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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/03/22 Innospec Inc. 10-Q 6/30/22 71:5.1M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.24M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 25K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 25K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 21K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 20K 11: R1 Cover Page HTML 75K 12: R2 Condensed Consolidated Statements of Income HTML 95K 13: R3 Condensed Consolidated Statements of Comprehensive HTML 51K Income 14: R4 Condensed Consolidated Statements of Comprehensive HTML 29K Income (Parenthetical) 15: R5 Condensed Consolidated Balance Sheets HTML 169K 16: R6 Condensed Consolidated Balance Sheets HTML 34K (Parenthetical) 17: R7 Condensed Consolidated Statements of Cash Flows HTML 100K 18: R8 Condensed Consolidated Statements of Equity HTML 84K 19: R9 Condensed Consolidated Statements of Equity HTML 22K (Parenthetical) 20: R10 Basis of Presentation HTML 25K 21: R11 Segment Reporting HTML 79K 22: R12 Earnings Per Share HTML 44K 23: R13 Goodwill HTML 26K 24: R14 Other Intangible Assets HTML 30K 25: R15 Pension and Post-Employment Benefits HTML 41K 26: R16 Income Taxes HTML 37K 27: R17 Long-Term Debt HTML 27K 28: R18 Plant Closure Provisions HTML 31K 29: R19 Fair Value Measurements HTML 45K 30: R20 Derivative Instruments and Risk Management HTML 23K 31: R21 Contingencies HTML 25K 32: R22 Stock-Based Compensation Plans HTML 32K 33: R23 Reclassifications out of Accumulated Other HTML 64K Comprehensive Loss 34: R24 Recently Issued Accounting Pronouncements HTML 32K 35: R25 Related Party Transactions HTML 25K 36: R26 Segment Reporting (Tables) HTML 75K 37: R27 Earnings per Share (Tables) HTML 42K 38: R28 Goodwill (Tables) HTML 29K 39: R29 Other Intangible Assets (Tables) HTML 30K 40: R30 Pension and Post-Employment Benefits (Tables) HTML 33K 41: R31 Income Taxes (Tables) HTML 32K 42: R32 Plant Closure Provisions (Tables) HTML 29K 43: R33 Fair Value Measurements (Tables) HTML 43K 44: R34 Stock-Based Compensation Plans (Tables) HTML 28K 45: R35 Reclassifications out of Accumulated Other HTML 65K Comprehensive Loss (Tables) 46: R36 Segment Reporting - Segment Reporting (Detail) HTML 63K 47: R37 Earnings Per Share - Additional Information HTML 23K (Detail) 48: R38 Earnings Per Share - Summary of Earnings Per Share HTML 55K (Detail) 49: R39 Goodwill - Summary of Goodwill (Detail) HTML 25K 50: R40 Other Intangible Assets - Summary of Other HTML 33K Intangible Assets (Detail) 51: R41 Other Intangible Assets - Additional Information HTML 23K (Detail) 52: R42 Pension and Post-Employment Benefits - Additional HTML 25K Information (Detail) 53: R43 Pension and Post-Employment Benefits - Plan Net HTML 40K Pension Credit (Detail) 54: R44 Income Taxes - Roll-forward of Unrecognized Tax HTML 36K Benefits and Associated Accrued Interest and Penalties (Detail) 55: R45 Income Taxes - Additional Information (Detail) HTML 52K 56: R46 Long-Term Debt - Additional Information (Detail) HTML 32K 57: R47 Plant Closure Provisions - Movements in Plant HTML 36K Closure and Restructuring Provisions (Detail) 58: R48 Plant Closure Provisions - Additional Information HTML 24K (Detail) 59: R49 Fair Value Measurements - Carrying Amount and Fair HTML 55K Values of the Company's Assets and Liabilities Measured on a Recurring Basis (Detail) 60: R50 Derivative Instruments and Risk Management - HTML 26K Additional Information (Detail) 61: R51 Contingencies - Additional Information (Detail) HTML 26K 62: R52 Stock-Based Compensation Plans - Additional HTML 34K Information (Detail) 63: R53 Stock-Based Compensation Plans - Summary of HTML 38K Transactions of The Share Based Compensation Plans (Detail) 64: R54 Reclassifications out of Accumulated Other HTML 43K Comprehensive Loss - Summary of Reclassifications out of Accumulated Other Comprehensive Loss (Detail) 65: R55 Reclassifications out of Accumulated Other HTML 50K Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) 66: R56 Related Party Transactions - Additional HTML 37K Information (Detail) 69: XML IDEA XML File -- Filing Summary XML 124K 67: XML XBRL Instance -- d370302d10q_htm XML 1.11M 68: EXCEL IDEA Workbook of Financial Reports XLSX 92K 7: EX-101.CAL XBRL Calculations -- iosp-20220630_cal XML 137K 8: EX-101.DEF XBRL Definitions -- iosp-20220630_def XML 399K 9: EX-101.LAB XBRL Labels -- iosp-20220630_lab XML 888K 10: EX-101.PRE XBRL Presentations -- iosp-20220630_pre XML 658K 6: EX-101.SCH XBRL Schema -- iosp-20220630 XSD 120K 70: JSON XBRL Instance as JSON Data -- MetaLinks 369± 529K 71: ZIP XBRL Zipped Folder -- 0001193125-22-210760-xbrl Zip 176K
10-Q |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE |
i 98-0181725 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
i 8310 South Valley Highway |
||
i Suite 350 |
||
i Englewood |
||
i Colorado |
i 80112 | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
