INNOSPEC INC., 10-Q filed on 06 Aug 19
 | XBRL Documents
v3.19.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2019
Jul. 31, 2019
Document and Entity Information [Abstract]    
Amendment Flag false  
Document Type 10-Q  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q2  
Document Quarterly Report true  
Entity Central Index Key 0001054905  
Document Transition Report false  
Current Fiscal Year End Date --12-31  
Document Period End Date Jun. 30, 2019  
Entity File Number 1-13879  
Entity Registrant Name INNOSPEC INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 98-0181725  
Entity Address, Postal Zip Code 80112  
City Area Code 303  
Local Phone Number 792 5554  
Security Exchange Name NASDAQ  
Title of 12(b) Security Common stock  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   24,486,325
Entity Address, Address Line One 8310 South Valley Highway  
Entity Address, City or Town Englewood  
Entity Address, State or Province CO  
Trading Symbol IOSP  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
v3.19.2
Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]        
Net sales $ 362.4 $ 358.1 $ 750.7 $ 718.8
Cost of goods sold (251.3) (255.3) (521.8) (511.5)
Gross profit 111.1 102.8 228.9 207.3
Operating expenses:        
Selling, general and administrative (71.2) (65.8) (143.7) (133.1)
Research and development (8.2) (8.7) (17.3) (17.0)
Total operating expenses (79.4) (74.5) (161.0) (150.1)
Operating income 31.7 28.3 67.9 57.2
Other income, net 0.0 3.0 4.1 5.5
Interest expense, net (1.2) (1.8) (2.7) (3.5)
Income before income tax expense 30.5 29.5 69.3 59.2
Income tax expense (8.2) (7.7) (18.3) (15.2)
Net income $ 22.3 $ 21.8 $ 51.0 $ 44.0
Earnings per share:        
Basic $ 0.91 $ 0.89 $ 2.08 $ 1.80
Diluted $ 0.90 $ 0.89 $ 2.07 $ 1.79
Weighted average shares outstanding (in thousands):        
Basic 24,483 24,409 24,468 24,389
Diluted 24,678 24,591 24,671 24,584
v3.19.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Statement of Comprehensive Income [Abstract]        
Net income $ 22.3 $ 21.8 $ 51.0 $ 44.0
Changes in cumulative translation adjustment, net of tax of $(0.3) million, $1.1 million, $0.1 million and $1.0 million respectively 3.4 (17.3) (1.6) (10.9)
Changes in unrealized gains on derivative instruments, net of tax of $0.1 million, $0.0 million, $0.2 million and $(0.2) million respectively (0.7) 0.2 (1.2) 1.1
Amortization of prior service credit, net of tax of $0.1 million, $0.0 million, $0.1 million and $0.1 million respectively (0.3) (0.3) (0.5) (0.5)
Amortization of actuarial net losses, net of tax of $0.0 million, $0.0 million, $0.0 million and $(0.1) million respectively   0.5   0.9
Total other comprehensive income/(loss) 2.4 (16.9) (3.3) (9.4)
Total comprehensive income $ 24.7 $ 4.9 $ 47.7 $ 34.6
v3.19.2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Statement of Comprehensive Income [Abstract]        
Changes in cumulative translation adjustment, tax $ (0.3) $ 1.1 $ 0.1 $ 1.0
Unrealized gains on derivative instruments, tax 0.1 0.0 0.2 (0.2)
Amortization of prior service credit, tax 0.1 0.0 0.1 0.1
Amortization of actuarial net losses, tax $ 0.0 $ 0.0 $ 0.0 $ (0.1)
v3.19.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 106.1 $ 123.1
Trade and other accounts receivable (less allowances of $4.6 million and $2.9 million respectively) 280.0 279.7
Inventories (less allowances of $14.2 million and $13.6 million respectively):    
Finished goods 178.4 180.2
Raw materials 69.8 67.8
Total inventories 248.2 248.0
Prepaid expenses 11.9 11.6
Prepaid income taxes 4.3 1.5
Total current assets 650.5 663.9
Net property, plant and equipment 200.3 196.4
Goodwill 364.3 364.9
Operating lease right-of-use assets 36.0 0.0
Other intangible assets 125.1 136.3
Deferred tax assets 8.6 8.8
Pension asset 99.4 95.9
Other non-current assets 5.4 7.2
Total assets 1,489.6 1,473.4
Current liabilities:    
Overdraft 0.7 0.0
Accounts payable 117.1 126.8
Accrued liabilities 132.0 132.1
Current portion of long-term debt 21.5 21.4
Current portion of finance leases 1.3 1.8
Current portion of plant closure provisions 5.3 5.9
Current portion of accrued income taxes 14.2 8.6
Current portion of operating lease liabilities 11.6 0.0
Total current liabilities 303.7 296.6
Long-term debt, net of current portion 136.5 186.2
Finance leases, net of current portion 0.9 1.5
Plant closure provisions, net of current portion 44.1 43.6
Accrued income taxes, net of current portion 36.3 40.0
Unrecognized tax benefits, net of current portion 14.6 14.0
Operating lease liabilities, net of current portion 24.4 0.0
Deferred tax liabilities 48.1 48.2
Pension liabilities and post-employment benefits 16.0 15.7
Other non-current liabilities 1.9 2.1
Total liabilities 626.5 647.9
Equity:    
Common stock, $0.01 par value, authorized 40,000,000 shares, issued 29,554,500 shares 0.3 0.3
Additional paid-in capital 327.7 324.9
Treasury stock (5,068,175 and 5,120,799 shares at cost, respectively) (93.4) (92.8)
Retained earnings 707.1 668.3
Accumulated other comprehensive loss (79.0) (75.7)
Total Innospec stockholders' equity 862.7 825.0
Non-controlling interest 0.4 0.5
Total equity 863.1 825.5
Total liabilities and equity $ 1,489.6 $ 1,473.4
v3.19.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Statement of Financial Position [Abstract]    
Allowances for doubtful accounts $ 4.6 $ 2.9
Inventory allowances $ 14.2 $ 13.6
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 40,000,000 40,000,000
Common stock, shares issued 29,554,500 29,554,500
Treasury stock, shares 5,068,175 5,120,799
v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities    
Net income $ 51.0 $ 44.0
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 23.8 25.3
Deferred tax expense 0.1 1.7
Cash contributions to defined benefit pension plans (0.5) (0.5)
Non-cash movements on defined benefit pension plans (3.1) (2.2)
Stock option compensation 3.2 1.9
Changes in assets and liabilities, net of effects of acquired and divested companies:    
Trade and other accounts receivable (0.7) (35.8)
Inventories (0.1) (45.2)
Prepaid expenses (0.2) 3.3
Accounts payable and accrued liabilities (10.4) 12.0
Accrued income taxes (0.6) (5.7)
Plant closure provisions 0.0 1.8
Unrecognized tax benefits 0.7 0.6
Other assets and liabilities (0.0) (0.9)
Net cash provided by operating activities 63.2 0.3
Cash Flows from Investing Activities    
Capital expenditures (16.2) (10.5)
Business combinations, net of cash acquired (0.0) (5.8)
Internally developed software (0.7) (0.8)
Net cash used in investing activities (16.9) (17.1)
Cash Flows from Financing Activities    
Proceeds from revolving credit facility 23.0 10.0
Repayments of revolving credit facility (73.0) (5.0)
Receipt of short-term borrowing 0.7 0.0
Repayments of finance leases (0.9) (1.4)
Dividend paid (12.2) (10.7)
Issue of treasury stock 1.3 1.1
Repurchase of common stock (2.1) (1.2)
Net cash used in financing activities (63.2) (7.2)
Effect of foreign currency exchange rate changes on cash (0.1) (0.2)
Net change in cash and cash equivalents (17.0) (24.2)
Cash and cash equivalents at beginning of period 123.1 90.2
Cash and cash equivalents at end of period $ 106.1 $ 66.0
v3.19.2
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Statement of Cash Flows [Abstract]    
Amortization of deferred finance costs $ 0.3 $ 0.3
v3.19.2
Condensed Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Non-Controlling Interest [Member]
Beginning Balance at Dec. 31, 2017 $ 794.3 $ 0.3 $ 320.4 $ (93.3) $ 605.0 $ (38.5) $ 0.4
Net income 44.0       44.0    
Dividend paid (10.7)       (10.7)    
Changes in cumulative translation adjustment, net of tax (10.9)         (10.9)  
Changes in unrealized gains on derivative instruments, net of tax 1.1         1.1  
Treasury stock re-issued 0.8   (0.7) 1.5      
Treasury stock repurchased (1.2)     (1.2)      
Stock option compensation 1.9   1.9        
Amortization of prior service credit, net of tax (0.5)         (0.5)  
Amortization of actuarial net losses, net of tax 0.9         0.9  
Ending Balance at Jun. 30, 2018 819.7 0.3 321.6 (93.0) 638.3 (47.9) 0.4
Beginning Balance at Mar. 31, 2018 824.8 0.3 321.1 (93.2) 627.2 (31.0) 0.4
Net income 21.8       21.8    
Dividend paid (10.7)       (10.7)    
Changes in cumulative translation adjustment, net of tax (17.3)         (17.3)  
Changes in unrealized gains on derivative instruments, net of tax 0.2         0.2  
Treasury stock re-issued (0.3)   (0.6) 0.3      
Treasury stock repurchased (0.1)     (0.1)      
Stock option compensation 1.1   1.1        
Amortization of prior service credit, net of tax (0.3)         (0.3)  
Amortization of actuarial net losses, net of tax 0.5         0.5  
Ending Balance at Jun. 30, 2018 819.7 0.3 321.6 (93.0) 638.3 (47.9) 0.4
Beginning Balance at Dec. 31, 2018 825.5 0.3 324.9 (92.8) 668.3 (75.7) 0.5
Net income 51.0       51.0    
Dividend paid (12.2)       (12.2)    
Changes in cumulative translation adjustment, net of tax (1.6)         (1.6)  
Changes in unrealized gains on derivative instruments, net of tax (1.2)         (1.2)  
Non-controlling interest (0.1)           (0.1)
Treasury stock re-issued 1.1   (0.4) 1.5      
Treasury stock repurchased (2.1)     (2.1)      
Stock option compensation 3.2   3.2        
Amortization of prior service credit, net of tax (0.5)         (0.5)  
Ending Balance at Jun. 30, 2019 863.1 0.3 327.7 (93.4) 707.1 (79.0) 0.4
Beginning Balance at Mar. 31, 2019 848.9 0.3 326.0 (93.5) 697.0 (81.4) 0.5
Net income 22.3       22.3    
Dividend paid (12.2)       (12.2)    
Changes in cumulative translation adjustment, net of tax 3.4         3.4  
Changes in unrealized gains on derivative instruments, net of tax (0.7)         (0.7)  
Non-controlling interest (0.1)           (0.1)
Treasury stock re-issued 0.4   0.1 0.3      
Treasury stock repurchased (0.2)     (0.2)      
Stock option compensation 1.6   1.6        
Amortization of prior service credit, net of tax (0.3)         (0.3)  
Ending Balance at Jun. 30, 2019 $ 863.1 $ 0.3 $ 327.7 $ (93.4) $ 707.1 $ (79.0) $ 0.4
v3.19.2
Basis of Presentation
 6 Months Ended
Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
NOTE 1 – BASIS OF PRESENTATION
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form
10-Q
and Article 10 of Regulation
S-X
under the Securities Exchange Act of 1934. Accordingly, they do not include all the information and notes necessary for a comprehensive presentation of financial position, results of operations and cash flows.
It is our opinion, however, that all adjustments (consisting of normal, recurring adjustments, unless otherwise disclosed) have been made which are necessary for the condensed consolidated financial statements to be fairly stated. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2018 filed on February 20, 2019 (the “2018 Form
10-K”).
The results for the interim period covered by this report are not necessarily indicative of the results to be expected for the full year.
When we use the terms “Innospec,” “the Corporation,” “the Company,” “Registrant,” “we,” “us” and “our,” we are referring to Innospec Inc. and its consolidated subsidiaries unless otherwise indicated or the context otherwise requires.
Leases
With an effective date of January 1, 2019 we have applied Accounting Standards Update (ASU) 2016-02, Revision to Lease Accounting, ASC Topic 842 which replaces ASC Topic 840, Leases. ASU 2016-02 requires lessees to recognize a right-of-use (“ROU”) asset and a lease liability for all of their leases (other than leases that meet the definition of a short-term lease).
The standard was adopted using a modified retrospective transition method, with the Company electing not to adjust comparative periods. We have taken the election not to apply the requirements to short-term leases and have taken the election not to separate related non-lease components from lease components.
The standard had a material impact on our consolidated balance sheet, but did not have an impact on our consolidated income statements. The most significant impact was the recognition of ROU assets and lease liabilities and the related deferred taxes thereon for operating leases, while our accounting for finance leases remained substantially unchanged. Operating lease liabilities recognized under the new standard are not considered to be debt.
We determine if an arrangement is a lease at inception. The present value of the future lease payments for operating leases is included in operating lease ROU assets, and operating lease liabilities (current and non-current) on our condensed consolidated balance sheet at June 30, 2019. The carrying value of assets under finance leases is included in property, plant and equipment and finance lease liabilities (current and non-current) on our consolidated balance sheet at June 30, 2019.
Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future lease payments over the remaining lease term. Very few of our leases have renewal
options or early termination break clauses, but where they do we have assessed the term of the lease based on any options being exercised only if they are reasonably certain. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at point of recognition in determining the present value of future payments.
The operating lease ROU asset excludes lease incentives and initial direct costs incurred. Lease expense for lease payments is recognized on a straight-line basis over the lease term unless payments are variable per the agreement. Where we have lease payments linked to an index or inflationary rate, this rate has been used to value the asset and liability at the inception of the lease. If the payments are not linked to a specific index or inflationary rate, but can vary during the term of the agreement, they have been included at their actual value for each future period.    In some circumstances the future expected payments may be dependent on other factors, for example production volumes, in which case we have used the minimum future expected payments to value the asset.
We do not recognize a ROU asset or operating lease liability for short-term leases (with a length of one year or less), and any associated cost is recognized, as incurred, through the income statement.
v3.19.2
Segment Reporting
 6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Segment Reporting
NOTE 2 – SEGMENT REPORTING
The Company reports its financial performance based on the following four reportable segments: Fuel Specialties, Performance Chemicals, Oilfield Services and Octane Additives.
The Fuel Specialties, Performance Chemicals and Oilfield Services segments operate in markets where we actively seek growth opportunities although their ultimate customers are different. The Octane Additives segment is expected to decline in the near future as our one remaining refinery customer transitions to unleaded fuel.
The Company evaluates the performance of its segments based on operating income. The following tables analyze sales and other financial information by the Company’s reportable segments:
                                 
