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| 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 |
DELAWARE |
||
(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 July 31, 2020 | |
| Common Stock, par value $0.01 |
| PART I |
2 |
|||||
| Item 1 |
2 |
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2 |
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3 |
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4 |
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5 |
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6 |
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7 |
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9 |
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| Item 2 |
22 |
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22 |
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23 |
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32 |
||||||
| Item 3 |
34 |
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| Item 4 |
35 |
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| PART II |
36 |
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| Item 1 |
36 |
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| Item 1A |
36 |
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| Item 2 |
36 |
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| Item 3 |
37 |
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| Item 4 |
37 |
|||||
| Item 5 |
37 |
|||||
| Item 6 |
37 |
|||||
38 |
||||||
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
| (in millions, except share and per share data) |
2020 |
2019 |
2020 |
2019 |
||||||||||||
| Net sales |
$ | $ | $ | $ | ||||||||||||
| Cost of goods sold |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
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|||||||||
| Gross profit |
||||||||||||||||
| Operating expenses: |
||||||||||||||||
| Selling, general and administrative |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Research and development |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Restructuring charge |
( |
) | ( |
) | ||||||||||||
| Impairment of intangible assets |
( |
) | ( |
) | ||||||||||||
| |
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| Total operating expenses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
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|||||||||
| Operating (loss)/income |
( |
) | ( |
) | ||||||||||||
| Other income, net |
||||||||||||||||
| Interest expense, net |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
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|||||||||
| (Loss)/income before income tax expense |
( |
) | ( |
) | ||||||||||||
| Income tax credit/(expense) |
( |
) | ( |
) | ||||||||||||
| |
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|||||||||
| Net (loss)/income |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
| |
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|||||||||
| Earnings per share: |
||||||||||||||||
| Basic |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
| |
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| Diluted |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
| |
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| Weighted average shares outstanding (in thousands): |
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| Basic |
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| Diluted |
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Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
| (in millions) |
2020 |
2019 |
2020 |
2019 |
||||||||||||
| Net (loss)/income |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
| |
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| Other comprehensive income/(loss): |
||||||||||||||||
| Changes in cumulative translation adjustment, net of tax of $( |
( |
) | ( |
) | ||||||||||||
| Changes in unrealized losses on derivative instruments, net of tax of $ |