i Common stock, par value $0.01 per share |
i IOSP |
i NASDAQ |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☐ | Smaller reporting company | i ☐ | |||
Emerging growth company | i ☐ |
Class |
Outstanding as of July 26, 2022 | |
Common Stock, par value $0.01 |
i 24,790,674 |
Three months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||||||
(in millions, except share and per share data) |
2022 |
2021 |
2022 |
2021 |
||||||||||||||||
Net sales |
$ | i 467.6 | $ | i 354.5 | $ | i 940.0 | |
|
|
|
$ | i 694.1 | ||||||||
Cost of goods sold |
( i 327.8 | ) | ( i 246.2 | ) | ( i 660.9 | ) | |
|
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|
( i 485.0 | ) | ||||||||
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|
|
|
|
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|
|
|
|||||||||
Gross profit |
i 139.8 | i 108.3 | i 279.1 | |
|
|
|
i 209.1 | ||||||||||||
Operating expenses: |
|
|
|
|
||||||||||||||||
Selling, general and administrative |
( i 83.4 | ) | ( i 62.7 | ) | ( i 168.3 | ) | |
|
|
|
( i 126.3 | ) | ||||||||
Research and development |
( i 10.1 | ) | ( i 8.6 | ) | ( i 20.2 | ) | |
|
|
|
( i 17.6 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses |
( i 93.5 | ) | ( i 71.3 | ) | ( i 188.5 | ) | |
|
|
|
( i 143.9 | ) | ||||||||
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|
|
|
|
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|
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|
|
|
|||||||||
Operating income |
i 46.3 | i 37.0 | i 90.6 | |
|
|
|
i 65.2 | ||||||||||||
Other (expense)/income, net |
( i 3.6 | ) | i 3.4 | i 0.7 | |
|
|
|
i 6.4 | |||||||||||
Interest expense, net |
( i 0.4 | ) | ( i 0.3 | ) | ( i 0.8 | ) | |
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|
( i 0.7 | ) | ||||||||
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|
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|
|||||||||
Income before income tax expense |
i 42.3 | i 40.1 | i 90.5 | |
|
|
|
i 70.9 | ||||||||||||
Income tax expense |
( i 10.0 | ) | ( i 17.7 | ) | ( i 21.7 | ) | |
|
|
|
( i 25.1 | ) | ||||||||
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|||||||||
Net income |
$ | i 32.3 | $ | i 22.4 | $ | i 68.8 | |
|
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|
$ | i 45.8 | ||||||||
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Earnings per share: |
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|
||||||||||||||||
Basic |
$ | i 1.30 | $ | i 0.91 | $ | i 2.77 | |
|
|
|
$ | i 1.86 | ||||||||
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Diluted |
$ | i 1.29 | $ | i 0.90 | $ | i 2.76 | |
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$ | i 1.84 | ||||||||
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Weighted average shares outstanding (in thousands): |
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|
|
|
||||||||||||||||
Basic |
i 24,805 | i 24,628 | i 24,798 | |
|
|
|
i 24,615 | ||||||||||||
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|||||||||
Diluted |
i 24,971 | i 24,869 | i 24,967 | |
|
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|
i 24,856 | ||||||||||||
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|
Three months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
(in millions) |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Net income |
$ | i 32.3 | $ | i 22.4 | i 68.8 | i 45.8 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive (loss)/income: |
||||||||||||||||
Changes in cumulative translation adjustment, net of tax of $ i 1.4 million, $( i 0.5)
million, $ i 1.2 million and $ i 0.5 million,
respectively |
( i 16.9 | ) | i 3.8 | ( i 20.7 | ) | ( i 7.5 | ) | |||||||||
Amortization of prior service cost, net of tax of $( i 0.1) million, $ i 0.0 million,
$( i 0.1) million and $ i 0.0 million,
respectively |
i 0.1 | i — | i 0.2 | i 0.1 | ||||||||||||
Amortization of actuarial net losses, net of tax of $ i 0.0 million, $ i 0.0 million,
$ i 0.0 million and $( i 0.1)
million, respectively |
i 0.2 | i 0.6 | i 0.3 | i 1.2 | ||||||||||||
|
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|
|
|
|
|
|
|||||||||
Total other comprehensive (loss)/income |
( i 16.6 | ) | i 4.4 | ( i 20.2 | ) | ( i 6.2 | ) | |||||||||
|
|
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|
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|
|
|
|||||||||
Total comprehensive income |
$ | i 15.7 | $ | i 26.8 | i 48.6 | i 39.6 | ||||||||||
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|
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|
(in millions, except share and per share data) |
2022 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | i 71.4 | $ | i 141.8 | ||||
Trade and other accounts receivable (less allowances of $ i 5.8 million and $ i 5.1 million respectively) |
i 339.9 | i 284.5 | ||||||
Inventories (less allowances of $ i 25.8 million and $ i 25.4 million respectively): |
||||||||
Finished goods |
i 250.6 | i 188.3 | ||||||
Raw materials |
i 111.6 | i 89.3 | ||||||