 
Three Months Ended
June 30
   
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
   
2019
   
2018
 
Net Sales:
   
     
     
     
 
Refinery and Performance
  $
95.2
    $
98.1
    $
212.5
    $
209.1
 
Other
   
38.1
     
36.1
     
76.8
     
68.5
 
                                 
Fuel Specialties
   
133.3
     
134.2
     
289.3
     
277.6
 
                                 
Personal Care
   
54.9
     
62.6
     
115.9
     
123.0
 
Home Care
   
23.1
     
26.5
     
50.1
     
56.2
 
Other
   
26.7
     
29.8
     
56.8
     
63.7
 
                                 
Performance Chemicals
   
104.7
     
118.9
     
222.8
     
242.9
 
                                 
Oilfield Services
   
122.5
     
95.0
     
236.7
     
187.9
 
Octane Additives
   
1.9
     
10.0
     
1.9
     
10.4
 
                                 
  $
362.4
    $
358.1
    $
750.7
    $
718.8
 
                                 
Gross profit/(loss):
    
     
     
     
 
Fuel Specialties
  $
44.7
    $
44.5
    $
100.4
    $
93.0
 
Performance Chemicals
   
24.0
     
23.8
     
50.6
     
49.2
 
Oilfield Services
   
41.5
     
28.6
     
79.2
     
60.0
 
Octane Additives
   
0.9
     
5.9
     
(1.3
)    
5.1
 
                                 
  $
111.1
    $
102.8
    $
228.9
    $
207.3
 
                                 
Operating income/(loss):
   
     
     
     
 
Fuel Specialties
  $
24.1
    $
23.7
    $
57.0
    $
51.9
 
Performance Chemicals
   
11.0
     
9.7
     
24.5
     
21.8
 
Oilfield Services
   
10.1
     
4.1
     
17.9
     
7.1
 
Octane Additives
   
0.1
     
5.2
     
(2.7
)    
3.8
 
Corporate costs
   
(13.6
)    
(14.4
 )    
(28.8
)    
(27.4
 )
                                 
Total operating income
  $
31.7
    $
28.3
    $
67.9
    $
57.2
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table presents a summary of the depreciation and amortization charges incurred by the Company’s reportable segments:
                                 
 
Three Months Ended
June 30
   
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
   
2019
   
2018
 
Depreciation:
   
     
     
     
 
Fuel Specialties
  $
1.0
    $
0.9
    $
1.9
    $
1.9
 
Performance Chemicals
   
2.7
     
2.5
     
5.2
     
5.2
 
Oilfield Services
   
1.8
     
1.6
     
3.5
     
3.1
 
Octane Additives
   
0.3
     
0.3
     
0.6
     
0.6
 
Corporate
   
0.5
     
0.2
     
0.8
     
0.5
 
                                 
  $
6.3
    $
5.5
    $
12.0
    $
11.3
 
                                 
Amortization:
   
     
     
     
 
Performance Chemicals
  $
2.2
     
2.2
     
4.4
     
4.5
 
Oilfield Services
   
2.7
     
2.8
     
5.3
     
5.4
 
Corporate
   
0.9
     
1.9
     
1.8
     
3.7
 
                                 
  $
5.8
    $
6.9
    $
11.5
    $
13.6
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Earnings per Share
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Earnings per Share
NOTE 3 – EARNINGS PER SHARE
Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the effect of options that are dilutive and outstanding during the period under the treasury stock method. Per share amounts are computed as follows:
                                 
 
Three Months Ended
June 30
   
Six Months Ended
June 30
 
 
2019
   
2018
   
2019
   
2018
 
Numerator (in millions):
   
     
     
     
 
Net income available to common stockholders
  $
22.3
    $
21.8
    $
51.0
    $
44.0
 
                                 
Denominator (in thousands):
   
     
     
     
 
Weighted average common shares outstanding
   
24,483
     
24,409
     
24,468
     
24,389
 
Dilutive effect of stock options and awards
   
195
     
182
     
203
     
195
 
                                 
Denominator for diluted earnings per share
   
24,678
     
24,591
     
24,671
     
24,584
 
                                 
Net income per share, basic:
  $
0.91
    $
0.89
    $
2.08
    $
1.80
 
                                 
Net income per share, diluted:
  $
0.90
    $
0.89
    $
2.07
    $
1.79
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In the three and six months ended June 30, 2019, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 12,539 and 212,095, respectively (three and six months ended June 30, 2018 – 0 and 0, respectively). 
 
v3.19.2
Leases
 6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Leases
NOTE 4 – LEASES
We have operating and finance leases for toll manufacturing facilities, warehouse storage, land, buildings, plant and equipment. Our leases have remaining lease terms of 1 year to 12 years, some of which include options to terminate the leases within 1 year.
  
The components of lease expense were as follows:
                 
(
in millions
)
 
Three Months
Ended June 30
   
Six Months
Ended June 30
 
 
2019
   
2019
 
Finance lease cost:
   
     
 
Amortization of
right-of-use
assets
   $
0.4
    $
1.0
 
Interest on lease liabilities
   
0.0
     
0.0
 
Total finance lease cost
   
0.4
     
1.0
 
Operating lease cost
   
3.0
     
6.0
 
Short-term lease cost
   
0.5
     
0.9
 
Variable lease cost
   
0.1
     
0.2
 
Sub-lease
income
    
0.0
     
0.0
 
                 
Total finance lease cost
  $
4.0
    $
8.1
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental cash flow information related to leases is as follows:
                 
(
in millions
)
 
Three Months
Ended June 30
    
Six Months
Ended June 30
 
 
2019
   
2019
 
Cash paid for amounts included in the measurement of lease liabilities:
   
     
 
Operating cash flows from operating leases
  $
3.4
    $
6.9
 
Operating cash flows from finance leases
   
0.5
     
1.1
 
Financing cash flows from finance leases
   
0.0
     
0.0
 
                 
Right-of-use
assets obtained in exchange for new lease obligations:
   
     
 
Operating leases
   
1.1
    $
1.9
 
Finance leases
  $
0.0
     
0.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental balance sheet information related to leases is as follows:
         
(
in millions except lease term and discount rate
)
 
June 30 
2019
 
Operating leases:
   
 
Operating lease
right-of-use
assets
   $
36.0
 
         
Current portion of operating lease liabilities
  $
11.6
 
Operating lease liabilities, net of current portion
   
24.4
 
         
Total operating lease liabilities
  $
36.0
 
         
Finance leases:
   
 
Property, plant and equipment at cost
  $
10.8
 
Accumulated depreciation
   
(8.4
)
         
Net property, plant and equipment, net
  $
2.4
 
         
Current portion of finance leases
  $
1.3
 
Finance leases, net of current portion
   
0.9
 
         
Total finance lease liabilities
  $
2.2
 
         
Weighted average remaining lease term:
   
 
Operating leases
   
3.6
 years
 
Finance leases
   
2.0
 years
 
Weighted average discount rate:
   
 
Operating leases
   
3.1
 %
Finance leases
   
2.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maturities of lease liabilities were as follows as at June 30, 2019:
                 
(
in millions
)
 
Operating
leases
   
Finance
leases
 
Within one year
  $
11.6
    $
1.3
 
Year two
   
8.9
     
0.7
 
Year three
   
7.2
     
0.2
 
Year four
   
4.6
     
0.1
 
Year five
   
3.0
     
0.0
 
Thereafter
   
3.2
     
0.0
 
                 
Total lease payments
   
38.5
     
2.3
 
Less imputed interest
   
(2.5
)    
(0.1
)
                 
Total
  $
36.0
    $
2.2
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Future lease payments for all noncancelable operating and finance leases as of December 31, 2018 are as follows, as accounted for under the previous lease standard, ASC 840. As such the amounts are not directly comparable to those included above.
                 
