INNOSPEC INC., 10-Q filed on 04 Aug 21
 | XBRL Documents
v3.21.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2021
Jul. 28, 2021
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q2  
Document Quarterly Report true  
Document Transition Report false  
Current Fiscal Year End Date --12-31  
Document Period End Date Jun. 30, 2021  
Entity File Number 1-13879  
Entity Registrant Name INNOSPEC INC.  
Entity Central Index Key 0001054905  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 98-0181725  
Entity Address, Postal Zip Code 80112  
City Area Code 303  
Local Phone Number 792 5554  
Security Exchange Name NASDAQ  
Title of 12(b) Security Common stock  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   24,641,904
Entity Address, Address Line One 8310 South Valley Highway  
Entity Address, Address Line Two Suite 350  
Entity Address, City or Town Englewood  
Entity Address, State or Province CO  
Trading Symbol IOSP  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
v3.21.2
Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
Net sales $ 354.5 $ 244.9 $ 694.1 $ 617.2
Cost of goods sold (246.2) (185.8) (485.0) (444.2)
Gross profit 108.3 59.1 209.1 173.0
Operating expenses:        
Selling, general and administrative (62.7) (63.5) (126.3) (127.9)
Research and development (8.6) (8.1) (17.6) (16.7)
Restructuring charge (0.0) (21.1) (0.0) (21.1)
Impairment of intangible assets (0.0) (19.8) (0.0) (19.8)
Total operating expenses (71.3) (112.5) (143.9) (185.5)
Operating income/(loss) 37.0 (53.4) 65.2 (12.5)
Other income, net 3.4 0.1 6.4 4.0
Interest expense, net (0.3) (0.5) (0.7) (1.1)
Income/(loss) before income tax expense 40.1 (53.8) 70.9 (9.6)
Income tax (expense)/credit (17.7) 14.1 (25.1) 3.0
Net income/(loss) $ 22.4 $ (39.7) $ 45.8 $ (6.6)
Earnings per share:        
Basic $ 0.91 $ (1.62) $ 1.86 $ (0.27)
Diluted $ 0.90 $ (1.62) $ 1.84 $ (0.27)
Weighted average shares outstanding (in thousands):        
Basic 24,628 24,564 24,615 24,547
Diluted 24,869 24,564 24,856 24,547
v3.21.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Statement of Comprehensive Income [Abstract]        
Net income/(loss) $ 22.4 $ (39.7) $ 45.8 $ (6.6)
Changes in cumulative translation adjustment, net of tax of $(0.5) million, $(0.1) million, $0.5 million and $1.5 million, respectively 3.8 5.5 (7.5) (2.4)
Amortization of prior service cost/(credit), net of tax of $0.0 million, $0.0 million, $0.0 million and $0.1 million, respectively 0.0 (0.2) 0.1 (0.4)
Amortization of actuarial net losses, net of tax of $0.0 million, $0.0 million, $(0.1) million and $(0.1) million, respectively 0.6 0.6 1.2 0.8
Total other comprehensive income/(loss) 4.4 5.9 (6.2) (2.0)
Total comprehensive income/(loss) $ 26.8 $ (33.8) $ 39.6 $ (8.6)
v3.21.2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Statement of Comprehensive Income [Abstract]        
Changes in cumulative translation adjustment, tax $ (0.5) $ (0.1) $ 0.5 $ 1.5
Amortization of prior service credit, tax 0.0 0.0 0.0 0.1
Amortization of actuarial net losses, tax $ 0.0 $ 0.0 $ (0.1) $ (0.1)
v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 94.4 $ 105.3
Trade and other accounts receivable (less allowances of $4.2 million and $4.5 million respectively) 281.6 221.4
Inventories (less allowances of $21.1 million and $19.4 million respectively):    
Finished goods 174.0 156.3
Raw materials 76.5 63.7
Total inventories 250.5 220.0
Prepaid expenses 11.6 14.9
Prepaid income taxes 3.5 4.2
Other current assets 1.5 0.4
Total current assets 643.1 566.2
Net property, plant and equipment 214.1 210.8
Operating lease right-of-use assets 36.4 40.1
Goodwill 368.2 371.2
Other intangible assets 66.4 75.3
Deferred tax assets 7.4 7.6
Pension asset 121.2 118.0
Other non-current assets 5.0 8.2
Total assets 1,461.8 1,397.4
Current liabilities:    
Accounts payable 123.5 98.7
Accrued liabilities 142.3 129.8
Current portion of finance leases 0.2 0.5
Current portion of plant closure provisions 6.6 6.6
Current portion of accrued income taxes 6.3 5.5
Current portion of operating lease liabilities 12.1 11.3
Total current liabilities 291.0 252.4
Finance leases, net of current portion 0.0 0.1
Operating lease liabilities, net of current portion 24.4 28.9
Plant closure provisions, net of current portion 51.0 51.9
Accrued income taxes, net of current portion 28.6 32.4
Unrecognized tax benefits 16.3 16.0
Deferred tax liabilities 54.4 46.9
Pension liabilities and post-employment benefits 19.5 20.5
Other non-current liabilities 2.4 3.4
Equity:    
Common stock, $0.01 par value, authorized 40,000,000 shares, issued 29,554,500 shares 0.3 0.3
Additional paid-in capital 339.5 336.1
Treasury stock (4,912,939 and 4,958,599 shares at cost, respectively) (93.1) (93.3)
Retained earnings 790.4 758.6
Accumulated other comprehensive loss (63.5) (57.3)
Total Innospec stockholders' equity 973.6 944.4
Non-controlling interest 0.6 0.5
Total equity 974.2 944.9
Total liabilities and equity $ 1,461.8 $ 1,397.4
v3.21.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Allowances for doubtful accounts $ 4.2 $ 4.5
Inventory allowances $ 21.1 $ 19.4
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 40,000,000 40,000,000
Common stock, shares issued 29,554,500 29,554,500
Treasury stock, shares 4,912,939 4,958,599
v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities    
Net income/(loss) $ 45.8 $ (6.6)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 20.6 24.2
Impairment of intangible assets 0.0 19.8
Impairment of tangible assets 0.0 2.0
Deferred tax expense 7.8 (5.6)
Non-cash movements on defined benefit pension plans (1.6) (2.2)
Stock option compensation 2.9 2.8
Changes in assets and liabilities, net of effects of acquired and divested companies:    
Trade and other accounts receivable (64.3) 76.2
Inventories (31.3) (2.1)
Prepaid expenses 3.5 3.9
Accounts payable and accrued liabilities 39.3 (79.6)
Accrued income taxes (1.7) (9.5)
Plant closure provisions (0.6) 8.5
Unrecognized tax benefits 0.3 (1.3)
Other assets and liabilities 0.9 1.7
Net cash provided by operating activities 21.6 32.2
Cash Flows from Investing Activities    
Capital expenditures (19.5) (14.6)
Proceeds on disposal of property, plant and equipment 0.3 0.0
Net cash used in investing activities (19.2) (14.6)
Cash Flows from Financing Activities    
Non-controlling interest 0.1 0.1
Proceeds from revolving credit facility 0.0 15.0
Repayments of revolving credit facility (0.0) (35.0)
Repayments of finance leases (0.3) (0.6)
Dividend paid (14.0) (12.8)
Issue of treasury stock 1.7 0.8
Repurchase of common stock (0.8) (2.1)
Net cash used in financing activities (13.3) (34.6)
Effect of foreign currency exchange rate changes on cash 0.0 (0.5)
Net change in cash and cash equivalents (10.9) (17.5)
Cash and cash equivalents at beginning of period 105.3 75.7
Cash and cash equivalents at end of period $ 94.4 $ 58.2
v3.21.2
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, 2019 $ 918.9 $ 0.3 $ 330.4 $ (93.3) $ 755.5 $ (74.4) $ 0.4
Net income (6.6)       (6.6)    
Dividend paid (12.8)       (12.8)    
Changes in cumulative translation adjustment, net of tax (2.4)         (2.4)  
Share of net income 0.1           0.1
Treasury stock re-issued 1.4   (0.2) 1.6      
Treasury stock repurchased (2.1)     (2.1)      
Stock option compensation 2.8   2.8        
Amortization of prior service cost, net of tax (0.4)         (0.4)  
Amortization of actuarial net losses, net of tax 0.8         0.8  
Ending Balance at Jun. 30, 2020 899.7 0.3 333.0 (93.8) 736.1 (76.4) 0.5
Beginning Balance at Mar. 31, 2020 944.3 0.3 331.2 (94.0) 788.6 (82.3) 0.5
Net income (39.7)       (39.7)    
Dividend paid (12.8)       (12.8)    
Changes in cumulative translation adjustment, net of tax 5.5         5.5  
Treasury stock re-issued 0.4   0.2 0.2      
Stock option compensation 1.6   1.6        
Amortization of prior service cost, net of tax (0.2)         (0.2)  
Amortization of actuarial net losses, net of tax 0.6         0.6  
Ending Balance at Jun. 30, 2020 899.7 0.3 333.0 (93.8) 736.1 (76.4) 0.5
Beginning Balance at Dec. 31, 2020 944.9 0.3 336.1 (93.3) 758.6 (57.3) 0.5
Net income 45.8       45.8    
Dividend paid (14.0)       (14.0)    
Changes in cumulative translation adjustment, net of tax (7.5)         (7.5)  
Share of net income 0.1           0.1
Treasury stock re-issued 1.5   0.5 1.0      
Treasury stock repurchased (0.8)     (0.8)      
Stock option compensation 2.9   2.9        
Amortization of prior service cost, net of tax 0.1         0.1  
Amortization of actuarial net losses, net of tax 1.2         1.2  
Ending Balance at Jun. 30, 2021 974.2 0.3 339.5 (93.1) 790.4 (63.5) 0.6
Beginning Balance at Mar. 31, 2021 959.1 0.3 337.8 (93.6) 782.0 (67.9) 0.5
Net income 22.4       22.4    
Dividend paid (14.0)       (14.0)    
Changes in cumulative translation adjustment, net of tax 3.8         3.8  
Share of net income 0.1           0.1
Treasury stock re-issued 1.1   0.4 0.7      
Treasury stock repurchased (0.2)     (0.2)      
Stock option compensation 1.3   1.3        
Amortization of prior service cost, net of tax 0.0         0.0  
Amortization of actuarial net losses, net of tax 0.6         0.6  
Ending Balance at Jun. 30, 2021 $ 974.2 $ 0.3 $ 339.5 $ (93.1) $ 790.4 $ (63.5) $ 0.6
v3.21.2
Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]        
Dividend paid, per share $ 0.57 $ 0.52 $ 0.57 $ 0.52
v3.21.2
Basis of Presentation
 6 Months Ended
Jun. 30, 2021
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, 2020 filed on February 17, 2021 (the “2020 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.
v3.21.2
Segment Reporting
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting
NOTE 2 – SEGMENT REPORTING
The Company reports its financial performance based on the following three reportable segments: Fuel Specialties, Performance Chemicals and Oilfield Services.
The Fuel Specialties, Performance Chemicals and Oilfield Services segments operate in markets where we actively seek growth opportunities although their ultimate customers are different. Our previously reported Octane Additives segment ceased trading in the second quarter of 2020.
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)
   
