QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of |
(I.R.S. Employer | |
incorporation or organization ) |
Identification No .) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer |
☐ | Smaller reporting company | ||||
Emerging growth company |
Class |
Outstanding as of April 30, 2021 | |
Common Stock, par value $0.01 |
PART I |
2 | |||||
Item 1 |
2 | |||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
8 | ||||||
Item 2 |
20 | |||||
20 | ||||||
20 | ||||||
26 | ||||||
Item 3 |
28 | |||||
Item 4 |
29 | |||||
PART II |
30 | |||||
Item 1 |
30 | |||||
Item 1A |
30 | |||||
Item 2 |
30 | |||||
Item 3 |
30 | |||||
Item 4 |
30 | |||||
Item 5 |
31 | |||||
Item 6 |
31 | |||||
32 |
Three Months Ended March 31 |
||||||||
(in millions, except share and per share data) |
2021 |
2020 |
||||||
Net sales |
$ | $ | ||||||
Cost of goods sold |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Gross profit |
||||||||
Operating expenses: |
||||||||
Selling, general and administrative |
( |
) | ( |
) | ||||
Research and development |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total operating expenses |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Operating income |
||||||||
Other income, net |
||||||||
Interest expense, net |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Income before income tax expense |
||||||||
Income tax expense |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net income |
$ | $ | ||||||
|
|
|
|
|||||
Earnings per share: |
||||||||
Basic |
$ | $ | ||||||
|
|
|
|
|||||
Diluted |
$ | $ | ||||||
|
|
|
|
|||||
Weighted average shares outstanding (in thousands): |
||||||||
Basic |
||||||||
|
|
|
|
|||||
Diluted |
||||||||
|
|
|
|
Three Months Ended March 31 |
||||||||
(in millions) |
2021 |
2020 |
||||||
Net income |
$ | $ | ||||||
|
|
|
|
|||||
Other comprehensive income/(loss): |
||||||||
Changes in cumulative translation adjustment, net of tax of $ |
( |
) | ( |
) | ||||
Amortization of prior service cost/(credit), net of tax of $ |
( |
) | ||||||
Amortization of actuarial net losses, net of tax of $( |
||||||||
|
|
|
|
|||||
Total other comprehensive loss |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total comprehensive income |
$ | $ | ||||||
|
|
|
|
(in millions, except share and per share data) |
March 31, 2021 |
December 31, 2020 |
||||||
(Unaudited) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Trade and other accounts receivable (less allowances of $ |
||||||||
Inventories (less allowances of $ |
||||||||
Finished goods |
||||||||
Raw materials |
||||||||
|
|
|
|
|||||
Total inventories |
||||||||
Prepaid expenses |
||||||||
Prepaid income taxes |
||||||||
Other current assets |
||||||||
|
|
|
|
|||||
Total current assets |
||||||||
Net property, plant and equipment |
||||||||
Operating lease right-of-use |
||||||||
Goodwill |
||||||||
Other intangible assets |
||||||||
Deferred tax assets |
||||||||
Pension asset |
||||||||
Other non-current assets |
||||||||
|
|
|
|
|||||
Total assets |
$ | $ | ||||||
|
|
|
|
(in millions, except share and per share data) |
March 31, 2021 |
December 31, 2020 |
||||||
(Unaudited) |
||||||||
Liabilities and Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued liabilities |
||||||||
Current portion of finance leases |
||||||||
Current portion of plant closure provisions |
||||||||
Current portion of accrued income taxes |
||||||||
Current portion of operating lease liabilities |
||||||||
|
|
|
|
|||||
Total current liabilities |
||||||||
Long-term debt |
||||||||
Finance leases, net of current portion |
||||||||
Operating lease liabilities, net of current portion |
||||||||
Plant closure provisions, net of current portion |
||||||||
Accrued income taxes, net of current portion |
||||||||
Unrecognized tax benefits |
||||||||
Deferred tax liabilities |
||||||||
Pension liabilities and post-employment benefits |
||||||||
Other non-current liabilities |
||||||||
Equity: |
||||||||
Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Treasury stock ( |