|
|
|
|
|||||
Total inventories |
i 362.2 | i 277.6 | ||||||
Prepaid expenses |
i 12.2 | i 18.0 | ||||||
Prepaid income taxes |
i 13.2 | i 5.8 | ||||||
Other current assets |
i 0.4 | i 0.4 | ||||||
|
|
|
|
|||||
Total current assets |
i 799.3 | i 728.1 | ||||||
Net property, plant and equipment |
i 209.7 | i 214.4 | ||||||
Operating lease right-of-use |
i 49.3 | i 35.4 | ||||||
Goodwill |
i 357.0 | i 364.3 | ||||||
Other intangible assets |
i 48.1 | i 57.5 | ||||||
Deferred tax assets |
i 6.0 | i 6.4 | ||||||
Pension asset |
i 161.8 | i 159.8 | ||||||
Other non-current assets |
i 6.7 | i 5.0 | ||||||
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|
|
|||||
Total assets |
$ | i 1,637.9 | $ | i 1,570.9 | ||||
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|
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|
(in millions, except share and per share data) |
||||||||
Liabilities and Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | i 180.9 | $ | i 148.7 | ||||
Accrued liabilities |
i 152.5 | i 166.5 | ||||||
Finance leases |
— | i 0.1 | ||||||
Current portion of operating lease liabilities |
i 14.1 | i 12.4 | ||||||
Current portion of plant closure provisions |
i 6.6 | i 5.2 | ||||||
Current portion of accrued income taxes |
i 15.1 | i 3.7 | ||||||
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|
|
|||||
Total current liabilities |
i 369.2 | i 336.6 | ||||||
Operating lease liabilities, net of current portion |
i 35.2 | i 23.1 | ||||||
Plant closure provisions, net of current portion |
i 49.2 | i 51.3 | ||||||
Accrued income taxes, net of current portion |
i 20.8 | i 30.6 | ||||||
Unrecognized tax benefits |
i 16.3 | i 16.3 | ||||||
Deferred tax liabilities |
i 60.8 | i 60.8 | ||||||
Pension liabilities and post-employment benefits |
i 16.4 | i 17.8 | ||||||
Other non-current liabilities |
i 1.4 | i 1.4 | ||||||
|
|
|
|
|||||
Total liabilities |
i 569.3 | i 537.9 | ||||||
Equity: |
||||||||
Common stock, $ i i 0.01 /
par value, authorized i i 40,000,000 / shares, issued i i 29,554,500 /
shares |
i 0.3 | i 0.3 | ||||||
Additional paid-in capital |
i 350.9 | i 346.7 | ||||||
Treasury stock ( i 4,758,826 and i 4,780,806 shares at cost, respectively) |
( i 92.3 | ) | ( i 90.6 | ) | ||||
Retained earnings |
i 876.1 | i 822.9 | ||||||
Accumulated other comprehensive loss |
( i 67.1 | ) | ( i 46.9 | ) | ||||
|
|
|
|
|||||
Total Innospec stockholders’ equity |
i 1,067.9 | i 1,032.4 | ||||||
Non-controlling interest |
i 0.7 | i 0.6 | ||||||
|
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|
|
|||||
Total equity |
i 1,068.6 | i 1,033.0 | ||||||
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|
|
|
|||||
Total liabilities and equity |
$ | i 1,637.9 | $ | i 1,570.9 | ||||
|
|
|
|
Six Months Ended June 30 |
||||||||
(in millions) |
2022 |
2021 |
||||||
Cash Flows from Operating Activities |
||||||||
Net income |
$ | i 68.8 | $ | i 45.8 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
i 20.8 | i 20.6 | ||||||
Deferred taxes |
i 1.0 | i 7.8 | ||||||
Non-cash movements on defined benefit pension plans |
( i 1.3 | ) | ( i 1.6 | ) | ||||
Stock option compensation |
i 3.2 | i 2.9 | ||||||
Changes in assets and liabilities, net of effects of acquired and divested companies: |
||||||||
Trade and other accounts receivable |
( i 62.1 | ) | ( i 64.3 | ) | ||||
Inventories |
( i 88.3 | ) | ( i 31.3 | ) | ||||
Prepaid expenses |
i 6.5 | i 3.5 | ||||||
Accounts payable and accrued liabilities |
i 20.9 | i 39.3 | ||||||
Plant closure provisions |
i — | ( i 1.7 | ) | |||||
Accrued income taxes |
( i 4.2 | ) | ( i 0.6 | ) | ||||
Unrecognized tax benefits |
— | i 0.3 | ||||||
Other assets and liabilities |
( i 1.8 | ) | i 0.9 | |||||
|
|
|
|
|||||
Net cash (used in)/provided by operating activities |
( i 36.5 | ) | i 21.6 | |||||
Cash Flows from Investing Activities |
||||||||
Capital expenditures |
( i 17.4 | ) | ( i 19.5 | ) | ||||
Proceeds on disposal of property, plant and equipment |
— | i 0.3 | ||||||
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|
|
|
|||||
Net cash used in investing activities |
( i 17.4 | ) | ( i 19.2 | ) | ||||
Cash Flows from Financing Activities |
||||||||
Non-controlling interest |
— | i 0.1 | ||||||
Proceeds from revolving credit facility |
i — | i — | ||||||
Repayments of revolving credit facility |
i — | i — | ||||||
Repayments of finance leases |
( i 0.1 | ) | ( i 0.3 | ) | ||||
Dividend paid |
( i 15.6 | ) | ( i 14.0 | ) | ||||
Issue of treasury stock |
i 2.1 | i 1.7 | ||||||
Repurchase of common stock |
( i 2.7 | ) | ( i 0.8 | ) | ||||
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|
|||||
Net cash used in financing activities |
( i 16.3 | ) | ( i 13.3 | ) | ||||
Effect of foreign currency exchange rate changes on cash |
( i 0.2 | ) | i — | |||||
|
|
|
|
|||||
Net change in cash and cash equivalents |
( i 70.4 | ) | ( i 10.9 | ) | ||||
Cash and cash equivalents at beginning of period |
i 141.8 | i 105.3 | ||||||
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|