( |
) | ( |
) | ||||||||||||
| Amortization of prior service credit, net of tax of $ |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Amortization of actuarial net losses, net of tax of $ |
||||||||||||||||
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| Total other comprehensive income/(loss) |
( |
) | ( |
) | ||||||||||||
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| Total comprehensive (loss)/income |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
| |
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| (in millions, except share and per share data) |
June 30, 2020 |
December 31, 2019 |
||||||
(Unaudited) |
||||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | $ | ||||||
| Trade and other accounts receivable (less allowances of $ |
||||||||
| Inventories (less allowances of $ |
||||||||
| Finished goods |
||||||||
| Raw materials |
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| Total inventories |
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| Prepaid expenses |
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| Prepaid income taxes |
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| Other current assets |
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| Total current assets |
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| Net property, plant and equipment |
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| Operating lease right-of-use |
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| Goodwill |
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| Other intangible assets |
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| Deferred tax assets |
||||||||
| Pension asset |
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| Other non-current assets |
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| Total assets |
$ | $ | ||||||
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|||||
| (in millions, except share and per share data) |
June 30, 2020 |
December 31, 2019 |
||||||
(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 |
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|||||
| Total current liabilities |
||||||||
| Long-term debt |
||||||||
| Finance leases, net of current portion |
||||||||
| Plant closure provisions, net of current portion |
||||||||
| Accrued income taxes, net of current portion |
||||||||
| Unrecognized tax benefits |
||||||||
| Operating lease liabilities, net of current portion |
||||||||
| 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 |
( |
) | ( |
) | ||||
| |
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|||||
| Total Innospec stockholders’ equity |
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| Non-controlling interest |
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|||||
| Total equity |
||||||||
| |
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|||||
| Total liabilities and equity |
$ | $ | ||||||
| |
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|||||
Six Months Ended June 30 |
||||||||
| (in millions) |
2020 |
2019 |
||||||
| Cash Flows from Operating Activities |
||||||||
| Net (loss)/income |
$ | ( |
) | $ | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
||||||||
| Impairment of intangible assets |
||||||||
| Impairment of tangible assets |
||||||||
| Deferred tax expense |
( |
) | ||||||
| Cash contributions to defined benefit pension plans |
( |
) | ||||||
| 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 |
||||||||
| Unrecognized tax benefits |
( |
) | ||||||
| Other assets and liabilities |
||||||||
| |
|
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|||||
| Net cash provided by operating activities |
||||||||
| Cash Flows from Investing Activities |
||||||||
| Capital expenditures |
( |
) | ( |
) | ||||
| Internally developed software |
( |
) | ||||||
| |
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|||||