(in millions)
 
Operating
leases
   
Finance
leases
 
Within one year
   $
6.5
     $
 1.8
  
Year two
    
4.5
      
1.0
  
Year three
    
3.2
      
0.4
  
Year four
    
2.3
      
0.1
  
Year five
    
2.1
      
0.0
  
Thereafter
    
4.4
      
0.0
  
                 
Total lease payments
   $
 23.0
     $
 3.3
  
                 
 
 
 
As of June 30, 2019, additional operating and finance leases that have not yet commenced 
are $0.1 million.
 
v3.19.2
Goodwill
 6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill
NOTE 5 – GOODWILL
The following table summarizes goodwill at the balance sheet dates:
         
(in millions)
 
Total
 
At December 31, 2018
   
 
Gross cost
(1)
   $
601.4
 
Accumulated impairment losses
   
(236.5
 )
         
Net book amount
  $
364.9
 
         
Exchange effect
   
(0.6
)
         
At June 30, 2019
   
 
Gross cost
 (1)
   $
600.8
 
Accumulated impairment losses
   
(236.5
)
         
Net book amount
  $
364.3
 
         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 Gross cost for 2019 and 2018 is net of $
298.5
million of historical accumulated amortization.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Other Intangible Assets
 6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets
NOTE 6 – OTHER INTANGIBLE ASSETS
The following table summarizes the other intangible assets movement year on year:
                 
 
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
 
Gross cost at January 1
  $
294.6
    $
295.8
 
Internally developed software
   
0.7
     
0.8
 
Exchange effect
   
(0.3
)    
(1.4
 )
                 
Gross cost at June 30
   
295.0
     
295.2
 
                 
Accumulated amortization at January 1
   
(158.3
)    
(132.5
 )
Amortization expense
   
(11.5
)    
(13.6
 )
Exchange effect
   
(0.1
)    
0.3
 
                 
Accumulated amortization at June 30
   
(169.9
)    
(145.8
 )
                 
Net book amount at June 30
  $
125.1
    $
149.4
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Internally developed software has been capitalized in relation to the Company’s information system platforms.
Amortization expense
                 
 
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
 
Product rights
  $
(1.9
)   $
(1.9
 )
Brand names
   
(0.3
)    
(0.6
 )
Technology
   
(1.7
)    
(1.7
 )
Customer relationships
   
(5.3
)    
(5.3
 )
Internally developed software
   
(2.3
)    
(4.1
 )
                 
Total
  $
(11.5
)   $
(13.6
 )
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Pension and Post Employment Benefits
 6 Months Ended
Jun. 30, 2019
Retirement Benefits [Abstract]  
Pension and Post Employment Benefits
NOTE 7 – PENSION AND POST EMPLOYMENT BENEFITS
The Company maintains a defined benefit pension plan (the “Plan”) covering a number of its current and former employees in the United Kingdom, although it does also have other much smaller pension arrangements in the U.S. and overseas. The Plan is closed to future service accrual but has a large number of deferred and current pensioners.
The net service cost for the three and six months ended June 30, 2019 was $0.3 million and $0.5 million respectively (three and six months ended June 30, 2018 – $0.3 million and $0.6 million respectively) and has been recognized in selling, general and administrative expenses within corporate costs. The following table shows the income statement effect recognized within other income, net:
                                 
 
Three Months Ended
June 30
   
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
   
2019
   
2018
 
Plan net pension credit/(charge):
   
     
     
     
 
Interest cost on projected benefit obligation
  $
(3.9
)   $
(3.8
 )   $
(7.8
)   $
(7.7
 )
Expected return on plan assets
   
5.5
     
5.7
     
11.1
     
11.4
 
Amortization of prior service credit
   
0.3
     
0.3
     
0.5
     
0.6
 
Amortization of actuarial net losses
   
0.0
     
(0.5
 )    
0.0
     
(1.0
 )
                                 
  $
1.9
    $
1.7
    $
3.8
    $
3.3
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The amortization of prior service credit and actuarial net losses is a reclassification out of accumulated other comprehensive loss into other income and expense.
The Company also maintains an unfunded defined benefit pension plan covering a number of its current and former employees in Germany (the “German plan”) within our Fuel Specialties segment. The German plan is closed to new entrants and has no assets. The net service cost for the German plan for the three and six months ended June 30, 2019 was $0.1 million and $0.1 million, respectively (three and six months ended June 30, 2018 – $0.1 million and $0.1 million, respectively). The following table shows the income statement effect recognized within other income and expense:
                                 
 
Three Months Ended
June 30
   
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
   
2019
   
2018
 
Plan net pension charge:
   
     
     
     
 
Interest cost on projected benefit obligation
  $
0.0
    $
0.0
    $
(0.1
)   $
(0.1
 )
Amortization of actuarial net losses
   
0.0
     
(0.1
 )    
(0.1
)    
(0.2
 )
                                 
  $
0.0
    $
(0.1
 )   $
(0.2
)   $
(0.3
 )
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As at June 30, 2019, our Performance Chemicals segment has obligations for post-employment benefits in its European businesses with a liability of $4.4 million (December 31, 2018 – $4.4 million).
v3.19.2
Income Taxes
 6 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes
NOTE 8 – INCOME TAXES
A roll-forward of unrecognized tax benefits and associated accrued interest and penalties is as follows:
                         
(in millions)
 
Unrecognized
Tax Benefits
   
Interest and
Penalties
   
Total
 
Opening balance at January 1
  $
13.4
    $
0.6
    $
14.0
 
Additions for tax positions of prior periods
   
0.0
     
0.6
     
0.6
 
                         
Closing balance at June 30
   
13.4
     
1.2
     
14.6
 
Current
   
0.0
     
0.0
     
0.0
 
                         
Non-current
  $
13.4
    $
1.2
    $
14.6
 
                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
We recognize accrued interest and penalties associated with unrecognized tax benefits as part of income taxes in our condensed consolidated statements of income. Related to the unrecognized tax benefits noted above, we have also accrued a net increase in interest and penalties of $0.6 million during the first six months of 2019, and a net increase in interest and penalties of $0.3 million in 2018. Total accrued interest and penalties at June 30, 2019 on all remaining unrecognized tax benefits amounted to $1.2 million (December 31, 2018 – $0.6 million).
All of the $14.6 million of unrecognized tax benefits, interest and penalties, would impact our effective tax rate if recognized.
As previously disclosed, tax audits have been opened by the Italian tax authorities in respect of Innospec Performance Chemicals Italia Srl, acquired as part of the Huntsman business, in relation to the period 2011 to 2013 inclusive. The Company believes that additional tax of approximately $0.5 million, together with associated interest of $0.2 million, may arise as a result of the 2011 audit. This amount was recorded at December 31, 2017. During 2018, the Company determined that additional tax of approximately $0.9 million, together with associated interest of $0.3 million, may arise as a result of the 2012 and 2013 audits collectively.
Additional interest of $
0.1
 million has been recorded in the six months to June 30, 2019. 
As any additional tax arising as a consequence of the tax audit would be reimbursed by the previous owner under the terms of the sale and purchase agreement, an unrecognized tax benefit of $
2.0
 million is recorded, together with an indemnification asset of the same amount to reflect the fact that the final liability would be reimbursed by the previous owner.
In the fourth quarter of 2018, the Company recorded an unrecognized tax benefit of $10.8 million. This portion primarily relates to a potential adjustment that could arise as a consequence of the Tax Cuts and Jobs Act, but for which retrospective adjustment to the filed 2017 U.S. federal income tax returns was not permissible. The Company accrued a net increase in interest of $0.5 million in the first six months of 2019 relating to this matter.
The Company and its U.S. subsidiaries remain open to examination by the IRS for years 2015 onwards under the statute of limitations. The Company’s subsidiaries in foreign tax jurisdictions are open to examination including Spain (2014 onwards), Italy (2013 onwards), France (2016 onwards), Germany (2014 onwards), Switzerland (2014 onwards) and the United Kingdom (2017 onwards).
v3.19.2
Long-Term Debt
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Long-Term Debt
NOTE 9 – LONG-TERM DEBT
Long-term debt consists of the following:
                 
(in millions)
 
June 30,
2019
   
December 31,
2018
 
Revolving credit facility
  $
76.0
    $
126.0
 
Term loan
   
82.5
     
82.5
 
Deferred finance costs
   
(0.5
)    
(0.9
 )
                 
  $
158.0
    $
207.6
 
Due within one year
   
(21.5
)    
(21.4
 )
                 
Due after one year
  $
136.5
    $
186.2
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Plant Closure Provisions
 6 Months Ended
Jun. 30, 2019
Restructuring and Related Activities [Abstract]  
Plant Closure Provisions
NOTE 10 – PLANT CLOSURE PROVISIONS
The liability for estimated closure costs of Innospec’s manufacturing facilities includes costs for decontamination and environmental remediation activities (“remediation”). The principal site giving rise to remediation liabilities is the manufacturing site at Ellesmere Port in the United Kingdom. There are also remediation liabilities on a smaller scale in respect of our other manufacturing sites in the U.S. and the rest of Europe.
Movements in the provisions are summarized as follows:
                 
 
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
 
Total at January 1
  $
49.5
    $
46.1
 
Charge for the period
   
2.1
     
3.2
 
Utilized in the period
   
(2.1
)    
(1.5
 )
Exchange effect
   
(0.1
)    
0.2
 
                 
Total at June 30
   
49.4
     
48.0
 
Due within one year
   
(5.3
)    
(4.1
 )
                 