|||||
Cash and cash equivalents at end of period |
$ | i 71.4 | $ | i 94.4 | ||||
|
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|
(in millions) |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non- Controlling Interest |
Total Equity |
|||||||||||||||||||||
Balance at December 31, 2021 |
$ | i 0.3 | $ | i 346.7 | $ | ( i 90.6 | ) | $ | i 822.9 | $ | ( i 46.9 | ) | $ | i 0.6 | $ | i 1,033.0 | ||||||||||||
Net income |
i 68.8 | i 68.8 | ||||||||||||||||||||||||||
Dividend paid ($ i 0.63 per share) |
( i 15.6 | ) | ( i 15.6 | ) | ||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
( i 20.7 | ) | ( i 20.7 | ) | ||||||||||||||||||||||||
Share of net income |
i 0.1 | i 0.1 | ||||||||||||||||||||||||||
Treasury stock reissued |
i 1.0 | i 1.0 | i 2.0 | |||||||||||||||||||||||||
Treasury stock repurchased |
( i 2.7 | ) | ( i 2.7 | ) | ||||||||||||||||||||||||
Stock option compensation |
i 3.2 | i 3.2 | ||||||||||||||||||||||||||
Amortization of prior service cost, net of tax |
i 0.2 | i 0.2 | ||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax |
i 0.3 | i 0.3 | ||||||||||||||||||||||||||
Balance at June 30, 2022 |
$ | i 0.3 | $ | i 350.9 | $ | ( i 92.3 | ) | $ | i 876.1 | $ | ( i 67.1 | ) | $ | i 0.7 | $ | i 1,068.6 | ||||||||||||
(in millions) |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non- Controlling Interest |
Total Equity |
|||||||||||||||||||||
Balance at December 31, 2020 |
$ | i 0.3 | $ | i 336.1 | $ | ( i 93.3 | ) | $ | i 758.6 | $ | ( i 57.3 | ) | $ | i 0.5 | $ | i 944.9 | ||||||||||||
Net income |
i 45.8 | i 45.8 | ||||||||||||||||||||||||||
Dividend paid ($ i 0.57 per share) |
( i 14.0 | ) | ( i 14.0 | ) | ||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
( i 7.5 | ) | ( i 7.5 | ) | ||||||||||||||||||||||||
Share of net income |
i 0.1 | i 0.1 | ||||||||||||||||||||||||||
Treasury stock reissued |
i 0.5 | i 1.0 | i 1.5 | |||||||||||||||||||||||||
Treasury stock repurchased |
( i 0.8 | ) | ( i 0.8 | ) | ||||||||||||||||||||||||
Stock option compensation |
i 2.9 | i 2.9 | ||||||||||||||||||||||||||
Amortization of prior service cost, net of tax |
i 0.1 | i 0.1 | ||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax |
i 1.2 | i 1.2 | ||||||||||||||||||||||||||
Balance at June 30, 2021 |
$ | i 0.3 | $ | i 339.5 | $ | ( i 93.1 | ) | $ | i 790.4 | $ | ( i 63.5 | ) | $ | i 0.6 | $ | i 974.2 | ||||||||||||
(in millions) |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non- Controlling Interest |
Total Equity |
|||||||||||||||||||||
Balance at March 31, 2022 |
$ | i 0.3 | $ | i 349.6 | $ | ( i 90.6 | ) | $ | i 859.4 | $ | ( i 50.5 | ) | $ | i 0.7 | $ | i 1,068.9 | ||||||||||||
Net income |
i 32.3 | i 32.3 | ||||||||||||||||||||||||||
Dividend paid ($ i 0.63 per share) |
( i 15.6 | ) | ( i 15.6 | ) | ||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
( i 16.9 | ) | ( i 16.9 | ) | ||||||||||||||||||||||||
Treasury stock reissued |
( i 0.2 | ) | i 0.1 | ( i 0.1 | ) | |||||||||||||||||||||||
Treasury stock repurchased |
( i 1.8 | ) | ( i 1.8 | ) | ||||||||||||||||||||||||
Stock option compensation |
i 1.5 | i 1.5 | ||||||||||||||||||||||||||
Amortization of prior service cost, net of tax |
i 0.1 | i 0.1 | ||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax |
i 0.2 | i 0.2 | ||||||||||||||||||||||||||
Balance at June 30, 2022 |
$ | i 0.3 | $ | i 350.9 | $ | ( i 92.3 | ) | $ | i 876.1 | $ | ( i 67.1 | ) | $ | i 0.7 | $ | i 1,068.6 | ||||||||||||
(in millions) |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non- Controlling Interest |
Total Equity |
|||||||||||||||||||||
Balance at March 31, 2021 |
$ | i 0.3 | $ | i 337.8 | $ | ( i 93.6 | ) | $ | i 782.0 | $ | ( i 67.9 | ) | $ | i 0.5 | $ | i 959.1 | ||||||||||||
Net income |
i 22.4 | i 22.4 | ||||||||||||||||||||||||||
Dividend paid ($ i 0.57 per share) |
( i 14.0 | ) | ( i 14.0 | ) | ||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
i 3.8 | i 3.8 | ||||||||||||||||||||||||||
Share of net income |
i 0.1 | i 0.1 | ||||||||||||||||||||||||||
Treasury stock reissued |
i 0.4 | i 0.7 | i 1.1 | |||||||||||||||||||||||||
Treasury stock repurchased |
( i 0.2 | ) | ( i 0.2 | ) | ||||||||||||||||||||||||
Stock option compensation |
i 1.3 | i 1.3 | ||||||||||||||||||||||||||
Amortization of prior service cost, net of tax |
i 0.0 | i 0.0 | ||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax |
i 0.6 | i 0.6 | ||||||||||||||||||||||||||
Balance at June 30, 2021 |
$ | i 0.3 | $ | i 339.5 | $ | ( i 93.1 | ) | $ | i 790.4 | $ | ( i 63.5 | ) | $ | i 0.6 | $ | i 974.2 | ||||||||||||
Three months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
(in millions) |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Net Sales: |
||||||||||||||||
Personal Care |
$ |
i 105.3 | $ |
i 73.8 | $ | i 208.7 | $ | i 142.0 | ||||||||
Home Care |
i 25.3 | i 21.3 | i 49.7 | i 44.3 | ||||||||||||
Other |
i 38.4 | i 33.1 | i 77.7 | i 67.8 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Performance Chemicals |