| Net cash used in investing activities |
( |
) | ( |
) | ||||
| Cash Flows from Financing Activities |
||||||||
| Non-controlling interest |
||||||||
| Proceeds from revolving credit facility |
||||||||
| Repayments of revolving credit facility |
( |
) | ( |
) | ||||
| Receipt of short-term borrowing |
||||||||
| Repayments of finance leases |
( |
) | ( |
) | ||||
| Dividend paid |
( |
) | ( |
) | ||||
| 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 |
$ | $ | ||||||
| |
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|||||
(in millions) |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non- Controlling Interest |
Total Equity |
|||||||||||||||||||||
Balance at December 31, 2019 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Net income |
( |
) | ( |
) | ||||||||||||||||||||||||
Dividend paid ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
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 June 30, 2020 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
(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, 2018 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Dividend paid ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Changes in unrealized gains on derivative instruments, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Share of net income |
( |
) | ( |
) | ||||||||||||||||||||||||
Treasury stock reissued |
( |
) | ||||||||||||||||||||||||||
Treasury stock repurchased |
( |
) | ( |
) | ||||||||||||||||||||||||
Stock option compensation |
||||||||||||||||||||||||||||
Amortization of prior service credit, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Balance at June 30, 2019 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
(in millions) |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non- Controlling Interest |
Total Equity |
|||||||||||||||||||||
Balance at March 31, 2020 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Net income |
( |
) | ( |
) | ||||||||||||||||||||||||
Dividend paid ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
||||||||||||||||||||||||||||
Treasury stock reissued |
||||||||||||||||||||||||||||
Stock option compensation |
||||||||||||||||||||||||||||
Amortization of prior service credit, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax |
||||||||||||||||||||||||||||
Balance at June 30, 2020 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
(in millions) |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non- Controlling Interest |
Total Equity |
|||||||||||||||||||||
Balance at March 31, 2019 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Dividend paid ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
||||||||||||||||||||||||||||
Changes in unrealized gains on derivative instruments, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Share of net income |
( |
) | ( |
) | ||||||||||||||||||||||||
Treasury stock reissued |
||||||||||||||||||||||||||||
Treasury stock repurchased |
( |
) | ( |
) | ||||||||||||||||||||||||
Stock option compensation |
||||||||||||||||||||||||||||
Amortization of prior service credit, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Balance at June 30, 2019 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
(in millions) |
2020 |
2019 |
2020 |
2019 |
||||||||||||
Net Sales: |
||||||||||||||||
Refinery and Performance |
$ | $ | $ | $ | ||||||||||||
Other |
||||||||||||||||
Fuel Specialties |
||||||||||||||||
Personal Care |
||||||||||||||||
Home Care |
||||||||||||||||
Other |
||||||||||||||||
Performance Chemicals |
||||||||||||||||
Oilfield Services |
||||||||||||||||
Octane Additives |
||||||||||||||||
| $ | $ | $ |
$ |
|||||||||||||
Gross profit/(loss): |
||||||||||||||||
Fuel Specialties |
$ | $ | $ | $ | ||||||||||||
Performance Chemicals |
||||||||||||||||
Oilfield Services |
||||||||||||||||
Octane Additives |
( |
) | ( |
) | ( |
) | ||||||||||
| $ | $ | $ |
$ |
|||||||||||||
Operating income/(loss): |
