of $8.9 million in revenue and a decrease of $1.3 million in operating net income. On January 1, 2021 the functional currency of Luxfer Holdings PLC was changed from the local currency, GBP to the reporting currency, USD reflecting that the majority of the parent company's cash flows are now denominated in USD, including intercompany loans and interest payments as well as dividends paid to its shareholders. The change was triggered by a revision to our intercompany financing model which now aims to manage foreign exchange risk through Luxfer Group Limited, whose functional currency remains GBP (the same as its local currency). |
Income taxes | Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. When the Company does not believe that, on the basis of available information, it is more likely than not that deferred tax assets will be fully recovered, it recognizes a valuation allowance against its deferred tax assets to reduce the deferred tax assets to the amount more likely than not to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactments date. |
Employee benefit plans | Employee benefit plans The Company operates funded defined benefit pension plans in the U.K., the U.S. and France. The levels of funding are determined by periodic actuarial valuations that take into account changes in actuarial assumptions, including discount rates and expected returns on plan assets. The assets of the plans are generally held in separate Trustee-administered funds. The Company also operates defined contribution plans in the U.K., the U.S., Australia and Canada. Actuarial assumptions are updated annually and are disclosed in Note 14. We recognize changes in the fair value of plan assets and net actuarial gains or losses for pension and other post-retirement benefits annually in the fourth quarter each year (“mark-to-market adjustment”) and, if applicable, in any quarter in which an interim remeasurement is triggered. Net actuarial gains and losses occur when the actual experience differs from any of the various assumptions used to value our pension and other post-retirement plans or when assumptions change, as they may each year. The remaining components of pension expense, including service and interest costs and estimated return on plan assets, are recorded on a quarterly basis. Payments to defined contribution plans are charged as an expense as they fall due. |
Commitments and contingencies | Commitments and contingencies Loss contingencies are recognized when the Company has a present obligation as a result of a past event, it is probable that a transfer of resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
Share based compensation | Share-based compensation We account for share-based compensation awards on a fair value basis at the grant date. The estimated grant date fair value of each option award is recognized in income on an accelerated basis over the requisite service period (generally the vesting period). The estimated fair value of each option award is calculated using either the Black-Scholes option-pricing model or a Monte-Carlo simulation, both of which are subjective and involve the application of significant estimates and assumptions, including the expected term of the award, implied volatility, expected dividend yield and the risk-free interest rate. Restricted share awards and units are recorded as compensation cost on an accelerated basis over the requisite service periods based on the market value on the date of the grant. Performance share units ("PSU") are stock awards where the ultimate number of shares issued will be contingent on the Company's performance against certain financial performance targets. The fair value of each PSU is based on the market value on the date of grant. We recognize expense based upon the fair value of the awards on the grant date and the estimated vesting of the PSUs granted. The estimated vesting of the PSUs is based on the probability of achieving certain financial performance thresholds over the specified performance period. |
Trade receivables | Trade receivables and concentration of credit risk The Company is exposed to credit losses primarily through sales of products. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts 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, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted. Estimates are used to determine the allowance. It is based on assessment of anticipated receipts and all other historical, current and future information that is reasonably available. |
Concentration of credit risk | We are exposed to credit risk in the event of nonpayment by customers. However, we mitigate our exposure to credit risk by performing ongoing credit evaluations and, when deemed necessary, utilizing credit insurance, prepayments or guarantees. No individual customer represented more than 10% of our revenue or accounts receivable. The concentration of credit risks from financial instruments related to the markets we serve is not expected to have a material adverse effect on our consolidated financial position, cash flows or future results of operations. |
Derivative financial instruments | Derivative financial instruments We recognize all derivatives as either assets or liabilities (within accounts and other receivables or accounts payable) at fair value in our Consolidated Balance Sheets. We no longer apply hedge accounting. Therefore any changes in fair value are reported in income immediately in cost of sales. We use derivative instruments for the purpose of hedging commodity price risk and currency exposures, which exist as part of ongoing business operations. |
New accounting standards | New accounting standards There were no new accounting standards issued which required adoption in the fiscal year ended December 31, 2021. Accounting standards which have been early adopted None Accounting standards issued but not yet effective There are no accounting standards that have been issued, but are not yet effective, that are expected to have a material impact on our results of operations or balance sheet presentation. |
Earnings per share | Basic earnings per share are computed by dividing net income for the period by the weighted-average number of ordinary shares outstanding, net of Treasury shares and shares held in ESOP. Diluted earnings per share are computed by dividing net income for the period by the weighted average number of ordinary shares outstanding and the dilutive ordinary share equivalents. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Other Intangible Assets Useful Life | Other intangible assets are measured initially at cost, or, where acquired in a business combination, at fair value, and are amortized on a straight-line basis over their estimated useful lives, as shown in the table below. Customer relationships 15 - 25 years Technology and trading related 5 - 25 years |
Schedule of Investments in Affiliates | The company owns interest in the following affiliate: Name of company Country of Holding Proportion of voting rights and shares held Classification Consolidation method Nikkei-MEL Co. Limited Japan Ordinary shares 50% Joint venture Equity method |
Schedule of Property, Plant and Equipment Useful Life | The estimated useful lives are summarized as follows: Freehold buildings 10 - 33 years Leasehold land and buildings The lesser of life of lease or freehold rate Machinery and equipment 3 - 25 years Including: Heavy production equipment (including casting, rolling, extrusion and press equipment) 20 - 25 years Chemical production plant and robotics 7 - 10 years Other production machinery 5 - 10 years Furniture, fittings, storage and equipment 3 - 10 years Computer software 4 - 7 years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Disaggregated revenue from continuing operations for the fiscal years ended December 31, 2021, 2020, and 2019, are included below and in Note 17, Segment Information. Years ended December 31, 2021 2020 2019 In millions Gas Cylinders Elektron Total Gas Cylinders Elektron Total Gas Cylinders Elektron Total General industrial $ 33.4 $ 95.8 $ 129.2 $ 24.2 $ 87.7 $ 111.9 $ 24.7 $ 111.7 $ 136.4 Transportation 71.2 45.8 117.0 49.8 42.3 92.1 48.5 59.5 108.0 Defense, First Response & Healthcare 73.7 54.2 127.9 67.9 52.9 120.8 80.3 48.7 129.0 $ 178.3 $ 195.8 $ 374.1 $ 141.9 $ 182.9 $ 324.8 $ 153.5 $ 219.9 $ 373.4 |
Acquisitions and disposals (Tab
Acquisitions and disposals (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Acquired | The fair value of assets and liabilities acquired are as follows: In millions Accounts and other receivables $ 4.7 Inventories 6.7 Property, plant and equipment 7.8 Customer relationships 1.8 Less: Accounts payable (1.7) Net assets acquired 19.3 Purchase consideration $ 19.3 |
Schedule of Results of Discontinued Operations | In millions 2021 Net proceeds $ 3.0 Deferred consideration payable 1.0 Less Net assets sold (4.5) Loss on disposition $ (0.5) In millions 2021 Net proceeds $ 20.2 Less Net assets sold (11.5) Gross gain on disposition 8.7 Tax expense (1.6) Net gain on disposition $ 7.1 Results of discontinued operations were as follows: In millions 2021 2020 2019 Net sales $ 20.9 $ 53.2 $ 70.1 Cost of goods sold (21.8) (51.5) (65.8) Gross (loss) / profit (0.9) 1.7 4.3 Selling, general and administrative expenses (2.9) (5.8) (5.3) Restructuring charges (1.0) (0.1) (0.1) Impairment charges (1.5) — (5.2) Other income — 3.4 — Operating loss (6.3) (0.8) (6.3) Net interest expense — — (0.2) Net loss before income taxes (6.3) (0.8) (6.5) Provision for income taxes (0.4) — 0.9 Net loss $ (6.7) $ (0.8) $ (5.6) The assets and liabilities classified as held-for-sale were as follows: In millions December 31, 2021 December 31, 2020 Accounts and other receivables $ 2.1 $ 8.7 Inventories 2.7 12.6 Current assets 4.8 21.3 Property, plant and equipment — 7.9 Right-of-use assets — 3.1 Total assets $ 4.8 $ 32.3 Accounts payable 0.5 4.3 Accrued liabilities 0.1 1.5 Other current liabilities 0.8 1.5 Current liabilities 1.4 7.3 Other non-current liabilities — 4.1 Total liabilities $ 1.4 $ 11.4 The depreciation and amortization, capital expenditures and significant operating non-cash items were as follows: In millions 2021 2020 2019 Non-cash add-backs to cash flows from discontinued operating activities: Depreciation $ 0.5 $ 1.1 $ 1.1 Impairment charges 1.5 — 5.2 Cash flows from discontinued investing activities: Capital expenditures $ 0.1 $ 0.3 $ 0.8 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Restructuring related costs included in restructuring charges in the consolidated statement of income are as follows: Years ended December 31, In millions 2021 2020 2019 Severance and related costs $ (6.2) $ (8.9) $ (20.9) Asset impairment — — (5.0) Total restructuring charges $ (6.2) $ (8.9) $ (25.9) 4. Restructuring (continued) Restructuring costs by reportable segment were as follows: Years ended December 31, In millions 2021 2020 2019 Gas Cylinders Segment $ (5.3) $ (7.9) $ (20.7) Elektron Segment (0.9) (0.9) (5.2) Other $ — $ (0.1) $ — Total restructuring charges $ (6.2) $ (8.9) $ (25.9) |
Schedule of Restructuring Reserve | Activity related to restructuring, recorded in other current liabilities in the consolidated balance sheets is summarized as follows: In millions 2021 2020 Balance at January 1, $ 9.0 $ 6.5 Costs incurred 6.2 8.9 Cash payments and other (3.5) (6.4) Balance at December 31, $ 11.7 $ 9.0 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Basic and diluted earnings per share were calculated as follows: Years ended December 31, In millions except share and per-share data 2021 2020 2019 Basic earnings: Net income from continuing operations $ 30.0 $ 20.8 $ 8.7 Net gain / (loss) from discontinued operations (0.1) (0.8) (5.6) Net income $ 29.9 $ 20.0 $ 3.1 Weighted average number of £0.50 ordinary shares: For basic earnings per share 27,698,691 27,557,219 27,289,042 Dilutive effect of potential common stock 333,815 414,163 593,822 For diluted earnings per share 28,032,506 27,971,382 27,882,864 Earnings per share using weighted average number of ordinary shares outstanding: (1) Basic earnings per ordinary share for continuing operations $ 1.08 $ 0.75 $ 0.32 Basic earnings / (loss) per ordinary share for discontinued operations $ — $ (0.03) $ (0.21) Basic earnings per ordinary share $ 1.08 $ 0.73 $ 0.11 Diluted earnings per ordinary share for continuing activities $ 1.07 $ 0.74 $ 0.31 Diluted earnings / (loss) per ordinary share for discontinued operations $ — $ (0.03) $ (0.21) Diluted earnings per ordinary share $ 1.07 $ 0.72 $ 0.11 (1) Th e calculation of earnings per share is performed separately for continuing and discontinued operations. As a result, the sum of the two in any particular year may not equal the earnings-per-share amount in total. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Results of Discontinued Operations | In millions 2021 Net proceeds $ 3.0 Deferred consideration payable 1.0 Less Net assets sold (4.5) Loss on disposition $ (0.5) In millions 2021 Net proceeds $ 20.2 Less Net assets sold (11.5) Gross gain on disposition 8.7 Tax expense (1.6) Net gain on disposition $ 7.1 Results of discontinued operations were as follows: In millions 2021 2020 2019 Net sales $ 20.9 $ 53.2 $ 70.1 Cost of goods sold (21.8) (51.5) (65.8) Gross (loss) / profit (0.9) 1.7 4.3 Selling, general and administrative expenses (2.9) (5.8) (5.3) Restructuring charges (1.0) (0.1) (0.1) Impairment charges (1.5) — (5.2) Other income — 3.4 — Operating loss (6.3) (0.8) (6.3) Net interest expense — — (0.2) Net loss before income taxes (6.3) (0.8) (6.5) Provision for income taxes (0.4) — 0.9 Net loss $ (6.7) $ (0.8) $ (5.6) The assets and liabilities classified as held-for-sale were as follows: In millions December 31, 2021 December 31, 2020 Accounts and other receivables $ 2.1 $ 8.7 Inventories 2.7 12.6 Current assets 4.8 21.3 Property, plant and equipment — 7.9 Right-of-use assets — 3.1 Total assets $ 4.8 $ 32.3 Accounts payable 0.5 4.3 Accrued liabilities 0.1 1.5 Other current liabilities 0.8 1.5 Current liabilities 1.4 7.3 Other non-current liabilities — 4.1 Total liabilities $ 1.4 $ 11.4 The depreciation and amortization, capital expenditures and significant operating non-cash items were as follows: In millions 2021 2020 2019 Non-cash add-backs to cash flows from discontinued operating activities: Depreciation $ 0.5 $ 1.1 $ 1.1 Impairment charges 1.5 — 5.2 Cash flows from discontinued investing activities: Capital expenditures $ 0.1 $ 0.3 $ 0.8 |