2021
     
2020
     
2021
     
2020
  
Net Sales:
                                    
Refinery and Performance
    $ 94.8      $ 74.9      $ 194.1        183.5  
Other
      48.3        32.5        88.3        70.9  
    
 
 
     
 
 
     
 
 
     
 
 
  
Fuel Specialties
      143.1        107.4        282.4        254.4  
    
 
 
     
 
 
     
 
 
     
 
 
  
Personal Care
      73.8        49.8        142.0        112.8  
Home Care
      21.3        21.3        44.3        42.9  
Other
      33.1        24.6        67.8        53.1  
    
 
 
     
 
 
     
 
 
     
 
 
  
Performance Chemicals
      128.2        95.7        254.1        208.8  
    
 
 
     
 
 
     
 
 
     
 
 
  
Oilfield Services
      83.2        41.8        157.6        154.0  
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 354.5      $ 244.9      $ 694.1        617.2  
    
 
 
     
 
 
     
 
 
     
 
 
  
Gross profit/(loss):
                                    
Fuel Specialties
    $ 50.1      $ 25.4      $ 95.0        76.6  
Performance Chemicals
      31.6        24.9        63.0        52.5  
Oilfield Services
      26.6        9.9        51.1        46.1  
Octane Additives
      0.0        (1.1 )       0.0        (2.2 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 108.3      $ 59.1      $ 209.1        173.0  
    
 
 
     
 
 
     
 
 
     
 
 
  
Operating income/(loss):
                                    
Fuel Specialties
    $ 28.5      $ 4.7      $ 52.3        36.8  
Performance Chemicals
      17.9        12.2        36.2        27.8  
Oilfield Services
      2.2        (12.4 )       3.4        (5.2 ) 
Octane Additives
      0.0        (1.6 )       0.0        (2.8 ) 
Corporate costs
      (11.6 )       (15.4 )       (26.7 )       (28.2 ) 
Restructuring charge
      0.0        (21.1 )       0.0        (21.1 ) 
Impairment of intangible assets
      0.0        (19.8 )       0.0        (19.8 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total operating income
    $ 37.0      $ (53.4 )     $ 65.2        (12.5 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.21.2
Earnings per Share
 6 Months Ended
Jun. 30, 2021
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
  
    
2021
     
2020
     
2021
     
2020
  
Numerator (in millions):
                                    
Net income/(loss) available to common stockholders
    $ 22.4      $ (39.7 )     $ 45.8      $ (6.6 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Denominator (in thousands):
                                    
Weighted average common shares outstanding
      24,628        24,564        24,615        24,547  
Dilutive effect of stock options and awards
      241        0        241        0  
    
 
 
     
 
 
     
 
 
     
 
 
  
Denominator for diluted earnings per share
      24,869        24,564        24,856        24,547  
    
 
 
     
 
 
     
 
 
     
 
 
  
Net income/(loss) per share, basic:
    $ 0.91      $ (1.62 )     $ 1.86      $ (0.27 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Net income/(loss) per share, diluted:
    $ 0.90      $ (1.62 )     $ 1.84      $ (0.27 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
In the three and six months ended June 30, 2021, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 19,836 and 14,649, respectively (three and six months ended June 30, 2020 – 0 and 0, respectively).
v3.21.2
Goodwill
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill
NOTE 4 – GOODWILL
The following table summarizes the goodwill movements:
 
(in millions)
   
Gross Cost
  
Opening balance at January 1, 2021
    $ 371.2  
Exchange effect
      (3.0 ) 
    
 
 
  
Closing balance at June 30, 2021
    $ 368.2  
    
 
 
  
v3.21.2
Other Intangible Assets
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets
NOTE 5 – OTHER INTANGIBLE ASSETS
The following table summarizes the other intangible assets movements:
 
(in millions)
   
2021
  
Gross cost at January 1
    $ 298.9  
Exchange effect
      (1.5 ) 
    
 
 
  
Gross cost at June 30
      297.4  
    
 
 
  
Accumulated amortization at January 1
      (223.6 ) 
Amortization expense
      (8.0 ) 
Exchange effect
      0.6  
    
 
 
  
Accumulated
amortization
at June 30
      (231.0 ) 
    
 
 
  
Net book amount at June 30
    $ 66.4  
    
 
 