||||||||||||||||
Fuel Specialties |
$ | $ | $ | $ | ||||||||||||
Performance Chemicals |
||||||||||||||||
Oilfield Services |
( |
) | ( |
) | ||||||||||||
Octane Additives |
( |
) | ( |
) | ( |
) | ||||||||||
Corporate costs |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Restructuring charge |
( |
) | ( |
) | ||||||||||||
Impairment of intangible assets |
( |
) | ( |
) | ||||||||||||
Total operating (loss)/ income |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Numerator (in millions): |
||||||||||||||||
Net (loss)/ 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 (loss)/ income per share, basic: |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
Net (loss)/ income per share, diluted: |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
(in millions) |
Gross Cost |
Accumulated Impairment Losses |
Net Book Amount |
|||||||||
Opening balance at January 1 |
$ | $ | ( |
) | $ | |||||||
Exchange effect |
||||||||||||
Closing balance at June 30 |
$ | $ | ( |
) | $ | |||||||
(in millions) |
2020 |
|||
Gross cost at January 1 |
$ | |||
Exchange effect |
||||
Gross cost at June 30 |
||||
Accumulated amortization at January 1 |
( |
) | ||
Amortization expense |
( |
) | ||
Impairment |
( |
) | ||
Exchange effect |
||||
Accumulated amortization at June 30 |
( |
) | ||
Net book amount at June 30 |
$ | |||
(in millions) |
June 30 2020 |
December 31 2019 |
||||||
Product rights |
$ | $ | ||||||
Brand names |
||||||||
Technology |
||||||||
Customer relationships |
||||||||
Internally developed software |
||||||||
| $ | $ | |||||||
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
(in millions) |
2020 |
2019 |
2020 |
2019 |
||||||||||||
Plan net pension credit/(charge): |
||||||||||||||||
Interest cost on projected benefit obligation |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Expected return on plan assets |
||||||||||||||||
Amortization of prior service credit |
||||||||||||||||
Amortization of actuarial net losses |
( |
) | ( |
) | ||||||||||||
| $ | $ | $ | $ | |||||||||||||
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
(in millions) |
2020 |
2019 |
2020 |
2019 |
||||||||||||
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 June 30 |
||||||||||||
Current |
||||||||||||
Non-current |
$ | $ | $ | |||||||||
(in millions) |
June 30, 2020 |
December 31, 2019 |
||||||
Revolving credit facility |
$ | $ | ||||||
Deferred finance costs |
( |
) | ( |
) | ||||
Less current portion |
||||||||
| $ | $ | |||||||
(in millions) |
2020 |
|||
Total at January 1 |
$ | |||
Charge for the period |
||||
Utilized in the period |
( |
) | ||
Exchange effect |
||||
Total at June 30 |
||||
Due within one year |
( |
) | ||
Due after one year |
$ | |||
June 30, 2020 |
December 31, 2019 |
|||||||||||||||
(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: |
||||||||||||||||
Long-term debt (including current portion) |
$ | $ | $ | $ | ||||||||||||
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, 2019 |
$ | $ | ||||||||||
Granted - at discount |
$ | $ | ||||||||||
- at market value |
$ | $ | ||||||||||
Exercised |
( |
) | $ | $ | ||||||||
Forfeited |
( |
) | $ | $ | ||||||||
Outstanding at June 30, 2020 |
$ | $ | ||||||||||
Number of SEUs |
Weighted Average Exercise Price |
Weighted Average Grant-Date Fair Value |
||||||||||
Outstanding at December 31, 2019 |
$ | $ | ||||||||||
Granted - at discount |
$ | $ | ||||||||||
- at market value |
$ | $ | ||||||||||
Exercised |
( |
) | $ | $ | ||||||||
Forfeited |
( |
) | $ | $ | ||||||||
Outstanding at June 30, 2020 |
$ | $ | ||||||||||
(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 7 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, 2019 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Other comprehensive income before reclassifications |
( |
) | ( |
) | ||||||||
Amounts reclassified from AOCL |
||||||||||||
Total other comprehensive income |
( |
) | ( |
) | ||||||||