Goodwill and other identifiab_2
Goodwill and other identifiable intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in goodwill during the years ended December 31, 2021 and 2020 were as follows: In millions Gas Cylinders Elektron Total At January 1, 2020 $ 27.0 $ 41.8 $ 68.8 Exchange difference 0.9 0.5 1.4 At December 31, 2020 27.9 42.3 70.2 Exchange difference (0.3) (0.2) (0.5) Net balance at December 31, 2021 $ 27.6 $ 42.1 $ 69.7 |
Schedule of Intangible Assets | Changes in the gross value of identifiable intangible assets during the year ended December 31, 2021, were as follows: In millions Customer relationships Technology and trading related Total At January 1, 2020 $ 13.4 $ 8.1 $ 21.5 Exchange movements — 0.2 0.2 At December 31, 2020 $ 13.4 $ 8.3 $ 21.7 Additions 1.8 — 1.8 Exchange movements — (0.1) (0.1) At December 31, 2021 $ 15.2 $ 8.2 $ 23.4 Identifiable intangible assets consisted of the following: December 31, 2021 December 31, 2020 In millions Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 15.2 $ (5.7) $ 9.5 $ 13.4 $ (5.2) $ 8.2 Technology and trading related 8.2 (4.0) 4.2 8.3 (3.7) 4.6 Total identifiable intangibles $ 23.4 $ (9.7) $ 13.7 $ 21.7 $ (8.9) $ 12.8 |
Supplementary balance sheet i_2
Supplementary balance sheet information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Balance Sheet | In millions 2021 2020 Accounts and other receivables Trade receivables, net $ 45.8 $ 33.6 Related parties 0.1 0.2 Prepayments and accrued income 8.5 5.5 Derivative financial instruments 0.1 0.2 Deferred consideration 1.0 0.2 Other receivables 2.3 3.4 Total accounts and other receivables $ 57.8 $ 43.1 Inventories Raw materials and supplies $ 39.3 $ 26.2 Work-in-process 26.7 19.7 Finished goods 24.5 22.9 Total inventories $ 90.5 $ 68.8 Other current assets Income tax receivable — 1.5 Total other current assets $ — $ 1.5 Property, plant and equipment, net Land, buildings and leasehold improvements $ 64.6 $ 65.2 Machinery and equipment 266.3 255.3 Construction in progress 8.4 7.8 Total property plant and equipment 339.3 328.3 Accumulated depreciation and impairment (251.8) (242.3) Total property, plant and equipment, net $ 87.5 $ 86.0 Other current liabilities Short term provision $ 0.2 $ 1.1 Restructuring provision 11.7 9.0 Derivative financial instruments 0.1 0.4 Operating lease liability 3.0 2.9 Advance payments 4.6 0.1 Total other current liabilities $ 19.6 $ 13.5 Other non-current liabilities Contingent liabilities $ 1.8 $ 1.0 Operating lease liability 9.8 6.7 Total other non-current liabilities $ 11.6 $ 7.7 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Components of Accumulated Other Comprehensive Loss consist of the following: In millions December 31, 2021 December 31, 2020 Cumulative translation adjustments $ (52.5) $ (51.7) Pension plans actuarial loss, net of tax (82.5) (114.1) Accumulated other comprehensive loss $ (135.0) $ (165.8) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt outstanding was as follows: In millions December 31, 2021 December 31, 2020 4.88% Loan Notes due 2023 25.0 25.0 4.94% Loan Notes due 2026 25.0 25.0 Revolving credit facility 10.8 4.1 Unamortized debt issuance costs (1.2) (0.7) Total debt $ 59.6 $ 53.4 Non-current debt $ 59.6 $ 53.4 |
Schedule of Maturities of Company's Debt | The maturity profile of the Company's debt, excluding unamortized issuance costs and discounts is, as follows: In millions 2022 2023 2024 2025 2026 Total Loan Notes due 2023 $ — $ 25.0 $ — $ — $ — $ 25.0 Loan Notes due 2026 — — — — 25.0 25.0 Revolving credit facility — — — — 10.8 10.8 Total debt $ — $ 25.0 $ — $ — $ 35.8 $ 60.8 |
Derivatives and Financial Ins_2
Derivatives and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | December 31, 2021 Sales hedges U.S. dollars Euros Japanese Yen Contract totals/£m 5.0 9.8 0.1 Maturity dates 01/22 to 03/22 01/22 to 03/22 01/22 to 03/22 Exchange rates $1.3455 to $1.3788 €1.1697 to €1.1906 ¥155.2443 to ¥156.6793 Purchase hedges U.S. dollars Euros Canadian dollars Australian dollars Chinese yuan Contract totals/£m 4.5 3.5 7.5 0.9 1.5 Maturity dates 01/22 to 04/22 01/22 to 02/22 01/22 01/22 03/22 Exchange rates $1.3451 to $1.3781 €1.1812 to €1.1662 $1.7172 to $1.6762 $1.8598 ¥8.6126 December 31, 2020 Sales hedges U.S. dollars Euros Japanese Yen Canadian dollars Contract totals/£m 3.0 11.1 0.1 0.1 Maturity dates 01/21 to 03/21 01/21 to 04/21 01/21 01/21 Exchange rates $1.3045 to $1.3667 €1.0917 to €1.1181 ¥136.8910 $1.7409 Purchase hedges U.S. dollars Euros Canadian dollars Australian dollars Chinese yuan Contract totals/£m 4.8 1.7 9.4 0.9 0.9 Maturity dates 01/21 to 04/21 01/21 to 02/21 01/21 01/21 03/21 Exchange rates $1.3046 to $1.3667 €1.1065 to €1.0944 $1.7409 to $1.7201 $1.7729 ¥8.9184 |
Schedule of Fair Values of the Financial Instruments | The fair values of the financial instruments of the Company at December 31, 2021 and 2020, were analyzed using the hierarchy as follows: December 31, 2021 In millions Total Level 1 Level 2 Level 3 Derivative financial assets: Foreign currency contract assets $ 0.1 $ — $ 0.1 $ — Derivative financial liabilities: Foreign currency contract liabilities 0.1 — 0.1 — Interest bearing loans and borrowings: Loan Notes due 2023 25.0 — 25.0 — Loan Notes due 2026 25.0 — 25.0 — Revolving credit facility 10.8 — 10.8 — December 31, 2020 In millions Total Level 1 Level 2 Level 3 Derivative financial assets: Foreign currency contract assets $ 0.2 $ — $ 0.2 $ — Derivative financial liabilities: Foreign currency contract liabilities 0.4 — 0.4 — Interest bearing loans and borrowings: Loan Notes due 2023 25.0 — 25.0 — Loan Notes due 2026 25.0 — 25.0 — Revolving credit facility 4.1 — 4.1 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Taxes | Income before income taxes consisted of the following: Years ended December 31, In millions 2021 2020 2019 U.K. $ 21.8 $ 21.0 $ 13.4 International (1) 13.6 6.7 2.9 Income before income taxes $ 35.4 $ 27.7 $ 16.3 |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following: Years ended December 31, In millions 2021 2020 2019 Currently payable U.K. $ 2.0 $ (0.2) $ 0.7 International (1) 5.4 2.3 2.9 Total current taxes $ 7.4 $ 2.1 $ 3.6 Deferred U.K. $ (1.1) $ 2.1 $ 4.5 International (1) (0.9) 2.7 (0.5) Total deferred taxes $ (2.0) $ 4.8 $ 4.0 Total provision for income taxes $ 5.4 $ 6.9 $ 7.6 |
Reconciliation of Income before Income Taxes and Total Provision for Income Taxes | Differences between the financial reporting and the corresponding tax basis of assets and liabilities and the different income tax rates and laws applicable to the Company, among other factors, give rise to permanent differences between the statutory tax rate applicable in the U.K. and the effective tax rate presented in the Consolidated Income Statement, which in 2021, 2020 and 2019, were as follows: Years ended December 31, In millions 2021 2020 2019 Income before income taxes $ 35.4 $ 27.7 $ 16.3 Provision for income taxes at the U.K. statutory tax rate (2021: 19%, 2020:19%, 2019: 19%) 6.7 5.3 3.1 Effect of: Non-deductible expenses 1.9 1.7 2.7 Movement in valuation allowances (0.6) 0.8 1.2 Differences in income tax rates in countries where the Company operates (1) 0.5 (0.1) 1.1 Effect of changes in tax rates (2) (2.0) 0.1 (0.1) Movement in uncertain tax positions — (0.4) 0.4 Other (1.1) (0.5) (0.8) Total provision for income taxes $ 5.4 $ 6.9 $ 7.6 (1) Refers mainly to the effects of the differences between the statutory income tax rate in the U.K. against the applicable income tax rates of each country where the Company operates. (2) An increase in the U.K. corporation tax rate from 19% to 25%, effective from April 1, 2023, was announced in March 2021. Rate changes also occur in each period as a result of changes in the average state tax rate in the U.S. |
Schedule of Unrecognized Tax Benefits | Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows: Years ended December 31, In millions 2021 2020 2019 Beginning balance $ 2.4 $ 3.2 $ 3.2 Gross increases based on tax positions related to the current year 0.1 0.6 0.6 Reductions due to expiry of statute of limitations (0.7) (1.4) (0.6) Ending balance $ 1.8 $ 2.4 $ 3.2 Non-current $ 1.8 $ 2.4 $ 3.2 |
Summary of Tax Years Open by Major Tax Jurisdiction | The following is a summary of the tax years open by major tax jurisdiction: Jurisdiction Years open U.K. 2019 - 2021 U.S. Federal 2018 - 2021 U.S. State and local 2018 - 2021 France 2018 - 2021 Germany 2017 - 2021 China 2018 - 2021 Canada 2017 - 2021 |
Schedule of Deferred Tax Assets and Liabilities | Deferred taxes were recorded in the Consolidated Balance Sheets as follows: December 31, In millions 2021 2020 Deferred tax assets $ 8.0 $ 16.5 Deferred tax liabilities (2.7) (2.0) Net deferred tax assets $ 5.3 $ 14.5 The tax effects of the major items recorded in deferred tax assets and liabilities were as follows: December 31, In millions 2021 2020 Deferred tax assets Pension benefits $ 0.5 $ 9.9 Accrued liabilities 1.5 0.7 Tax loss and credit carry forwards 28.3 25.8 Employee compensation benefits 2.9 1.9 Other 2.1 1.5 Total deferred tax assets 35.3 39.8 Valuation allowances (18.0) (19.3) Deferred tax assets, net of valuation allowances $ 17.3 $ 20.5 Deferred tax liabilities Property, plant and equipment $ 4.5 $ 1.7 Pension benefits 3.5 — Goodwill and other intangibles 2.4 3.2 Other 1.6 1.1 Total deferred tax liabilities $ 12.0 $ 6.0 Net deferred tax assets $ 5.3 $ 14.5 |
Pension Plans (Tables)
Pension Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Reconciliations of Plan Benefit Obligation, Fair Value of Plan Assets and Funded Status of Pension Plans | The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans as of and for the years ended December 31, 2021 and 2020: 2021 2021 2021 2020 2020 2020 In millions U.K. U.S. / other Total U.K. U.S. / other Total Change in benefit obligations Benefit obligation at January 1 $ 404.0 $ 50.7 $ 454.7 $ 359.2 $ 47.1 $ 406.3 Interest cost 5.6 1.1 6.7 7.0 1.4 8.4 Actuarial (gain) / loss (29.6) (0.8) (30.4) 40.7 4.7 45.4 Exchange difference (4.0) — (4.0) 11.7 — 11.7 Benefits paid (13.1) (2.3) (15.4) (14.7) (2.5) (17.2) Prior service cost — — — 0.1 — 0.1 Benefit obligation at December 31 $ 362.9 $ 48.7 $ 411.6 $ 404.0 $ 50.7 $ 454.7 Change in plan assets Fair value of plan assets at January 1 $ 358.9 $ 45.0 $ 403.9 $ 328.7 $ 42.4 $ 371.1 Actual return on assets 16.3 4.1 20.4 27.9 5.1 33.0 Exchange difference (3.7) — (3.7) 11.2 — 11.2 Contributions from employer 18.2 — 18.2 5.8 — 5.8 Benefits paid (13.1) (2.3) (15.4) (14.7) (2.5) (17.2) Fair value of plan assets at December 31 $ 376.6 $ 46.8 $ 423.4 $ 358.9 $ 45.0 $ 403.9 Funded status Net benefit surplus / (obligation) $ 13.7 $ (1.9) $ 11.8 $ (45.1) $ (5.7) $ (50.8) |
Schedule of Net Benefit Costs | The amounts recognized in the Consolidated Statements of Income in respect of the pension plans were as follows: 2021 2021 2021 2020 2020 2020 2019 2019 2019 In millions U.K. U.S. / other Total U.K. U.S. / other Total U.K. U.S. / other Total In respect of defined benefit plans: Current service cost $ — $ — $ — $ — $ — $ — $ — $ 0.1 $ 0.1 Interest cost 5.6 1.1 6.7 7.0 1.4 8.4 9.2 1.9 11.1 Expected return on assets (10.2) (1.8) (12.0) (12.2) (2.3) (14.5) (13.4) (2.3) (15.7) Curtailment gain — — — — — — — (1.8) (1.8) Settlement loss — — — — — — — 0.8 0.8 Amortization of net actuarial loss 3.4 0.4 3.8 2.3 0.3 2.6 2.5 0.6 3.1 Amortization of prior service credit (0.4) — (0.4) (0.4) — (0.4) (0.4) — (0.4) Total credit for defined benefit plans $ (1.6) $ (0.3) $ (1.9) $ (3.3) $ (0.6) $ (3.9) $ (2.1) $ (0.7) $ (2.8) In respect of defined contribution plans: Total charge for defined contribution plans $ 2.1 $ 1.5 $ 3.6 $ 1.5 $ 1.9 $ 3.4 $ 2.1 $ 2.1 $ 4.2 Total charge / (credit) for benefit plans $ 0.5 $ 1.2 $ 1.7 $ (1.8) $ 1.3 $ (0.5) $ — $ 1.4 $ 1.4 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income | The following table shows other changes in plan assets and benefit obligations recognized in other comprehensive income during the years ended December 31: In millions 2021 2020 2019 Net actuarial gain / (loss) $ 38.8 $ (26.9) $ (7.5) Amortization of actuarial loss 3.8 2.6 3.1 Prior service cost — (0.1) — Amortization of prior service credit (0.4) (0.4) (0.4) Total recognized in other comprehensive income / (loss) 42.2 (24.8) (4.8) Total recognized in net periodic benefit cost and other comprehensive income / (loss) $ 44.1 $ (20.9) $ (2.0) The following table shows the amounts included in AOCI that have not yet been recognized as components of net periodic benefit cost for the years ended December 31: In millions 2021 2020 Gross actuarial loss $ (122.5) $ (165.1) Gross prior service credit 11.4 11.8 Total included in AOCI not yet recognized in the statement of income $ (111.1) $ (153.3) |