  
 
The amortization expense for the six months ended June 30, 2021 was $8.0 million (six months ended June 30, 2020 – $11.5 million).
The net book amount by category of other intangible assets is shown in the following table:
 
(in millions)
   
June 30

2021
     
December 31

2020
  
Product rights
    $ 4.4      $ 6.3  
Brand names
      2.0        2.3  
Technology
      18.6        19.8  
Customer relationships
      39.4        44.2  
Internally developed software
      2.0        2.7  
    
 
 
     
 
 
  
     $ 66.4      $ 75.3  
    
 
 
     
 
 
  
v3.21.2
Pension and Post-Employment Benefits
 6 Months Ended
Jun. 30, 2021
Retirement Benefits [Abstract]  
Pension and Post-Employment Benefits
NOTE 6 – PENSION AND POST EMPLOYMENT BENEFITS
The Company maintains a defined benefit pension plan covering certain current and former employees in the United Kingdom (the “Plan”). 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, 2021 was $0.4 million and $0.8 million, respectively (three and six months ended June 30, 2020 – $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)
   
2021
     
2020
     
2021
     
2020
  
Plan net pension credit/(charge):
                                    
Interest cost on projected benefit obligation
   
$
 (1.9 )     $ (2.7 )     $ (3.8 )     $ (5.5 ) 
Expected return on plan assets
      3.9        4.3        7.8        8.8  
Amortization of prior service (cost)/credit
      0.0        0.2        (0.1 )       0.4  
Amortization of actuarial net losses
      (0.4 )       (0.2 )       (0.8 )       (0.4 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 1.6      $ 1.6      $ 3.1      $ 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 certain 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, 2021 was $0.1 million and $0.1 million, respectively (three and six months ended June 30, 2020 – $0.1 million and $0.1 million, respectively) and has been recognized in selling, general and administrative expenses. 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)
   
2021
     
2020
     
2021
     
2020
  
Plan net pension charge:
                                    
Interest cost on projected benefit obligation
    $ 0.0      $ 0.0      $ 0.0      $ (0.1 ) 
Amortization of actuarial net losses
      (0.2 )       (0.3 )       (0.5 )       (0.4 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ (0.2 )     $ (0.3 )     $ (0.5 )     $ (0.5 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
As at June 30, 2021, our Performance Chemicals segment has obligations for post-employment benefits in its European businesses with a liability of $4.8 million (December 31, 2020 – $5.3 million).
 
v3.21.2
Income Taxes
 6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes
NOTE 7 – INCOME TAXES
A roll-forward of unrecognized tax benefits and associated accrued interest and penalties is as follows:
 
(in millions)
   
Unrecognized
Tax Benefits
     
Interest and
Penalties
     
Total
  
Opening balance at January 1, 2021
    $ 13.6      $ 2.4      $ 16.0  
Net change for tax positions of prior periods
      (0.1 )       0.4        0.3  
    
 
 
     
 
 
     
 
 
  
Closing balance at June 30, 2021
      13.5        2.8        16.3  
Current
      0.0        0.0        0.0  
    
 
 
     
 
 
     
 
 
  
Non-current
    $ 13.5      $ 2.8      $ 16.3  
    
 
 
     
 
 
     
 
 
  
All of the $16.3 million of unrecognized tax benefits, interest and penalties would impact our effective tax rate if recognized.
Innospec Performance Chemicals Italia Srl, is subject to an ongoing tax audit in relation to the period 2011 to 2014 inclusive. The Company has determined that additional tax, interest and penalties totaling $3.4 million may arise as a consequence of the tax audit. This includes an increase in interest accrued of $0.1 million and a reduction for foreign exchange movements of $0.1 million recorded in the six months to June 30, 2021. 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 indemnification asset of the same amount is recorded in the financial statements to reflect this arrangement.
In 2018 the Company recorded an unrecognized tax benefit in relation to a potential adjustment that could arise as a consequence of the Tax Cuts and Jobs Act. The Company has determined that additional tax, interest and penalties totaling $12.7 million may arise in relation to this item. This includes an increase in interest accrued of $0.3 million in the six months to June 30, 2021.
Other non-significant items,
inclusive of interest and penalties, total $0.2 million.
The Company and its U.S. subsidiaries remain open to examination by the IRS for years 2017 onwards under the statute of limitations. The Company’s subsidiaries in foreign tax jurisdictions are open to examination including Germany (2016 onwards), Switzerland (2016 onwards), Spain (2016 onwards), France (2018 onwards) and the United Kingdom (2018 onwards).
 
v3.21.2
Long-Term Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Long-Term Debt
NOTE 8 – LONG-TERM DEBT
As at June 30, 2021, and December 31, 2020, the Company had repaid all of its borrowings under its revolving credit facility.
The Company continues to have available a $250.0 million revolving credit facility until September 25, 2024. The facility contains an accordion feature whereby the Company may elect to increase the total available borrowings by an aggregate amount of up to $125.0 million.
The deferred finance costs of $1.2 
million (December 31, 2020 - $1.3 million) related to the arrangement of the credit facility, are included within other current and non-current assets at the balance sheet dates. 
v3.21.2
Plant Closure Provisions
 6 Months Ended
Jun. 30, 2021
Restructuring and Related Activities [Abstract]  
Plant Closure Provisions
NOTE 9 – PLANT CLOSURE PROVISIONS
The Company has continuing plans to remediate some of its manufacturing facilities at sites around the world as and when those operations are expected to cease or we are required to decommission the sites according to local laws and regulations. The liability for estimated closure costs includes costs for decontamination and environmental remediation activities (“remediation”).
As a result, the principal site giving rise to remediation liabilities is the manufacturing site at Ellesmere Port in the United Kingdom. There are also provisions on a much smaller scale in respect of some of our other manufacturing sites in the U.S. and Europe. We recognize environmental remediation liabilities when they are probable and costs can be reasonably estimated, and asset retirement obligations when there is a legal obligation and costs can be reasonably estimated.
 
Movements in the provisions are summarized as follows:
 
(in millions)
   
2021
  
Total at January 1
    $ 58.5  
Charge for the period
      1.9  
Utilized in the period
      (2.5 ) 
Exchange effect
      (0.3 ) 
    
 
 
  
Total at June 30
      57.6  
Due within one year
      (6.6 ) 
    
 
 
  
Due after one year
    $ 51.0  
    
 
 
  
The charge for the six months ended June 30, 2021 was $1.9 million (six months ended June 30, 2020 – $9.8 million). The current year charge represents the accounting accretion only, with no changes for the expected cost and scope of future remediation activities. In the prior year, the charge includes an additional $7.5 million provision as a result of the restructuring activities following the closure of our Octane Additives business and the cessation of sales of TEL for use in motor gasoline.
Amounts due within one year refer to provisions where expenditure is expected to arise within one year of the balance sheet date.
 
v3.21.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements
NOTE 10 – FAIR VALUE MEASUREMENTS
The following table presents the carrying amount and fair values of the Company’s financial assets and liabilities measured on a recurring basis:
 
    
June 30, 2021
     
December 31, 2020
  
(in millions)
   
Carrying

Amount
     
Fair

Value
     
Carrying

Amount
     
Fair

Value
  
Assets
                                    
Non-derivatives:
                                    
Cash and cash equivalents
    $ 94.4      $ 94.4      $ 105.3      $ 105.3  
Derivatives (Level 1 measurement):
                                    
Other current and
non-current
assets:
                                    
Foreign currency forward exchange contracts
      1.1        1.1        0.0        0.0  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
                                    
Non-derivatives:
                                    
Finance leases (including current portion)
      0.2        0.2        0.6        0.6  
Derivatives (Level 1 measurement):
                                    
Other current and
non-current
liabilities:
                                    