( |
) | ( |
) | ||||
Retained earnings |
||||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total Innospec stockholders’ equity |
||||||||
Non-controlling interest |
||||||||
|
|
|
|
|||||
Total equity |
||||||||
|
|
|
|
|||||
Total liabilities and equity |
$ | $ | ||||||
|
|
|
|
Three Months Ended March 31 |
||||||||
(in millions) |
2021 |
2020 |
||||||
Cash Flows from Operating Activities |
||||||||
Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
||||||||
Deferred tax expense |
||||||||
Non-cash movements on defined benefit pension plans |
( |
) | ( |
) | ||||
Stock option compensation |
||||||||
Changes in assets and liabilities, net of effects of acquired and divested companies: |
||||||||
Trade and other accounts receivable |
( |
) | ( |
) | ||||
Inventories |
( |
) | ( |
) | ||||
Prepaid expenses |
||||||||
Accounts payable and accrued liabilities |
( |
) | ||||||
Accrued income taxes |
||||||||
Plant closure provisions |
( |
) | ||||||
Other assets and liabilities |
( |
) | ||||||
|
|
|
|
|||||
Net cash provided by operating activities |
||||||||
Cash Flows from Investing Activities |
||||||||
Capital expenditures |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
Cash Flows from Financing Activities |
||||||||
Non-controlling interest |
||||||||
Repayments of finance leases |
( |
) | ( |
) | ||||
Issue of treasury stock |
||||||||
Repurchase of common stock |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash used in financing activities |
( |
) | ( |
) | ||||
Effect of foreign currency exchange rate changes on cash |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net change in cash and cash equivalents |
( |
) | ||||||
Cash and cash equivalents at beginning of period |
||||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period |
$ | $ | ||||||
|
|
|
|
(in millions) |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non- Controlling Interest |
Total Equity |
|||||||||||||||||||||
Balance at December 31, 2020 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Treasury stock reissued |
||||||||||||||||||||||||||||
Treasury stock repurchased |
( |
) | ( |
) | ||||||||||||||||||||||||
Stock option compensation |
||||||||||||||||||||||||||||
Amortization of prior service cost, net of tax |
||||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2021 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non- Controlling Interest |
Total Equity |
|||||||||||||||||||||
Balance at December 31, 2019 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Share of net income |
||||||||||||||||||||||||||||
Treasury stock reissued |
( |
) | ||||||||||||||||||||||||||
Treasury stock repurchased |
( |
) | ( |
) | ||||||||||||||||||||||||
Stock option compensation |
||||||||||||||||||||||||||||
Amortization of prior service credit, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2020 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31 |
||||||||
(in millions) |
2021 |
2020 |
||||||
Net Sales: |
||||||||
Refinery and Performance |
$ | $ | ||||||
Other |
||||||||
|
|
|
|
|||||
Fuel Specialties |
||||||||
|
|
|
|
|||||
Personal Care |
||||||||
Home Care |
||||||||
Other |
||||||||
|
|
|
|
|||||
Performance Chemicals |
||||||||
|
|
|
|
|||||
Oilfield Services |
||||||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
|||||
Gross profit/(loss): |
||||||||
Fuel Specialties |
$ | $ | ||||||
Performance Chemicals |
||||||||
Oilfield Services |
||||||||
Octane Additives |
( |
) | ||||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
|||||
Operating income/(loss): |
||||||||
Fuel Specialties |
$ | $ | ||||||
Performance Chemicals |
||||||||
Oilfield Services |
||||||||
Octane Additives |
( |
) | ||||||
Corporate costs |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total operating income |
$ | $ | ||||||
|
|
|
|
Three Months Ended March 31 |
||||||||
2021 |
2020 |
|||||||
Numerator (in millions): |
||||||||
Net income available to common stockholders |
$ | $ | ||||||
|
|
