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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 27, 2020


OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-35370
Luxfer Holdings PLC
(Exact Name of Registrant as Specified in Its Charter)
England and Wales98-1024030
State or Other Jurisdiction of
Incorporation or Organization
I.R.S. Employer Identification No.
Lumns Lane, Manchester, M27 8LN
Address of principal executive offices
Registrant’s telephone number, including area code: +1 414-269-2419
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Ordinary Shares, nominal value £0.50 eachLXFRNew York Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    x No    o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    x No    o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.:
Large accelerated filer 
oAccelerated Filerx
Non-accelerated filer 
o
Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes     No    x
The number of shares outstanding of Registrant’s only class of ordinary stock on September 27, 2020, was 27,622,099.


TABLE OF CONTENTS
Page
PART I FINANCIAL INFORMATION
Item 1.Condensed Financial Statements (unaudited)
Condensed Consolidated Statements of Income (unaudited)
Condensed Consolidated Statements of Comprehensive Income / (Loss) (unaudited)
Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Statements of Cash Flows (unaudited)
Condensed Consolidated Statements of Changes in Equity (unaudited)
Notes to Condensed Consolidated Financial Statements (unaudited)
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations20 
Item 3.Quantitative and Qualitative Disclosures About Market Risk31 
Item 4.Controls and Procedures31 
PART II OTHER INFORMATION
Item 1.Legal Proceedings32 
Item 1A.Risk Factors32 
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds32 
Item 6.Exhibits33 
Signatures34 


PART I - FINANCIAL INFORMATION

Item 1.        Condensed Financial Statements (unaudited)

LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Third QuarterYear-to-date
In millions, except share and per-share data2020201920202019
Net sales$90.4 $107.1 $283.7 $344.0 
Cost of goods sold(72.1)(81.9)(222.1)(257.7)
Gross profit$18.3 $25.2 $61.6 $86.3 
Selling, general and administrative expenses(9.8)(11.8)(34.4)(42.6)
Research and development(1.0)(1.5)(2.6)(4.5)
Restructuring charges(4.3)(2.6)(7.9)(24.3)
Impairment charges   0.2 
Acquisition and disposal related costs  (0.2)(1.7)
Other income2.3  2.3  
Other charges (2.7) (2.7)
Operating income$5.5 $6.6 $18.8 $10.7 
Interest expense(1.2)(1.3)(3.5)(3.5)
Defined benefit pension credit 1.1 0.6 3.3 1.7 
Income before income taxes and equity in net income / (loss) of affiliates$5.4 $5.9 $18.6 $8.9 
Provision for income taxes(2.8)(0.6)(5.6)(4.1)
Income before equity in net income / (loss) of affiliates$2.6 $5.3 $13.0 $4.8 
Equity in net income / (loss) of affiliates (net of tax) 0.5 (0.1)0.7 
Net income$2.6 $5.8 $12.9 $5.5 
Earnings per share
Basic$0.09 $0.21 $0.47 $0.20 
Diluted$0.09 $0.21 $0.46 $0.20 
Weighted average ordinary shares outstanding
Basic27,619,298 27,393,743 27,532,823 27,243,638 
Diluted28,013,706 27,869,416 27,958,942 27,843,525 
See accompanying notes to condensed consolidated financial statements
1

LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) (UNAUDITED)
Third QuarterYear-to-date
In millions2020201920202019
Net income$2.6 $5.8 $12.9 $5.5 
Other comprehensive income / (loss)
Net change in foreign currency translation adjustment3.0 (2.5)(3.7)(4.7)
Pension and post-retirement actuarial gains, net of $0.1, $0.1, $0.3 and $0.3 tax, respectively
0.5 0.5 1.4 1.3 
Other comprehensive income / (loss), net of tax3.5 (2.0)(2.3)(3.4)
Total comprehensive income$6.1 $3.8 $10.6 $2.1 
See accompanying notes to condensed consolidated financial statements
2

LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 27,December 31,
In millions, except share and per-share data20202019
Current assets
Cash and cash equivalents$14.2 $10.2 
Restricted cash0.7 0.1 
Accounts and other receivables, net of allowances of $0.6 and $1.3, respectively
55.9 66.3 
Inventories84.7 94.5 
Other current assets4.3 5.0 
Total current assets$159.8 $176.1 
Non-current assets
Property, plant and equipment, net$92.3 $98.9 
Right-of-use assets from operating leases12.3 14.8 
Goodwill67.5 68.8 
Intangibles, net12.7 13.6 
Deferred tax assets14.6 15.8 
Investments and loans to joint ventures and other affiliates0.4 2.3 
Total assets$359.6 $390.3 
Current liabilities
Current maturities of long-term debt and short-term borrowings$25.0 $ 
Accounts payable23.6 36.4 
Accrued liabilities27.9 25.2 
Taxes on income2.3 0.1 
Other current liabilities14.3 12.3 
Total current liabilities$93.1 $74.0 
Non-current liabilities
Long-term debt$49.7 $91.4 
Pensions and other retirement benefits26.7 35.2 
Deferred tax liabilities2.8 2.5 
Other non-current liabilities10.6 12.8 
Total liabilities$182.9 $215.9 
Shareholders' equity
Ordinary shares of £0.50 par value; authorized 40,000,000 shares for 2020 and 2019; issued and outstanding 29,000,000 shares for 2020 and 2019
$26.6 $26.6 
Deferred shares of £0.0001 par value; authorized issued and outstanding 761,835,338,444 shares for 2020 and 2019
149.9 149.9 
Additional paid-in capital70.1 68.4 
Treasury shares(4.0)(4.0)
Own shares held by ESOP(1.5)(1.7)
Retained earnings87.5 84.8 
Accumulated other comprehensive loss(151.9)(149.6)
Total shareholders' equity$176.7 $174.4 
Total liabilities and shareholders' equity$359.6 $390.3 
See accompanying notes to condensed consolidated financial statements
3

LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Year-to-date
In millions20202019
Operating activities
Net income$12.9 $5.5 
Adjustments to reconcile net income to net cash provided by / (used for) operating activities
   Equity in net loss / (income) of affiliates0.1 (0.7)
   Depreciation10.2 10.4 
   Amortization of purchased intangible assets0.6 0.9 
   Amortization of debt issuance costs0.4 0.3 
   Share-based compensation charges2.1 4.0 
   Deferred income taxes0.7 1.5 
   Gain on disposal of property, plant and equipment (2.9)
   Asset impairment charges 4.8 
   Defined benefit pension credit(3.3)(1.7)
   Defined benefit pension contributions(2.7)(5.4)
Changes in assets and liabilities
   Accounts and other receivables9.9 (7.2)
   Inventories8.2 (3.8)
   Other current assets0.7 (1.8)
   Accounts payable(11.9)(4.8)
   Accrued liabilities3.5 (8.2)
   Other current liabilities4.9 (2.2)
   Other non-current assets and liabilities0.4 (2.3)
Net cash provided by / (used for) operating activities$36.7 $(13.6)
Investing activities
Capital expenditures$(6.0)$(10.3)
Proceeds from sale of property, plant and equipment 1.2 
Proceeds from sale of businesses and other1.3 4.6 
Net cash used for investing activities$(4.7)$(4.5)
Financing activities
Net drawdown of short-term borrowings$ $(3.5)
Net (repayment) / drawdown of long-term borrowings(16.5)31.7 
Deferred consideration paid(0.4)(0.5)
Proceeds from sale of shares1.1 3.3 
Share-based compensation cash paid(1.3)(4.3)
Dividends paid(10.2)(10.2)
Net cash (used for) / from financing activities$(27.3)$16.5 
Effect of exchange rate changes on cash and cash equivalents(0.1)(0.4)
Net increase / (decrease)$4.6 $(2.0)
Cash, cash equivalents and restricted cash; beginning of year10.3 14.1 
Cash, cash equivalents and restricted cash; end of the Third Quarter14.9 12.1 
Supplemental cash flow information:
Interest payments$3.5 $3.5 
Income tax payments1.6 6.6 
See accompanying notes to condensed consolidated financial statements
4