Foreign currency forward exchange contracts
      0.0        0.0        0.5        0.5  
Non-financial
liabilities (Level 3 measurement):
                                    
Other current and
non-current
liabilities:
                                    
Stock equivalent units
      17.8        17.8        17.2        17.2  
The following methods and assumptions were used to estimate the fair values:
Cash and cash equivalents:
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 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.
Finance leases:
Finance leases relate to certain fixed assets in our Fuel Specialties and Oilfield Services segments. The carrying amount of 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.
v3.21.2
Derivative Instruments and Risk Management
 6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Risk Management
NOTE 11 – DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT
The Company enters into various foreign currency forward exchange contracts to minimize currency exchange rate exposure from expected future cash flows. As at June 30, 2021 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 2021 was a gain of $0.2 million (first six months of 2020 – a gain of $1.8 million).
v3.21.2
Contingencies
 6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Contingencies
NOTE 12 – CONTINGENCIES
Legal matters
While we are involved from time to time in claims and legal proceedings that result from, and are incidental to, the conduct of our business including business and commercial litigation, employee and product liability claims, there are no material pending legal proceedings to which the Company or any of its subsidiaries is a party, or of which any of their property is subject. It is possible, however, that an adverse resolution of an unexpectedly large number of such individual claims or proceedings could in the aggregate have a material adverse effect on the results of operations for a particular year or quarter.
Guarantees
The Company and certain of the Company’s consolidated subsidiaries are contingently liable for certain obligations of affiliated companies primarily in the form of guarantees of debt and performance under contracts entered into as a normal business practice. This includes guarantees of
non-U.S.
excise taxes and customs duties. As at June 30, 2021, such guarantees which are not recognized as liabilities in the condensed consolidated financial statements amounted to $8.4 million (December 31, 2020 - $9.9 million). The remaining terms of the fixed maturity guarantees are up to
 
3 years, with some further guarantees having no fixed expiry date.
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.
 
v3.21.2
Stock-Based Compensation Plans
 6 Months Ended
Jun. 30, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Plans
NOTE 13 – 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, 2021.
 
    
Number of
Options
     
Weighted
Average
Exercise
Price
     
Weighted
Average
Grant-Date

Fair Value
  
Outstanding at December 31, 2020
      442,893      $ 32.49      $ 45.31  
Granted - at discount
      81,596      $ 0.00      $ 92.37  
- at market value
      10,688      $ 99.85      $ 32.73  
Exercised
      (52,870 )     $ 32.93      $ 38.15  
Forfeited
      (17,806 )     $ 17.98      $ 65.96  
Outstanding at June 30, 2021
      464,501      $ 28.75      $ 53.57  
At June 30, 2021, there were 87,136 stock options that were exercisable, of which 65,176 had performance conditions attached.
The stock option compensation cost for the first six months of 2021 was $2.9 million (first six months of 2020 – $2.8 million). The total intrinsic value of options exercised in the first six months of 2021 was $1.7 million (first six months of 2020 – $4.6 million).
The total compensation cost related to
non-vested
stock options not yet recognized at June 30, 2021 was $10.5 million and this cost is expected to be recognized over the weighted-average period of 2.15 years.
Stock equivalent units
The following table summarizes the transactions of the Company’s SEUs for the six months ended June 30, 2021:
 
    
Number
of SEUs
     
Weighted
Average
Exercise
Price
     
Weighted
Average
Grant-Date

Fair Value
  
Outstanding at December 31, 2020
      390,164      $ 4.35      $ 63.96  
Granted - at discount
      91,451      $ 0.00      $ 92.01  
- at market value
      3,803      $ 99.85      $ 32.71  
Exercised
      (29,573 )     $ 16.67      $ 43.05  
Forfeited
      (21,940 )     $ 2.76      $ 67.01  
    
 
 
     
 
 
     
 
 
  
Outstanding at June 30, 2021
      433,905      $ 3.51      $ 70.87  
    
 
 
     
 
 
     
 
 
  
 
At June 30, 2021 there were 32,132 SEUs that are exercisable, of which 27,935 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 for the first six months of 2021 was a $2.9 million charge (first six months of 2020 – $3.0 million credit). The total intrinsic value of SEUs exercised in the first six months of 2021 was $1.3 million (first six months of 2020 – $6.1 million).
The weighted-average remaining vesting period of
non-vested
SEUs is 2.08 years.
v3.21.2
Reclassifications out of Accumulated Other Comprehensive Loss
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Reclassifications out of Accumulated Other Comprehensive Loss
NOTE 14 – RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS
Reclassifications out of accumulated other comprehensive loss for the first six months of 2021 were:
 
(in millions)
Details about AOCL Components
   
Amount
Reclassified
from AOCL
     
Affected Line Item in
 
the
Statement where
Net Income is
 
Presented
Defined benefit pension plan items:
              
Amortization of prior service cost
    $ 0.1      See
(1)
below
Amortization of actuarial net losses
      1.3      See
(1)
below
    
 
 
       
       1.4      Total before tax
       (0.1 )     Income tax expense
    
 
 
       
Total reclassifications
    $ 1.3      Net of tax
    
 
 
       
 
(1)  
These items are included in other income and expense. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for additional information.
Changes in accumulated other comprehensive loss for the first six months of 2021, ne
t
 of tax, were:
 
(in millions)
   
Defined

Benefit

Pension

Plan Items
     
Cumulative
Translation
Adjustments
     
Total
  
Balance at December 31, 2020
    $ (15.9 )     $ (41.4 )     $ (57.3 ) 
    
 
 
     
 
 
     
 
 
  
Other comprehensive income before reclassifications
      0.0        (7.5 )       (7.5 ) 
Amounts reclassified from AOCL
      1.3        0.0        1.3  
    
 
 
     
 
 
     
 
 
  
Total other comprehensive income
      1.3        (7.5 )       (6.2 ) 
    
 
 
     
 
 
     
 
 
  
Balance at June 30, 2021
    $ (14.6 )     $ (48.9 )     $ (63.5 ) 
    
 
 
     
 
 
     
 
 
  
 
Reclassifications out of accumulated other comprehensive loss for the first six months of 2020 were:
 
(in millions)
Details about AOCL Components
   
Amount
Reclassified
from AOCL
     
Affected Line Item in the
Statement where
Net Income is Presented
Defined benefit pension plan items:
              
Amortization of prior service credit
    $ (0.4 )     See
(1)
below
Amortization of actuarial net losses
      0.8      See
(1)
below
    
 
 
       
       0.4      Total before tax
       0.0      Income tax expense
    
 
 
       
Total reclassifications
    $ 0.4      Net of tax
    
 
 
       
 
(1)
These items are included in other income and expense. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for additional information.
Changes in accumulated other comprehensive loss for the first six months of 2020, ne
t
 of tax, were:
 
(in millions)
   
Defined
Benefit
Pension
Plan Items
     
Cumulative
Translation
Adjustments
     
Total
  
Balance at December 31, 2019
    $ (9.3 )     $ (65.1 )     $ (74.4 ) 
    
 
 
     
 
 
     
 
 
  
Other comprehensive income before reclassifications
      0.0        (2.4 )       (2.4 ) 
Amounts reclassified from AOCL
      0.4        0.0        0.4  
    
 
 
     
 
 
     
 
 
  
Total other comprehensive income
      0.4        (2.4 )       (2.0 ) 
    
 
 
     
 
 
     
 
 
  
Balance at June30, 2020
    $ (8.9 )     $ (67.5 )     $ (76.4 ) 
    
 
 
     
 
 
     