Balance at June 30, 2020 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
| (in millions) |
2020 |
2019 |
2020 |
2019 |
||||||||||||
| Net sales: |
||||||||||||||||
| Fuel Specialties |
$ | 107.4 | $ | 133.3 | $ | 254.4 | $ | 289.3 | ||||||||
| Performance Chemicals |
95.7 | 104.7 | 208.8 | 222.8 | ||||||||||||
| Oilfield Services |
41.8 | 122.5 | 154.0 | 236.7 | ||||||||||||
| Octane Additives |
0.0 | 1.9 | 0.0 | 1.9 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| $ | 244.9 | $ | 362.4 | $ | 617.2 | $ | 750.7 | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Gross profit/(loss): |
||||||||||||||||
| Fuel Specialties |
$ | 25.4 | $ | 44.7 | $ | 76.6 | $ | 100.4 | ||||||||
| Performance Chemicals |
24.9 | 24.0 | 52.5 | 50.6 | ||||||||||||
| Oilfield Services |
9.9 | 41.5 | 46.1 | 79.2 | ||||||||||||
| Octane Additives |
(1.1 | ) | 0.9 | (2.2 | ) | (1.3 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| $ | 59.1 | $ | 111.1 | $ | 173.0 | $ | 228.9 | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Operating income/(loss): |
||||||||||||||||
| Fuel Specialties |
$ | 4.7 | $ | 24.1 | 36.8 | 57.0 | ||||||||||
| Performance Chemicals |
12.2 | 11.0 | 27.8 | 24.5 | ||||||||||||
| Oilfield Services |
(12.4 | ) | 10.1 | (5.2 | ) | 17.9 | ||||||||||
| Octane Additives |
(1.6 | ) | 0.1 | (2.8 | ) | (2.7 | ) | |||||||||
| Corporate costs |
(15.4 | ) | (13.6 | ) | (28.2 | ) | (28.8 | ) | ||||||||
| Restructuring charge |
(21.1 | ) | 0.0 | (21.1 | ) | 0.0 | ||||||||||
| Impairment of intangible assets |
(19.8 | ) | 0.0 | (19.8 | ) | 0.0 | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total operating (loss)/income |
$ | (53.4 | ) | $ | 31.7 | $ | (12.5 | ) | $ | 67.9 | ||||||
| |
|
|
|
|
|
|
|
|||||||||
Three Months Ended June 30 |
||||||||||||||||
| (in millions, except ratios) |
2020 |
2019 |
Change |
|||||||||||||
| Net sales: |
||||||||||||||||
| Fuel Specialties |
$ | 107.4 | $ | 133.3 | $ | (25.9 | ) | -19 | % | |||||||
| Performance Chemicals |
95.7 | 104.7 | (9.0 | ) | -9 | % | ||||||||||
| Oilfield Services |
41.8 | 122.5 | (80.7 | ) | -66 | % | ||||||||||
| Octane Additives |
0.0 | 1.9 | (1.9 | ) | -100 | % | ||||||||||
| |
|
|
|
|
|
|||||||||||
| $ | 244.9 | $ | 362.4 | $ | (117.5 | ) | -32 | % | ||||||||
| |
|
|
|
|
|
|||||||||||
Gross profit/(loss): |
||||||||||||||||
| Fuel Specialties |
$ | 25.4 | $ | 44.7 | $ | (19.3 | ) | -43 | % | |||||||
| Performance Chemicals |
24.9 | 24.0 | 0.9 | +4 | % | |||||||||||
| Oilfield Services |
9.9 | 41.5 | (31.6 | ) | -76 | % | ||||||||||
| Octane Additives |
(1.1 | ) | 0.9 | (2.0 | ) | -222 | % | |||||||||
| |
|
|
|
|
|
|||||||||||
| $ | 59.1 | $ | 111.1 | $ | (52.0 | ) | -47 | % | ||||||||
| |
|
|
|
|
|
|||||||||||
| Gross margin (%): |
||||||||||||||||
| Fuel Specialties |
23.6 |
33.5 |
-9.9 |
|||||||||||||
| Performance Chemicals |
26.0 |
22.9 |
+3.1 |
|||||||||||||
| Oilfield Services |
23.7 |
33.9 |
-10.2 |
|||||||||||||
| Octane Additives |
n/a |
47.4 |
n/a |
|||||||||||||
| Aggregate |
24.1 |
30.7 |
-6.6 |
|||||||||||||
| Operating expenses: |
||||||||||||||||
| Fuel Specialties |
$ | (20.7 | ) | $ | (20.6 | ) | $ | (0.1 | ) | 0 | % | |||||
| Performance Chemicals |
(12.7 | ) | (13.0 | ) | 0.3 | -2 | % | |||||||||
| Oilfield Services |
(22.3 | ) | (31.4 | ) | 9.1 | -29 | % | |||||||||
| Octane Additives |
(0.5 | ) | (0.8 | ) | 0.3 | -38 | % | |||||||||
| Corporate costs |
(15.4 | ) | (13.6 | ) | (1.8 | ) | +13 | % | ||||||||
| Restructuring charge |
(21.1 | ) | 0.0 | (21.1 | ) | n/a | ||||||||||
| Impairment of intangible assets |
(19.8 | ) | 0.0 | (19.8 | ) | n/a | ||||||||||
| |
|
|
|
|
|
|||||||||||
| $ | (112.5 | ) | $ | (79.4 | ) | $ | 33.1 | +42 | % | |||||||
| |
|
|
|
|
|
|||||||||||
Three Months Ended June 30, 2020 |
||||||||||||||||||||
| Change (%) |
Americas |
EMEA |
ASPAC |
AvTel |
Total |
|||||||||||||||
| Volume |
-21 | -9 | -23 | -16 | -15 | |||||||||||||||
| Price and product mix |