Schedule of Assumptions Used | The financial assumptions used in the calculations were: Projected Unit Credit Valuation U.K. U.S. 2021 2020 2019 2021 2020 2019 % % % % % % Discount rate 1.90 1.40 2.10 2.70 2.30 3.10 Expected return on assets 3.30 3.00 4.10 2.50 5.00 6.20 Pre-2030 Retail Price Inflation 3.30 2.90 2.90 n/a n/a n/a Consumer Price Inflation 2.20 1.80 2.00 n/a n/a n/a Pension increases Pre 6 April 1997 2.00 1.70 1.80 n/a n/a n/a 1997 - 2005 2.20 1.90 2.10 n/a n/a n/a Post 5 April 2005 1.80 1.60 1.70 n/a n/a n/a Post-2030 Retail Price Inflation 3.30 2.70 2.90 n/a n/a n/a Consumer Price Inflation 3.20 2.60 2.00 n/a n/a n/a Pension increases Pre 6 April 1997 2.50 2.20 1.80 n/a n/a n/a 1997 - 2005 3.10 2.60 2.10 n/a n/a n/a Post 5 April 2005 2.20 2.00 1.70 n/a n/a n/a 2021 2020 Other principal actuarial assumptions: Years Years Life expectancy of male / female in the U.K. aged 65 at accounting date 21.1 / 22.9 21.5 / 24.3 Life expectancy of male / female in the U.K. aged 65 at 20 years after accounting date 22.4 / 24.4 22.9 / 25.8 |
Schedule of Allocation of Plan Assets | The fair value of plan assets were: 2021 2021 2021 2020 2020 2020 In millions U.K. U.S. / other Total U.K. U.S. / other Total Assets in active markets: Equities and growth funds $ 149.9 $ — $ 149.9 $ 152.3 $ 26.9 $ 179.2 Government bonds 64.6 — 64.6 63.1 — 63.1 Corporate bonds 147.5 46.6 194.1 141.6 18.1 159.7 Cash 14.6 0.2 14.8 1.9 — 1.9 Total fair value of plan assets $ 376.6 $ 46.8 $ 423.4 $ 358.9 $ 45.0 $ 403.9 |
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid by the plans for the years ended December 31 as follows: In millions U.K. pension plans U.S. / other pension plans (1) 2022 $ 9.9 $ 13.5 2023 10.1 2.4 2024 10.3 2.4 2025 10.5 2.4 2026 10.8 2.4 Thereafter 56.9 12.1 (1) The expected payments reflect the current projection of benefits due to be paid. Upon completion of the d buyout this will be a nil value. The expected buyout completion date is in 2023. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Ordinary Share Capital | December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 No. No. Millions Millions Authorized: Ordinary shares of £0.50 each 40,000,000 40,000,000 $ 35.7 (1) $ 35.7 (1) Deferred ordinary shares of £0.0001 each 761,835,318,444 761,835,338,444 149.9 (1) 149.9 (1) 761,875,318,444 761,875,338,444 $ 185.6 (1) $ 185.6 (1) Allotted, called up and fully paid: Ordinary shares of £0.50 each 28,944,000 29,000,000 $ 26.5 (1) $ 26.6 (1) Deferred ordinary shares of £0.0001 each 761,835,318,444 761,835,338,444 149.9 (1) 149.9 (1) 761,864,262,444 761,864,338,444 $ 176.4 (1) $ 176.5 (1) |
Schedule of Treasury Shares | In millions January 1, 2020 and December 31, 2020 (4.0) Purchase of treasury shares (6.4) Cancellation of treasury shares 0.7 Utilization of treasury shares 0.1 At December 31, 2021 $ (9.6) |
Schedule of Own Share Held by ESOP | In millions At January 1, 2020 $ (1.7) Shares sold from ESOP 0.3 At December 31, 2020 (1.4) Utilization of ESOP shares 0.3 At December 31, 2021 $ (1.1) The change in the number of shares held by the Trustees of the ESOP and the number of share options held over those shares are shown below: Number of shares held by ESOP Trustees £0.0001 deferred shares £0.50 ordinary shares At January 1, 2021 15,977,968,688 1,013,512 Shares utilized during the year — (242,579) Shares transferred into ESOP during the year — 67,625 At December 31, 2021 15,977,968,688 838,558 |
Schedule of Dividends Paid and Proposed | In millions 2021 2020 2019 Dividends declared and paid during the year: Interim dividend paid February 6, 2019 ($0.125 per ordinary share) $ — $ — $ 3.4 Interim dividend paid May 1, 2019 ($0.125 per ordinary share) — — 3.4 Interim dividend paid August 7, 2019 ($0.125 per ordinary share) — — 3.4 Interim dividend paid November 6, 2019 ($0.125 per ordinary share) — — 3.4 Interim dividend paid February 5, 2020 ($0.125 per ordinary share) — 3.4 — Interim dividend paid May 6, 2020 ($0.125 per ordinary share) — 3.4 — Interim dividend paid August 5, 2020 ($0.125 per ordinary share) — 3.4 — Interim dividend paid November 4, 2020 ($0.125 per ordinary share) — 3.4 — Interim dividend paid February 4, 2021 ($0.125 per ordinary share) 3.4 — — Interim dividend paid May 5, 2021 ($0.125 per ordinary share) 3.4 — — Interim dividend paid August 4, 2021 ($0.125 per ordinary share) 3.4 — — Interim dividend paid November 3, 2021 ($0.125 per ordinary share) 3.4 — — $ 13.6 $ 13.6 $ 13.6 In millions 2021 2020 2019 Dividends declared and paid after December 31 (not recognized as a liability at December 31): Interim dividend paid February 5, 2020: ($0.125 per ordinary share) $ — $ — $ 3.4 Interim dividend paid February 4, 2021: ($0.125 per ordinary share) — 3.4 — Interim dividend paid February 2, 2022 : ($0.125 per ordinary share) 3.4 — — $ 3.4 $ 3.4 $ 3.4 |
Share Plans (Tables)
Share Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Movement in Number of Shares Held by ESOP Trustees | In millions At January 1, 2020 $ (1.7) Shares sold from ESOP 0.3 At December 31, 2020 (1.4) Utilization of ESOP shares 0.3 At December 31, 2021 $ (1.1) The change in the number of shares held by the Trustees of the ESOP and the number of share options held over those shares are shown below: Number of shares held by ESOP Trustees £0.0001 deferred shares £0.50 ordinary shares At January 1, 2021 15,977,968,688 1,013,512 Shares utilized during the year — (242,579) Shares transferred into ESOP during the year — 67,625 At December 31, 2021 15,977,968,688 838,558 |
Schedule of Share-based Compensation Expense | Total share-based compensation expense for 2021, 2020 and 2019 was as follows: Years ended December 31, In millions 2021 2020 2019 Total share-based compensation charges $ 2.8 $ 2.8 $ 4.5 |
Share-based Compensation, Stock Options, Activity | The following tables illustrates the number of, and movements in, share options during the year, with each option relating to 1 ordinary share: Number of shares Weighted- average exercise price Weighted- average remaining contractual life (years) Aggregate intrinsic value ($M) At January 1, 2021 412,804 $ 0.87 1.9 $ 6.8 Granted during the year 174,264 $ 1.00 Exercised during the year (271,851) $ 0.77 Accrued dividend awards 7,898 $ 0.95 Lapsed during the year (25,628) $ 0.92 At December 31, 2021 297,487 $ 0.99 2.2 $ 5.7 Options exercisable at December 31, 2021 13,874 $ 0.84 3.1 $ 0.2 Options expected to vest as of December 31, 2021 269,432 $ 1.00 2.2 $ 5.2 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table illustrates the assumptions used in deriving the fair value of share options during the year: 2021 2020 2019 Dividend yield (%) 2.27 3.39 - 4.09 2.10 Expected volatility range (%) 42.80 - 59.03 36.48 - 56.28 35.06 - 44.20 Risk-free interest rate (%) 0.04 - 0.24 0.18 - 0.49 0.74 - 2.52 Expected life of share options range (years) 0.50 - 4.00 0.50 - 4.00 0.50 - 4.00 Forfeiture rate (%) 5.00 5.00 5.00 Weighted average exercise price ($) $1.00 $1.00 $1.00 Models used Black-Scholes & Monte-Carlo Black-Scholes & Monte-Carlo Black-Scholes & Monte-Carlo |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by reportable segment for the years ended December 31 is included in the following summary: Net Sales Adjusted EBITDA In millions 2021 2020 2019 2021 2020 2019 Gas Cylinders segment $ 178.3 $ 141.9 $ 153.5 $ 22.7 $ 21.3 $ 22.3 Elektron segment 195.8 182.9 219.9 40.7 32.6 44.8 Consolidated $ 374.1 $ 324.8 $ 373.4 $ 63.4 $ 53.9 $ 67.1 During 2021 there were no of sales made from the Elektron segment to the Gas Cylinders segment (2020 and 2019 $0.4 million). Depreciation and amortization Restructuring Charges In millions 2021 2020 2019 2021 2020 2019 Gas Cylinders segment $ 5.8 $ 3.7 $ 3.6 $ 5.3 $ 7.9 $ 20.7 Elektron segment 9.8 9.6 9.6 0.9 0.9 5.2 Other segment — — — — 0.1 — Consolidated $ 15.6 $ 13.3 $ 13.2 $ 6.2 $ 8.9 $ 25.9 (1) Adjusted EBITA is adjusted EBITDA less depreciation and loss on disposal of property, plant and equipment. 17. Segment Information (continued) Total assets Capital expenditure In millions 2021 2020 2021 2020 2019 Gas Cylinders segment $ 122.7 $ 99.7 $ 1.0 $ 2.0 $ 3.1 Elektron segment 206.5 189.7 7.9 5.1 10.9 Other 34.8 24.7 — — — Discontinued operations 4.8 32.3 0.1 0.3 0.8 $ 368.8 $ 346.4 $ 9.0 $ 7.4 $ 14.8 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table presents a reconciliation of Adjusted EBITDA to net income from continuing operations: In millions 2021 2020 2019 Adjusted EBITDA $ 63.4 $ 53.9 $ 67.1 Share based compensation charges (2.8) (2.8) (4.5) Loss on disposal of property, plant and equipment — (0.1) (0.2) Depreciation and amortization (15.6) (13.3) (13.2) Unwind discount on deferred consideration — — (0.2) Restructuring charges (6.2) (8.9) (25.9) Impairment credit — — 0.2 Acquisition costs (1.5) — (1.4) Other charges (1.1) (0.4) (2.5) Defined benefits pension credit 2.3 4.3 1.3 Interest expense, net (3.1) (5.0) (4.4) Provision for taxes (5.4) (6.9) (7.6) Net income from continuing operations $ 30.0 $ 20.8 $ 8.7 |
Revenue from External Customers and Long-term Assets by Geographic Areas | The following tables present certain geographic information by geographic region for the years ended December 31: Net Sales (1) 2021 2020 2019 $M Percent $M Percent $M Percent United States $ 207.8 55.6 % $ 173.0 53.3 % $ 201.4 53.9 % U.K. 24.4 6.6 % 18.7 5.8 % 23.9 6.4 % Germany 17.7 4.7 % 15.7 4.8 % 21.8 5.8 % Italy 11.0 2.9 % 10.5 3.2 % 13.3 3.6 % France 12.5 3.3 % 20.2 6.2 % 15.9 4.3 % Top five countries $ 273.4 73.1 % $ 238.1 73.3 % $ 276.3 74.0 % Rest of Europe 25.8 6.9 % 25.4 7.8 % 37.7 10.1 % Asia Pacific 53.7 14.3 % 45.2 13.9 % 42.8 11.5 % Other (2) 21.2 5.7 % 16.1 5.0 % 16.6 4.4 % $ 374.1 $ 324.8 $ 373.4 Property, plant and equipment, net In millions 2021 2020 United States $ 46.9 $ 44.3 United Kingdom 36.0 36.6 Canada 3.3 3.7 Rest of Europe 1.0 1.1 Asia Pacific 0.3 0.3 $ 87.5 $ 86.0 (1) Net sales are based on the geographic destination of sale. (2) Other represents Africa, Brazil, Canada, Mexico and Other Americas. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Lease Expense | The components of the lease expense is as follows: Year to date In millions 2021 2020 2019 Operating lease cost $ 3.4 $ 3.8 $ 4.1 None of our leases were classified as finance leases in any of the years disclosed. Supplemental cash flow information related to leases was as follows: Year-to-date In millions 2021 2020 2019 Operating cash flows from operating leases $ 3.4 $ 3.8 $ 4.1 During the year ended December 31, 2021, there were additional operating leases entered into totaling $2.3 million (2020: $0.8 million, 2019: $0.2 million). These are non-cash items but will impact cash in future years. Supplemental balance sheet information related to leases was as follows: December 31, December 31, In millions 2021 2020 Operating leases Operating lease right-of-use asset $ 12.6 $ 9.5 Other current liabilities 3.0 2.9 Other non-current liabilities 9.8 6.7 $ 12.8 $ 9.6 Weighted Average Remaining Lease Term (Years) 17.2 21.9 Weighted Average Discount Rate 4.38 % 4.43 % |
Maturities of Lease Liabilities | Maturities of lease liabilities were as follows: In millions 2021 2022 $ 3.0 2023 2.6 2024 2.2 2025 1.9 2026 1.0 Thereafter 8.7 Total lease payments $ 19.4 Less imputed interest (6.6) Total $ 12.8 |
Selected Quarterly Data (unau_2
Selected Quarterly Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following tables present 2021 and 2020 quarterly financial information for continuing operations: 2021 In millions, except per-share data First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Net sales $ 85.2 $ 99.0 $ 91.2 $ 98.7 $ 374.1 Gross profit 25.2 25.9 21.1 23.8 96.0 Operating income 11.1 11.5 8.1 5.5 36.2 Net income from continuing operations 8.6 11.9 6.0 3.5 30.0 Earnings per ordinary share (1) Basic earnings per ordinary share from continuing operations $ 0.31 $ 0.43 $ 0.22 $ 0.13 $ 1.08 Diluted earnings per ordinary share from continuing operations 0.31 0.42 0.21 0.13 1.07 2020 In millions, except per-share data First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Net sales $ 88.4 $ 76.6 $ 77.7 $ 82.1 $ 324.8 Gross profit 24.1 18.0 18.9 19.9 $ 80.9 Operating income 9.0 5.8 5.3 8.4 $ 28.5 Net income from continuing operations 7.2 4.6 2.4 6.6 $ 20.8 Earnings per ordinary share (1) Basic earnings per ordinary share from continuing operations $ 0.26 $ 0.17 $ 0.09 $ 0.24 $ 0.75 Diluted earnings per ordinary share from continuing operations 0.26 0.16 0.09 0.24 0.74 (1) Amounts may not total to annual earnings because each quarter and year are calculated separately based on basic and diluted weighted-average ordinary shares outstanding during the period. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 2 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Intangible Assets Estimated Useful Life (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | Customer relationships | |
Finite-Lived Intangible Assets | |
Intangible asset, useful life | 15 years |
Minimum | Technology and trading related | |
Finite-Lived Intangible Assets | |
Intangible asset, useful life | 5 years |
Maximum | Customer relationships | |
Finite-Lived Intangible Assets | |
Intangible asset, useful life | 25 years |
Maximum | Technology and trading related | |
Finite-Lived Intangible Assets | |
Intangible asset, useful life | 25 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Investments in Affiliates (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2020 |
Sub161 Pty Limited | Equity Method Investee | |||
Schedule of Equity Method Investments [Line Items] | |||
VIEs ownership percentage | 26.40% | 26.00% | |