 
 
  
v3.21.2
Recently Issued Accounting Pronouncements
 6 Months Ended
Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]  
Recently Issued Accounting Pronouncements
NOTE 15 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
The Company has reviewed recently issued accounting pronouncements and concluded that the following matters are relevant to the Company’s financial statements.
In March 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”)
No. 2021-03,
Intangibles—Goodwill
 and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events. The amendments in this ASU are effective on a prospective basis for fiscal years beginning after December 15, 2019. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The optional election in this ASU, to evaluate goodwill impairment triggering events only as of the end of each reporting period, has not been adopted by the Company.
v3.21.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
Related Party Transactions
NOTE 16 – RELATED PARTY TRANSACTIONS
Mr. Patrick S. Williams has been an executive director of the Company since April 2009 and has been a
non-executive
director of AdvanSix, a chemicals manufacturer, since February 2020. In the first six months of 2021 the Company purchased product from AdvanSix for $0.1 million (first six months of 2020 – $0.2 million). As at June 30, 2021, the Company owed $0.1 million to AdvanSix (December 31, 2020 – $0.0 million).
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 2021 the Company incurred fees from SGR of $0.1 million (first six months of 2020 – $0.2 million). As at June 30, 2021, the Company owed $0.0 million to SGR (December 31, 2020 – $0.1 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 the first six months of 2021 for a value of $0.4 million (first six months of 2020 – $0.0 million). A tendering process is operated periodically to select the best buyer for the sale of scrap metal by the Company. As at June 30, 2021 EMR owed $0.1 million for scrap metal purchased from the Company (December 31, 2020 – $0.0 million).
v3.21.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2021
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)
   
2021
     
2020
     
2021
     
2020
  
Net Sales:
                                    
Refinery and Performance
    $ 94.8      $ 74.9      $ 194.1        183.5  
Other
      48.3        32.5        88.3        70.9  
    
 
 
     
 
 
     
 
 
     
 
 
  
Fuel Specialties
      143.1        107.4        282.4        254.4  
    
 
 
     
 
 
     
 
 
     
 
 
  
Personal Care
      73.8        49.8        142.0        112.8  
Home Care
      21.3        21.3        44.3        42.9  
Other
      33.1        24.6        67.8        53.1  
    
 
 
     
 
 
     
 
 
     
 
 
  
Performance Chemicals
      128.2        95.7        254.1        208.8  
    
 
 
     
 
 
     
 
 
     
 
 
  
Oilfield Services
      83.2        41.8        157.6        154.0  
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 354.5      $ 244.9      $ 694.1        617.2  
    
 
 
     
 
 
     
 
 
     
 
 
  
Gross profit/(loss):
                                    
Fuel Specialties
    $ 50.1      $ 25.4      $ 95.0        76.6  
Performance Chemicals
      31.6        24.9        63.0        52.5  
Oilfield Services
      26.6        9.9        51.1        46.1  
Octane Additives
      0.0        (1.1 )       0.0        (2.2 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 108.3      $ 59.1      $ 209.1        173.0  
    
 
 
     
 
 
     
 
 
     
 
 
  
Operating income/(loss):
                                    
Fuel Specialties
    $ 28.5      $ 4.7      $ 52.3        36.8  
Performance Chemicals
      17.9        12.2        36.2        27.8  
Oilfield Services
      2.2        (12.4 )       3.4        (5.2 ) 
Octane Additives
      0.0        (1.6 )       0.0        (2.8 ) 
Corporate costs
      (11.6 )       (15.4 )       (26.7 )       (28.2 ) 
Restructuring charge
      0.0        (21.1 )       0.0        (21.1 ) 
Impairment of intangible assets
      0.0        (19.8 )       0.0        (19.8 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total operating income
    $ 37.0      $ (53.4 )     $ 65.2        (12.5 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.21.2
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2021
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
  
    
2021
     
2020
     
2021
     
2020
  
Numerator (in millions):
                                    
Net income/(loss) available to common stockholders
    $ 22.4      $ (39.7 )     $ 45.8      $ (6.6 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Denominator (in thousands):
                                    
Weighted average common shares outstanding
      24,628        24,564        24,615        24,547  
Dilutive effect of stock options and awards
      241        0        241        0  
    
 
 
     
 
 
     
 
 
     
 
 
  
Denominator for diluted earnings per share
      24,869        24,564        24,856        24,547  
    
 
 
     
 
 
     
 
 
     
 
 
  
Net income/(loss) per share, basic:
    $ 0.91      $ (1.62 )     $ 1.86      $ (0.27 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Net income/(loss) per share, diluted:
    $ 0.90      $ (1.62 )     $ 1.84      $ (0.27 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.21.2
Goodwill (Tables)
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Goodwill
The following table summarizes the goodwill movements:
 
(in millions)
   
Gross Cost
  
Opening balance at January 1, 2021
    $ 371.2  
Exchange effect
      (3.0 ) 
    
 
 
  
Closing balance at June 30, 2021
    $ 368.2  
    
 
 
  
v3.21.2
Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Other Intangible Assets The following table summarizes the other intangible assets movements:
 
(in millions)
   
2021
  
Gross cost at January 1
    $ 298.9  
Exchange effect
      (1.5 ) 
    
 
 
  
Gross cost at June 30
      297.4  
    
 
 
  
Accumulated amortization at January 1
      (223.6 ) 
Amortization expense
      (8.0 ) 
Exchange effect
      0.6  
    
 
 
  
Accumulated
amortization
at June 30
      (231.0 ) 
    
 
 
  
Net book amount at June 30
    $ 66.4  
    
 
 
  
Schedule of Amortization Expense
The net book amount by category of other intangible assets is shown in the following table:
 
(in millions)
   
June 30

2021
     
December 31

2020
  
Product rights
    $ 4.4      $ 6.3  
Brand names
      2.0        2.3  
Technology
      18.6        19.8  
Customer relationships
      39.4        44.2  
Internally developed software
      2.0        2.7  
    
 
 
     
 
 
  
     $ 66.4      $ 75.3  
    
 
 
     
 
 
  
v3.21.2
Pension and Post-Employment Benefits (Tables)
 6 Months Ended
Jun. 30, 2021
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)
   
2021
     
2020
     
2021
     
2020
  
Plan net pension credit/(charge):
                                    
Interest cost on projected benefit obligation
   
$
 (1.9 )     $ (2.7 )     $ (3.8 )     $ (5.5 ) 
Expected return on plan assets
      3.9        4.3        7.8        8.8  
Amortization of prior service (cost)/credit
      0.0        0.2        (0.1 )       0.4  
Amortization of actuarial net losses
      (0.4 )       (0.2 )       (0.8 )       (0.4 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 1.6      $ 1.6      $ 3.1      $ 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)
   
2021
     
2020
     
2021
     
2020
  
Plan net pension charge:
                                    
Interest cost on projected benefit obligation
    $ 0.0      $ 0.0      $ 0.0      $ (0.1 ) 
Amortization of actuarial net losses
      (0.2 )       (0.3 )       (0.5 )       (0.4 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ (0.2 )     $ (0.3 )     $ (0.5 )     $ (0.5 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.21.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Roll-forward of Unrecognized Tax Benefits and Associated Accrued Interest and Penalties
A roll-forward of unrecognized tax benefits and associated accrued interest and penalties is as follows:
 
(in millions)
   
Unrecognized
Tax Benefits
     
Interest and
Penalties
     
Total
  
Opening balance at January 1, 2021
    $ 13.6      $ 2.4      $ 16.0  
Net change for tax positions of prior periods
      (0.1 )       0.4        0.3  
    
 
 
     
 
 
     
 
 
  
Closing balance at June 30, 2021
      13.5        2.8        16.3  
Current
      0.0        0.0        0.0  
    
 
 
     
 
 
     
 
 
  
Non-current
    $ 13.5      $ 2.8      $ 16.3  
    
 
 
     
 
 
     