i 169.0 | i 128.2 | i 336.1 | i 254.1 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Refinery and Performance |
i 123.9 | i 94.8 | i 272.3 | i 194.1 | ||||||||||||
Other |
i 52.5 | i 48.3 | i 95.9 | i 88.3 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fuel Specialties |
i 176.4 | i 143.1 | i 368.2 | i 282.4 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Oilfield Services |
i 122.2 | i 83.2 | i 235.7 | i 157.6 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ |
$ |
$ i 940.0 | $ i 694.1 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit/(loss): |
||||||||||||||||
Performance Chemicals |
$ |
i 43.6 | $ |
i 31.6 | $ | i 84.4 | $ | i 63.0 | ||||||||
Fuel Specialties |
i 56.9 | i 50.1 | i 117.6 | i 95.0 | ||||||||||||
Oilfield Services |
i 39.3 | i 26.6 | i 77.1 | i 51.1 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ |
$ |
$ i 279.1 | $ i 209.1 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating income/(loss): |
||||||||||||||||
Performance Chemicals |
$ |
i 28.8 | $ |
i 17.9 | $ | i 54.1 | $ | i 36.2 | ||||||||
Fuel Specialties |
i 31.5 | i 28.5 | i 67.0 | i 52.3 | ||||||||||||
Oilfield Services |
i 4.5 | i 2.2 | i 7.0 | i 3.4 | ||||||||||||
Corporate costs |
( i 18.5 | ) | ( i 11.6 | ) | ( i 37.5 | ) | ( i 26.7 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating income |
$ |
i 46.3 | $ |
i 37.0 | $ | i 90.6 | $ | i 65.2 | ||||||||
|
|
|
|
|
|
|
|
Three months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Numerator (in millions): |
||||||||||||||||
Net income available to common stockholders |
$ | i 32.3 | $ | i 22.4 | $ | i 68.8 | $ | i 45.8 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Denominator (in thousands): |
||||||||||||||||
Weighted average common shares outstanding |
i 24,805 | i 24,628 | i 24,798 | i 24,615 | ||||||||||||
Dilutive effect of stock options and awards |
i 166 | i 241 | i 169 | i 241 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Denominator for diluted earnings per share |
i 24,971 | i 24,869 | i 24,967 | i 24,856 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income per share, basic: |
$ | i 1.30 | $ | i 0.91 | $ | i 2.77 | $ | i 1.86 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income per share, diluted: |
$ | i 1.29 | $ | i 0.90 | $ | i 2.76 | $ | i 1.84 | ||||||||
|
|
|
|
|
|
|
|
(in millions) |
Gross Cost |
|||
Opening balance at January 1, 2022 |
$ | i 364.3 | ||
Exchange effect |
( i 7.3 | ) | ||
|
|
|||
Closing balance at June 30, 2022 |
$ | i 357.0 | ||
|
|
(in millions) |
2022 |
|||
Gross cost at January 1 |
$ | i 295.2 | ||
Exchange effect |
( i 3.6 | ) | ||
|
|
|||
Gross cost at June 30 |
i 291.6 | |||
|
|
|||
Accumulated amortization at January 1 |
( i 237.7 | ) | ||
Amortization expense |
( i 7.8 | ) | ||
Exchange effect |
i 2.0 | |||
|
|
|||
Accumulated amortization at June 30 |
( i 243.5 | ) | ||
|
|
|||
Net book amount at June 30 |
$ | i 48.1 | ||
|
|
Three months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
(in millions) |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Service cost |
$ | ( i 0.6 | ) | $ | ( i 0.5 | ) | $ | ( i 1.2 | ) | $ | ( i 0.9 | ) | ||||
Interest cost on projected benefit obligation |
( i 2.6 | ) | ( i 1.9 | ) | ( i 5.4 | ) | ( i 3.8 | ) | ||||||||
Expected return on plan assets |
i 4.2 | i 3.9 | i 8.5 | i 7.8 | ||||||||||||
Amortization of prior service cost |
( i 0.2 | ) | i — | ( i 0.3 | ) | ( i 0.1 | ) | |||||||||
Amortization of actuarial net losses |
( i 0.2 | ) | ( i 0.6 | ) | ( i 0.3 | ) | ( i 1.3 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net periodic benefit |
$ | i 0.6 | $ | i 0.9 | $ | i 1.3 | $ | i 1.7 | ||||||||
|
|
|
|
|
|
|
|
(in millions) |
Unrecognized Tax Benefits |
Interest and Penalties |
Total |
|||||||||
Opening balance at January 1, 2022 |
$ | i 13.2 | $ | i 3.1 | $ | i 16.3 | ||||||
Net change for tax positions of prior periods |
( i 0.3 | ) | i 0.3 | i — | ||||||||
|
|
|
|
|
|
|||||||
Closing balance at June 30, 2022 |
i 12.9 | i 3.4 | i 16.3 | |||||||||
Current |
i — | i — | i — | |||||||||
|
|
|
|
|
|
|||||||
Non-current |
$ | i 12.9 | $ | i 3.4 | $ | i 16.3 | ||||||
|
|
|
|
|
|
(in millions) |
2022 |
|||
Total at January 1 |
$ | i 56.5 | ||
Charge for the period |
i 1.9 | |||
Utilized in the period |
( i 1.9 | ) | ||
Exchange effect |
( i 0.7 | ) | ||
|
|
|||
Total at June 30 |
i 55.8 | |||
Due within one year |
( i 6.6 | ) | ||
|
|
|||
Due after one year |
$ | i 49.2 | ||
|
|
(in millions) |
Carrying Amount |
Fair Value |
Carrying Amount |
Fair Value |
||||||||||||
Assets |
||||||||||||||||
Non-derivatives: |
||||||||||||||||
Cash and cash equivalents |
$ | i 71.4 | $ | i 71.4 | $ | i 141.8 | $ | i 141.8 | ||||||||
Derivatives (Level 1 measurement): |
||||||||||||||||
Other current and non-current assets: |
||||||||||||||||
Emissions Trading Scheme credits |
i 3.3 | i 3.3 | i 3.9 | i 3.9 | ||||||||||||
Liabilities |
||||||||||||||||
Non-derivatives: |
||||||||||||||||
Finance leases (including current portion) |