Due after one year
  $
44.1
    $
43.9
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts due within one year refer to provisions where expenditure is expected to arise within one year of the balance sheet date.
v3.19.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements
NOTE 11 – FAIR VALUE MEASUREMENTS
The following table presents the carrying amount and fair values of the Company’s financial assets and liabilities measured on a recurring basis:
                                 
 
June 30, 2019
   
December 31, 2018
 
(in millions)
 
Carrying
Amount
   
Fair
Value
   
Carrying
Amount
   
Fair
Value
 
Assets
    
     
     
     
 
Non-derivatives:
   
     
     
     
 
Cash and cash equivalents
  $
106.1
    $
106.1
    $
123.1
    $
123.1
 
Derivatives (Level 1 measurement):
   
     
     
     
 
Other current and
non-current
assets:
    
     
     
     
 
Interest rate swaps
   
0.4
     
0.4
     
1.9
     
1.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
    
     
     
     
 
Non-derivatives:
   
     
     
     
 
Long-term debt (including current portion)
  $
158.0
    $
158.0
    $
207.6
    $
207.6
 
Finance leases (including current portion)
   
2.2
     
2.2
     
3.3
     
3.3
 
Derivatives (Level 1 measurement):
   
     
     
     
 
Other current and
non-current
liabilities:
    
     
     
     
 
Foreign currency forward exchange contracts
   
0.5
     
0.5
     
0.7
     
0.7
 
Non-financial
liabilities (Level 3 measurement):
   
     
     
     
 
Stock equivalent units
   
17.9
     
17.9
     
15.1
     
15.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following methods and assumptions were used to estimate the fair values of financial instruments:
Cash and cash equivalents and bank overdraft:
The carrying amount approximates fair value because of the short-term maturities of such instruments.
Derivatives:
The fair value of derivatives relating to foreign currency forward exchange contracts and interest rate swaps are derived from current settlement prices and comparable contracts using current assumptions. Foreign currency forward exchange contracts primarily relate to contracts entered into to hedge future known transactions or hedge balance sheet net cash positions. The movements in the carrying amounts and fair values of these contracts are largely due to changes in exchange rates against the U.S. dollar. Interest rate swaps relate to contracts taken out to hedge interest rate risk on a portion of our credit facilities borrowing.
Long-term debt and finance leases:
Long-term debt principally comprises the term loan and revolving credit facility, which are shown net of deferred finance costs that have been capitalized. The fair value of long-term debt approximates to the carrying value, as the discounting to its present value is offset by the interest rate swaps. Finance leases relate to certain fixed assets in our Fuel Specialties and Oilfield Services segments. The carrying amount of long-term debt and finance leases approximates to the fair value.
Stock equivalent units:
The fair values of stock equivalent units are calculated at each balance sheet date using either the Black-Scholes or Monte Carlo method depending on the terms of each grant.
v3.19.2
Derivative Instruments and Risk Management
 6 Months Ended
Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Risk Management
NOTE 12 – DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT
The Company enters into various foreign currency forward exchange contracts to minimize currency exchange rate exposure from expected future cash flows. As at June 30, 2019 the contracts have maturity dates of up to twelve months at the date of inception. These foreign currency forward exchange contracts have not been designated as hedging instruments, and their impact on the income statement for the first six months of 2019 was a gain of $1.0 million (first six months of 2018: loss of $1.3 million).
The Company enters into interest rate swaps to minimize interest rate exposure related to a part of our borrowing requirements. These interest rate swaps have been designated as hedging instruments, and their impact on accumulated other comprehensive loss for the first six months of 2019 was a loss of $1.5 million (first six months of 2018: gain of $1.3 million).
v3.19.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
NOTE 13 – COMMITMENTS AND CONTINGENCIES
Legal matters
While we are involved from time to time in claims and legal proceedings that result from, and are incidental to, the conduct of our business including business and commercial litigation, employee and product liability claims, there are no material pending legal proceedings to which the Company or any of its subsidiaries is a party, or of which any of their property is subject. It is possible, however, that an adverse resolution of an unexpectedly large number of such individual claims or proceedings could in the aggregate have a material adverse effect on the results of operations for a particular year or quarter.
Guarantees
The Company and certain of the Company’s consolidated subsidiaries are contingently liable for certain obligations of affiliated companies primarily in the form of guarantees of debt and performance under contracts entered into as a normal business practice. This includes guarantees of
non-U.S.
excise taxes and customs duties. As at June 30, 2019, such guarantees which are not recognized as liabilities in the condensed consolidated financial statements amounted to $4.6 million.
Under the terms of the guarantee arrangements, generally the Company would be required to perform should the affiliated company fail to fulfil its obligations under the arrangements. In some cases, the guarantee arrangements have recourse provisions that would enable the Company to recover any payments made under the terms of the guarantees from securities held of the guaranteed parties’ assets.
The Company and its affiliates have numerous long-term sales and purchase commitments in their various business activities, which are expected to be fulfilled with no adverse consequences material to the Company.
Network Security Incident
On June 27, 2019 we experienced a network security incident that prevented access to certain information technology systems and data within our network. The Company took prompt action designed to contain the incident and implemented our business continuity plan. We are working closely with external cybersecurity experts to restore any remaining affected information technology systems. The matter was reported to U.S. law enforcement authorities and the Information Commissioner’s Office in the United Kingdom.
Since the time of the network security incident, our manufacturing processes, which rely on separate networks, have continued to operate safely, largely without interruption, and in compliance with all environmental regulations. The security incident primarily impacted our computer access, email, as well as our computing functions which included: order entry, shipping and receiving, vendor payments, production scheduling, and other systems. These are now either restored or being processed manually, thereby providing business continuity, although resulting in certain delays in sales execution.
We have also taken additional precautionary measures to ensure the continued safe operations of our sites. We have found no evidence that any customer, supplier or employee information was accessed or extracted during the incident, or that any customer or supplier systems or data outside our network have been impacted. 
We are still assessing the full financial impact of the incident, including in relation to responsive insurance coverages that may be available, but we believe it has not materially impacted the results for the quarter ended June 30, 2019. Although we expect to incur material future costs, we believe the vast majority will be covered by insurance policies and therefore will have minimal overall net impact on future results. Future orders may be impacted, as we manage production scheduling and shipping, potentially causing delays in order fulfilment. Any delays in order fulfilment or other impacts from this incident may result in an adverse effect on our business, financial condition and results of operations.
 
v3.19.2
Stock-Based Compensation Plans
 6 Months Ended
Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Plans
NOTE 14 – STOCK-BASED COMPENSATION PLANS
The Company grants stock options and stock equivalent units (“SEUs”) from time to time as a long-term performance incentive. In certain cases the grants are subject to performance conditions such as the Company’s stock price. Where performance conditions apply the Monte Carlo simulation model is used to determine the fair values. Otherwise the Black-Scholes model is used to determine the fair values.
Stock option plans
The following table summarizes the transactions of the Company’s stock option plans for the six months ended June 30, 2019:
                         
 
Number of
Options
   
Weighted
Average
Exercise
Price
   
Weighted
Average
Grant-Date

Fair Value
 
Outstanding at December 31, 2018
   
545,249
    $
32.46
    $
36.06
 
Granted - at discount
   
67,230
    $
0.00
    $
71.54
 
      - at market value
   
12,632
    $
81.07
    $
22.69
 
Exercised
   
(79,916
)   $
14.67
    $
27.42
 
Forfeited
   
(9,122
)   $
32.39
    $
40.47
 
                         
Outstanding at June 30, 2019
   
536,073
    $
32.13
    $
41.43
 
                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 2019, there were 39,325 stock options that were exercisable, of which 6,530 had performance conditions attached.
The stock option compensation cost for the first six months of 2019 was $3.2 million (first six months of 2018 – $1.9 million). The total intrinsic value of options exercised in the first six months of 2019 was $2.7 million (first six months of 2018 – $2.2 million).
The total compensation cost related to
non-vested
stock options not yet recognized at June 30, 2019 was $12.2 million and this cost is expected to be recognized over the weighted-average period of 2.12 years.
Stock equivalent units
The following table summarizes the transactions of the Company’s SEUs for the six months ended June 30, 2019:
                         
 
Number
of SEUs
   
Weighted
Average
Exercise
Price
   
Weighted
Average
Grant-Date

Fair Value
 
Outstanding at December 31, 2018
   
418,936
    $
3.47
    $
52.45
 
Granted - at discount
   
121,815
    $
0.00
    $
71.36
 
      - at market value
   
4,359
    $
81.07
    $
22.69
 
Exercised
   
(129,096
)   $
2.44
    $
46.95
 
Forfeited
   
(1,500
)   $
11.57
    $
48.13
 
                         
Outstanding at June 30 2019
   
414,514
    $
3.55
    $
59.42
 
                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 2019 there were 38,488 SEUs that are exercisable, of which 35,720 had performance conditions attached.
 
The charges for SEUs are spread over the life of the award subject to a revaluation to fair value each quarter. The revaluation may result in a charge or a credit to the income statement in the quarter dependent upon our share price and other performance criteria.
The SEU compensation cost for the first six months of 2019 was $11.8 million (first six months of 2018 – $5.3 million). The total intrinsic value of SEUs exercised in the first six months of 2019 was $7.1 million (first six months of 2018 – $2.4 million).
The weighted-average remaining vesting period of
non-vested
SEUs is
2.20
years.
v3.19.2
Reclassifications out of Accumulated Other Comprehensive Loss
 6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Reclassifications out of Accumulated Other Comprehensive Loss
NOTE 15 – RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS
Reclassifications out of accumulated other comprehensive loss for the second quarter of 2019 were:
               
(in millions)
 
Amount
Reclassified
   
Affected Line Item in the
Statement where
Details about AOCL Components
 
from AOCL
   
Net Income is Presented
Defined benefit pension plan items:
   
     
Amortization of prior service credit
  $
(0.3
)    
See
 
(1)
 
below
               
   
(0.3
)    
Total before tax
   
0.0
     
Income tax expense
               
Total reclassifications
  $
(0.3
)    
Net of tax
               
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassifications out of accumulated other comprehensive loss for the first six months of 2019 were:
               
(in millions)
 
Amount
Reclassified
   
Affected Line Item in the
Statement where
Details about AOCL Components
 
from AOCL
   
Net Income is Presented
Defined benefit pension plan items:
   
     
Amortization of prior service credit
   $
(0.6
 )    
See
(1)
 
below
               
   
(0.6
 )    
Total before tax
   
0.1
      
Income tax expense
               
Total reclassifications
  $
(0.5
 )    
Net of tax
               
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
These items are included in other income and expense. See Note 7 of the Notes to the Condensed Consolidated Financial Statements for additional information.
 