 
 
  
v3.21.2
Plant Closure Provisions (Tables)
 6 Months Ended
Jun. 30, 2021
Restructuring and Related Activities [Abstract]  
Movements in Plant Closure and Restructuring Provisions Movements in the provisions are summarized as follows:
(in millions)
   
2021
  
Total at January 1
    $ 58.5  
Charge for the period
      1.9  
Utilized in the period
      (2.5 ) 
Exchange effect
      (0.3 ) 
    
 
 
  
Total at June 30
      57.6  
Due within one year
      (6.6 ) 
    
 
 
  
Due after one year
    $ 51.0  
    
 
 
  
v3.21.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Carrying Amount and Fair Values of the Company's Assets and Liabilities Measured on a Recurring Basis
The following table presents the carrying amount and fair values of the Company’s financial assets and liabilities measured on a recurring basis:
 
    
June 30, 2021
     
December 31, 2020
  
(in millions)
   
Carrying

Amount
     
Fair

Value
     
Carrying

Amount
     
Fair

Value
  
Assets
                                    
Non-derivatives:
                                    
Cash and cash equivalents
    $ 94.4      $ 94.4      $ 105.3      $ 105.3  
Derivatives (Level 1 measurement):
                                    
Other current and
non-current
assets:
                                    
Foreign currency forward exchange contracts
      1.1        1.1        0.0        0.0  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
                                    
Non-derivatives:
                                    
Finance leases (including current portion)
      0.2        0.2        0.6        0.6  
Derivatives (Level 1 measurement):
                                    
Other current and
non-current
liabilities:
                                    
Foreign currency forward exchange contracts
      0.0        0.0        0.5        0.5  
Non-financial
liabilities (Level 3 measurement):
                                    
Other current and
non-current
liabilities:
                                    
Stock equivalent units
      17.8        17.8        17.2        17.2  
v3.21.2
Stock-Based Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 2021
Summarizes Transactions of SEUs
The following table summarizes the transactions of the Company’s SEUs for the six months ended June 30, 2021:
 
    
Number
of SEUs
     
Weighted
Average
Exercise
Price
     
Weighted
Average
Grant-Date

Fair Value
  
Outstanding at December 31, 2020
      390,164      $ 4.35      $ 63.96  
Granted - at discount
      91,451      $ 0.00      $ 92.01  
- at market value
      3,803      $ 99.85      $ 32.71  
Exercised
      (29,573 )     $ 16.67      $ 43.05  
Forfeited
      (21,940 )     $ 2.76      $ 67.01  
    
 
 
     
 
 
     
 
 
  
Outstanding at June 30, 2021
      433,905      $ 3.51      $ 70.87  
    
 
 
     
 
 
     
 
 
  
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, 2021.
 
    
Number of
Options
     
Weighted
Average
Exercise
Price
     
Weighted
Average
Grant-Date

Fair Value
  
Outstanding at December 31, 2020
      442,893      $ 32.49      $ 45.31  
Granted - at discount
      81,596      $ 0.00      $ 92.37  
- at market value
      10,688      $ 99.85      $ 32.73  
Exercised
      (52,870 )     $ 32.93      $ 38.15  
Forfeited
      (17,806 )     $ 17.98      $ 65.96  
Outstanding at June 30, 2021
      464,501      $ 28.75      $ 53.57  
v3.21.2
Reclassifications out of Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Summary of Reclassifications Out of Accumulated Other Comprehensive Loss
Reclassifications out of accumulated other comprehensive loss for the first six months of 2021 were:
 
(in millions)
Details about AOCL Components
   
Amount
Reclassified
from AOCL
     
Affected Line Item in
 
the
Statement where
Net Income is
 
Presented
Defined benefit pension plan items:
              
Amortization of prior service cost
    $ 0.1      See
(1)
below
Amortization of actuarial net losses
      1.3      See
(1)
below
    
 
 
       
       1.4      Total before tax
       (0.1 )     Income tax expense
    
 
 
       
Total reclassifications
    $ 1.3      Net of tax
    
 
 
       
 
(1)  
These items are included in other income and expense. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for additional information.
Reclassifications out of accumulated other comprehensive loss for the first six months of 2020 were:
 
(in millions)
Details about AOCL Components
   
Amount
Reclassified
from AOCL
     
Affected Line Item in the
Statement where
Net Income is Presented
Defined benefit pension plan items:
              
Amortization of prior service credit
    $ (0.4 )     See
(1)
below
Amortization of actuarial net losses
      0.8      See
(1)
below
    
 
 
       
       0.4      Total before tax
       0.0      Income tax expense
    
 
 
       
Total reclassifications
    $ 0.4      Net of tax
    
 
 
       
 
(1)
These items are included in other income and expense. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for additional information.
Changes in Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss for the first six months of 2021, ne
t
 of tax, were:
 
(in millions)
   
Defined

Benefit

Pension

Plan Items
     
Cumulative
Translation
Adjustments
     
Total
  
Balance at December 31, 2020
    $ (15.9 )     $ (41.4 )     $ (57.3 ) 
    
 
 
     
 
 
     
 
 
  
Other comprehensive income before reclassifications
      0.0        (7.5 )       (7.5 ) 
Amounts reclassified from AOCL
      1.3        0.0        1.3  
    
 
 
     
 
 
     
 
 
  
Total other comprehensive income
      1.3        (7.5 )       (6.2 ) 
    
 
 
     
 
 
     
 
 
  
Balance at June 30, 2021
    $ (14.6 )     $ (48.9 )     $ (63.5 ) 
    
 
 
     
 
 
     
 
 
  
 
Changes in accumulated other comprehensive loss for the first six months of 2020, ne
t
 of tax, were:
 
(in millions)
   
Defined
Benefit
Pension
Plan Items
     
Cumulative
Translation
Adjustments
     
Total
  
Balance at December 31, 2019
    $ (9.3 )     $ (65.1 )     $ (74.4 ) 
    
 
 
     
 
 
     
 
 
  
Other comprehensive income before reclassifications
      0.0        (2.4 )       (2.4 ) 
Amounts reclassified from AOCL
      0.4        0.0        0.4  
    
 
 
     
 
 
     
 
 
  
Total other comprehensive income
      0.4        (2.4 )       (2.0 ) 
    
 
 
     
 
 
     
 
 
  
Balance at June30, 2020
    $ (8.9 )     $ (67.5 )     $ (76.4 ) 
    
 
 
     
 
 
     
 
 