Nikkei-MEL Co. Limited | |||
Schedule of Equity Method Investments [Line Items] | |||
VIEs ownership percentage | 50.00% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Property, Plant and Equipment Estimated Useful Life (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 14.7 | $ 12.6 | $ 12 |
Impairment charges | $ 1.5 | 0 | 5.2 |
Discontinued operations | Superform Aluminum Superplastic | |||
Property, Plant and Equipment [Line Items] | |||
Impairment charges | $ 0 | $ 5.2 | |
Minimum | Freehold buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Minimum | Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Minimum | Heavy production equipment (including casting, rolling, extrusion and press equipment) | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Minimum | Chemical production plant and robotics | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Minimum | Other production machinery | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Minimum | Furniture, fittings, storage and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Minimum | Computer software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 4 years | ||
Maximum | Freehold buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 33 years | ||
Maximum | Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 25 years | ||
Maximum | Heavy production equipment (including casting, rolling, extrusion and press equipment) | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 25 years | ||
Maximum | Chemical production plant and robotics | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Maximum | Other production machinery | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Maximum | Furniture, fittings, storage and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Maximum | Computer software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 7 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Impairment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment charges | $ 1.5 | $ 0 | $ 5.2 |
Restructuring charges | 6.2 | 8.9 | 25.9 |
Asset impairment | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Restructuring charges | 0 | 0 | 5 |
Discontinued Operations, Held-for-sale | Superform U.S Business | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment charges | $ 1.5 | 0 | 5.2 |
Discontinued operations | Superform Aluminum Superplastic | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment charges | $ 0 | 5.2 | |
Held-for-sale | Magnesium Elektron CZ s.r.o. Subsidiary | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment of buildings to be disposed of | $ 0.2 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Revenue Recognition (Details) | Dec. 31, 2021 |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Revenue Recognition, Term | 30 days |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Revenue Recognition, Term | 60 days |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)£ / $ | Dec. 31, 2020USD ($)£ / $ | |
Cash and Cash Equivalents [Line Items] | ||
Restricted cash | $ 0.2 | $ 0 |
Average foreign currency exchange rate, translation | £ / $ | 0.7264 | 0.7805 |
Increase of average foreign currency exchange rate, translation | £ / $ | 0.05 | |
GBP | ||
Cash and Cash Equivalents [Line Items] | ||
Effect of exchange rate on revenue during the year | $ 9.5 | |
Effect of exchange rate on operating income during the year | 0.3 | |
Effect of exchange on revenue per 0.05 increase in foreign exchange rate | 8.9 | |
Effect of exchange on operating income per 0.05 increase in foreign exchange rate | $ 1.3 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 26, 2021 | Jun. 27, 2021 | Mar. 28, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 98.7 | $ 91.2 | $ 99 | $ 85.2 | $ 82.1 | $ 77.7 | $ 76.6 | $ 88.4 | $ 374.1 | $ 324.8 | $ 373.4 |
General industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 129.2 | 111.9 | 136.4 | ||||||||
Transportation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 117 | 92.1 | 108 | ||||||||
Defense, First Response & Healthcare | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 127.9 | 120.8 | 129 | ||||||||
Gas Cylinders | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 178.3 | 141.9 | 153.5 | ||||||||
Gas Cylinders | General industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 33.4 | 24.2 | 24.7 | ||||||||
Gas Cylinders | Transportation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 71.2 | 49.8 | 48.5 | ||||||||
Gas Cylinders | Defense, First Response & Healthcare | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 73.7 | 67.9 | 80.3 | ||||||||
Elektron | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 195.8 | 182.9 | 219.9 | ||||||||
Elektron | General industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 95.8 | 87.7 | 111.7 | ||||||||
Elektron | Transportation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 45.8 | 42.3 | 59.5 | ||||||||
Elektron | Defense, First Response & Healthcare | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 54.2 | $ 52.9 | $ 48.7 |
Acquisitions and disposals - Ac
Acquisitions and disposals - Acquisitions (Details) - Structural Composites Industries LLC $ in Millions | Mar. 15, 2021USD ($) |
Business Acquisition [Line Items] | |
Accounts and other receivables | $ 4.7 |
Inventories | 6.7 |
Property, plant and equipment | 7.8 |
Customer relationships | 1.8 |
Accounts payable | (1.7) |
Net assets acquired | 19.3 |
Purchase consideration | $ 19.3 |
Acquisitions and disposals - Ad
Acquisitions and disposals - Additional Information (Details) ₨ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020INR (₨) | Dec. 31, 2019USD ($) | Mar. 28, 2021USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain/ loss on disposition | $ 6.6 | $ 0 | $ 0 | ||||
Acquisition-related costs | 1.5 | 0.9 | |||||
Merger and acquisition exploration costs | 0.4 | ||||||
Acquisitions and disposals costs | 1.5 | $ 0 | 1.4 | ||||
Reimbursement of costs | 3.5 | ||||||
Remeasurement of deferred contingent consideration | 0.1 | ||||||
Luxfer Utlam India Private Limited | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
VIEs ownership percentage | 51.00% | 51.00% | |||||
Proceeds from sale of joint venture partner | $ 1.8 | ₨ 137.4 | |||||
Luxfer Utlam India Private Limited | Maximum | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on sale of investments | $ 0.1 | ||||||
Discontinued Operations, Disposed of by Sale | U.S Aluminum Business | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain/ loss on disposition | $ 7.1 | $ 7.1 | |||||
Net proceeds | $ 20.2 | $ 20.2 | |||||
Discontinued Operations, Disposed of by Sale | Superform U.K. Business | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain/ loss on disposition | $ (0.5) | ||||||
Net proceeds | 4 | ||||||
Net proceeds | 3 | ||||||
Deferred consideration payable | $ 1 | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Magnesium Elektron CZ s.r.o. Subsidiary | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net gain on disposal | $ 2.9 |
Acquisitions and disposals - Re
Acquisitions and disposals - Results of Discontinued Operations (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 28, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss on disposition | $ 6.6 | $ 0 | $ 0 | |||
Discontinued Operations, Disposed of by Sale | Superform U.K. Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net proceeds | $ 3 | |||||
Net proceeds | 4 | |||||
Deferred consideration payable | 1 | |||||
Net assets sold | (4.5) | |||||
Loss on disposition | $ (0.5) | |||||
Discontinued Operations, Disposed of by Sale | U.S Aluminum Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net proceeds | $ 20.2 | $ 20.2 | ||||
Net assets sold | $ (11.5) | |||||
Gross gain on disposition | 8.7 | |||||
Tax expense | (1.6) | |||||
Loss on disposition | $ 7.1 | $ 7.1 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 6.2 | $ 8.9 | $ 25.9 |
Severance costs | 1.4 | ||
Gas Cylinders Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 5 | 7.5 | 20.1 |
Environmental remediation charge | 1 | ||
Employee litigation claims | 2.4 | ||
Restructuring charges | 5.3 | 7.9 | 20.7 |
Severance costs | 0.4 | ||
Gas Cylinders Segment | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.3 | ||
Elektron Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.9 | 0.9 | 5.2 |
Severance costs | 0.9 | ||
Asset write down and one time employee benefits | 4.6 | ||
Elektron Segment | One-time termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.9 | ||
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0 | 0.1 | 0 |
Severance costs | $ 0.1 | ||
Gas Cylinders and Elektron segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Other restructuring costs | $ 1.2 |
Restructuring - Restructuring C
Restructuring - Restructuring Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ (6.2) | $ (8.9) | $ (25.9) |
Gas Cylinders Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | (5.3) | (7.9) | (20.7) |
Elektron Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | (0.9) | (0.9) | (5.2) |
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 0 | (0.1) | 0 |
Severance and related costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | (6.2) | (8.9) | (20.9) |
Asset impairment | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 0 | $ 0 | $ (5) |
Restructuring - Restructuring R
Restructuring - Restructuring Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 9 | $ 6.5 |
Costs incurred | 6.2 | 8.9 |
Cash payments and other | (3.5) | (6.4) |
Ending balance | $ 11.7 | $ 9 |
Other charges (Details)
Other charges (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Commitments [Line Items] | ||||
Other charges, related to settlement of lawsuit | $ 1.1 | $ 0.4 | $ 2.5 | |
Other charges, related to remediation | $ 0.4 | $ 2.5 | ||
Forecast | ||||
Other Commitments [Line Items] | ||||
Other charges, related to settlement of lawsuit | $ 0 |
Earnings per share (Details)
Earnings per share (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2021USD ($)$ / shares | Sep. 26, 2021USD ($)$ / shares | Jun. 27, 2021USD ($)$ / shares | Mar. 28, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Sep. 27, 2020USD ($)$ / shares | Jun. 28, 2020USD ($)$ / shares | Mar. 29, 2020USD ($)$ / shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2021£ / shares | Dec. 31, 2020£ / shares | |||||
Basic earnings: | |||||||||||||||||
Net income from continuing operations | $ | $ 3.5 | $ 6 | $ 11.9 | $ 8.6 | $ 6.6 | $ 2.4 | $ 4.6 | $ 7.2 | $ 30 | $ 20.8 | $ 8.7 | ||||||
Net loss from discontinued operations | $ | (0.1) | (0.8) | (5.6) | ||||||||||||||
Net income | $ | $ 29.9 | $ 20 | $ 3.1 | ||||||||||||||
Weighted average number of £0.50 ordinary shares: | |||||||||||||||||
For basic earnings per share (in shares) | shares | 27,698,691 | 27,557,219 | 27,289,042 | ||||||||||||||
Dilutive effect of potential common stock (in shares) | shares | 333,815 | 414,163 | 593,822 | ||||||||||||||
For diluted earnings per share (in shares) | shares | 28,032,506 | 27,971,382 | 27,882,864 | ||||||||||||||
Earnings per share using weighted average number of ordinary shares outstanding: | |||||||||||||||||
Basic earnings per ordinary share for continuing operations (in usd per share) | $ 0.13 | $ 0.22 | $ 0.43 | $ 0.31 | $ 0.24 | $ 0.09 | $ 0.17 | $ 0.26 | $ 1.08 | [1] | $ 0.75 | [1] | $ 0.32 | [1] | |||
Basic earnings / (loss) per ordinary share for discontinued operations (in usd per share) | [1] | 0 | (0.03) | (0.21) | |||||||||||||
Basic earnings per ordinary share (in usd per share) | [1] | 1.08 | 0.73 | 0.11 | |||||||||||||
Diluted earnings per ordinary share for continuing operations (in usd per share) | 0.13 | $ 0.21 | $ 0.42 | $ 0.31 | 0.24 | $ 0.09 | $ 0.16 | $ 0.26 | 1.07 | [1] | 0.74 | [1] | 0.31 | [1] | |||
Diluted earnings / (loss) per ordinary share for discontinued operations (in usd per share) | [1] | 0 | (0.03) | (0.21) | |||||||||||||
Diluted earnings per ordinary share (in usd per share) | [1] | 1.07 | 0.72 | 0.11 | |||||||||||||
Ordinary shares | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Common stock, par value (in GBP per share) | (per share) | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | £ 0.50 | £ 0.50 | ||||||||||
[1] | The calculation of earnings per share is performed separately for continuing and discontinued operations. As a result, the sum of the two in any particular year may not equal the earnings-per-share amount in total. |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)building | Dec. 31, 2020USD ($)building | Dec. 31, 2019USD ($) | Mar. 28, 2021USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain/ loss on disposition | $ 6.6 | $ 0 | $ 0 | |||
Impairment charges | 1.5 | 0 | 5.2 | |||
Discontinued Operations, Disposed of by Sale | U.S Aluminum Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Consideration received | $ 20.2 | $ 20.2 | ||||
Gain/ loss on disposition | $ 7.1 | 7.1 | ||||
Discontinued Operations, Disposed of by Sale | Superform U.K. Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Consideration received | $ 4 | |||||
Gain/ loss on disposition | $ (0.5) | |||||
Discontinued Operations, Held-for-sale | Superform U.S Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Impairment charges | $ 1.5 | $ 0 | $ 5.2 | |||
Held-for-sale | Elektron Segment | Building | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of properties to be disposed | building | 1 | 1 | ||||
Amount of property to be disposed | $ 3.7 | $ 3.7 |
Discontinued Operations - Resul
Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment charges | $ (1.5) | $ 0 | $ (5.2) |