|
|
|||||
Denominator (in thousands): |
||||||||
Weighted average common shares outstanding |
||||||||
Dilutive effect of stock options and awards |
||||||||
|
|
|
|
|||||
Denominator for diluted earnings per share |
||||||||
|
|
|
|
|||||
Net income per share, basic: |
$ | $ | ||||||
|
|
|
|
|||||
Net income per share, diluted: |
$ | $ | ||||||
|
|
|
|
(in millions) |
Gross Cost |
|||
Opening balance at January 1 |
$ | |||
Exchange effect |
( |
) | ||
|
|
|||
Closing balance at March 31 |
$ | |||
|
|
(in millions) |
2021 |
|||
Gross cost at January 1 |
$ | |||
Exchange effec t |
( |
) | ||
|
|
|||
Gross cost at March 31 |
||||
|
|
|||
Accumulated amortization at January 1 |
( |
) | ||
Amortization expense |
( |
) | ||
Exchange effect |
||||
|
|
|||
Accumulated amortization at March 31 |
( |
) | ||
|
|
|||
Net book amount at March 31 |
$ | |||
|
|
(in millions) |
March 31 2021 |
December 31 2020 |
||||||
Product rights |
$ | $ | ||||||
Brand names |
||||||||
Technology |
||||||||
Customer relationships |
||||||||
Internally developed software |
||||||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
Three Months Ended March 31 |
||||||||
(in millions) |
2021 |
2020 |
||||||
Plan net pension credit/(charge): |
||||||||
Interest cost on projected benefit obligation |
$ | ( |
) | $ | ( |
) | ||
Expected return on plan assets |
||||||||
Amortization of prior service (cost)/credit |
( |
) | ||||||
Amortization of actuarial net losses |
( |
) | ( |
) | ||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
Three Months Ended March 31 |
||||||||
(in millions) |
2021 |
2020 |
||||||
Plan net pension charge: |
||||||||
Interest cost on projected benefit obligation |
$ | $ | ||||||
Amortization of actuarial net losses |
( |
) | ( |
) | ||||
|
|
|
|
|||||
$ |
( |
) | $ |
( |
) | |||
|
|
|
|
(in millions) |
Unrecognized Tax Benefits |
Interest and Penalties |
Total |
|||||||||
Opening balance at January 1 |
$ | $ | $ | |||||||||
Net change for tax positions of prior periods |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Closing balance at March 31 |
||||||||||||
Current |
||||||||||||
|
|
|
|
|
|
|||||||
Non-current |
$ | $ | $ | |||||||||
|
|
|
|
|
|
(in millions) |
2021 |
|||
Total at January 1 |
$ | |||
Charge for the period |
||||
Utilized in the period |
( |
) | ||
Exchange effect |
( |
) | ||
|
|
|||
Total at March 31 |
||||
Due within one year |
( |
) | ||
|
|
|||
Due after one year |
$ | |||
|
|
March 31, 2021 |
December 31, 2020 |
|||||||||||||||
(in millions) |
Carrying Amount |
Fair Value |
Carrying Amount |
Fair Value |
||||||||||||
Assets |
||||||||||||||||
Non-derivatives: |
||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | $ | ||||||||||||
Derivatives (Level 1 measurement): |
||||||||||||||||
Other current and non-current assets: |
||||||||||||||||
Foreign currency forward exchange contracts |
||||||||||||||||
Liabilities |
||||||||||||||||
Non-derivatives: |
||||||||||||||||
Finance leases (including current portion) |
||||||||||||||||
Derivatives (Level 1 measurement): |
||||||||||||||||
Other current and non-current liabilities: |
||||||||||||||||
Foreign currency forward exchange contracts |
||||||||||||||||
Non-financial liabilities (Level 3 measurement): |
||||||||||||||||
Other current and non-current liabilities: |
||||||||||||||||
Stock equivalent units |
Number of Options |
Weighted Average Exercise Price |
Weighted Average Grant-Date Fair Value |
||||||||||
Outstanding at December 31, 2020 |
$ | $ | ||||||||||
Granted - at discount |
$ | $ | ||||||||||
- at market value |
$ | $ | ||||||||||
Exercised |
( |
) | $ | $ | ||||||||
Forfeited |
( |
) | $ | $ | ||||||||
Outstanding at March 31, 2021 |
$ | $ | ||||||||||
Number of SEUs |
Weighted Average Exercise Price |
Weighted Average Grant-Date Fair Value |
||||||||||
Outstanding at December 31, 2020 |
$ | $ | ||||||||||
Granted - at discount |
$ | $ | ||||||||||
- at market value |
$ | $ | ||||||||||
Exercised |
( |
) | $ | $ | ||||||||
Forfeited |