 
Changes in accumulated other comprehensive loss for the first six months of 2019, net of tax, were:
                                 
(in millions)
 
Derivative
instruments
   
Defined
Benefit
Pension
Plan Items
   
Cumulative
Translation
Adjustments
   
Total
 
Balance at December 31, 2018
  $
1.5
    $
(18.1
 )   $
(59.1
 )   $
(75.7
 )
                                 
Other comprehensive income before reclassifications
   
(1.2
)    
0.0
     
(1.6
)    
(2.8
)
Amounts reclassified from AOCL
   
0.0
     
(0.5
)    
0.0
     
(0.5
)
                                 
Total other comprehensive income
   
(1.2
)    
(0.5
)    
(1.6
)    
(3.3
)
                                 
Balance at June 30, 2019
  $
0.3
    $
(18.6
)   $
(60.7
)   $
(79.0
)
                                 
 
 
v3.19.2
Recently Issued Accounting Pronouncements
 6 Months Ended
Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]  
Recently Issued Accounting Pronouncements
NOTE 16 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (ASC Topic 326). This replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We will be required to use a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The standard will be effective for the Company beginning January 1, 2020. Adoption of the standard will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date to align our credit loss methodology with the new standard. We are currently evaluating the impact of this standard on our consolidated financial statements, including accounting policies, processes and systems. 
v3.19.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Related Party Transactions
NOTE 17 – RELATED PARTY TRANSACTIONS
Mr. Robert I. Paller has been a
non-executive
director of the Company since November 1, 2009. The Company has retained and continues to retain Smith, Gambrell & Russell, LLP (“SGR”), a law firm with which Mr. Paller holds a position. In the first six months of 2019 the Company incurred fees from SGR of $0.4 million (first six months of 2018 – $0.2 million). As at June 30, 2019, the Company did not owe any money to SGR (December 31, 2018
 – $
0.0
million).
Mr. David F. Landless has been a
non-executive
director of the Company since January 1, 2016 and is a
non-executive
director of Ausurus Group Limited which owns European Metal Recycling Limited (“EMR”). The Company has sold scrap metal to EMR in 2019 for a value of $0.3 million. A tendering process is operated to select the best buyer for the sale of scrap metal by the Company. As at June 30, 2019 EMR did not owe any money for scrap metal purchased from the Company.
v3.19.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Segment Reporting
The Company evaluates the performance of its segments based on operating income. The following tables analyze sales and other financial information by the Company’s reportable segments:
                                 
 
Three Months Ended
June 30
   
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
   
2019
   
2018
 
Net Sales:
   
     
     
     
 
Refinery and Performance
  $
95.2
    $
98.1
    $
212.5
    $
209.1
 
Other
   
38.1
     
36.1
     
76.8
     
68.5
 
                                 
Fuel Specialties
   
133.3
     
134.2
     
289.3
     
277.6
 
                                 
Personal Care
   
54.9
     
62.6
     
115.9
     
123.0
 
Home Care
   
23.1
     
26.5
     
50.1
     
56.2
 
Other
   
26.7
     
29.8
     
56.8
     
63.7
 
                                 
Performance Chemicals
   
104.7
     
118.9
     
222.8
     
242.9
 
                                 
Oilfield Services
   
122.5
     
95.0
     
236.7
     
187.9
 
Octane Additives
   
1.9
     
10.0
     
1.9
     
10.4
 
                                 
  $
362.4
    $
358.1
    $
750.7
    $
718.8
 
                                 
Gross profit/(loss):
    
     
     
     
 
Fuel Specialties
  $
44.7
    $
44.5
    $
100.4
    $
93.0
 
Performance Chemicals
   
24.0
     
23.8
     
50.6
     
49.2
 
Oilfield Services
   
41.5
     
28.6
     
79.2
     
60.0
 
Octane Additives
   
0.9
     
5.9
     
(1.3
)    
5.1
 
                                 
  $
111.1
    $
102.8
    $
228.9
    $
207.3
 
                                 
Operating income/(loss):
   
     
     
     
 
Fuel Specialties
  $
24.1
    $
23.7
    $
57.0
    $
51.9
 
Performance Chemicals
   
11.0
     
9.7
     
24.5
     
21.8
 
Oilfield Services
   
10.1
     
4.1
     
17.9
     
7.1
 
Octane Additives
   
0.1
     
5.2
     
(2.7
)    
3.8
 
Corporate costs
   
(13.6
)    
(14.4
 )    
(28.8
)    
(27.4
 )
                                 
Total operating income
  $
31.7
    $
28.3
    $
67.9
    $
57.2
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of Segment Depreciation and Amortization
The following table presents a summary of the depreciation and amortization charges incurred by the Company’s reportable segments:
                                 
 
Three Months Ended
June 30
   
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
   
2019
   
2018
 
Depreciation:
   
     
     
     
 
Fuel Specialties
  $
1.0
    $
0.9
    $
1.9
    $
1.9
 
Performance Chemicals
   
2.7
     
2.5
     
5.2
     
5.2
 
Oilfield Services
   
1.8
     
1.6
     
3.5
     
3.1
 
Octane Additives
   
0.3
     
0.3
     
0.6
     
0.6
 
Corporate
   
0.5
     
0.2
     
0.8
     
0.5
 
                                 
  $
6.3
    $
5.5
    $
12.0
    $
11.3
 
                                 
Amortization:
   
     
     
     
 
Performance Chemicals
  $
2.2
     
2.2
     
4.4
     
4.5
 
Oilfield Services
   
2.7
     
2.8
     
5.3
     
5.4
 
Corporate
   
0.9
     
1.9
     
1.8
     
3.7
 
                                 
  $
5.8
    $
6.9
    $
11.5
    $
13.6
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Summary of Earnings Per Share Per share amounts are computed as follows:
                                 
 
Three Months Ended
June 30
   
Six Months Ended
June 30
 
 
2019
   
2018
   
2019
   
2018
 
Numerator (in millions):
   
     
     
     
 
Net income available to common stockholders
  $
22.3
    $
21.8
    $
51.0
    $
44.0
 
                                 
Denominator (in thousands):
   
     
     
     
 
Weighted average common shares outstanding
   
24,483
     
24,409
     
24,468
     
24,389
 
Dilutive effect of stock options and awards
   
195
     
182
     
203
     
195
 
                                 
Denominator for diluted earnings per share
   
24,678
     
24,591
     
24,671
     
24,584
 
                                 
Net income per share, basic:
  $
0.91
    $
0.89
    $
2.08
    $
1.80
 
                                 
Net income per share, diluted:
  $
0.90
    $
0.89
    $
2.07
    $
1.79
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Components of Lease Expense
  
The components of lease expense were as follows:
                 
(
in millions
)
 
Three Months
Ended June 30
   
Six Months
Ended June 30
 
 
2019
   
2019
 
Finance lease cost:
   
     
 
Amortization of
right-of-use
assets
   $
0.4
    $
1.0
 
Interest on lease liabilities
   
0.0
     
0.0
 
Total finance lease cost
   
0.4
     
1.0
 
Operating lease cost
   
3.0
     
6.0
 
Short-term lease cost
   
0.5
     
0.9
 
Variable lease cost
   
0.1
     
0.2
 
Sub-lease
income
    
0.0
     
0.0
 
                 
Total finance lease cost
  $
4.0
    $
8.1
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information related to leases is as follows:
                 
(
in millions
)
 
Three Months
Ended June 30
    
Six Months
Ended June 30
 
 
2019
   
2019
 
Cash paid for amounts included in the measurement of lease liabilities:
   
     
 
Operating cash flows from operating leases
  $
3.4
    $
6.9
 
Operating cash flows from finance leases
   
0.5
     
1.1
 
Financing cash flows from finance leases
   
0.0
     
0.0
 
                 
Right-of-use
assets obtained in exchange for new lease obligations:
   
     
 
Operating leases
   
1.1
    $
1.9
 
Finance leases
  $
0.0
     
0.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases is as follows:
         
(
in millions except lease term and discount rate
)
 
June 30 
2019
 
Operating leases:
   
 
Operating lease
right-of-use
assets
   $
36.0
 
         
Current portion of operating lease liabilities
  $
11.6
 
Operating lease liabilities, net of current portion
   
24.4
 
         
Total operating lease liabilities
  $
36.0
 
         
Finance leases:
   
 
Property, plant and equipment at cost
  $
10.8
 
Accumulated depreciation
   
(8.4
)
         
Net property, plant and equipment, net
  $
2.4
 
         
Current portion of finance leases
  $
1.3
 
Finance leases, net of current portion
   
0.9
 
         
Total finance lease liabilities
  $
2.2
 
         
Weighted average remaining lease term:
   
 
Operating leases
   
3.6
 years
 
Finance leases
   
2.0
 years
 
Weighted average discount rate:
   
 
Operating leases
   
3.1
 %
Finance leases
   
2.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maturities of Lease Liabilities
Maturities of lease liabilities were as follows as at June 30, 2019:
                 
(
in millions
)
 
Operating
leases
   
Finance
leases
 
Within one year
  $
11.6
    $
1.3
 
Year two
   
8.9
     
0.7
 
Year three
   
7.2
     
0.2
 
Year four
   
4.6
     
0.1
 
Year five
   
3.0
     
0.0
 
Thereafter
   
3.2
     
0.0
 
                 
Total lease payments
   
38.5
     
2.3
 
Less imputed interest
   
(2.5
)    
(0.1
)
                 
Total
  $
36.0
    $
2.2
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Future lease payments for all noncancelable operating and finance leases as of December 31, 2018 are as follows, as accounted for under the previous lease standard, ASC 840. As such the amounts are not directly comparable to those included above.
                 