  
v3.21.2
Segment Reporting - Segment Reporting (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Segment Reporting Information [Line Items]        
Net sales $ 354.5 $ 244.9 $ 694.1 $ 617.2
Gross profit/(loss) 108.3 59.1 209.1 173.0
Restructuring charge (0.0) (21.1) (0.0) (21.1)
Impairment of intangible assets (0.0) (19.8) (0.0) (19.8)
Operating income/(loss) 37.0 (53.4) 65.2 (12.5)
Operating Segments [Member] | Fuel Specialties [Member]        
Segment Reporting Information [Line Items]        
Net sales 143.1 107.4 282.4 254.4
Gross profit/(loss) 50.1 25.4 95.0 76.6
Operating income/(loss) 28.5 4.7 52.3 36.8
Operating Segments [Member] | Fuel Specialties [Member] | Refinery and Performance [Member]        
Segment Reporting Information [Line Items]        
Net sales 94.8 74.9 194.1 183.5
Operating Segments [Member] | Fuel Specialties [Member] | Other [Member]        
Segment Reporting Information [Line Items]        
Net sales 48.3 32.5 88.3 70.9
Operating Segments [Member] | Performance Chemicals [Member]        
Segment Reporting Information [Line Items]        
Net sales 128.2 95.7 254.1 208.8
Gross profit/(loss) 31.6 24.9 63.0 52.5
Operating income/(loss) 17.9 12.2 36.2 27.8
Operating Segments [Member] | Performance Chemicals [Member] | Personal Care [Member]        
Segment Reporting Information [Line Items]        
Net sales 73.8 49.8 142.0 112.8
Operating Segments [Member] | Performance Chemicals [Member] | Home Care [Member]        
Segment Reporting Information [Line Items]        
Net sales 21.3 21.3 44.3 42.9
Operating Segments [Member] | Performance Chemicals [Member] | Other [Member]        
Segment Reporting Information [Line Items]        
Net sales 33.1 24.6 67.8 53.1
Operating Segments [Member] | Oilfield Services [Member]        
Segment Reporting Information [Line Items]        
Net sales 83.2 41.8 157.6 154.0
Gross profit/(loss) 26.6 9.9 51.1 46.1
Operating income/(loss) 2.2 (12.4) 3.4 (5.2)
Operating Segments [Member] | Octane Additives [Member]        
Segment Reporting Information [Line Items]        
Gross profit/(loss) 0.0 (1.1) 0.0 (2.2)
Operating income/(loss) 0.0 (1.6) 0.0 (2.8)
Corporate, Non-Segment [Member]        
Segment Reporting Information [Line Items]        
Corporate costs $ (11.6) $ (15.4) $ (26.7) $ (28.2)
v3.21.2
Earnings Per Share - Additional Information (Detail) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Earnings Per Share [Abstract]        
Average number of anti-dilutive options excluded from the calculation of diluted earnings per share 19,836 0 14,649 0
v3.21.2
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, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Numerator (in millions):        
Net income/(loss) available to common stockholders $ 22.4 $ (39.7) $ 45.8 $ (6.6)
Denominator (in thousands):        
Weighted average common shares outstanding 24,628 24,564 24,615 24,547
Dilutive effect of stock options and awards 241 0 241 0
Denominator for diluted earnings per share 24,869 24,564 24,856 24,547
Net income/(loss) per share, basic: $ 0.91 $ (1.62) $ 1.86 $ (0.27)
Net income/(loss) per share, diluted: $ 0.90 $ (1.62) $ 1.84 $ (0.27)
v3.21.2
Goodwill - Summary of Goodwill (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2021
USD ($)
Goodwill [Line Items]  
Gross cost, beginning balance $ 371.2
Exchange effect (3.0)
Gross cost, ending balance $ 368.2
v3.21.2
Other Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Gross cost at January 1 $ 298.9    
Exchange effect (1.5)    
Gross cost at June 30 297.4    
Accumulated amortization at January 1 (223.6)    
Amortization expense (8.0) $ (11.5)  
Exchange effect 0.6    
Accumulated amortization at June 30 (231.0)    
Net book amount at June 30 $ 66.4   $ 75.3
v3.21.2
Other Intangible Assets - Schedule of Amortization Expense (Detail) - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]    
Gross cost at January 1 $ 297.4 $ 298.9
Other Intangible Assets, Net 66.4 75.3
Product Rights [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross cost at January 1 4.4 6.3
Brand Names [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross cost at January 1 2.0 2.3
Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross cost at January 1 18.6 19.8
Customer and Distributor Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross cost at January 1 39.4 44.2
Internally Developed Software [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross cost at January 1 $ 2.0 $ 2.7
v3.21.2
Other Intangible Assets - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]    
Amortization expense $ 8.0 $ 11.5
v3.21.2
Pension and Post-Employment Benefits - Additional Information (Detail) - Selling, General and Administrative Expenses [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
United Kingdom Plan [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Net service cost, total $ 0.4 $ 0.3 $ 0.8 $ 0.6  
Germany [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Net service cost, total 0.1 $ 0.1 0.1 $ 0.1  
Europe [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Post-employment obligations European businesses $ 4.8   $ 4.8   $ 5.3
v3.21.2
Pension and Post-Employment Benefits - Plan Net Pension Credit (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
United Kingdom Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost on projected benefit obligation $ (1.9) $ (2.7) $ (3.8) $ (5.5)
Expected return on plan assets 3.9 4.3 7.8 8.8
Amortization of prior service (cost)/credit (0.0) 0.2 (0.1) 0.4
Amortization of actuarial net losses (0.4) (0.2) (0.8) (0.4)
Net pension credit total 1.6 1.6 3.1 3.3
Germany [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost on projected benefit obligation (0.0) (0.0) (0.0) (0.1)
Amortization of actuarial net losses (0.2) (0.3) (0.5) (0.4)
Net pension credit total $ (0.2) $ (0.3) $ (0.5) $ (0.5)
v3.21.2
Income Taxes - Roll-forward of Unrecognized Tax Benefits and Associated Accrued Interest and Penalties (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Income Tax Contingency [Line Items]    
Opening balance at January 1 $ 16.0  
Net change for tax positions of prior periods 0.3  
Closing balance at 30 June 16.3  
Current 0.0  
Non-current 16.3 $ 16.0
Interest and Penalties [Member]    
Income Tax Contingency [Line Items]    
Opening balance at January 1 2.4  
Net change for tax positions of prior periods 0.4  
Closing balance at 30 June 2.8  
Current 0.0  
Non-current 2.8  
Unrecognized Tax Benefits [Member]    
Income Tax Contingency [Line Items]    
Opening balance at January 1 13.6  
Net change for tax positions of prior periods (0.1)  
Closing balance at 30 June 13.5  
Current 0.0  
Non-current $ 13.5  
v3.21.2
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Income Tax Contingency [Line Items]    
Unrecognized tax benefits would impact effective tax rate if recognized $ 16.3  
Unrecognized tax benefit $ 16.3 $ 16.0
Income tax examination, description The Company and its U.S. subsidiaries remain open to examination by the IRS for years 2017 onwards under the statute of limitations. The Company’s subsidiaries in foreign tax jurisdictions are open to examination including Germany (2016 onwards), Switzerland (2016 onwards), Spain (2016 onwards), France (2018 onwards) and the United Kingdom (2018 onwards).  
Increase to income tax expense $ 0.3  
Foreign exchange movements 0.1  
Italian Tax Authorities [Member]    
Income Tax Contingency [Line Items]    
Unrecognized tax benefit 3.4  
Italian Tax Authorities [Member] | Interest Accrued [Member]    
Income Tax Contingency [Line Items]    
Unrecognized tax benefit 0.1  
United States [Member]    
Income Tax Contingency [Line Items]    
Unrecognized tax benefit $ 12.7  
Non-US [Member] | Earliest Tax Year [Member]    
Income Tax Contingency [Line Items]    
Open tax year 2011  
Non-US [Member] | Latest Tax Year [Member]    
Income Tax Contingency [Line Items]    
Open tax year 2014  
Non-US [Member] | Historical Impairment Of Subsidiaries [Member]    
Income Tax Contingency [Line Items]    
Other Non Significant Items Inclusive Of Interest And Penalties $ 0.2  
v3.21.2
Long-Term Debt - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Sep. 26, 2019
Debt Instrument [Line Items]      
Deferred finance costs, net $ 1.2 $ 1.3  
Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Due date of revolving credit Sep. 25, 2024    
Line of Credit Facility, Maximum Borrowing Capacity     $ 250.0
Revolving Credit Facility [Member] | Accordion Feature [Member]      
Debt Instrument [Line Items]      
Line of Credit Facility, Maximum Borrowing Capacity     $ 125.0