Superform U.S Business | Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 20.9 | 53.2 | 70.1 |
Cost of goods sold | (21.8) | (51.5) | (65.8) |
Gross (loss) / profit | (0.9) | 1.7 | 4.3 |
Selling, general and administrative expenses | (2.9) | (5.8) | (5.3) |
Restructuring charges | (1) | (0.1) | (0.1) |
Impairment charges | (1.5) | 0 | (5.2) |
Other income | 0 | 3.4 | 0 |
Operating loss | (6.3) | (0.8) | (6.3) |
Net interest expense | 0 | 0 | (0.2) |
Net loss before income taxes | (6.3) | (0.8) | (6.5) |
Provision for income taxes | (0.4) | 0 | 0.9 |
Net loss | $ (6.7) | $ (0.8) | $ (5.6) |
Discontinued Operations - Asset
Discontinued Operations - Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Held-for-sale assets | $ 8.5 | $ 36 |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||
Current liabilities | 1.4 | 11.4 |
Discontinued Operations, Held-for-sale | Superform U.S Business | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Accounts and other receivables | 2.1 | 8.7 |
Inventories | 2.7 | 12.6 |
Held-for-sale assets | 4.8 | 21.3 |
Property, plant and equipment | 0 | 7.9 |
Right-of-use assets | 0 | 3.1 |
Total assets | 4.8 | 32.3 |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||
Accounts payable | 0.5 | 4.3 |
Accrued liabilities | 0.1 | 1.5 |
Other current liabilities | 0.8 | 1.5 |
Current liabilities | 1.4 | 7.3 |
Other non-current liabilities | 0 | 4.1 |
Total liabilities | $ 1.4 | $ 11.4 |
Discontinued Operations - Cash
Discontinued Operations - Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Depreciation | $ 0.5 | $ 1.1 | $ 1.1 |
Impairment charges | 1.5 | 0 | 5.2 |
Capital expenditures | $ 0.1 | $ 0.3 | $ 0.8 |
Goodwill and other identifiab_3
Goodwill and other identifiable intangible assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 70.2 | $ 68.8 |
Exchange difference | (0.5) | 1.4 |
Ending balance | 69.7 | 70.2 |
Gas Cylinders | ||
Goodwill [Roll Forward] | ||
Beginning balance | 27.9 | 27 |
Exchange difference | (0.3) | 0.9 |
Ending balance | 27.6 | 27.9 |
Elektron | ||
Goodwill [Roll Forward] | ||
Beginning balance | 42.3 | 41.8 |
Exchange difference | (0.2) | 0.5 |
Ending balance | $ 42.1 | $ 42.3 |
Goodwill and other identifiab_4
Goodwill and other identifiable intangible assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets | |||
Accumulated goodwill impairment losses | $ 8 | $ 8 | |
Identifiable intangible asset amortization expense | 0.9 | $ 0.7 | $ 1.2 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |||
2022 | 1 | ||
2023 | 1 | ||
2024 | 1 | ||
2025 | 1 | ||
2026 | $ 1 | ||
Customer relationships | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |||
Weighted average amortization period | 17 years | ||
Technology and trading related | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |||
Weighted average amortization period | 15 years |
Goodwill and other identifiab_5
Goodwill and other identifiable intangible assets - Schedule of Movements in Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Balance at the beginning of the year | $ 21.7 | $ 21.5 |
Additions | 1.8 | |
Exchange movements | (0.1) | 0.2 |
Balance at the end of the year | 23.4 | 21.7 |
Customer relationships | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Balance at the beginning of the year | 13.4 | 13.4 |
Additions | 1.8 | |
Exchange movements | 0 | 0 |
Balance at the end of the year | 15.2 | 13.4 |
Technology and trading related | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Balance at the beginning of the year | 8.3 | 8.1 |
Additions | 0 | |
Exchange movements | (0.1) | 0.2 |
Balance at the end of the year | $ 8.2 | $ 8.3 |
Goodwill and other identifiab_6
Goodwill and other identifiable intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets | |||
Gross | $ 23.4 | $ 21.7 | $ 21.5 |
Accumulated amortization | (9.7) | (8.9) | |
Net | 13.7 | 12.8 | |
Customer relationships | |||
Finite-Lived Intangible Assets | |||
Gross | 15.2 | 13.4 | 13.4 |
Accumulated amortization | (5.7) | (5.2) | |
Net | 9.5 | 8.2 | |
Technology and trading related | |||
Finite-Lived Intangible Assets | |||
Gross | 8.2 | 8.3 | $ 8.1 |
Accumulated amortization | (4) | (3.7) | |
Net | $ 4.2 | $ 4.6 |
Supplementary balance sheet i_3
Supplementary balance sheet information - Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts and other receivables | |||
Trade receivables, net | $ 45.8 | $ 33.6 | |
Related parties | 0.1 | 0.2 | |
Prepayments and accrued income | 8.5 | 5.5 | |
Derivative financial instruments | 0.1 | 0.2 | |
Deferred consideration | 1 | 0.2 | |
Other receivables | 2.3 | 3.4 | |
Total accounts and other receivables | 57.8 | 43.1 | |
Inventories | |||
Raw materials and supplies | 39.3 | 26.2 | |
Work-in-process | 26.7 | 19.7 | |
Finished goods | 24.5 | 22.9 | |
Total inventories | 90.5 | 68.8 | |
Other current assets | |||
Income tax receivable | 0 | 1.5 | |
Total other current assets | 0 | 1.5 | |
Property, Plant and Equipment [Abstract] | |||
Total property plant and equipment | 339.3 | 328.3 | |
Accumulated depreciation and impairment | (251.8) | (242.3) | |
Total property, plant and equipment, net | 87.5 | 86 | |
Other current liabilities | |||
Short term provision | 0.2 | 1.1 | |
Restructuring provision | 11.7 | 9 | $ 6.5 |
Derivative financial instruments | 0.1 | 0.4 | |
Operating lease liability | 3 | 2.9 | |
Advance payments | 4.6 | 0.1 | |
Total other current liabilities | 19.6 | 13.5 | |
Other non-current liabilities | |||
Contingent liabilities | 1.8 | 1 | |
Operating lease liability | 9.8 | 6.7 | |
Total other non-current liabilities | $ 11.6 | $ 7.7 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total other current liabilities | Total other current liabilities | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Total other non-current liabilities | Total other non-current liabilities | |
Land, buildings and leasehold improvements | |||
Property, Plant and Equipment [Abstract] | |||
Total property plant and equipment | $ 64.6 | $ 65.2 | |
Machinery and equipment | |||
Property, Plant and Equipment [Abstract] | |||
Total property plant and equipment | 266.3 | 255.3 | |
Construction in progress | |||
Property, Plant and Equipment [Abstract] | |||
Total property plant and equipment | $ 8.4 | $ 7.8 |
Supplementary balance sheet i_4
Supplementary balance sheet information - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Tangible asset impairment charges | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total shareholders' equity | $ 209.1 | $ 167.1 | $ 174.4 | $ 184.3 |
Cumulative translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total shareholders' equity | (52.5) | (51.7) | ||
Pension plans actuarial loss, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total shareholders' equity | (82.5) | (114.1) | ||
Accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total shareholders' equity | $ (135) | $ (165.8) | $ (149.6) | $ (146.6) |
Debt - Schedule of Debt Outstan
Debt - Schedule of Debt Outstanding (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 60.8 | ||
Unamortized debt issuance costs | (1.2) | $ (0.7) | |
Total debt | 59.6 | 53.4 | |
Non-current debt | 59.6 | 53.4 | |
Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 10.8 | 4.1 | |
Unamortized debt issuance costs | $ (0.8) | ||
Loan Notes | Loan Notes due 2023 | |||
Debt Instrument [Line Items] | |||
Debt stated interest rate | 4.88% | ||
Long-term debt, gross | $ 25 | 25 | |
Loan Notes | Loan Notes due 2026 | |||
Debt Instrument [Line Items] | |||
Debt stated interest rate | 4.94% | ||
Long-term debt, gross | $ 25 | $ 25 |
Debt - Additional Information (
Debt - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2021USD ($) | Dec. 31, 2021USD ($) | May 31, 2021USD ($) | Apr. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||||
Debt issuance costs | $ 1,200,000 | $ 700,000 | |||
Debt covenant, interest coverage ratio | 4 | ||||
Debt covenant, leverage ratio | 3 | ||||
Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Debt maximum borrowing capacity | $ 100,000,000 | $ 100,000,000 | $ 150,000,000 | ||
Accordion feature, increased limit | $ 50,000,000 | $ 50,000,000 | |||
Debt issuance costs | 800,000 | ||||
Debt issuance cost, written off | 200,000 | ||||
Debt, weighted average interest rate | 1.70% | 2.19% | |||
Uncommitted Facilities | |||||
Debt Instrument [Line Items] | |||||
Accordion feature, increased limit | $ 50,000,000 |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Company's Debt (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2022 | $ 0 | |
2023 | 25 | |
2024 | 0 | |
2025 | 0 | |
2026 | 35.8 | |
Total | 60.8 | |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 10.8 | |
Total | 10.8 | $ 4.1 |
Loan Notes | Loan Notes due 2023 | ||
Debt Instrument [Line Items] | ||
2022 | 0 | |
2023 | 25 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Total | 25 | 25 |
Loan Notes | Loan Notes due 2026 | ||
Debt Instrument [Line Items] | ||
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 25 | |
Total | $ 25 | $ 25 |
Derivatives and Financial Ins_3
Derivatives and Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Foreign currency contract liabilities | $ 0.1 | $ 0.4 |
Long-term debt outstanding | 59.6 | 53.4 |
Debt issuance costs | 1.2 | 0.7 |
Bank and other loans | ||
Derivative [Line Items] | ||
Long-term debt outstanding | 60.8 | 54.1 |
Debt issuance costs | 1.2 | 0.7 |
Variable interest rate debt | 10.8 | 4.1 |
Accounts and Other Receivables | ||
Derivative [Line Items] | ||
Derivative financial assets | $ 0.1 | $ 0.2 |
Derivatives and Financial Ins_4
Derivatives and Financial Instruments - Schedule of Derivative Instruments (Details) - Designated as Hedging Instrument £ in Millions | Dec. 31, 2021GBP (£)$ / £$ / £¥ / £€ / £¥ / £$ / £ | Dec. 31, 2020GBP (£)¥ / £$ / £¥ / £€ / £$ / £$ / £ |
U.S. dollars | Sales hedges | ||
Derivative [Line Items] | ||
Contract totals/£m | £ 5 | £ 3 |
U.S. dollars | Sales hedges | Minimum | ||
Derivative [Line Items] | ||
Exchange rates | $ / £ | 1.3455 | 1.3045 |
U.S. dollars | Sales hedges | Maximum | ||
Derivative [Line Items] | ||
Exchange rates | $ / £ | 1.3788 | 1.3667 |
U.S. dollars | Purchase hedges | ||
Derivative [Line Items] | ||
Contract totals/£m | £ 4.5 | £ 4.8 |
U.S. dollars | Purchase hedges | Minimum | ||
Derivative [Line Items] | ||
Exchange rates | 1.3451 | 1.3046 |
U.S. dollars | Purchase hedges | Maximum | ||
Derivative [Line Items] | ||
Exchange rates | 1.3781 | 1.3667 |
Euros | Sales hedges | ||
Derivative [Line Items] | ||
Contract totals/£m | £ 9.8 | £ 11.1 |
Euros | Sales hedges | Minimum | ||
Derivative [Line Items] | ||
Exchange rates | € / £ | 1.1697 | 1.0917 |
Euros | Sales hedges | Maximum | ||
Derivative [Line Items] | ||
Exchange rates | € / £ | 1.1906 | 1.1181 |
Euros | Purchase hedges | ||
Derivative [Line Items] | ||
Contract totals/£m | £ 3.5 | £ 1.7 |
Euros | Purchase hedges | Minimum | ||
Derivative [Line Items] | ||
Exchange rates | € / £ | 1.1662 | 1.1065 |
Euros | Purchase hedges | Maximum | ||
Derivative [Line Items] | ||
Exchange rates | € / £ | 1.1812 | 1.0944 |
Japanese Yen | Sales hedges | ||
Derivative [Line Items] | ||
Contract totals/£m | £ 0.1 | £ 0.1 |
Exchange rates | ¥ / £ | 136.8910 | |
Japanese Yen | Sales hedges | Minimum | ||
Derivative [Line Items] | ||
Exchange rates | ¥ / £ | 155.2443 | |
Japanese Yen | Sales hedges | Maximum | ||
Derivative [Line Items] | ||
Exchange rates | ¥ / £ | 156.6793 | |
Canadian dollars | Sales hedges | ||
Derivative [Line Items] | ||
Contract totals/£m | £ 0.1 | |
Exchange rates | $ / £ | 1.7409 | |
Canadian dollars | Purchase hedges | ||
Derivative [Line Items] | ||
Contract totals/£m | £ 7.5 | £ 9.4 |
Canadian dollars | Purchase hedges | Minimum | ||
Derivative [Line Items] | ||
Exchange rates | $ / £ | 1.6762 | 1.7201 |
Canadian dollars | Purchase hedges | Maximum | ||
Derivative [Line Items] | ||
Exchange rates | $ / £ | 1.7172 | 1.7409 |
Australian dollars | Purchase hedges | ||
Derivative [Line Items] | ||
Contract totals/£m | £ 0.9 | £ 0.9 |
Exchange rates | $ / £ | 1.8598 | 1.7729 |
Chinese yuan | Purchase hedges | ||
Derivative [Line Items] | ||
Contract totals/£m | £ 1.5 | £ 0.9 |
Exchange rates | ¥ / £ | 8.6126 | 8.9184 |
Derivatives and Financial Ins_5
Derivatives and Financial Instruments - Fair Values of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contract liabilities | $ 0.1 | $ 0.4 |
Revolving credit facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing loans and borrowings: | 10.8 | 4.1 |
Revolving credit facility | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing loans and borrowings: | 0 | 0 |
Revolving credit facility | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing loans and borrowings: | 10.8 | 4.1 |
Revolving credit facility | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing loans and borrowings: | 0 | 0 |
Loan Notes | Loan Notes due 2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing loans and borrowings: | 25 | 25 |
Loan Notes | Loan Notes due 2023 | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing loans and borrowings: | 0 | 0 |
Loan Notes | Loan Notes due 2023 | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing loans and borrowings: | 25 | 25 |
Loan Notes | Loan Notes due 2023 | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing loans and borrowings: | 0 | 0 |
Loan Notes | Loan Notes due 2026 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing loans and borrowings: | 25 | 25 |
Loan Notes | Loan Notes due 2026 | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing loans and borrowings: | 0 | 0 |
Loan Notes | Loan Notes due 2026 | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing loans and borrowings: | 25 | 25 |