(in millions)
 
Operating
leases
   
Finance
leases
 
Within one year
   $
6.5
     $
 1.8
  
Year two
    
4.5
      
1.0
  
Year three
    
3.2
      
0.4
  
Year four
    
2.3
      
0.1
  
Year five
    
2.1
      
0.0
  
Thereafter
    
4.4
      
0.0
  
                 
Total lease payments
   $
 23.0
     $
 3.3
  
                 
 
 
 
v3.19.2
Goodwill (Tables)
 6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Goodwill
The following table summarizes goodwill at the balance sheet dates:
         
(in millions)
 
Total
 
At December 31, 2018
   
 
Gross cost
(1)
   $
601.4
 
Accumulated impairment losses
   
(236.5
 )
         
Net book amount
  $
364.9
 
         
Exchange effect
   
(0.6
)
         
At June 30, 2019
   
 
Gross cost
 (1)
   $
600.8
 
Accumulated impairment losses
   
(236.5
)
         
Net book amount
  $
364.3
 
         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 Gross cost for 2019 and 2018 is net of $
298.5
million of historical accumulated amortization.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Other Intangible Assets
The following table summarizes the other intangible assets movement year on year:
                 
 
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
 
Gross cost at January 1
  $
294.6
    $
295.8
 
Internally developed software
   
0.7
     
0.8
 
Exchange effect
   
(0.3
)    
(1.4
 )
                 
Gross cost at June 30
   
295.0
     
295.2
 
                 
Accumulated amortization at January 1
   
(158.3
)    
(132.5
 )
Amortization expense
   
(11.5
)    
(13.6
 )
Exchange effect
   
(0.1
)    
0.3
 
                 
Accumulated amortization at June 30
   
(169.9
)    
(145.8
 )
                 
Net book amount at June 30
  $
125.1
    $
149.4
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Amortization Expense
Internally developed software has been capitalized in relation to the Company’s information system platforms.
Amortization expense
                 
 
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
 
Product rights
  $
(1.9
)   $
(1.9
 )
Brand names
   
(0.3
)    
(0.6
 )
Technology
   
(1.7
)    
(1.7
 )
Customer relationships
   
(5.3
)    
(5.3
 )
Internally developed software
   
(2.3
)    
(4.1
 )
                 
Total
  $
(11.5
)   $
(13.6
 )
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Pension and Post-Employment Benefits (Tables)
 6 Months Ended
Jun. 30, 2019
United Kingdom Plan [Member]  
Plan Net Pension Credit The following table shows the income statement effect recognized within other income, net:
                                 
 
Three Months Ended
June 30
   
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
   
2019
   
2018
 
Plan net pension credit/(charge):
   
     
     
     
 
Interest cost on projected benefit obligation
  $
(3.9
)   $
(3.8
 )   $
(7.8
)   $
(7.7
 )
Expected return on plan assets
   
5.5
     
5.7
     
11.1
     
11.4
 
Amortization of prior service credit
   
0.3
     
0.3
     
0.5
     
0.6
 
Amortization of actuarial net losses
   
0.0
     
(0.5
 )    
0.0
     
(1.0
 )
                                 
  $
1.9
    $
1.7
    $
3.8
    $
3.3
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
German Plan [Member]  
Plan Net Pension Credit The following table shows the income statement effect recognized within other income and expense:
                                 
 
Three Months Ended
June 30
   
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
   
2019
   
2018
 
Plan net pension charge:
   
     
     
     
 
Interest cost on projected benefit obligation
  $
0.0
    $
0.0
    $
(0.1
)   $
(0.1
 )
Amortization of actuarial net losses
   
0.0
     
(0.1
 )    
(0.1
)    
(0.2
 )
                                 
  $
0.0
    $
(0.1
 )   $
(0.2
)   $
(0.3
 )
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]  
Roll-forward of Unrecognized Tax Benefits and Associated Accrued Interest and Penalties
A roll-forward of unrecognized tax benefits and associated accrued interest and penalties is as follows:
                         
(in millions)
 
Unrecognized
Tax Benefits
   
Interest and
Penalties
   
Total
 
Opening balance at January 1
  $
13.4
    $
0.6
    $
14.0
 
Additions for tax positions of prior periods
   
0.0
     
0.6
     
0.6
 
                         
Closing balance at June 30
   
13.4
     
1.2
     
14.6
 
Current
   
0.0
     
0.0
     
0.0
 
                         
Non-current
  $
13.4
    $
1.2
    $
14.6
 
                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consists of the following:
                 
(in millions)
 
June 30,
2019
   
December 31,
2018
 
Revolving credit facility
  $
76.0
    $
126.0
 
Term loan
   
82.5
     
82.5
 
Deferred finance costs
   
(0.5
)    
(0.9
 )
                 
  $
158.0
    $
207.6
 
Due within one year
   
(21.5
)    
(21.4
 )
                 
Due after one year
  $
136.5
    $
186.2
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Plant Closure Provisions (Tables)
 6 Months Ended
Jun. 30, 2019
Restructuring and Related Activities [Abstract]  
Movements in Plant Closure and Restructuring Provisions
Movements in the provisions are summarized as follows:
                 
 
Six Months Ended
June 30
 
(in millions)
 
2019
   
2018
 
Total at January 1
  $
49.5
    $
46.1
 
Charge for the period
   
2.1
     
3.2
 
Utilized in the period
   
(2.1
)    
(1.5
 )
Exchange effect
   
(0.1
)    
0.2
 
                 
Total at June 30
   
49.4
     
48.0
 
Due within one year
   
(5.3
)    
(4.1
 )
                 
Due after one year
  $
44.1
    $
43.9
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Carrying Amount and Fair Values of the Company's Assets and Liabilities Measured on a Recurring Basis
The following table presents the carrying amount and fair values of the Company’s financial assets and liabilities measured on a recurring basis:
                                 
 
June 30, 2019
   
December 31, 2018
 
(in millions)
 
Carrying
Amount
   
Fair
Value
   
Carrying
Amount
   
Fair
Value
 
Assets
    
     
     
     
 
Non-derivatives:
   
     
     
     
 
Cash and cash equivalents
  $
106.1
    $
106.1
    $
123.1
    $
123.1
 
Derivatives (Level 1 measurement):
   
     
     
     
 
Other current and
non-current
assets:
    
     
     
     
 
Interest rate swaps
   
0.4
     
0.4
     
1.9
     
1.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
    
     
     
     
 
Non-derivatives:
   
     
     
     
 
Long-term debt (including current portion)
  $
158.0
    $
158.0
    $
207.6
    $
207.6
 
Finance leases (including current portion)
   
2.2
     
2.2
     
3.3
     
3.3
 
Derivatives (Level 1 measurement):
   
     
     
     
 
Other current and
non-current
liabilities:
    
     
     
     
 
Foreign currency forward exchange contracts
   
0.5
     
0.5
     
0.7
     
0.7
 
Non-financial
liabilities (Level 3 measurement):
   
     
     
     
 
Stock equivalent units
   
17.9
     
17.9
     
15.1
     
15.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Stock-Based Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 2019
Stock Options Plan [Member]  
Summary of Transactions of Company's Stock Option Plans
The following table summarizes the transactions of the Company’s stock option plans for the six months ended June 30, 2019:
                         
 
Number of
Options
   
Weighted
Average
Exercise
Price
   
Weighted
Average
Grant-Date

Fair Value
 
Outstanding at December 31, 2018
   
545,249
    $
32.46
    $
36.06
 
Granted - at discount
   
67,230
    $
0.00
    $
71.54
 
      - at market value
   
12,632
    $
81.07
    $
22.69
 
Exercised
   
(79,916
)   $
14.67
    $
27.42
 
Forfeited
   
(9,122
)   $
32.39
    $
40.47
 
                         
Outstanding at June 30, 2019
   
536,073
    $
32.13
    $
41.43
 
                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Equivalent Units [Member]  
Summarizes Transactions of SEUs
The following table summarizes the transactions of the Company’s SEUs for the six months ended June 30, 2019:
                         
 
Number
of SEUs
   
Weighted
Average
Exercise
Price
   
Weighted
Average
Grant-Date

Fair Value
 
Outstanding at December 31, 2018
   
418,936
    $
3.47
    $
52.45
 
Granted - at discount
   
121,815
    $
0.00
    $
71.36
 
      - at market value
   
4,359
    $
81.07
    $
22.69
 
Exercised
   
(129,096
)   $
2.44
    $
46.95
 
Forfeited
   
(1,500
)   $
11.57
    $
48.13
 
                         
Outstanding at June 30 2019
   
414,514
    $
3.55
    $
59.42
 
                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
v3.19.2
Reclassifications out of Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Summary of Reclassifications Out of Accumulated Other Comprehensive Loss
Reclassifications out of accumulated other comprehensive loss for the second quarter of 2019 were:
               
(in millions)
 
Amount
Reclassified
   
Affected Line Item in the
Statement where
Details about AOCL Components
 
from AOCL
   
Net Income is Presented
Defined benefit pension plan items:
   
     
Amortization of prior service credit
  $
(0.3
)    
See
 
(1)
 
below
               
   
(0.3
)    
Total before tax
   
0.0
     
Income tax expense
               
Total reclassifications
  $
(0.3
)    
Net of tax
               
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassifications out of accumulated other comprehensive loss for the first six months of 2019 were:
               
(in millions)
 
Amount
Reclassified
   
Affected Line Item in the
Statement where
Details about AOCL Components
 
from AOCL
   
Net Income is Presented
Defined benefit pension plan items:
   
     
Amortization of prior service credit
   $
(0.6
 )    
See
(1)
 
below
               
   
(0.6
 )    
Total before tax
   
0.1
      
Income tax expense
               
Total reclassifications
  $
(0.5
 )    
Net of tax
               
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
These items are included in other income and expense. See Note 7 of the Notes to the Condensed Consolidated Financial Statements for additional information.
 