$ | i — | $ | i — | $ | i 0.1 | $ | i 0.1 | ||||||||
Derivatives (Level 1 measurement): |
||||||||||||||||
Other current and non-current liabilities: |
||||||||||||||||
Foreign currency forward exchange contracts |
i 1.6 | i 1.6 | i 1.2 | i 1.2 | ||||||||||||
Non-financial liabilities (Level 3 measurement): |
||||||||||||||||
Other current and non-current liabilities: |
||||||||||||||||
Stock equivalent units |
i 24.4 | i 24.4 | i 17.3 | i 17.3 |
Number of shares |
Weighted Average Grant-Date Fair Value |
|||||||
Nonvested at December 31, 2021 |
i 680,711 | $ | i 74.6 | |||||
Granted |
i 169,181 | $ | i 87.5 | |||||
Vested |
( i 122,052 | ) | $ | i 69.5 | ||||
Forfeited |
( i 57,746 | ) | $ | i 69.1 | ||||
|
|
|
|
|||||
Nonvested at June 30, 2022 |
i 670,094 | $ | i 79.2 | |||||
|
|
|
|
(in millions) Details about AOCL Components |
Amount Reclassified from AOCL |
Affected Line Item in the Statement where Net Income is Presented | ||||
Defined benefit pension plan items: |
||||||
Amortization of prior service cost |
$ | i 0.3 | See (1) | |||
Amortization of actuarial net losses |
i 0.3 | See (1) | ||||
|
|
|||||
i 0.6 | Total before tax | |||||
( i 0.1 | ) | Income tax expense | ||||
|
|
|||||
Total reclassifications |
$ | i 0.5 | Net of tax | |||
|
|
|||||
(1) These items are included in other income and expense. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for additional information. |
(in millions) |
Defined Benefit Pension Plan Items |
Cumulative Translation Adjustments |
Total |
|||||||||
Balance at December 31, 2021 |
$ | i 10.7 | $ | ( i 57.6 | ) | $ | ( i 46.9 | ) | ||||
|
|
|
|
|
|
|||||||
Other comprehensive income before reclassifications |
i — | ( i 20.7 | ) | ( i 20.7 | ) | |||||||
Amounts reclassified from AOCL |
i 0.5 | i — | i 0.5 | |||||||||
|
|
|
|
|
|
|||||||
Total other comprehensive income/(loss) |
i 0.5 | ( i 20.7 | ) | ( i 20.2 | ) | |||||||
|
|
|
|
|
|
|||||||
Balance at June 30, 2022 |
$ | i 11.2 | $ | ( i 78.3 | ) | $ | ( i 67.1 | ) | ||||
|
|
|
|
|
|
(in millions) Details about AOCL Components |
Amount Reclassified from AOCL |
Affected Line Item in the Statement where Net Income is Presented | ||||
Defined benefit pension plan items: |
||||||
Amortization of prior service cost |
$ | i 0.1 | See (1) | |||
Amortization of actuarial net losses |
i 1.3 | See (1) | ||||
|
|
|||||
i 1.4 | Total before tax | |||||
( i 0.1 | ) | Income tax expense | ||||
|
|
|||||
Total reclassifications |
$ | i 1.3 | Net of tax | |||
|
|
(1) |
These items are included in other income and expense. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for additional information. |
(in millions) |
Defined Benefit Pension Plan Items |
Cumulative Translation Adjustments |
Total |
|||||||||
Balance at December 31, 2020 |
$ | ( i 19.9 | ) | $ | ( i 37.4 | ) | $ | ( i 57.3 | ) | |||
|
|
|
|
|
|
|||||||
Other comprehensive income before reclassifications |
i — | ( i 7.5 | ) | ( i 7.5 | ) | |||||||
Amounts reclassified from AOCL |
i 1.3 | i — | i 1.3 | |||||||||
|
|
|
|
|
|
|||||||
Total other comprehensive income/(loss) |
i 1.3 | ( i 7.5 | ) | ( i 6.2 | ) | |||||||
|
|
|
|
|
|
|||||||
Balance at June 30, 2021 |
$ | ( i 18.6 | ) | $ | ( i 44.9 | ) | $ | ( i 63.5 | ) | |||
|
|
|
|
|
|
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
(in millions) |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Net sales: |
||||||||||||||||
Performance Chemicals |
$ | 169.0 | $ | 128.2 | $ | 336.1 | $ | 254.1 | ||||||||
Fuel Specialties |
176.4 | 143.1 | 368.2 | 282.4 | ||||||||||||
Oilfield Services |
122.2 | 83.2 | 235.7 | 157.6 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 467.6 | $ | 354.5 | $ | 940.0 | $ | 694.1 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit: |
||||||||||||||||
Performance Chemicals |
$ | 43.6 | $ | 31.6 | $ | 84.4 | $ | 63.0 | ||||||||
Fuel Specialties |
56.9 | 50.1 | 117.6 | 95.0 | ||||||||||||
Oilfield Services |
39.3 | 26.6 | 77.1 | 51.1 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 139.8 | $ | 108.3 | $ | 279.1 | $ | 209.1 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating income/(loss): |
||||||||||||||||
Performance Chemicals |
$ | 28.8 | $ | 17.9 | $ | 54.1 | $ | 36.2 | ||||||||
Fuel Specialties |
31.5 | 28.5 | 67.0 | 52.3 | ||||||||||||
Oilfield Services |
4.5 | 2.2 | 7.0 | 3.4 | ||||||||||||
Corporate costs |
(18.5 | ) | (11.6 | ) | (37.5 | ) | (26.7 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating income |
$ | 46.3 | $ | 37.0 | $ | 90.6 | $ | 65.2 | ||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30 |
||||||||||||||||
(in millions, except ratios) |
2022 |
2021 |
Change |
|||||||||||||
Net sales: |
||||||||||||||||
Performance Chemicals |
$ | 169.0 | $ | 128.2 | $ | 40.8 | +32 | % | ||||||||
Fuel Specialties |
176.4 | 143.1 | 33.3 | +23 | % | |||||||||||
Oilfield Services |
122.2 | 83.2 | 39.0 | +47 | % | |||||||||||
|
|
|
|
|
|
|||||||||||
$ | 467.6 | $ | 354.5 | $ | 113.1 | +32 | % | |||||||||
|
|
|
|
|
|
|||||||||||