Loan Notes | Loan Notes due 2026 | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing loans and borrowings: | 0 | 0 |
Foreign currency contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contract assets | 0.1 | 0.2 |
Foreign currency contract liabilities | 0.1 | 0.4 |
Foreign currency contract | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contract assets | 0 | 0 |
Foreign currency contract liabilities | 0 | 0 |
Foreign currency contract | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contract assets | 0.1 | 0.2 |
Foreign currency contract liabilities | 0.1 | 0.4 |
Foreign currency contract | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contract assets | 0 | 0 |
Foreign currency contract liabilities | $ 0 | $ 0 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.K. | $ 21.8 | $ 21 | $ 13.4 |
International | 13.6 | 6.7 | 2.9 |
Income before income taxes | $ 35.4 | $ 27.7 | $ 16.3 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Currently payable | |||
U.K. | $ 2 | $ (0.2) | $ 0.7 |
International | 5.4 | 2.3 | 2.9 |
Total current taxes | 7.4 | 2.1 | 3.6 |
Deferred | |||
U.K. | (1.1) | 2.1 | 4.5 |
International | (0.9) | 2.7 | (0.5) |
Total deferred taxes | (2) | 4.8 | 4 |
Total provision for income taxes | $ 5.4 | $ 6.9 | $ 7.6 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income before Income Taxes and Total Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income before income taxes | $ 35.4 | $ 27.7 | $ 16.3 |
Provision for income taxes at the U.K. statutory tax rate (2021: 19%, 2020:19%, 2019: 19%) | 6.7 | 5.3 | 3.1 |
Effect of: | |||
Non-deductible expenses | 1.9 | 1.7 | 2.7 |
Movement in valuation allowances | (0.6) | 0.8 | 1.2 |
Differences in income tax rates in countries where the Company operates | 0.5 | (0.1) | 1.1 |
Effect of changes in tax rates | (2) | 0.1 | (0.1) |
Movement in uncertain tax positions | 0 | (0.4) | 0.4 |
Other | (1.1) | (0.5) | (0.8) |
Total provision for income taxes | $ 5.4 | $ 6.9 | $ 7.6 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 2.4 | $ 3.2 | $ 3.2 |
Gross increases based on tax positions related to the current year | 0.1 | 0.6 | 0.6 |
Reductions due to expiry of statute of limitations | (0.7) | (1.4) | (0.6) |
Ending balance | 1.8 | 2.4 | 3.2 |
Non-current | $ 1.8 | $ 2.4 | $ 3.2 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Reductions due to expiry of statute of limitations, gross | $ 1.1 | ||
Reductions due to expiry of statute of limitations may be recognized by the end of 2021 | 0.3 | ||
Unrecognized tax benefits that would impact effective tax rate | 0.4 | $ 0.5 | $ 0.5 |
Unrecognized tax benefits, income tax penalties and interest expense | 0 | 0.1 | 0 |
Undistributed earnings of foreign subsidiaries | 70.3 | 56.4 | 47.2 |
Deferred tax liability not recognized, amount of unrecognized deferred tax liability, undistributed earnings of foreign subsidiaries | 1 | 0.8 | 0.7 |
Tax losses and tax credit carryforward, amount | 106.3 | 104.2 | 94.9 |
Tax losses and tax credit carryforward, valuation allowance | 18 | 19.3 | 14.9 |
Tax Losses And Tax Credits Carryforward, Expire Between 2023 and 2034 | |||
Operating Loss Carryforwards [Line Items] | |||
Tax losses and tax credit carryforward, amount | 13.4 | ||
Tax Losses And Tax Credits Carryforward, Indefinite | |||
Operating Loss Carryforwards [Line Items] | |||
Tax losses and tax credit carryforward, amount | 99.2 | ||
U.K. | |||
Operating Loss Carryforwards [Line Items] | |||
Tax losses and tax credit carryforward, amount | 43 | 30 | 32.8 |
Tax losses and tax credit carryforward, valuation allowance | 4.1 | 3.2 | 2.8 |
Non-U.K. | |||
Operating Loss Carryforwards [Line Items] | |||
Tax losses and tax credit carryforward, amount | 63.3 | 74.2 | 62.1 |
Tax losses and tax credit carryforward, valuation allowance | $ 13.9 | $ 16.1 | $ 12.1 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets, Net [Abstract] | ||
Deferred tax assets | $ 8 | $ 16.5 |
Deferred tax liabilities | (2.7) | (2) |
Net deferred tax assets | 5.3 | 14.5 |
Deferred tax assets | ||
Pension benefits | 0.5 | 9.9 |
Accrued liabilities | 1.5 | 0.7 |
Tax loss and credit carry forwards | 28.3 | 25.8 |
Employee compensation benefits | 2.9 | 1.9 |
Other | 2.1 | 1.5 |
Total deferred tax assets | 35.3 | 39.8 |
Valuation allowances | (18) | (19.3) |
Deferred tax assets, net of valuation allowances | 17.3 | 20.5 |
Deferred tax liabilities | ||
Property, plant and equipment | 4.5 | 1.7 |
Pension benefits | 3.5 | 0 |
Goodwill and other intangibles | 2.4 | 3.2 |
Other | 1.6 | 1.1 |
Total deferred tax liabilities | $ 12 | $ 6 |
Pension Plans - Reconciliations
Pension Plans - Reconciliations of Plan Benefit Obligation, Fair Value of Plan Assets and Funded Status of Pension Plans (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at January 1 | $ 454.7 | $ 406.3 | ||
Interest cost | 6.7 | 8.4 | $ 11.1 | |
Actuarial (gain) / loss | (30.4) | 45.4 | ||
Exchange difference | (4) | 11.7 | ||
Benefits paid | (15.4) | (17.2) | ||
Prior service cost | 0 | 0.1 | ||
Benefit obligation at December 31 | $ 411.6 | 411.6 | 454.7 | 406.3 |
Change in plan assets | ||||
Fair value of plan assets at January 1 | 403.9 | 371.1 | ||
Actual return on assets | 20.4 | 33 | ||
Exchange difference | (3.7) | 11.2 | ||
Contributions from employer | 18.2 | 5.8 | ||
Benefits paid | (15.4) | (17.2) | ||
Fair value of plan assets at December 31 | 423.4 | 423.4 | 403.9 | 371.1 |
Funded status | ||||
Net benefit surplus / (obligation) | 11.8 | 11.8 | (50.8) | |
U.K. | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at January 1 | 404 | 359.2 | ||
Interest cost | 5.6 | 7 | 9.2 | |
Actuarial (gain) / loss | (29.6) | 40.7 | ||
Exchange difference | (4) | 11.7 | ||
Benefits paid | (12.7) | (13.1) | (14.7) | |
Prior service cost | 0 | 0.1 | ||
Benefit obligation at December 31 | 362.9 | 362.9 | 404 | 359.2 |
Change in plan assets | ||||
Fair value of plan assets at January 1 | 358.9 | 328.7 | ||
Actual return on assets | 16.3 | 27.9 | ||
Exchange difference | (3.7) | 11.2 | ||
Contributions from employer | 18.2 | 5.8 | ||
Benefits paid | (13.1) | (14.7) | ||
Fair value of plan assets at December 31 | 376.6 | 376.6 | 358.9 | 328.7 |
Funded status | ||||
Net benefit surplus / (obligation) | 13.7 | 13.7 | (45.1) | |
U.S. / other | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at January 1 | 50.7 | 47.1 | ||
Interest cost | 1.1 | 1.4 | 1.9 | |
Actuarial (gain) / loss | (0.8) | 4.7 | ||
Exchange difference | 0 | 0 | ||
Benefits paid | (2.3) | (2.5) | ||
Prior service cost | 0 | 0 | ||
Benefit obligation at December 31 | 48.7 | 48.7 | 50.7 | 47.1 |
Change in plan assets | ||||
Fair value of plan assets at January 1 | 45 | 42.4 | ||
Actual return on assets | 4.1 | 5.1 | ||
Exchange difference | 0 | 0 | ||
Contributions from employer | 0 | 0 | ||
Benefits paid | (2.3) | (2.5) | ||
Fair value of plan assets at December 31 | 46.8 | 46.8 | 45 | $ 42.4 |
Funded status | ||||
Net benefit surplus / (obligation) | $ (1.9) | $ (1.9) | $ (5.7) |
Pension Plans - Additional Info
Pension Plans - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net benefit surplus / (obligation) | $ 11.8 | $ 11.8 | $ (50.8) | ||||
Benefits paid | 15.4 | 17.2 | |||||
Defined benefit pension charge | (1.9) | (3.9) | $ (2.8) | ||||
Defined benefit pension credit | 2.3 | 4.3 | 1.3 | ||||
Curtailment gain | 0 | 0 | (1.8) | ||||
Defined benefit plan, expected amortization, next fiscal year | 1.9 | 1.9 | |||||
Defined benefit plan, expected amortization of gain (loss), next fiscal year | 2.3 | 2.3 | |||||
Defined benefit plan, expected amortization of prior service credit | 0.4 | 0.4 | |||||
Settlement loss | 0 | 0 | 0.8 | ||||
Curtailment gain | $ 1.8 | ||||||
Defined benefit plan, lump sum payment | $ 2.7 | ||||||
Decrease in defined benefit plan obligation | 3.6 | ||||||
Immediate recognition of unamortized actuarial losses | $ (0.8) | $ 0.3 | |||||
Employer contribution amount | 18.2 | ||||||
Expected future employer contributions, next fiscal year | 0 | 0 | |||||
Increase in liability due to securing insurance for preparation of settelement | $ 2.8 | ||||||
Minimum | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Termination term | 12 months | ||||||
Maximum | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Termination term | 18 months | ||||||
Selling, General and Administrative Expenses | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit pension charge | $ 0.4 | 0.4 | 0.3 | ||||
U.K. | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net benefit surplus / (obligation) | 13.7 | 13.7 | (45.1) | ||||
Benefits paid | $ 12.7 | 13.1 | 14.7 | ||||
Defined benefit pension charge | (1.6) | (3.3) | (2.1) | ||||
Curtailment gain | 0 | 0 | 0 | ||||
Settlement loss | $ 0 | 0 | 0 | ||||
U.K. | Defined Benefit Plan, Equity Securities | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Plan assets, target allocation percentage | 40.00% | 40.00% | |||||
Plan assets, actual allocation percentage | 60.00% | 60.00% | |||||
U.K. | Defined Benefit Plan, Equity Securities | Forecast | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Plan assets, target allocation percentage | 75.00% | ||||||
U.S. / other | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net benefit surplus / (obligation) | $ (1.9) | $ (1.9) | (5.7) | ||||
Benefits paid | 2.3 | 2.5 | |||||
Defined benefit pension charge | (0.3) | (0.6) | (0.7) | ||||
Curtailment gain | 0 | 0 | (1.8) | ||||
Settlement loss | $ 0 | $ 0 | $ 0.8 |
Pension Plans - Schedule of Net
Pension Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0.1 |
Interest cost | 6.7 | 8.4 | 11.1 |
Expected return on assets | (12) | (14.5) | (15.7) |
Curtailment gain | 0 | 0 | (1.8) |
Settlement loss | 0 | 0 | 0.8 |
Amortization of net actuarial loss | 3.8 | 2.6 | 3.1 |
Amortization of prior service credit | (0.4) | (0.4) | (0.4) |
Total credit for defined benefit plans | (1.9) | (3.9) | (2.8) |
Total charge for defined contribution plans | 3.6 | 3.4 | 4.2 |
Total charge / (credit) for benefit plans | 1.7 | (0.5) | 1.4 |
U.K. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 5.6 | 7 | 9.2 |
Expected return on assets | (10.2) | (12.2) | (13.4) |
Curtailment gain | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Amortization of net actuarial loss | 3.4 | 2.3 | 2.5 |
Amortization of prior service credit | (0.4) | (0.4) | (0.4) |
Total credit for defined benefit plans | (1.6) | (3.3) | (2.1) |
Total charge for defined contribution plans | 2.1 | 1.5 | 2.1 |
Total charge / (credit) for benefit plans | 0.5 | (1.8) | 0 |
U.S. / other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0.1 |
Interest cost | 1.1 | 1.4 | 1.9 |
Expected return on assets | (1.8) | (2.3) | (2.3) |
Curtailment gain | 0 | 0 | (1.8) |
Settlement loss | 0 | 0 | 0.8 |
Amortization of net actuarial loss | 0.4 | 0.3 | 0.6 |
Amortization of prior service credit | 0 | 0 | 0 |
Total credit for defined benefit plans | (0.3) | (0.6) | (0.7) |
Total charge for defined contribution plans | 1.5 | 1.9 | 2.1 |
Total charge / (credit) for benefit plans | $ 1.2 | $ 1.3 | $ 1.4 |
Pension Plans - Schedule of Def
Pension Plans - Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net actuarial gain / (loss) | $ 38.8 | $ (26.9) | $ (7.5) |
Amortization of actuarial loss | 3.8 | 2.6 | 3.1 |
Prior service cost | 0 | (0.1) | 0 |
Amortization of prior service credit | (0.4) | (0.4) | (0.4) |
Total recognized in other comprehensive income / (loss) | 42.2 | (24.8) | (4.8) |
Total recognized in net periodic benefit cost and other comprehensive income / (loss) | 44.1 | (20.9) | $ (2) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Gross actuarial loss | (122.5) | (165.1) | |
Gross prior service credit | 11.4 | 11.8 | |
Total included in AOCI not yet recognized in the statement of income | $ (111.1) | $ (153.3) |
Pension Plans - Schedule of Ass
Pension Plans - Schedule of Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
U.K. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 1.90% | 1.40% | 2.10% |
Expected return on assets | 3.30% | 3.00% | 4.10% |
Life expectancy of male in the U.K. aged 65 at accounting date | 21 years 1 month 6 days | 21 years 6 months | |
Life expectancy of female in the U.K. aged 65 at accounting date | 22 years 10 months 24 days | 24 years 3 months 18 days | |
Life expectancy of male in the U.K. aged 65 at 20 years after accounting date | 22 years 4 months 24 days | 22 years 10 months 24 days | |
Life expectancy of female in the U.K. aged 65 at 20 years after accounting date | 24 years 4 months 24 days | 25 years 9 months 18 days | |
U.K. | Retirement Plan Pre-2030 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Retail Price Inflation | 3.30% | 2.90% | 2.90% |
Consumer Price Inflation | 2.20% | 1.80% | 2.00% |
U.K. | Retirement Plan Pre-2030 | Pre 6 April 1997 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of pension increases | 2.00% | 1.70% | 1.80% |
U.K. | Retirement Plan Pre-2030 | 1997 To 2005 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of pension increases | 2.20% | 1.90% | 2.10% |
U.K. | Retirement Plan Pre-2030 | Post 5 April 2005 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of pension increases | 1.80% | 1.60% | 1.70% |
U.K. | Retirement Plan Post-2030 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Retail Price Inflation | 3.30% | 2.70% | 2.90% |
Consumer Price Inflation | 3.20% | 2.60% | 2.00% |
U.K. | Retirement Plan Post-2030 | Pre 6 April 1997 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of pension increases | 2.50% | 2.20% | 1.80% |
U.K. | Retirement Plan Post-2030 | 1997 To 2005 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of pension increases | 3.10% | 2.60% | 2.10% |