 
Changes in Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss for the first six months of 2019, net of tax, were:
                                 
(in millions)
 
Derivative
instruments
   
Defined
Benefit
Pension
Plan Items
   
Cumulative
Translation
Adjustments
   
Total
 
Balance at December 31, 2018
  $
1.5
    $
(18.1
 )   $
(59.1
 )   $
(75.7
 )
                                 
Other comprehensive income before reclassifications
   
(1.2
)    
0.0
     
(1.6
)    
(2.8
)
Amounts reclassified from AOCL
   
0.0
     
(0.5
)    
0.0
     
(0.5
)
                                 
Total other comprehensive income
   
(1.2
)    
(0.5
)    
(1.6
)    
(3.3
)
                                 
Balance at June 30, 2019
  $
0.3
    $
(18.6
)   $
(60.7
)   $
(79.0
)
                                 
 
 
v3.19.2
Segment Reporting - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2019
Segment
Segment Reporting [Abstract]  
Number of reportable segments 4
v3.19.2
Segment Reporting - Segment Reporting (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Segment Reporting Information [Line Items]        
Net sales $ 362.4 $ 358.1 $ 750.7 $ 718.8
Gross profit/(loss) 111.1 102.8 228.9 207.3
Operating income/(loss) 31.7 28.3 67.9 57.2
Operating Segments [Member] | Fuel Specialties [Member]        
Segment Reporting Information [Line Items]        
Net sales 133.3 134.2 289.3 277.6
Gross profit/(loss) 44.7 44.5 100.4 93.0
Operating income/(loss) 24.1 23.7 57.0 51.9
Operating Segments [Member] | Fuel Specialties [Member] | Refinery and Performance [Member]        
Segment Reporting Information [Line Items]        
Net sales 95.2 98.1 212.5 209.1
Operating Segments [Member] | Fuel Specialties [Member] | Other [Member]        
Segment Reporting Information [Line Items]        
Net sales 38.1 36.1 76.8 68.5
Operating Segments [Member] | Performance Chemicals [Member]        
Segment Reporting Information [Line Items]        
Net sales 104.7 118.9 222.8 242.9
Gross profit/(loss) 24.0 23.8 50.6 49.2
Operating income/(loss) 11.0 9.7 24.5 21.8
Operating Segments [Member] | Performance Chemicals [Member] | Personal Care [Member]        
Segment Reporting Information [Line Items]        
Net sales 54.9 62.6 115.9 123.0
Operating Segments [Member] | Performance Chemicals [Member] | Home Care [Member]        
Segment Reporting Information [Line Items]        
Net sales 23.1 26.5 50.1 56.2
Operating Segments [Member] | Performance Chemicals [Member] | Other [Member]        
Segment Reporting Information [Line Items]        
Net sales 26.7 29.8 56.8 63.7
Operating Segments [Member] | Oilfield Services [Member]        
Segment Reporting Information [Line Items]        
Net sales 122.5 95.0 236.7 187.9
Gross profit/(loss) 41.5 28.6 79.2 60.0
Operating income/(loss) 10.1 4.1 17.9 7.1
Operating Segments [Member] | Octane Additives [Member]        
Segment Reporting Information [Line Items]        
Net sales 1.9 10.0 1.9 10.4
Gross profit/(loss) 0.9 5.9 (1.3) 5.1
Operating income/(loss) 0.1 5.2 (2.7) 3.8
Corporate, Non-Segment [Member]        
Segment Reporting Information [Line Items]        
Corporate costs $ (13.6) $ (14.4) $ (28.8) $ (27.4)
v3.19.2
Segment Reporting - Summary of Segment Depreciation and Amortization (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Summary of segment depreciation and amortization        
Depreciation $ 6.3 $ 5.5 $ 12.0 $ 11.3
Amortization 5.8 6.9 11.5 13.6
Operating Segments [Member] | Fuel Specialties [Member]        
Summary of segment depreciation and amortization        
Depreciation 1.0 0.9 1.9 1.9
Operating Segments [Member] | Performance Chemicals [Member]        
Summary of segment depreciation and amortization        
Depreciation 2.7 2.5 5.2 5.2
Amortization 2.2 2.2 4.4 4.5
Operating Segments [Member] | Oilfield Services [Member]        
Summary of segment depreciation and amortization        
Depreciation 1.8 1.6 3.5 3.1
Amortization 2.7 2.8 5.3 5.4
Operating Segments [Member] | Octane Additives [Member]        
Summary of segment depreciation and amortization        
Depreciation 0.3 0.3 0.6 0.6
Corporate, Non-Segment [Member]        
Summary of segment depreciation and amortization        
Depreciation 0.5 0.2 0.8 0.5
Amortization $ 0.9 $ 1.9 $ 1.8 $ 3.7
v3.19.2
Earnings Per Share - Additional Information (Detail) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Earnings Per Share [Abstract]        
Average number of anti-dilutive options excluded from the calculation of diluted earnings per share 12,539 0 212,095 0
v3.19.2
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Numerator (in millions):        
Net income available to common stockholders $ 22.3 $ 21.8 $ 51.0 $ 44.0
Denominator (in thousands):        
Weighted average common shares outstanding 24,483 24,409 24,468 24,389
Dilutive effect of stock options and awards 195 182 203 195
Denominator for diluted earnings per share 24,678 24,591 24,671 24,584
Net income per share, basic: $ 0.91 $ 0.89 $ 2.08 $ 1.80
Net income per share, diluted: $ 0.90 $ 0.89 $ 2.07 $ 1.79
v3.19.2
Leases - Additional Information (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2019
USD ($)
Leases [Line Items]  
Additional leases that have not yet commenced $ 0.1
Maximum [Member]  
Leases [Line Items]  
Operating and finance leases, remaining lease terms 12 years
Operating and finance leases, options to terminate leases term 1 year
Minimum [Member]  
Leases [Line Items]  
Operating and finance leases, remaining lease terms 1 year
v3.19.2
Leases - Components of Lease Expense (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2019
Finance lease cost:    
Amortization of right-of-use assets $ 0.4 $ 1.0
Interest on lease liabilities 0.0 0.0
Total finance lease cost 0.4 1.0
Operating lease cost 3.0 6.0
Short-term lease cost 0.5 0.9
Variable lease cost 0.1 0.2
Sub-lease income 0.0 0.0
Total finance lease cost $ 4.0 $ 8.1
v3.19.2
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ 3.4 $ 6.9
Operating cash flows from finance leases 0.5 1.1
Financing cash flows from finance leases 0.0 0.0
Right-of-use assets obtained in exchange for new lease obligations:    
Operating leases 1.1 1.9
Finance leases $ 0.0 $ 0.0
v3.19.2
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Operating Leases    
Operating lease right-of-use assets $ 36.0 $ 0.0
Current portion of operating lease liabilities 11.6 0.0
Operating lease liabilities, net of current portion 24.4 0.0
Total operating lease liabilities 36.0  
Finance leases    
Net property, plant and equipment, net 200.3 $ 196.4
Total finance lease liabilities $ 2.2  
Weighted average remaining lease term    
Operating leases 3 years 7 months 6 days  
Finance leases 2 years  
Weighted average discount rate    
Operating leases 3.10%  
Finance leases 2.40%  
Financial Leases [Member]    
Finance leases    
Property, plant and equipment at cost $ 10.8  
Accumulated depreciation (8.4)  
Net property, plant and equipment, net 2.4  
Current portion of finance leases 1.3  
Finance leases, net of current portion 0.9  
Total finance lease liabilities $ 2.2  
v3.19.2
Leases - Maturities of Lease Liabilities (Detail) - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Operating Lease Liabilities, Payments Due [Abstract]    
Within one year $ 11.6 $ 6.5
Year two 8.9 4.5
Year three 7.2 3.2
Year four 4.6 2.3
Year five 3.0 2.1
Thereafter 3.2 4.4
Total lease payments 38.5 23.0
Less imputed interest (2.5)  
Total operating lease liabilities 36.0  
Finance Lease Liabilities, Payments, Due [Abstract]    
Within one year 1.3 1.8
Year two 0.7 1.0
Year three 0.2 0.4
Year four 0.1 0.1
Year five 0.0 0.0
Thereafter 0.0 0.0
Total lease payments 2.3 $ 3.3
Less imputed interest (0.1)  
Total finance lease liabilities $ 2.2  
v3.19.2
Goodwill - Summary of Goodwill (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2019
USD ($)
Goodwill [Line Items]  
Gross cost, beginning balance $ 601.4
Accumulated impairment losses, beginning balance (236.5)
Net book amount, beginning balance 364.9
Exchange effect (0.6)
Gross cost, ending balance 600.8
Accumulated impairment losses, ending balance (236.5)
Net book amount, ending balance $ 364.3
v3.19.2
Goodwill - Summary of Goodwill (Parenthetical) (Detail) - USD ($)
$ in Millions
Jun. 30, 2019
Jun. 30, 2018
Goodwill [Line Items]    
Historical accumulated amortization $ 298.5 $ 298.5
v3.19.2
Other Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]          
Gross cost at January 1     $ 294.6 $ 295.8  
Internally developed software     0.7 0.8  
Exchange effect     (0.3) (1.4)  
Gross cost at June 30 $ 295.0 $ 295.2 295.0 295.2  
Accumulated amortization at January 1     (158.3) (132.5)  
Amortization expense (5.8) (6.9) (11.5) (13.6)  
Exchange effect     (0.1) 0.3  
Accumulated amortization at June 30 (169.9) (145.8) (169.9) (145.8)  
Net book amount at June 30 $ 125.1 $ 149.4 $ 125.1 $ 149.4 $ 136.3
v3.19.2
Other Intangible Assets - Schedule of Amortization Expense (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]        
Amortization expense $ (5.8) $ (6.9) $ (11.5) $ (13.6)
Product Rights [Member]        
Finite-Lived Intangible Assets [Line Items]        
Amortization expense     (1.9) (1.9)
Brand Names [Member]        
Finite-Lived Intangible Assets [Line Items]        
Amortization expense     (0.3) (0.6)
Technology [Member]        
Finite-Lived Intangible Assets [Line Items]        
Amortization expense     (1.7) (1.7)
Customer Relationships [Member]        
Finite-Lived Intangible Assets [Line Items]        
Amortization expense     (5.3) (5.3)
Internally Developed Software [Member]        
Finite-Lived Intangible Assets [Line Items]        
Amortization expense     $ (2.3) $ (4.1)
v3.19.2
Pension and Post-Employment Benefits - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Europe [Member] | Performance Chemicals [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Post-employment obligations European businesses $ 4.4   $ 4.4   $ 4.4
Germany [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Net service cost, total 0.1 $ 0.1 0.1 $ 0.1  
Selling, General and Administrative Expenses [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Net service cost, total $ 0.3 $ 0.3 $ 0.5 $ 0.6  
v3.19.2
Pension and Post-Employment Benefits - Plan Net Pension Credit (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
United Kingdom [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost on projected benefit obligation $ (3.9) $ (3.8) $ (7.8) $ (7.7)
Expected return on plan assets 5.5 5.7 11.1 11.4
Amortization of prior service credit 0.3 0.3 0.5 0.6
Amortization of actuarial net losses 0.0 (0.5) 0.0 (1.0)
Net pension credit total 1.9 1.7 3.8 3.3
Germany [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost on projected benefit obligation (0.0) (0.0) (0.1) (0.1)
Amortization of actuarial net losses 0.0 (0.1) (0.1) (0.2)
Net pension credit total $ (0.0) $ (0.1) $ (0.2) $ (0.3)
v3.19.2
Income Taxes - Roll-forward of Unrecognized Tax Benefits and Associated Accrued Interest and Penalties (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2018
Jun. 30, 2019
Income Tax Contingency [Line Items]    
Opening balance at January 1   $ 14.0
Additions for tax positions of prior periods   0.6
Closing balance at June 30 $ 14.0 14.6
Current   0.0
Non-current 14.0 14.6
Unrecognized Tax Benefits [Member]    
Income Tax Contingency [Line Items]    
Opening balance at January 1   13.4