Gross profit: |
| |||||||||||||||
Performance Chemicals |
$ | 43.6 | $ | 31.6 | $ | 12.0 | +38 | % | ||||||||
Fuel Specialties |
56.9 | 50.1 | 6.8 | +14 | % | |||||||||||
Oilfield Services |
39.3 | 26.6 | 12.7 | +48 | % | |||||||||||
|
|
|
|
|
|
|||||||||||
$ | 139.8 | $ | 108.3 | $ | 31.5 | +29 | % | |||||||||
|
|
|
|
|
|
|||||||||||
Gross margin (%): |
|
|||||||||||||||
Performance Chemicals |
25.8 |
24.6 |
+1.2 |
|||||||||||||
Fuel Specialties |
32.3 |
35.0 |
-2.7 |
|||||||||||||
Oilfield Services |
32.2 |
32.0 |
+0.2 |
|||||||||||||
Aggregate |
29.9 |
30.6 |
-0.7 |
|||||||||||||
Operating expenses: |
||||||||||||||||
Performance Chemicals |
$ | (14.8 | ) | $ | (13.7 | ) | $ | (1.1 | ) | +8 | % | |||||
Fuel Specialties |
(25.4 | ) | (21.6 | ) | (3.8 | ) | +18 | % | ||||||||
Oilfield Services |
(34.8 | ) | (24.4 | ) | (10.4 | ) | +43 | % | ||||||||
Corporate costs |
(18.5 | ) | (11.6 | ) | (6.9 | ) | +59 | % | ||||||||
|
|
|
|
|
|
|||||||||||
$ | (93.5 | ) | $ | (71.3 | ) | $ | (22.2 | ) | +31 | % | ||||||
|
|
|
|
|
|
Three Months Ended June 30, 2022 |
||||||||||||||||
Change (%) |
Americas |
EMEA |
ASPAC |
Total |
||||||||||||
Volume |
+32 | -7 | -19 | +6 | ||||||||||||
Price and product mix |
+26 | +38 | +34 | +34 | ||||||||||||
Exchange rates |
— | -13 | -7 | -8 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
+58 | +18 | +8 | +32 | |||||||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2022 |
||||||||||||||||||||
Change (%) |
Americas |
EMEA |
ASPAC |
AvGas |
Total |
|||||||||||||||
Volume |
+22 | -12 | +35 | -32 | +3 | |||||||||||||||
Price and product mix |
+38 | +32 | +7 | +2 | +27 | |||||||||||||||
Exchange rates |
— | -15 | -3 | — | -7 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
+60 | +5 | +39 | -30 | +23 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(in millions) |
2022 |
2021 |
Change |
|||||||||
Net pension credit |
$ | 1.2 | $ | 1.4 | (0.2 | ) | ||||||
Profit on disposal of assets |
— | 0.2 | (0.2 | ) | ||||||||
Foreign exchange (losses)/gains on translation |
(6.4 | ) | 2.9 | (9.3 | ) | |||||||
Foreign currency forward contracts gains/(losses) |
1.6 | (1.1 | ) | 2.7 | ||||||||
|
|
|
|
|
|
|||||||
$ | (3.6 | ) | $ | 3.4 | $ | (7.0 | ) | |||||
|
|
|
|
|
|
Three Months Ended June 30 |
||||||||
(in millions) |
2022 |
2021 |
||||||
Income before income taxes |
$ | 42.3 | $ | 40.1 | ||||
Indemnification asset regarding tax audit |
0.2 | (0.1 | ) | |||||
Adjustment for stock compensation |
1.5 | 1.2 | ||||||
Legacy costs of closed operations |
0.8 | 0.9 | ||||||
|
|
|
|
|||||
Adjusted income before income taxes |
$ | 44.8 | $ | 42.1 | ||||
|
|
|
|
|||||
Income taxes |
$ | 10.0 | $ | 17.7 | ||||
Tax on stock compensation |
— | 0.2 | ||||||
Adjustment of income tax provision |
— | (0.3 | ) | |||||
Tax on legacy cost of closed operations |
0.2 | 0.2 | ||||||
Tax on foreign exchange on distribution |
— | (0.2 | ) | |||||
Change in UK statutory tax rate |
— | (7.4 | ) | |||||
|
|
|
|
|||||
Adjusted income taxes |
$ | 10.2 | $ | 10.2 | ||||
|
|
|
|
|||||
GAAP effective tax rate |
23.6 | % | 44.1 | % | ||||
Adjusted effective tax rate |
22.8 | % | 24.2 | % |
Six Months Ended June 30 |
||||||||||||||||
(in millions, except ratios) |
2022 |
2021 |
Change |
|||||||||||||
Net sales: |
||||||||||||||||
Performance Chemicals |
$ | 336.1 | $ | 254.1 | $ | 82.0 | +32 | % | ||||||||
Fuel Specialties |
368.2 | 282.4 | 85.8 | +30 | % | |||||||||||
Oilfield Services |
235.7 | 157.6 | 78.1 | +50 | % | |||||||||||
|
|
|
|
|
|
|||||||||||
$ | 940.0 | $ | 694.1 | $ | 245.9 | +35 | % | |||||||||
|
|
|
|
|
|
|||||||||||
Gross profit: |
||||||||||||||||
Performance Chemicals |
$ | 84.4 | $ | 63.0 | $ | 21.4 | +34 | % | ||||||||
Fuel Specialties |
117.6 | 95.0 | 22.6 | +24 | % | |||||||||||
Oilfield Services |
77.1 | 51.1 | 26.0 | +51 | % | |||||||||||
|
|
|
|
|
|
|||||||||||
$ | 279.1 | $ | 209.1 | $ | 70.0 | +33 | % | |||||||||
|
|
|
|
|
|
|||||||||||
Gross margin (%): |
||||||||||||||||
Performance Chemicals |
25.1 |
24.8 |
+0.3 |
|||||||||||||
Fuel Specialties |
31.9 |
33.6 |
-1.7 |
|||||||||||||
Oilfield Services |
32.7 |
32.4 |
+0.3 |
|||||||||||||
Aggregate |
29.7 |
30.1 |
-0.4 |
|||||||||||||
Operating expenses: |
||||||||||||||||
Performance Chemicals |
$ | (30.3 | ) | $ | (26.8 | ) | $ | (3.5 | ) | +13 | % | |||||
Fuel Specialties |
(50.6 | ) | (42.7 | ) | (7.9 | ) | +19 | % | ||||||||
Oilfield Services |
(70.1 | ) | (47.7 | ) | (22.4 | ) | +47 | % | ||||||||
Corporate costs |
(37.5 | ) | (26.7 | ) | (10.8 | ) | +40 | % | ||||||||
|
|
|
|
|
|
|||||||||||
$ | (188.5 | ) | $ | (143.9 | ) | $ | (44.6 | ) | +31 | % | ||||||
|
|
|
|
|
|
Six Months Ended June 30, 2022 |
||||||||||||||||
Change (%) |
Americas |
EMEA |
ASPAC |
Total |
||||||||||||
Volume |
+33 | -8 | -9 | +6 | ||||||||||||
Price and product mix |
+28 | +36 | +26 | +33 | ||||||||||||
Exchange rates |
— | -11 | -6 | -7 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
+61 | +17 | +11 | +32 | |||||||||||||