( |
) | $ | $ | ||||||||
Outstanding at March 31, 2021 |
$ | $ | ||||||||||
(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 |
$ | See (1) below | ||||
Amortization of actuarial net losses |
See (1) below | |||||
|
|
|||||
Total before tax | ||||||
( |
) | Income tax expense | ||||
|
|
|||||
Total reclassifications |
$ | Net of tax | ||||
|
|
(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 |
$ | ( |
) | See (¹) below | ||
Amortization of actuarial net losses |
See (¹) below | |||||
|
|
|||||
Total before tax | ||||||
Income tax expense | ||||||
|
|
|||||
Total reclassifications |
$ | Net of tax | ||||
|
|
(1) These items are included in other income and expense. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for additional information. |
(in millions) |
Defined Benefit Pension Plan Items |
Cumulative Translation Adjustments |
Total |
|||||||||
Balance at December 31, 202 0 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
|
|
|
|
|
|
|||||||
Other comprehensive income before reclassifications |
( |
) | ( |
) | ||||||||
Amounts reclassified from AOCL |
||||||||||||
|
|
|
|
|
|
|||||||
Total other comprehensive income |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Balance at March 31, 2021 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
|
|
|
|
|
|
(in millions) |
Defined Benefit Pension Plan Items |
Cumulative Translation Adjustments |
Total |
|||||||||
Balance at December 31, 2019 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
|
|
|
|
|
|
|||||||
Other comprehensive income before reclassification s |
( |
) | ( |
) | ||||||||
Amounts reclassified from AOCL |
||||||||||||
|
|
|
|
|
|
|||||||
Total other comprehensive income |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Balance at March 31, 2020 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
|
|
|
|
|
|
Three Months Ended March 31 |
||||||||
(in millions) |
2021 |
2020 |
||||||
Net sales: |
||||||||
Fuel Specialties |
$ |
139.3 |
$ |
147.0 |
||||
Performance Chemicals |
125.9 |
113.1 |
||||||
Oilfield Services |
74.4 |
112.2 |
||||||
|
|
|
|
|||||
$ |
339.6 |
$ |
372.3 |
|||||
|
|
|
|
|||||
Gross profit/(loss): |
||||||||
Fuel Specialties |
$ |
44.9 |
$ |
51.2 |
||||
Performance Chemicals |
31.4 |
27.6 |
||||||
Oilfield Services |
24.5 |
36.2 |
||||||
Octane Additives |
0.0 |
(1.1 |
) | |||||
|
|
|
|
|||||
$ |
100.8 |
$ |
113.9 |
|||||
|
|
|
|
|||||
Operating income/(loss): |
||||||||
Fuel Specialties |
$ |
23.8 |
$ |
32.1 |
||||
Performance Chemicals |
18.3 |
15.6 |
||||||
Oilfield Services |
1.2 |
7.2 |
||||||
Octane Additives |
0.0 |
(1.2 |
) | |||||
Corporate costs |
(15.1 |
) |
(12.8 |
) | ||||
|
|
|
|
|||||
Total operating income |
$ |
28.2 |
$ |
40.9 |
||||
|
|
|
|
Three Months Ended March 31 |
||||||||||||||||
(in millions, except ratios) |
2021 |
2020 |
Change |
|||||||||||||
Net sales: |
||||||||||||||||
Fuel Specialties |
$ | 139.3 | $ | 147.0 | $ | (7.7 | ) | -5 | % | |||||||
Performance Chemicals |
125.9 | 113.1 | 12.8 | +11 | % | |||||||||||
Oilfield Services |
74.4 | 112.2 | (37.8 | ) | -34 | % | ||||||||||
|
|
|
|
|
|
|||||||||||
$ | 339.6 | $ | 372.3 | $ | (32.7 | ) | -9 | % | ||||||||
|
|
|
|
|
|
|||||||||||
Gross profit: |
| |||||||||||||||
Fuel Specialties |
$ | 44.9 | $ | 51.2 | $ | (6.3 | ) | -12 | % | |||||||
Performance Chemicals |
31.4 | 27.6 | 3.8 | +14 | % | |||||||||||
Oilfield Services |
24.5 | 36.2 | (11.7 | ) | -32 | % | ||||||||||
Octane Additives |
0.0 | (1.1 | ) | 1.1 | -100 | % | ||||||||||
|
|
|
|
|
|
|||||||||||
$ | 100.8 | $ | 113.9 | $ | (13.1 | ) | -12 | % | ||||||||
|
|
|
|
|
|
|||||||||||
Gross margin (%): |
|
|||||||||||||||
Fuel Specialties |
32.2 |
34.8 |
-2.6 |
|||||||||||||
Performance Chemicals |
24.9 |
24.4 |
+0.5 |
|||||||||||||
Oilfield Services |
32.9 |
32.3 |
+0.6 |
|||||||||||||
Aggregate |
29.7 |
30.6 |
-0.9 |
|||||||||||||
Operating expenses: |
||||||||||||||||
Fuel Specialties |
$ | (21.1 | ) | $ | (19.1 | ) | $ | (2.0 | ) | +10 | % | |||||
Performance Chemicals |