Additions for tax positions of prior periods   0.0
Closing balance at June 30 13.4 13.4
Current   0.0
Non-current   13.4
Interest and Penalties [Member]    
Income Tax Contingency [Line Items]    
Opening balance at January 1   0.6
Additions for tax positions of prior periods   0.6
Closing balance at June 30 $ 0.6 1.2
Current   0.0
Non-current   $ 1.2
v3.19.2
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Jun. 30, 2019
Income Tax Contingency [Line Items]          
Unrecognized tax benefit $ 14.0       $ 14.6
Income tax interest expense   $ 2.0     0.5
Uncertain tax positions         $ 0.6
Income tax examination, description         The Company and its U.S. subsidiaries remain open to examination by the IRS for years 2015 onwards under the statute of limitations. The Company’s subsidiaries in foreign tax jurisdictions are open to examination including Spain (2014 onwards), Italy (2013 onwards), France (2016 onwards), Germany (2014 onwards), Switzerland (2014 onwards) and the United Kingdom (2017 onwards).
Accrued net interest and penalties 0.3       $ 0.6
Unrecognized tax benefits, interest and penalties 14.0       14.6
Unrecognized tax benefits, income tax interest and penalties accrued 0.6       1.2
Italian Tax Authorities [Member]          
Income Tax Contingency [Line Items]          
Unrecognized tax benefit     $ 0.9 $ 0.5  
Income tax interest expense     $ 0.3 $ 0.2 $ 0.1
Tax Cuts and Jobs Act [Member]          
Income Tax Contingency [Line Items]          
Uncertain tax positions $ 10.8        
Italy [Member] | Earliest Tax Year [Member]          
Income Tax Contingency [Line Items]          
Open tax year         2011
Italy [Member] | Latest Tax Year [Member]          
Income Tax Contingency [Line Items]          
Open tax year         2013
SPAIN | Earliest Tax Year [Member]          
Income Tax Contingency [Line Items]          
Open tax year         2014
France [Member] | Earliest Tax Year [Member]          
Income Tax Contingency [Line Items]          
Open tax year         2016
Germany [Member] | Earliest Tax Year [Member]          
Income Tax Contingency [Line Items]          
Open tax year         2014
Switzerland [Member] | Earliest Tax Year [Member]          
Income Tax Contingency [Line Items]          
Open tax year         2014
United Kingdom [Member] | Earliest Tax Year [Member]          
Income Tax Contingency [Line Items]          
Open tax year         2017
v3.19.2
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Debt Instrument [Line Items]    
Deferred finance costs $ (0.5) $ (0.9)
Long-term debt 158.0 207.6
Less current portion (21.5) (21.4)
Long-term debt, net of current portion 136.5 186.2
Term Loan [Member]    
Debt Instrument [Line Items]    
Long-term debt 82.5 82.5
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 76.0 $ 126.0
v3.19.2
Plant Closure Provisions - Movements in Plant Closure and Restructuring Provisions (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Restructuring and Related Activities [Abstract]      
Beginning Balance $ 49.5 $ 46.1  
Charge for the period 2.1 3.2  
Utilized in the period (2.1) (1.5)  
Exchange effect (0.1) 0.2  
Ending Balance 49.4 48.0  
Due within one year (5.3) (4.1) $ (5.9)
Due after one year $ 44.1 $ 43.9 $ 43.6
v3.19.2
Fair Value Measurements - Carrying Amount and Fair Values of the Company's Assets and Liabilities Measured on a Recurring Basis (Detail) - Recurring [Member] - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Carrying Amount [Member]    
Non-derivatives:    
Cash and cash equivalents $ 106.1 $ 123.1
Non-derivatives:    
Long-term debt (including current portion) 158.0 207.6
Finance leases (including current portion) 2.2 3.3
Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Currency Forward Exchange Contracts [Member]    
Derivatives (Level 1 measurement):    
Foreign currency forward exchange contracts 0.5 0.7
Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest Rate Swaps [Member]    
Derivatives (Level 1 measurement):    
Derivative asset 0.4 1.9
Carrying Amount [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Non-financial liabilities (Level 3 measurement):    
Stock equivalent units 17.9 15.1
Fair Value [Member]    
Non-derivatives:    
Cash and cash equivalents 106.1 123.1
Non-derivatives:    
Long-term debt (including current portion) 158.0 207.6
Finance leases (including current portion) 2.2 3.3
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Currency Forward Exchange Contracts [Member]    
Derivatives (Level 1 measurement):    
Foreign currency forward exchange contracts 0.5 0.7
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest Rate Swaps [Member]    
Derivatives (Level 1 measurement):    
Derivative asset 0.4 1.9
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Non-financial liabilities (Level 3 measurement):    
Stock equivalent units $ 17.9 $ 15.1
v3.19.2
Derivative Instruments and Risk Management - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Exchange Contracts [Member] | Other net income/(expense) [Member]    
Derivative [Line Items]    
Amount of gain/(loss) recognized in income $ 1.0 $ 1.3
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Accumulated Other Comprehensive Loss [Member]    
Derivative [Line Items]    
Amount of gain/(loss) recognized in income $ 1.5 $ 1.3
v3.19.2
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
Jun. 30, 2019
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Guarantees $ 4.6
v3.19.2
Stock-Based Compensation Plans - Summary of Transactions of the Company's Stock Option Plans (Detail) - Stock Options Plan [Member]
 6 Months Ended
Jun. 30, 2019
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Number of Options, Beginning balance | shares 545,249
Exercised, Number of Options | shares (79,916)
Forfeited, Number of Options | shares (9,122)
Outstanding, Number of Options, Ending balance | shares 536,073
Outstanding, Weighted Average Exercise Price, Beginning balance $ 32.46
Exercised, Weighted Average Exercise Price 14.67
Forfeited, Weighted Average Exercise Price 32.39
Outstanding, Weighted Average Exercise Price, Ending balance 32.13
Outstanding, Weighted Average Grant-Date Fair Value 36.06
Exercised 27.42
Forfeited, Weighted Average Grant-Date Fair Value 40.47
Outstanding, Weighted Average Grant-Date Fair Value $ 41.43
Discount [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted, Number of Options | shares 67,230
Granted, Weighted Average Exercise Price $ 0.00
Granted, Weighted Average Grant-Date Fair Value $ 71.54
Market Value [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted, Number of Options | shares 12,632
Granted, Weighted Average Exercise Price $ 81.07
Granted, Weighted Average Grant-Date Fair Value $ 22.69
v3.19.2
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock option compensation $ 3.2 $ 1.9
Stock Options Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number exercisable and fully vested 39,325  
Fully vested stock options with performance conditions attached 6,530  
Stock option compensation $ 3.2 1.9
Total intrinsic value exercised 2.7 2.2
Total compensation cost related to non-vested stock options not yet recognized $ 12.2  
Expected compensation cost recognized over the weighted-average period 2 years 1 month 13 days  
Stock Equivalent Units [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number exercisable and fully vested 38,488  
Fully vested stock options with performance conditions attached 35,720  
Total intrinsic value exercised $ 7.1 2.4
Expected compensation cost recognized over the weighted-average period 2 years 2 months 12 days  
Compensation cost $ 11.8 $ 5.3
v3.19.2
Stock-Based Compensation Plans - Summarizes Transactions of SEUs (Detail) - Stock Equivalent Units [Member]
 6 Months Ended
Jun. 30, 2019
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Number of SEUs, Beginning balance | shares 418,936
Granted at discount, Number of SEUs | shares 121,815
Granted at market value, Number of SEUs | shares 4,359
Exercised, Number of SEUs | shares (129,096)
Forfeited, Number of SEUs | shares (1,500)
Outstanding, Number of SEUs, Ending balance | shares 414,514
Outstanding, Weighted Average Exercise Price, Beginning balance $ 3.47
Granted at discount, Weighted Average Exercise Price 0.00
Granted at market value, Weighted Average Exercise Price 81.07
Exercised, Weighted Average Exercise Price 2.44
Forfeited, Weighted Average Exercise Price 11.57
Outstanding, Weighted Average Exercise Price, Ending balance 3.55
Outstanding, Weighted Average Grant-Date Fair Value 52.45
Granted at discount, Weighted Average Grant-Date Fair Value 71.36
Granted at market value, Weighted Average Grant-Date Fair Value 22.69
Exercised, Weighted Average Grant-Date Fair Value 46.95
Forfeited, Weighted Average Grant-Date Fair Value 48.13
Outstanding, Weighted Average Grant-Date Fair Value $ 59.42
v3.19.2
Reclassifications out of Accumulated Other Comprehensive Loss - Summary of Reclassifications out of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Total reclassifications   $ 0.5
Defined Benefit Pension Plan Items [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Total reclassifications   0.5
Reclassification Out of Accumulated Other Comprehensive Income/(Loss) [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Total before tax $ (0.3) (0.6)
Income tax expense 0.0 0.1
Total reclassifications (0.3) (0.5)
Reclassification Out of Accumulated Other Comprehensive Income/(Loss) [Member] | Defined Benefit Pension Plan Items [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amortization of prior service credit $ (0.3) $ (0.6)
v3.19.2
Reclassifications out of Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning Balance     $ 825.0  
Other comprehensive income before reclassifications     (2.8)  
Amounts reclassified from AOCL     (0.5)  
Total other comprehensive income/(loss) $ 2.4 $ (16.9) (3.3) $ (9.4)
Ending Balance 862.7   862.7  
Accumulated Other Comprehensive Loss [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning Balance     (75.7)  
Ending Balance (79.0)   (79.0)  
Derivative Instruments [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning Balance     1.5  
Other comprehensive income before reclassifications     (1.2)  
Amounts reclassified from AOCL     (0.0)  
Total other comprehensive income/(loss)     (1.2)  
Ending Balance 0.3   0.3  
Defined Benefit Pension Plan Items [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning Balance     (18.1)  
Other comprehensive income before reclassifications     0.0  
Amounts reclassified from AOCL     (0.5)  
Total other comprehensive income/(loss)     (0.5)  
Ending Balance (18.6)   (18.6)  
Foreign Currency Translation Items [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning Balance     (59.1)  
Other comprehensive income before reclassifications     (1.6)  
Amounts reclassified from AOCL     (0.0)  
Total other comprehensive income/(loss)     (1.6)  
Ending Balance $ (60.7)   $ (60.7)  
v3.19.2
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Jun. 30, 2018
Smith, Gambrell & Russell, LLP [Member]      
Related Party Transaction [Line Items]      
Fees payable to Smith, Gambrell & Russell $ 0.4   $ 0.2
Amount due to related party   $ 0.0  
European Metal Recycling Limited [Member]      
Related Party Transaction [Line Items]      
Amount due to related party $ 0.3