LUXFER HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
In millions, Ordinary
shares
Deferred
shares
Additional paid-in capitalTreasury shares NumberTreasury shares AmountOwn shares held by ESOP NumberOwn shares held by ESOP AmountRetained
earnings
Accumulated other comprehensive lossTotal
equity
At January 1, 2020$26.6 $149.9 $68.4 (0.4)$(4.0)(1.2)$(1.7)$84.8 $(149.6)$174.4 
Net income— — — — — — — 6.2 — 6.2 
Other comprehensive loss, net of tax
— — — — — — — — (7.3)(7.3)
Dividends declared— — — — — — — (3.4)— (3.4)
Share-based compensation
— — 0.5 — — — — — — 0.5 
Utilization of shares from ESOP to satisfy share based compensation
— — (0.7)— — 0.1 0.1 — — (0.6)
At March 29, 2020$26.6 $149.9 $68.2 (0.4)$(4.0)(1.1)$(1.6)$87.6 $(156.9)$169.8 
Net income— — — — — — — 4.1 — 4.1 
Shares sold from ESOP— — 0.9 — — — — — — 0.9 
Other comprehensive income, net of tax— — — — — — — — 1.5 1.5 
Dividends declared— — — — — — — (3.4)— (3.4)
Share based compensation— — 0.8 — — — — — — 0.8 
Utilization of shares from ESOP to satisfy share based compensation— — (0.5)— — 0.1 0.1 — — (0.4)
At June 28, 2020$26.6 $149.9 $69.4 (0.4)$(4.0)(1.0)$(1.5)$88.3 $(155.4)$173.3 
Net income— — — — — — — 2.6 — 2.6 
Other comprehensive income, net of tax— — — — — — — — 3.5 3.5 
Dividends declared— — — — — — — (3.4)— (3.4)
Share based compensation— — 0.8 — — — — — — 0.8 
Utilization of treasury shares to satisfy share based compensation— — (0.1)— — — — — — (0.1)
At September 27, 2020$26.6 $149.9 $70.1 (0.4)$(4.0)(1.0)$(1.5)$87.5 $(151.9)$176.7 

Ordinary share capital represents 29,000,000 shares in the three quarters of 2020.
Deferred share capital represents 761,835,338,444 shares in the three quarters of 2020.






5

In millions,Ordinary sharesDeferred sharesAdditional paid-in capitalTreasury shares NumberTreasury shares AmountOwn shares held by ESOP NumberOwn shares held by ESOP AmountRetained earningsAccumulated other comprehensive lossTotal equity
At January 1, 2019$26.6 $149.9 $65.6 (0.4)$(4.3)(1.6)$(2.2)$95.3 $(146.6)$184.3 
Net loss— — — — — — — (3.8)— (3.8)
Shares sold from ESOP— — 1.3 — — 0.1 0.1 — — 1.4 
Other comprehensive income, net of tax— — — — — — — — 2.1 2.1 
Dividends declared— — — — — — — (3.4)— (3.4)
Share-based compensation— — 2.3 — — — — — — 2.3 
Utilization of treasury shares to satisfy share based compensation— — (3.3)— — 0.1 0.2 — — (3.1)
At March 31, 2019$26.6 $149.9 $65.9 (0.4)$(4.3)(1.4)$(1.9)$88.1 $(144.5)$179.8 
Net income— — — — — — — 3.5 — 3.5 
Shares sold from ESOP— — 1.8 — — 0.1 0.1 — — 1.9 
Other comprehensive loss, net of tax— — — — — — — — (3.5)(3.5)
Dividends declared— — — — — — — (3.4)— (3.4)
Share based compensation— — 0.8 — — — — — — 0.8 
Utilization of shares from ESOP to satisfy share based compensation— — (1.2)— — 0.1 0.1 — — (1.1)
At June 30, 2019$26.6 $149.9 $67.3 (0.4)$(4.3)(1.2)$(1.7)$88.2 $(148.0)$178.0 
Net income— — — — — — — 5.8 — 5.8 
Other comprehensive loss, net of tax— — — — — — — — (2.0)(2.0)
Dividends declared— — — — — — — (3.4)— (3.4)
Share based compensation— — 0.6 — — — — — — 0.6 
Utilization of treasury shares to satisfy share based compensation  (0.1) 0.3     0.2 
At September 29. 2019$26.6 $