+3 | -4 | -10 | -4 | -3 | |||||||||||||||
| Exchange rates |
0 | -3 | 0 | 0 | -1 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| -18 | -16 | -33 | -20 | -19 | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
Three Months Ended June 30, 2020 |
||||||||||||||||
| Change (%) |
Americas |
EMEA |
ASPAC |
Total |
||||||||||||
| Volume |
+3 | -9 | +13 | -4 | ||||||||||||
| Price and product mix |
-13 | 0 | +3 | -4 | ||||||||||||
| Exchange rates |
0 | -1 | -1 | -1 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| -10 | -10 | +15 | -9 | |||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| (in millions) |
2020 |
2019 |
Change |
|||||||||
| . |
||||||||||||
| United Kingdom pension credit |
$ | 1.6 | $ | 1.9 | $ | (0.3 | ) | |||||
| German pension charge |
(0.3 | ) | 0.0 | (0.3 | ) | |||||||
| Foreign exchange loss on translation |
(1.1 | ) | (2.7 | ) | 1.6 | |||||||
| Foreign currency forward contracts (loss)/gain |
(0.1 | ) | 0.8 | (0.9 | ) | |||||||
| |
|
|
|
|
|
|||||||
| $ | 0.1 | $ | 0.0 | $ | 0.1 | |||||||
| |
|
|
|
|
|
|||||||
Three Months Ended June 30 |
||||||||
| (in millions) |
2020 |
2019 |
||||||
| (Loss)/income before income taxes |
$ | (53.8 | ) | $ | 30.5 | |||
| Indemnification asset regarding tax audit |
(0.5 | ) | 0.0 | |||||
| Adjustment for stock compensation |
(1.4 | ) | 1.1 | |||||
| Restructuring charge |
21.1 | 0.0 | ||||||
| Impairment of acquired intangible assets |
19.8 | 0.0 | ||||||
| |
|
|
|
|||||
| $ | (14.8 | ) | $ | 31.6 | ||||
| |
|
|
|
|||||
| Income taxes |
$ | (14.1 | ) | $ | 8.2 | |||
| Tax on stock compensation |
0.1 | 0.3 | ||||||
| Adjustment of income tax provision |
1.2 | (0.4 | ) | |||||
| Tax on restructuring charge |
4.3 | 0.0 | ||||||
| Tax on impairment of acquired intangible assets |
4.6 | 0.0 | ||||||
| Tax on foreign exchange on distribution |
0.4 | 0.0 | ||||||
| |
|
|
|
|||||
| $ | (3.5 | ) | $ | 8.1 | ||||
| |
|
|
|
|||||
| GAAP effective tax rate |
26.2 | % | 26.9 | % | ||||
| Adjusted effective tax rate |
23.6 | % | 25.6 | % | ||||
Six Months Ended June 30 |
||||||||||||||||
| (in millions, except ratios) |
2020 |
2019 |
Change |
|||||||||||||
| Net sales: |
||||||||||||||||
| Fuel Specialties |
$ | 254.4 | $ | 289.3 | $ | (34.9 | ) | -12 | % | |||||||
| Performance Chemicals |
208.8 | 222.8 | (14.0 | ) | -6 | % | ||||||||||
| Oilfield Services |
154.0 | 236.7 | (82.7 | ) | -35 | % | ||||||||||
| Octane Additives |
0.0 | 1.9 | (1.9 | ) | -100 | % | ||||||||||
| |
|
|
|
|
|
|||||||||||
| $ | 617.2 | $ | 750.7 | $ | (133.5 | ) | -18 | % | ||||||||
| |
|
|
|
|
|
|||||||||||
Gross profit/(loss): |
||||||||||||||||
| Fuel Specialties |
$ | 76.6 | $ | 100.4 | $ | (23.8 | ) | -24 | % | |||||||
| Performance Chemicals |
52.5 | 50.6 | 1.9 | +4 | % | |||||||||||
| Oilfield Services |
46.1 | 79.2 | (33.1 | ) | -42 | % | ||||||||||
| Octane Additives |
(2.2 | ) | (1.3 | ) | (0.9 | ) | +69 | % | ||||||||
| |
|
|
|
|
|
|||||||||||
| $ | 173.0 | $ | 228.9 | $ | (55.9 | ) | -24 | % | ||||||||
| |
|
|
|
|
|
|||||||||||
| Gross margin (%): |
||||||||||||||||
| Fuel Specialties |
30.1 |
34.7 |
-4.6 |
|||||||||||||
| Performance Chemicals |
25.1 |
22.7 |
+2.4 |
|||||||||||||
| Oilfield Services |
29.9 |
33.5 |
-3.6 |
|||||||||||||
| Octane Additives |
n/a |
n/a |
n/a |
|||||||||||||
| Aggregate |
28.0 |
30.5 |
-2.5 |
|||||||||||||
| Operating expenses: |
||||||||||||||||
| Fuel Specialties |
$ | (39.8 | ) | $ | (43.4 | ) | $ | 3.6 | -8 | % | ||||||
| Performance Chemicals |
(24.7 | ) | (26.1 | ) | 1.4 | -5 | % | |||||||||
| Oilfield Services |
(51.3 | ) | (61.3 | ) | 10.0 | -16 | % | |||||||||
| Octane Additives |
(0.6 | ) | (1.4 | ) | 0.8 | -57 | % | |||||||||
| Corporate costs |
(28.2 | ) | (28.8 | ) | 0.6 | -2 | % | |||||||||
| Restructuring charge |
(21.1 | ) | 0.0 | (21.1 | ) | n/a | ||||||||||
| Impairment of intangible assets |
(19.8 | ) | 0.0 | (19.8 | ) | n/a | ||||||||||
| |
|
|
|
|
|
|||||||||||