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Six Months Ended June 30, 2022 |
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Change (%) |
Americas |
EMEA |
ASPAC |
AvGas |
Total |
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Volume |
+34 | — | +15 | +8 | +14 | |||||||||||||||
Price and product mix |
+30 | +29 | +10 | -21 | +23 | |||||||||||||||
Exchange rates |
— | -14 | -3 | — | -7 | |||||||||||||||
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+64 | +15 | +22 | -13 | +30 | ||||||||||||||||
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(in millions) |
2022 |
2021 |
Change |
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Net pension credit |
$ | 2.5 | $ | 2.6 | $ | (0.1 | ) | |||||
Profit on disposal of assets |
— | 0.2 | (0.2 | ) | ||||||||
Foreign exchange (losses)/gains on translation |
(4.2 | ) | 3.4 | (7.6 | ) | |||||||
Foreign currency forward contracts gains |
2.4 | 0.2 | 2.2 | |||||||||
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$ | 0.7 | $ | 6.4 | $ | (5.7 | ) | ||||||
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Six Months Ended June 30 |
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(in millions) |
2022 |
2021 |
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Income before income taxes |
$ | 90.5 | $ | 70.9 | ||||
Indemnification asset regarding tax audit |
0.2 | — | ||||||
Adjustment for stock compensation |
3.2 | 2.6 | ||||||
Acquisition costs |
— | 0.8 | ||||||
Legacy cost of closed operations |
1.9 | 1.8 | ||||||
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Adjusted income before income taxes |
$ | 95.8 | $ | 76.1 | ||||
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Income taxes |
$ | 21.7 | $ | 25.1 | ||||
Tax on stock compensation |
0.5 | 0.3 | ||||||
Adjustment of income tax provision |
— | (0.3 | ) | |||||
Tax on acquisition costs |
— | 0.2 | ||||||
Tax on legacy cost of closed operations |
0.4 | 0.4 | ||||||
Tax on foreign exchange on distribution |
— | (0.2 | ) | |||||
Change in UK statutory tax rate |
— | (7.4 | ) | |||||
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Adjusted income taxes |
$ | 22.6 | $ | 18.1 | ||||
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GAAP effective tax rate |
24.0 | % | 35.4 | % | ||||
Adjusted effective tax rate |
23.6 | % | 23.8 | % |
(in millions) |
2022 |
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Total current assets |
$ | 799.3 | $ | 728.1 | ||||
Total current liabilities |
(369.2 | ) | (336.6 | ) | ||||
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Working capital |
430.1 | 391.5 | ||||||
Less cash and cash equivalents |
(71.4 | ) | (141.8 | ) | ||||
Less prepaid income taxes |
(13.2 | ) | (5.8 | ) | ||||
Less other current assets |
(0.4 | ) | (0.4 | ) | ||||
Add back current portion of accrued income taxes |
15.1 | 3.7 | ||||||
Add back finance leases |
— | 0.1 | ||||||
Add back current portion of plant closure provisions |
6.6 | 5.2 | ||||||
Add back current portion of operating lease liabilities |
14.1 | 12.4 | ||||||
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Adjusted working capital |
$ | 380.9 | $ | 264.9 | ||||
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Period |
Total number of shares purchased |
Average price paid per share |
Total number of shares purchased as part of publicly announced plans or programs 1 |
Approximate dollar value of shares that may yet be purchased under the plans or programs |
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April 1, 2022 through April 30, 2022 |
10,000 | $ | 94.2 | 10,000 | $ | 48.1 million | ||||||||||
May 1, 2022 through May 31, 2022 |
8,700 | $ | 94.0 | 8,700 | $ | 47.3 million | ||||||||||
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Total |
18,700 | $ | 94.1 | 18,700 | $ | 47.3 million | ||||||||||
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1 |
On February 15, 2022 the Company announced a repurchase plan for up to $50 million of the Company’s common stock over a three-year period commencing on February 16, 2022. |
Item 5 Other |
Information |
31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101 | XBRL Instance Document and Related Item - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |
104 | Cover Page Interactive Data File – The cover page XBRL tags are embedded within the inline XBRL document. |
INNOSPEC INC. | ||||||
Registrant | ||||||
Date: August 3, 2022 | By | |||||
President and Chief Executive Officer | ||||||
Date: August 3, 2022 | By | /s/ IAN P. CLEMINSON | ||||
Executive Vice President and Chief Financial Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/25/24 | ||||
12/31/22 | ||||
Filed on: | 8/3/22 | 8-K | ||
7/26/22 | ||||
For Period end: | 6/30/22 | |||
5/31/22 | ||||
5/1/22 | ||||
4/30/22 | ||||
4/1/22 | ||||
3/31/22 | 10-Q | |||
2/16/22 | 10-K, 8-K | |||
2/15/22 | 8-K | |||
1/1/22 | ||||
12/31/21 | 10-K, SD | |||
6/30/21 | 10-Q | |||
3/31/21 | 10-Q | |||
12/31/20 | 10-K, SD | |||
1/1/16 | ||||
11/1/09 | ||||
List all Filings |