U.K. | Retirement Plan Post-2030 | Post 5 April 2005 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of pension increases | 2.20% | 2.00% | 1.70% |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.70% | 2.30% | 3.10% |
Expected return on assets | 2.50% | 5.00% | 6.20% |
Pension Plans - Fair Value of P
Pension Plans - Fair Value of Plans Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 423.4 | $ 403.9 | $ 371.1 |
Equities and growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 149.9 | 179.2 | |
Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 64.6 | 63.1 | |
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 194.1 | 159.7 | |
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14.8 | 1.9 | |
U.K. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 376.6 | 358.9 | 328.7 |
U.K. | Equities and growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 149.9 | 152.3 | |
U.K. | Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 64.6 | 63.1 | |
U.K. | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 147.5 | 141.6 | |
U.K. | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14.6 | 1.9 | |
U.S. / other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 46.8 | 45 | $ 42.4 |
U.S. / other | Equities and growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 26.9 | |
U.S. / other | Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. / other | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 46.6 | 18.1 | |
U.S. / other | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0.2 | $ 0 |
Pension Plans - Schedule of Exp
Pension Plans - Schedule of Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
U.K. | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 9.9 |
2023 | 10.1 |
2024 | 10.3 |
2025 | 10.5 |
2026 | 10.8 |
Thereafter | 56.9 |
U.S. / other | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 13.5 |
2023 | 2.4 |
2024 | 2.4 |
2025 | 2.4 |
2026 | 2.4 |
Thereafter | $ 12.1 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Ordinary Share Capital (Details) $ / shares in Units, $ in Millions | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2021£ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020£ / shares | Dec. 31, 2019$ / shares |
Class of Stock [Line Items] | |||||
Common stock, shares authorized (in shares) | shares | 761,875,318,444 | 761,875,338,444 | |||
Ordinary shares, value, authorized | $ | $ 185.6 | $ 185.6 | |||
Common stock, shares issued (in shares) | shares | 761,864,262,444 | 761,864,338,444 | |||
Ordinary shares, value, issued | $ | $ 176.4 | $ 176.5 | |||
Ordinary shares | |||||
Class of Stock [Line Items] | |||||
Common stock, shares authorized (in shares) | shares | 40,000,000 | 40,000,000 | |||
Ordinary shares, value, authorized | $ | $ 35.7 | $ 35.7 | |||
Common stock, shares issued (in shares) | shares | 28,944,000 | 29,000,000 | |||
Ordinary shares, value, issued | $ | $ 26.5 | $ 26.6 | |||
Common stock, par value (in GBP per share) | (per share) | $ 0.50 | £ 0.50 | $ 0.50 | £ 0.50 | $ 0.50 |
Deferred shares | |||||
Class of Stock [Line Items] | |||||
Common stock, shares authorized (in shares) | shares | 761,835,318,444 | 761,835,338,444 | |||
Ordinary shares, value, authorized | $ | $ 149.9 | $ 149.9 | |||
Common stock, shares issued (in shares) | shares | 761,835,318,444 | 761,835,338,444 | |||
Ordinary shares, value, issued | $ | $ 149.9 | $ 149.9 | |||
Common stock, par value (in GBP per share) | £ / shares | £ 0.0001 | £ 0.0001 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021USD ($)shares | Dec. 31, 2021USD ($) | Dec. 31, 2021£ / shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020£ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019$ / shares | |
Class of Stock [Line Items] | |||||||
Deferred shares, multiple of amount paid up on ordinary shares | 100 | ||||||
Purchase of treasury shares | $ | $ 6.4 | ||||||
Cancellation of treasury shares | $ | $ 0 | ||||||
Number of treasury shares held (in shares) | 575,618 | 350,335 | |||||
Cost of treasury shares held | $ | $ 9.6 | $ 4 | |||||
June 2021 Share Buy-Back Program | |||||||
Class of Stock [Line Items] | |||||||
Number of ordinary shares repurchased (in shares) | 297,678 | ||||||
Purchase of treasury shares | $ | $ 6.4 | ||||||
Shares cancelled (in shares) | 56,000 | ||||||
Cancellation of treasury shares | $ | $ 0.7 | ||||||
Shares utilized (in shares) | 16,395 | ||||||
Utilization of treasury shares | $ | $ 0.1 | ||||||
Number of treasury shares held (in shares) | 225,283 | ||||||
Ordinary shares | |||||||
Class of Stock [Line Items] | |||||||
Common stock, par value (in GBP per share) | (per share) | £ 0.50 | $ 0.50 | £ 0.50 | $ 0.50 | $ 0.50 | ||
Common stock, shares, outstanding, actively traded (in shares) | 27,529,824 | 27,636,153 | |||||
Ordinary shares | Own shares held by ESOP | |||||||
Class of Stock [Line Items] | |||||||
Common stock, par value (in GBP per share) | £ / shares | 0.50 | 0.50 | |||||
Employee stock ownership plan, shares held by trustees (in shares) | 838,558 | 1,013,512 | |||||
Deferred shares | |||||||
Class of Stock [Line Items] | |||||||
Common stock, par value (in GBP per share) | £ / shares | £ 0.0001 | £ 0.0001 |
Shareholders' Equity - Schedu_2
Shareholders' Equity - Schedule of Treasury Shares (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement In Treasury Shares [Roll Forward] | |||
Beginning balance | $ 167.1 | $ 174.4 | $ 184.3 |
Purchase of treasury shares | (6.4) | ||
Cancellation of treasury shares | 0 | ||
Utilization of treasury shares to satisfy share based compensation | 0 | (0.1) | 0.2 |
Ending balance | 209.1 | 167.1 | 174.4 |
Treasury shares | |||
Movement In Treasury Shares [Roll Forward] | |||
Beginning balance | (4) | (4) | (4.3) |
Purchase of treasury shares | (6.4) | ||
Cancellation of treasury shares | 0.7 | ||
Utilization of treasury shares to satisfy share based compensation | 0.1 | 0.3 | |
Ending balance | $ (9.6) | $ (4) | $ (4) |
Shareholders' Equity - Schedu_3
Shareholders' Equity - Schedule of Own Shares held by ESOP (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | $ 167.1 | $ 174.4 | $ 184.3 |
Shares sold from ESOP | 1.1 | 3.5 | |
Utilization of ESOP shares | (1.5) | (1.3) | (4.6) |
Ending balance | 209.1 | 167.1 | 174.4 |
Own shares held by ESOP | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (1.4) | (1.7) | (2.2) |
Shares sold from ESOP | 0.3 | 0.2 | |
Utilization of ESOP shares | 0.3 | 0.3 | |
Ending balance | $ (1.1) | $ (1.4) | $ (1.7) |
Shareholders' Equity - Schedu_4
Shareholders' Equity - Schedule of Dividend Paid and Proposed (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 02, 2022 | Nov. 03, 2021 | Aug. 04, 2021 | May 05, 2021 | Feb. 04, 2021 | Nov. 04, 2020 | Aug. 05, 2020 | May 06, 2020 | Feb. 05, 2020 | Nov. 06, 2019 | Aug. 07, 2019 | May 01, 2019 | Feb. 06, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||||||||||||||||
Dividends paid (in USD per share) | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | ||||
Dividends paid | $ 3.4 | $ 3.4 | $ 3.4 | $ 3.4 | $ 3.4 | $ 3.4 | $ 3.4 | $ 3.4 | $ 3.4 | $ 3.4 | $ 3.4 | $ 3.4 | $ 13.6 | $ 13.6 | $ 13.6 | |
Subsequent Event | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividends paid (in USD per share) | $ 0.125 | |||||||||||||||
Dividends paid | $ 3.4 |
Share Plans - Schedule of Movem
Share Plans - Schedule of Movement in Number of Shares held by ESOP Trustees (Details) | 12 Months Ended | ||||
Dec. 31, 2021£ / sharesshares | Dec. 31, 2021$ / shares | Dec. 31, 2020£ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | |
Deferred shares | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in GBP per share) | £ / shares | £ 0.0001 | £ 0.0001 | |||
Movement in Number of Shares held by ESOP Trustees [Roll Forward] | |||||
Beginning balance | 15,977,968,688 | ||||
Shares utilized during the year | 0 | ||||
Shares transferred into ESOP during the year | 0 | ||||
Ending balance | 15,977,968,688 | ||||
Ordinary shares | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in GBP per share) | (per share) | £ 0.50 | $ 0.50 | £ 0.50 | $ 0.50 | $ 0.50 |
Movement in Number of Shares held by ESOP Trustees [Roll Forward] | |||||
Beginning balance | 1,013,512 | ||||
Shares utilized during the year | (242,579) | ||||
Shares transferred into ESOP during the year | 67,625 | ||||
Ending balance | 838,558 |
Share Plans - Additional Inform
Share Plans - Additional Information (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2021shares | Mar. 31, 2021shares | Sep. 30, 2020shares | Jun. 30, 2020shares | May 31, 2020shares | Mar. 31, 2020shares | Dec. 31, 2019$ / sharesshares | May 31, 2019shares | Mar. 31, 2019shares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2021£ / shares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020£ / shares | Dec. 31, 2020USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Loan outstanding from ESOP | $ 0.5 | $ 0.6 | ||||||||||||||
Tax benefit realized for the tax deductions from option exercises | $ 1.1 | $ 0.6 | $ 0.9 | |||||||||||||
Weighted average fair value of options granted (in USD per share) | $ / shares | $ 20.56 | $ 9.41 | $ 17.65 | |||||||||||||
Total intrinsic value of options exercised | $ 5.8 | $ 3 | $ 11.2 | |||||||||||||
Total unrecognized compensation cost related to share options | $ 2.8 | $ 2.2 | ||||||||||||||
Options | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Total unrecognized compensation cost related to share options, period for recognition | 1 year 10 months 24 days | 1 year 3 months 18 days | ||||||||||||||
Long-Term Umbrella Incentive Plan (LTIP) | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 4 years | |||||||||||||||
Award expiration period | 6 years | |||||||||||||||
Long-Term Umbrella Incentive Plan (LTIP) | Tranche One | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting percentage | 25.00% | |||||||||||||||
Long-Term Umbrella Incentive Plan (LTIP) | Tranche Two | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting percentage | 25.00% | |||||||||||||||
Long-Term Umbrella Incentive Plan (LTIP) | Tranche Three | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting percentage | 25.00% | |||||||||||||||
Long-Term Umbrella Incentive Plan (LTIP) | Tranche Four | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting percentage | 25.00% | |||||||||||||||
Long-Term Umbrella Incentive Plan (LTIP) | Restricted Stock Units and Options | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award granted during period (in shares) | shares | 110,000 | 3,892 | 132,900 | 6,000 | 196,320 | |||||||||||
Award vesting period | 4 years | 4 years | 4 years | 4 years | 4 years | |||||||||||
Award expiration period | 2 years | 2 years | 2 years | 2 years | 2 years | |||||||||||
Non-Executive Directors Equity Incentive Plan (Director EIP) | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 1 year | |||||||||||||||
Non-Executive Directors Equity Incentive Plan (Director EIP) | Restricted Stock Units and Options | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award granted during period (in shares) | shares | 19,000 | 45,000 | 27,280 | 2,000 | 3,981 | |||||||||||
Non-Executive Directors Equity Incentive Plan (Director EIP) | Restricted Stock Units and Options | Tranche Two | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award fully vested and settled period after grant date | 1 year | 2 years | 1 year | |||||||||||||
Ordinary shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Common stock, par value (in GBP per share) | (per share) | $ 0.50 | $ 0.50 | £ 0.50 | $ 0.50 | £ 0.50 | $ 0.50 | ||||||||||
Ordinary shares | Employee Benefit Trust | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Market value of shares held by ESOP (in USD per share) | $ / shares | $ 19.31 | $ 16.42 |
Share Plans - Schedule of Share
Share Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Total share-based compensation charges | $ 2.8 | $ 2.8 | $ 4.5 |
Share Plans - Schedule of Sha_2
Share Plans - Schedule of Share Options Activities (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of shares | ||
Beginning balance (in shares) | 412,804 | |
Granted during the year (in shares) | 174,264 | |
Exercised during the year (in shares) | (271,851) | |
Accrued dividend awards (in shares) | 7,898 | |
Lapsed during the year (in shares) | (25,628) | |
Ending balance (in shares) | 297,487 | 412,804 |
Options exercisable at December 31, 2021 (in shares) | 13,874 | |
Options expected to vest as of December 31, 2021 (in shares) | 269,432 | |
Weighted- average exercise price | ||
Beginning balance (in USD per share) | $ 0.87 | |
Granted during the year (in USD per share) | 1 | |
Exercised during the year (in USD per share) | 0.77 | |
Accrued dividend awards (in USD per share) | 0.95 | |
Lapsed during the year (in USD per share) | 0.92 | |
Ending balance (in USD per share) | 0.99 | $ 0.87 |
Options exercisable at December 31, 2021 (in USD per share) | 0.84 | |
Options expected to vest as of December 31, 2021 (in USD per share) | $ 1 | |
Weighted- average remaining contractual life (years) | 2 years 2 months 12 days | 1 year 10 months 24 days |
Options exercisable, weighted-average remaining contractual life | 3 years 1 month 6 days | |
Options expected to vest, weighted-average remaining contractual life | 2 years 2 months 12 days | |
Aggregate intrinsic value ($M) | $ 5.7 | $ 6.8 |
Options exercisable, aggregate intrinsic value | 0.2 | |
Options expected to vest, aggregate intrinsic value | $ 5.2 |
Share Plans - Share Options Fai
Share Plans - Share Options Fair Value Assumptions (Details) - $ / shares | 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 (%) | 2.27% | 2.10% | |