(13.1 | ) | (12.0 | ) | (1.1 | ) | +9 | % | ||||||||
Oilfield Services |
(23.3 | ) | (29.0 | ) | 5.7 | -20 | % | |||||||||
Octane Additives |
0.0 | (0.1 | ) | 0.1 | -100 | % | ||||||||||
Corporate costs |
(15.1 | ) | (12.8 | ) | (2.3 | ) | +18 | % | ||||||||
|
|
|
|
|
|
|||||||||||
$ | (72.6 | ) | $ | (73.0 | ) | $ | 0.4 | -1 | % | |||||||
|
|
|
|
|
|
Three Months Ended March 31, 2021 |
||||||||||||||||||||
Change (%) |
Americas |
EMEA |
ASPAC |
AvTel |
Total |
|||||||||||||||
Volume |
-2 | -3 | -2 | -64 | -7 | |||||||||||||||
Price and product mix |
-4 | -6 | -2 | +15 | -3 | |||||||||||||||
Exchange rates |
0 | +12 | +2 | 0 | +5 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
-6 | +3 | -2 | -49 | -5 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2021 |
||||||||||||||||
Change (%) |
Americas |
EMEA |
ASPAC |
Total |
||||||||||||
Volume |
+16 | +5 | -10 | +7 | ||||||||||||
Price and product mix |
+1 | -3 | -4 | -2 | ||||||||||||
Exchange rates |
0 | +9 | +4 | +6 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
+17 | +11 | -10 | +11 | |||||||||||||
|
|
|
|
|
|
|
|
(in millions) |
2021 |
2020 |
Change |
|||||||||
United Kingdom pension credit |
$ | 1.5 | $ | 1.7 | (0.2 | ) | ||||||
German pension charge |
(0.3 | ) | (0.2 | ) | (0.1 | ) | ||||||
Foreign exchange gain on translation |
0.5 | 0.5 | 0.0 | |||||||||
Foreign currency forward contracts gain |
1.3 | 1.9 | (0.6 | ) | ||||||||
|
|
|
|
|
|
|||||||
$ | 3.0 | $ | 3.9 | $ | (0.9 | ) | ||||||
|
|
|
|
|
|
Three Months Ended March 31 |
||||||||
(in millions) |
2021 |
2020 |
||||||
Income before income taxes |
$ | 30.8 | $ | 44.2 | ||||
Indemnification asset regarding tax audit |
0.1 | 0.2 | ||||||
Adjustment for stock compensation |
1.4 | 1.4 | ||||||
Acquisition costs |
0.8 | 0.0 | ||||||
Legacy cost of closed operations |
0.9 | 0.0 | ||||||
|
|
|
|
|||||
Adjusted income before income taxes |
$ | 34.0 | $ | 45.8 | ||||
|
|
|
|
|||||
Income taxes |
$ | 7.4 | $ | 11.1 | ||||
Tax on stock compensation |
0.1 | 0.4 | ||||||
Adjustment of income tax provision |
0.0 | 0.0 | ||||||
Tax on acquisition costs |
0.2 | 0.0 | ||||||
Tax on legacy cost of closed operations |
0.2 | 0.0 | ||||||
|
|
|
|
|||||
Adjusted income taxes |
$ | 7.9 | $ | 11.5 | ||||
|
|
|
|
|||||
GAAP effective tax rate |
24.0 | % | 25.1 | % | ||||
Adjusted effective tax rate |
23.2 | % | 25.1 | % |
(in millions) |
March 31, 2021 |
December 31, 2020 |
||||||
Total current assets |
$ | 607.6 | $ | 566.2 | ||||
Total current liabilities |
(274.3 | ) | (252.4 | ) | ||||
|
|
|
|
|||||
Working capital |
333.3 | 313.8 | ||||||
Less cash and cash equivalents |
(117.0 | ) | (105.3 | ) | ||||
Less prepaid income taxes |
(5.0 | ) | (4.2 | ) | ||||
Less other current assets |
(2.3 | ) | (0.4 | ) | ||||
Add back current portion of accrued income taxes |
8.8 | 5.5 | ||||||
Add back current portion of finance leases |
0.4 | 0.5 | ||||||
Add back current portion of plant closure provisions |
6.6 | 6.6 | ||||||
Add back current portion of operating lease liabilities |
12.2 | 11.3 | ||||||
|
|
|
|
|||||
Adjusted working capital |
$ | 237.0 | $ | 227.8 | ||||
|
|
|
|
Period |
Total number of shares purchased |
Average price paid per share |
||||||
February 1, 2021 through February 28, 2021 |
462 | $ | 97.37 | |||||
|
|
|
|
|||||
March 1, 2021 through March 31, 2021 |
5,601 | $ | 103.25 | |||||
|
|
|
|
|||||
Total |
6,063 | $ | 102.80 | |||||
|
|
|
|
31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101 | XBRL Instance Document and Related Item - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |
104 | Cover Page Interactive Data File – The cover page XBRL tags are embedded within the inline XBRL document. |
INNOSPEC INC. | ||||||
Registrant | ||||||
Date: May 5, 2021 | By | /s/ PATRICK S. WILLIAMS | ||||
Patrick S. Williams | ||||||
President and Chief Executive Officer | ||||||
Date: May 5, 2021 | By | /s/ IAN P. CLEMINSON | ||||
Ian P. Cleminson | ||||||
Executive Vice President and Chief Financial Officer |