v3.21.2
Plant Closure Provisions - Movements in Plant Closure and Restructuring Provisions (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Restructuring and Related Activities [Abstract]    
Beginning Balance $ 58.5  
Charge for the period 1.9  
Utilized in the period (2.5)  
Exchange effect (0.3)  
Ending Balance 57.6  
Due within one year (6.6) $ (6.6)
Due after one year $ 51.0 $ 51.9
v3.21.2
Plant Closure Provisions - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Remediation [Member]      
Restructuring Cost and Reserve [Line Items]      
Accretion expense recognized $ 1.9 $ 9.8  
Other Restructuring [Member] | Operating Segments [Member]      
Restructuring Cost and Reserve [Line Items]      
Additional provision restructuring charges plant closure     $ 7.5
v3.21.2
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, 2021
Dec. 31, 2020
Carrying Amount [Member]    
Non-derivatives:    
Cash and cash equivalents $ 94.4 $ 105.3
Non-derivatives:    
Finance leases (including current portion) 0.2 0.6
Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Currency Forward Exchange Contracts [Member]    
Derivatives (Level 1 measurement):    
Foreign currency forward exchange contracts 1.1 0.0
Derivatives (Level 1 measurement):    
Foreign currency forward exchange contracts 0.0 0.5
Carrying Amount [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Non-financial liabilities (Level 3 measurement):    
Stock equivalent units 17.8 17.2
Fair Value [Member]    
Non-derivatives:    
Cash and cash equivalents 94.4 105.3
Non-derivatives:    
Finance leases (including current portion) 0.2 0.6
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Currency Forward Exchange Contracts [Member]    
Derivatives (Level 1 measurement):    
Foreign currency forward exchange contracts 1.1 0.0
Derivatives (Level 1 measurement):    
Foreign currency forward exchange contracts 0.0 0.5
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Non-financial liabilities (Level 3 measurement):    
Stock equivalent units $ 17.8 $ 17.2
v3.21.2
Derivative Instruments and Risk Management - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Exchange Contracts [Member] | Other net income/(expense) [Member]    
Derivative [Line Items]    
Amount of gain/(loss) recognized in income $ 0.2 $ 1.8
v3.21.2
Contingencies - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Other Commitments [Line Items]    
Guarantees $ 8.4 $ 9.9
Maximum [Member]    
Other Commitments [Line Items]    
Fixed maturity guarantee remaining term 3 years  
v3.21.2
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock option compensation $ 2.9 $ 2.8
Stock Options Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number exercisable and fully vested 87,136  
Fully vested stock options with performance conditions attached 65,176  
Stock option compensation $ 2.9 2.8
Total intrinsic value exercised 1.7 4.6
Total compensation cost related to non-vested stock options not yet recognized $ 10.5  
Expected compensation cost recognized over the weighted-average period 2 years 1 month 24 days  
Stock Equivalent Units [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Fully vested stock options with performance conditions attached 27,935  
Total intrinsic value exercised $ 1.3 6.1
Expected compensation cost recognized over the weighted-average period 2 years 29 days  
Number of exercisable SEUs 32,132  
Compensation cost $ 2.9 $ 3.0
v3.21.2
Stock-Based Compensation Plans - Summary of Transactions of the Company's Stock Option Plans (Detail) - Stock Options Plan [Member]
 6 Months Ended
Jun. 30, 2021
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Number of Options, Beginning balance | shares 442,893
Exercised, Number of Options | shares (52,870)
Forfeited, Number of Options | shares (17,806)
Outstanding, Number of Options, Ending balance | shares 464,501
Outstanding, Weighted Average Exercise Price, Beginning balance $ 32.49
Exercised, Weighted Average Exercise Price 32.93
Forfeited, Weighted Average Exercise Price 17.98
Outstanding, Weighted Average Exercise Price, Ending balance 28.75
Outstanding, Weighted Average Grant-Date Fair Value 45.31
Exercised, Weighted Average Grant-Date Fair Value 38.15
Forfeited, Weighted Average Grant-Date Fair Value 65.96
Outstanding, Weighted Average Grant-Date Fair Value $ 53.57
Discount [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted, Number of Options | shares 81,596
Granted, Weighted Average Exercise Price $ 0.00
Granted, Weighted Average Grant-Date Fair Value $ 92.37
Market Value [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted, Number of Options | shares 10,688
Granted, Weighted Average Exercise Price $ 99.85
Granted, Weighted Average Grant-Date Fair Value $ 32.73
v3.21.2
Stock-Based Compensation Plans - Summarizes Transactions of SEUs (Detail) - Stock Equivalent Units [Member]
 6 Months Ended
Jun. 30, 2021
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Number of SEUs, Beginning balance | shares 390,164
Granted at discount, Number of SEUs | shares 91,451
Granted at market value, Number of SEUs | shares 3,803
Exercised, Number of SEUs | shares (29,573)
Forfeited, Number of SEUs | shares (21,940)
Outstanding, Number of SEUs, Ending balance | shares 433,905
Outstanding, Weighted Average Exercise Price, Beginning balance $ 4.35
Granted at discount, Weighted Average Exercise Price 0.00
Granted at market value, Weighted Average Exercise Price 99.85
Exercised, Weighted Average Exercise Price 16.67
Forfeited, Weighted Average Exercise Price 2.76
Outstanding, Weighted Average Exercise Price, Ending balance 3.51
Outstanding, Weighted Average Grant-Date Fair Value 63.96
Granted at discount, Weighted Average Grant-Date Fair Value 92.01
Granted at market value, Weighted Average Grant-Date Fair Value 32.71
Exercised, Weighted Average Grant-Date Fair Value 43.05
Forfeited, Weighted Average Grant-Date Fair Value 67.01
Outstanding, Weighted Average Grant-Date Fair Value $ 70.87
v3.21.2
Reclassifications out of Accumulated Other Comprehensive Loss - Summary of Reclassifications out of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Total reclassifications $ (1.3) $ (0.4)
Defined Benefit Pension Plan Items [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Total reclassifications (1.3) (0.4)
Reclassification Out of Accumulated Other Comprehensive Income/(Loss) [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Total before tax 1.4 0.4
Income tax expense (0.1) (0.0)
Total reclassifications 1.3 0.4
Reclassification Out of Accumulated Other Comprehensive Income/(Loss) [Member] | Defined Benefit Pension Plan Items [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amortization of prior service cost 0.1 (0.4)
Amortization of actuarial net losses $ 1.3 $ 0.8
v3.21.2
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, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning Balance     $ 944.4  
Other comprehensive income before reclassifications     (7.5) $ (2.4)
Amounts reclassified from AOCL     1.3 0.4
Total other comprehensive income/(loss) $ 4.4 $ 5.9 (6.2) (2.0)
Ending Balance 973.6   973.6  
Accumulated Other Comprehensive Loss [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning Balance     (57.3) (74.4)
Ending Balance (63.5) (76.4) (63.5) (76.4)
Defined Benefit Pension Plan Items [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning Balance     (15.9) (9.3)
Other comprehensive income before reclassifications     0.0 0.0
Amounts reclassified from AOCL     1.3 0.4
Total other comprehensive income/(loss)     1.3 0.4
Ending Balance (14.6) (8.9) (14.6) (8.9)
Foreign Currency Translation Items [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning Balance     (41.4) (65.1)
Other comprehensive income before reclassifications     (7.5) (2.4)
Amounts reclassified from AOCL     (0.0) (0.0)
Total other comprehensive income/(loss)     (7.5) (2.4)
Ending Balance $ (48.9) $ (67.5) $ (48.9) $ (67.5)
v3.21.2
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Smith, Gambrell & Russell, LLP [Member]      
Related Party Transaction [Line Items]      
Fees payable to Smith, Gambrell & Russell $ 0.1 $ 0.2  
Amount due to related party 0.0   $ 0.1
European Metal Recycling Limited [Member]      
Related Party Transaction [Line Items]      
Amount due to related party 0.1   0.0
Tendering process to select best buyer of scrap metal 0.4 0.0  
Advan Six [Member]      
Related Party Transaction [Line Items]      
Amount due to related party 0.1   $ 0.0
Tendering process to select best buyer of scrap metal $ 0.1 $ 0.2