Expected volatility range (%), minimum | 42.80% | 36.48% | 35.06% |
Expected volatility range (%), maximum | 59.03% | 56.28% | 44.20% |
Risk-free interest rate (%), minimum | 0.04% | 0.18% | 0.74% |
Risk-free interest rate (%), maximum | 0.24% | 0.49% | 2.52% |
Forfeiture rate (%) | 5.00% | 5.00% | 5.00% |
Weighted average exercise price (in USD per share) | $ 1 | $ 1 | $ 1 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield (%) | 3.39% | ||
Expected life of share options range (years) | 6 months | 6 months | 6 months |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield (%) | 4.09% | ||
Expected life of share options range (years) | 4 years | 4 years | 4 years |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021segmentbusinessUnit | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Number of operating divisions | businessUnit | 4 |
Number of reportable segments | 2 |
Segment Information - Financial
Segment Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 26, 2021 | Jun. 27, 2021 | Mar. 28, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 98.7 | $ 91.2 | $ 99 | $ 85.2 | $ 82.1 | $ 77.7 | $ 76.6 | $ 88.4 | $ 374.1 | $ 324.8 | $ 373.4 |
Adjusted EBITDA | 63.4 | 53.9 | 67.1 | ||||||||
Depreciation and amortization | 15.6 | 13.3 | 13.2 | ||||||||
Restructuring charges | 6.2 | 8.9 | 25.9 | ||||||||
Total assets | 368.8 | 346.4 | 368.8 | 346.4 | |||||||
Capital expenditure | 9 | 7.4 | 14.8 | ||||||||
Discontinued operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 4.8 | 32.3 | 4.8 | 32.3 | |||||||
Capital expenditure | 0.1 | 0.3 | 0.8 | ||||||||
Other segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Restructuring charges | 0 | 0.1 | 0 | ||||||||
Total assets | 34.8 | 24.7 | 34.8 | 24.7 | |||||||
Capital expenditure | 0 | 0 | 0 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 0 | 0.4 | 0.4 | ||||||||
Gas Cylinders Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 178.3 | 141.9 | 153.5 | ||||||||
Gas Cylinders Segment | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 178.3 | 141.9 | 153.5 | ||||||||
Adjusted EBITDA | 22.7 | 21.3 | 22.3 | ||||||||
Depreciation and amortization | 5.8 | 3.7 | 3.6 | ||||||||
Restructuring charges | 5.3 | 7.9 | 20.7 | ||||||||
Total assets | 122.7 | 99.7 | 122.7 | 99.7 | |||||||
Capital expenditure | 1 | 2 | 3.1 | ||||||||
Elektron Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 195.8 | 182.9 | 219.9 | ||||||||
Elektron Segment | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 195.8 | 182.9 | 219.9 | ||||||||
Adjusted EBITDA | 40.7 | 32.6 | 44.8 | ||||||||
Depreciation and amortization | 9.8 | 9.6 | 9.6 | ||||||||
Restructuring charges | 0.9 | 0.9 | 5.2 | ||||||||
Total assets | $ 206.5 | $ 189.7 | 206.5 | 189.7 | |||||||
Capital expenditure | $ 7.9 | $ 5.1 | $ 10.9 |
Segment Information - Reconcili
Segment Information - Reconciliation of Consolidated Segment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 26, 2021 | Jun. 27, 2021 | Mar. 28, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | |||||||||||
Adjusted EBITDA | $ 63.4 | $ 53.9 | $ 67.1 | ||||||||
Share based compensation charges | (2.8) | (2.8) | (4.5) | ||||||||
Loss on disposal of property, plant and equipment | 0 | (0.1) | (0.2) | ||||||||
Depreciation and amortization | (15.6) | (13.3) | (13.2) | ||||||||
Unwind discount on deferred consideration | 0 | 0 | (0.2) | ||||||||
Restructuring charges | (6.2) | (8.9) | (25.9) | ||||||||
Impairment credit | 0 | 0 | 0.2 | ||||||||
Acquisition costs | (1.5) | 0 | (1.4) | ||||||||
Other charges | (1.1) | (0.4) | (2.5) | ||||||||
Defined benefits pension credit | 2.3 | 4.3 | 1.3 | ||||||||
Interest expense, net | (3.1) | (5) | (4.4) | ||||||||
Provision for income taxes | (5.4) | (6.9) | (7.6) | ||||||||
Net income from continuing operations | $ 3.5 | $ 6 | $ 11.9 | $ 8.6 | $ 6.6 | $ 2.4 | $ 4.6 | $ 7.2 | $ 30 | $ 20.8 | $ 8.7 |
Segment Information - Geographi
Segment Information - Geographic Information by Region (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 26, 2021 | Jun. 27, 2021 | Mar. 28, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 98.7 | $ 91.2 | $ 99 | $ 85.2 | $ 82.1 | $ 77.7 | $ 76.6 | $ 88.4 | $ 374.1 | $ 324.8 | $ 373.4 |
Property, plant and equipment, net | 87.5 | 86 | 87.5 | 86 | |||||||
Top five countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 273.4 | 238.1 | 276.3 | ||||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 207.8 | 173 | 201.4 | ||||||||
Property, plant and equipment, net | 46.9 | 44.3 | 46.9 | 44.3 | |||||||
U.K. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 24.4 | 18.7 | 23.9 | ||||||||
Property, plant and equipment, net | 36 | 36.6 | 36 | 36.6 | |||||||
Germany | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 17.7 | 15.7 | 21.8 | ||||||||
Italy | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 11 | 10.5 | 13.3 | ||||||||
France | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 12.5 | 20.2 | 15.9 | ||||||||
Rest of Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 25.8 | 25.4 | 37.7 | ||||||||
Property, plant and equipment, net | 1 | 1.1 | 1 | 1.1 | |||||||
Asia Pacific | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 53.7 | 45.2 | 42.8 | ||||||||
Property, plant and equipment, net | 0.3 | 0.3 | 0.3 | 0.3 | |||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 21.2 | 16.1 | $ 16.6 | ||||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment, net | $ 3.3 | $ 3.7 | $ 3.3 | $ 3.7 | |||||||
Geographic Concentration Risk | Revenue from Contract with Customer | Top five countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales, percent | 73.10% | 73.30% | 74.00% | ||||||||
Geographic Concentration Risk | Revenue from Contract with Customer | United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales, percent | 55.60% | 53.30% | 53.90% | ||||||||
Geographic Concentration Risk | Revenue from Contract with Customer | U.K. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales, percent | 6.60% | 5.80% | 6.40% | ||||||||
Geographic Concentration Risk | Revenue from Contract with Customer | Germany | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales, percent | 4.70% | 4.80% | 5.80% | ||||||||
Geographic Concentration Risk | Revenue from Contract with Customer | Italy | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales, percent | 2.90% | 3.20% | 3.60% | ||||||||
Geographic Concentration Risk | Revenue from Contract with Customer | France | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales, percent | 3.30% | 6.20% | 4.30% | ||||||||
Geographic Concentration Risk | Revenue from Contract with Customer | Rest of Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales, percent | 6.90% | 7.80% | 10.10% | ||||||||
Geographic Concentration Risk | Revenue from Contract with Customer | Asia Pacific | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales, percent | 14.30% | 13.90% | 11.50% | ||||||||
Geographic Concentration Risk | Revenue from Contract with Customer | Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales, percent | 5.70% | 5.00% | 4.40% |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | |||
Additional operating leases | $ 2.3 | $ 0.8 | $ 0.2 |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 7 years | ||
Building | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 51 years |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 3.4 | $ 3.8 | $ 4.1 |
Operating cash flows from operating leases | $ 3.4 | $ 3.8 | $ 4.1 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use asset | $ 12.6 | $ 9.5 |
Other current liabilities | 3 | 2.9 |
Other non-current liabilities | 9.8 | 6.7 |
Operating lease liability | $ 12.8 | $ 9.6 |
Weighted Average Remaining Lease Term (Years) | 17 years 2 months 12 days | 21 years 10 months 24 days |
Weighted Average Discount Rate | 4.38% | 4.43% |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other non-current liabilities | Other non-current liabilities |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 3 | |
2023 | 2.6 | |
2024 | 2.2 | |
2025 | 1.9 | |
2026 | 1 | |
Thereafter | 8.7 | |
Total lease payments | 19.4 | |
Less imputed interest | (6.6) | |
Total | $ 12.8 | $ 9.6 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2020lawsuits | Feb. 28, 2014people | Dec. 31, 2021USD ($)facility | Dec. 31, 2021GBP (£)facility | Dec. 31, 2020USD ($)facility | Dec. 31, 2020GBP (£)facility | Dec. 31, 2019USD ($) | Dec. 31, 2021GBP (£) | Oct. 31, 2021USD ($) | May 31, 2021USD ($) | Apr. 30, 2021USD ($) | Dec. 31, 2020GBP (£) | |
Loss Contingencies [Line Items] | ||||||||||||
Capital expenditure commitments | $ 1,500,000 | $ 1,100,000 | $ 1,000,000 | |||||||||
Long-term debt, gross | $ 60,800,000 | |||||||||||
Number of bonding facilities | facility | 3 | 3 | 2 | 2 | ||||||||
Borrowing capacity | $ 4,000,000 | |||||||||||
Credit facility, amount drawn | $ 0 | |||||||||||
Individuals with minor injuries | people | 3 | |||||||||||
Number of lawsuits | lawsuits | 3 | |||||||||||
GBP | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of bonding facilities | facility | 2 | 2 | 1 | 1 | ||||||||
U.S. dollars | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of bonding facilities | facility | 1 | 1 | 1 | 1 | ||||||||
Revolving credit facility | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Debt maximum borrowing capacity | $ 100,000,000 | $ 100,000,000 | $ 150,000,000 | |||||||||
Uncommitted accordion facility | $ 50,000,000 | $ 50,000,000 | ||||||||||
Long-term debt, gross | 10,800,000 | 4,100,000 | ||||||||||
Letter of Credit | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Debt maximum borrowing capacity | 1,300,000 | £ 1,000,000 | ||||||||||
Committed Banking Facilities | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Debt maximum borrowing capacity | 100,000,000 | 150,000,000 | ||||||||||
Bonding Facility For Bank Guarantees | GBP | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Debt maximum borrowing capacity | 900,000 | 6,100,000 | £ 600,000 | £ 4,500,000 | ||||||||
Amount drawn/utilized | 200,000 | £ 100,000 | 1,400,000 | £ 1,000,000 | ||||||||
Bonding Facility For Bank Guarantees | U.S. dollars | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Debt maximum borrowing capacity | 1,500,000 | 1,500,000 | ||||||||||
Amount drawn/utilized | $ 900,000 | $ 800,000 |
Selected Quarterly Data (unau_3
Selected Quarterly Data (unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2021 | Sep. 26, 2021 | Jun. 27, 2021 | Mar. 28, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Net sales | $ 98.7 | $ 91.2 | $ 99 | $ 85.2 | $ 82.1 | $ 77.7 | $ 76.6 | $ 88.4 | $ 374.1 | $ 324.8 | $ 373.4 | |||
Gross profit | 23.8 | 21.1 | 25.9 | 25.2 | 19.9 | 18.9 | 18 | 24.1 | 96 | 80.9 | 103.7 | |||
Operating income | 5.5 | 8.1 | 11.5 | 11.1 | 8.4 | 5.3 | 5.8 | 9 | 36.2 | 28.5 | 18.7 | |||
Net income from continuing operations | $ 3.5 | $ 6 | $ 11.9 | $ 8.6 | $ 6.6 | $ 2.4 | $ 4.6 | $ 7.2 | $ 30 | $ 20.8 | $ 8.7 | |||
Earnings per ordinary share | ||||||||||||||
Basic earnings per ordinary share for continuing operations (in usd per share) | $ 0.13 | $ 0.22 | $ 0.43 | $ 0.31 | $ 0.24 | $ 0.09 | $ 0.17 | $ 0.26 | $ 1.08 | [1] | $ 0.75 | [1] | $ 0.32 | [1] |
Diluted earnings per ordinary share for continuing operations (in usd per share) | $ 0.13 | $ 0.21 | $ 0.42 | $ 0.31 | $ 0.24 | $ 0.09 | $ 0.16 | $ 0.26 | $ 1.07 | [1] | $ 0.74 | [1] | $ 0.31 | [1] |
[1] | The calculation of earnings per share is performed separately for continuing and discontinued operations. As a result, the sum of the two in any particular year may not equal the earnings-per-share amount in total. |
Related-Party Transactions (Det
Related-Party Transactions (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2021£ / shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020£ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Nov. 30, 2020 | Jul. 31, 2020 | |
Nikkei-MEL Co. Limited | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Equity method investment, ownership percentage | 50.00% | |||||||||
Ordinary shares | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Common stock, par value (in GBP per share) | (per share) | $ 0.50 | £ 0.50 | $ 0.50 | £ 0.50 | $ 0.50 | |||||
Equity Method Investee | Nikkei-MEL Co. Limited | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Accounts receivable, related parties | $ 0.1 | $ 0.2 | ||||||||
Equity Method Investee | Elektron | Nikkei-MEL Co. Limited | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Sales to related parties | $ 0.8 | $ 0.6 | ||||||||
Equity Method Investee | Luxfer Uttam India Private Limited | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Equity method investment, ownership percentage | 51.00% | |||||||||
Related party transaction, amounts of transaction | $ 1.6 | |||||||||
Equity Method Investee | Luxfer Uttam India Private Limited | Gas Cylinders | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Sales to related parties | 1.5 | $ 6.4 | ||||||||
Equity Method Investee | Sub161 Pty Limited | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Equity method investment, ownership percentage | 26.40% | 26.00% | ||||||||
Sales to related parties | $ 0 | |||||||||
Executive Leadership Team | Ordinary shares | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of common stock owned by related parties (in shares) | shares | 500,237 | 425,413 | ||||||||
Number of awards held by related parties (in shares) | shares | 299,021 | 248,522 | ||||||||
President | Cherokee Properties Inc. | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction, amounts of transaction | $ 1.1 |