| $ | (185.5 | ) | $ | (161.0 | ) | $ | (24.5 | ) | -15 | % | ||||||
| |
|
|
|
|
|
|||||||||||
Six Months Ended June 30, 2020 |
||||||||||||||||||||
| Change (%) |
Americas |
EMEA |
ASPAC |
AvTel |
Total |
|||||||||||||||
| Volume |
-10 | -9 | -19 | +16 | -9 | |||||||||||||||
| Price and product mix |
+1 | -2 | -3 | -9 | -2 | |||||||||||||||
| Exchange rates |
0 | -3 | 0 | 0 | -1 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| -9 | -14 | -22 | +7 | -12 | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
Six Months Ended June 30, 2020 |
||||||||||||||||
| Change (%) |
Americas |
EMEA |
ASPAC |
Total |
||||||||||||
| Volume |
+8 | -5 | +36 | +2 | ||||||||||||
| Price and product mix |
-12 | -4 | -2 | -7 | ||||||||||||
| Exchange rates |
0 | -2 | -1 | -1 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| -4 | -11 | +33 | -6 | |||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| (in millions) |
2020 |
2019 |
Change |
|||||||||
| United Kingdom pension credit |
$ | 3.3 | $ | 3.8 | $ | (0.5 | ) | |||||
| German pension charge |
(0.5 | ) | (0.2 | ) | (0.3 | ) | ||||||
| Foreign exchange losses on translation |
(0.6 | ) | (0.5 | ) | (0.1 | ) | ||||||
| Foreign currency forward contracts gains |
1.8 | 1.0 | 0.8 | |||||||||
| |
|
|
|
|
|
|||||||
| $ | 4.0 | $ | 4.1 | $ | (0.1 | ) | ||||||
| |
|
|
|
|
|
|||||||
Six Months Ended June 30 |
||||||||
| (in millions) |
2020 |
2019 |
||||||
| (Loss)/income before income taxes |
$ | (9.6 | ) | $ | 69.3 | |||
| Indemnification asset regarding tax audit |
(0.3 | ) | 0.0 | |||||
| Adjustment for stock compensation |
0.0 | 2.6 | ||||||
| Restructuring charge |
21.1 | 0.0 | ||||||
| Impairment of acquired intangible assets |
19.8 | 0.0 | ||||||
| |
|
|
|
|||||
| $ | 31.0 | $ | 71.9 | |||||
| |
|
|
|
|||||
| Income taxes |
$ | (3.0 | ) | $ | 18.3 | |||
| Tax on stock compensation |
0.5 | 1.3 | ||||||
| Adjustment of income tax provision |
1.2 | (0.6 | ) | |||||
| Tax on restructuring charge |
4.3 | 0.0 | ||||||
| Tax on impairment of acquired intangible assets |
4.6 | 0.0 | ||||||
| Tax on foreign exchange on distribution |
0.4 | 0.0 | ||||||
| |
|
|
|
|||||
| $ | 8.0 | $ | 19.0 | |||||
| |
|
|
|
|||||
| GAAP effective tax rate |
31.3 | % | 26.4 | % | ||||
| Adjusted effective tax rate |
25.8 | % | 26.4 | % | ||||
| (in millions) |
June 30, 2020 |
December 31, 2019 |
||||||
| Total current assets |
$ | 532.9 | $ | 630.3 | ||||
| Total current liabilities |
(219.2 | ) | (303.5 | ) | ||||
| |
|
|
|
|||||
| Working capital |
313.7 | 326.8 | ||||||
| Less cash and cash equivalents |
(58.2 | ) | (75.7 | ) | ||||
| Less prepaid income taxes |
(8.0 | ) | (2.5 | ) | ||||
| Less other current assets |
0.0 | (0.8 | ) | |||||
| Add back current portion of accrued income taxes |
8.4 | 10.3 | ||||||
| Add back current portion of finance leases |
0.6 | 1.0 | ||||||
| Add back current portion of plant closure provisions |
6.3 | 5.6 | ||||||
| Add back current portion of operating lease liabilities |
11.0 | 10.6 | ||||||
| |
|
|
|
|||||
| Adjusted working capital |
$ | 273.8 | $ | 275.3 | ||||
| |
|
|
|
|||||
| 31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
| 31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
| 32.1 | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
| 32.2 | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
| 101 | XBRL Instance Document and Related Item - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |
| 104 | Cover Page Interactive Data File – The cover page XBRL tags are embedded within the inline XBRL document. | |
| INNOSPEC INC. | ||||||
Registrant | ||||||
| Date: August 5, 2020 | By | /s/ PATRICK S. WILLIAMS | ||||
Patrick S. Williams | ||||||
President and Chief Executive Officer | ||||||
| Date: August 5, 2020 | By | /s/ IAN P. CLEMINSON | ||||
Ian P. Cleminson | ||||||
Executive Vice President and Chief Financial Officer | ||||||
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|