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 |
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| |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
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| |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
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|
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☒ |
Accelerated filer |
☐ | |||
Non-accelerated filer |
☐ |
Smaller reporting company |
| |||
Emerging growth company |
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Class |
Outstanding as of April 30, 2020 |
|||
Common Stock, par value $0.01 |
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PART I |
2 |
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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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8 |
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Item 2 |
21 |
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21 |
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22 |
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27 |
||||||
Item 3 |
29 |
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Item 4 |
30 |
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PART II |
31 |
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Item 1 |
31 |
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Item 1A |
31 |
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Item 2 |
31 |
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Item 3 |
32 |
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Item 4 |
32 |
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Item 5 |
32 |
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Item 6 |
32 |
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33 |
Three Months Ended March 31 |
||||||||
(in millions, except share and per share data) |
2020 |
2019 |
||||||
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) |
2020 |
2019 |
||||||
Net income |
$ | $ | ||||||
Other comprehensive income/(loss): |
||||||||
Changes in cumulative translation adjustment, net of tax of $ |
( |
) | ( |
) | ||||
Changes in unrealized gains 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 $ |
||||||||
Total other comprehensive loss |
( |
) | ( |
) | ||||
Total comprehensive income |
$ | $ | ||||||
(in millions, except share and per share data) |
March 31, 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 |
||||||||
Total inventories |
||||||||
Prepaid expenses |
||||||||
Prepaid income taxes |
||||||||
Other current assets |
||||||||
Total current assets |
||||||||
Net property, plant and equipment |
||||||||
Operating lease right-of-use assets |
||||||||
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, 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 |
||||||||
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, $ shares, issued |
||||||||
Additional paid-in capital |
||||||||
Treasury stock ( respectively) |
( |
) | ( |
) | ||||
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) |
2020 |
2019 |
||||||
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 |
|
|
||||||
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 |
|
( |
) | |||||
Net cash provided by operating activities |
|
|
||||||
Cash Flows from Investing Activities |
||||||||
Capital expenditures |
( |
) | ( |
) | ||||
Internally developed software |
|
( |
) | |||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
Cash Flows from Financing Activitie |
||||||||
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, 2019 |
$ | |
$ | |
$ | ( |
) | $ | |
$ | ( |
) | $ | |
$ | |
||||||||||||
Net income |
|
|
||||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Non-controlling interest investment |
|
|
||||||||||||||||||||||||||
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 |
$ | |
$ | |
$ | ( |
) | $ | |
$ | ( |
) | $ | |
$ | |
||||||||||||
(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 |
|
|
||||||||||||||||||||||||||
Changes in cumulative translation adjustment, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Changes in unrealized gains on derivative instruments, net of tax |
( |
) | ( |
) | ||||||||||||||||||||||||
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, 2019 |
$ | |
$ | |
$ | ( |
) | $ | |
$ | ( |
) | $ | |
$ | |
||||||||||||
Three Months Ended March 31 |
||||||||
(in millions) |
2020 |
2019 |
||||||
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 |
||||||||
(in millions) |
2020 |
2019 |
||||||
Depreciation: |
||||||||
Fuel Specialties |
$ |
|
$ | |
||||
Performance Chemicals |
|
|
||||||
Oilfield Services |
|
|
||||||
Octane Additives |
|
|
||||||
Corporate |
|
|
||||||
$ | |
$ | |
|||||
Amortization: |
||||||||
Performance Chemicals |
|
|
||||||
Oilfield Services |
|
|
||||||
Corporate |
|
|
||||||
$ | |
$ | |
|||||
Three Months Ended March 31 |
||||||||
2020 |
2019 |
|||||||
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 |
Accumulated Impairment Losses |
Net Book Amount |
|||||||||
Opening balance at January 1 |
$ | |
$ | ( |
) | $ | |
|||||
Exchange effect |
( |
) | |
( |
) | |||||||
Closing balance at March 31 |
$ | |
$ | ( |
) | $ | |
|||||
(in millions) |
2020 |
|||
Gross cost at January 1 |
$ | |||
Exchange effect |
( |
) | ||
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 2020 |
December 31 2019 |
||||||
Product rights |
$ | $ | ||||||
Brand names |
||||||||
Technology |
||||||||
Customer relationships |
||||||||
Internally developed software |
||||||||
$ | $ | |||||||
Three Months Ended March 31 |
||||||||
(in millions) |
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 March 31 |
||||||||
(in millions) |
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 |
$ | $ | $ | |||||||||
Additions for tax positions of prior periods |
||||||||||||
Closing balance at March 31 |
||||||||||||
Current |
||||||||||||
Non-current |
$ | $ | $ | |||||||||
(in millions) |
March 31, 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 March 31 |
||||
Due within one year |
( |
) | ||
Due after one year |
$ | |||
March 31, 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 March 31, 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 March 31, 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 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, 2019 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Other comprehensive income before reclassifications |
( |
) | ( |
) | ||||||||
Amounts reclassified from AOCL |
||||||||||||
Total other comprehensive income |
( |
) | ( |
) | ||||||||
Balance at March 31, 2020 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Item 2 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Three Months Ended March 31, 2020 |
Three Months Ended March 31 |
||||||||
(in millions) |
2020 |
2019 |
||||||
Net sales: |
||||||||
Fuel Specialties |
$ | 147.0 |
$ | 156.0 |
||||
Performance Chemicals |
113.1 |
118.1 |
||||||
Oilfield Services |
112.2 |
114.2 |
||||||
$ | 372.3 |
$ | 388.3 |
|||||
Gross profit/(loss): |
||||||||
Fuel Specialties |
$ | 51.2 |
$ | 55.7 |
||||
Performance Chemicals |
27.6 |
26.6 |
||||||
Oilfield Services |
36.2 |
37.7 |
||||||
Octane Additives |
(1.1 |
) | (2.2 |
) | ||||
$ | 113.9 |
$ | 117.8 |
|||||
Operating income/(loss): |
||||||||
Fuel Specialties |
$ | 32.1 |
$ | 32.9 |
||||
Performance Chemicals |
15.6 |
13.5 |
||||||
Oilfield Services |
7.2 |
7.8 |
||||||
Octane Additives |
(1.2 |
) | (2.8 |
) | ||||
Corporate costs |
(12.8 |
) | (15.2 |
) | ||||
Total operating income |
$ | 40.9 |
$ | 36.2 |
||||
Three Months Ended March 31 |
||||||||||||||||
(in millions, except ratios) |
2020 |
2019 |
Change |
|||||||||||||
Net sales: |
||||||||||||||||
Fuel Specialties |
$ | 147.0 |
$ | 156.0 |
$ | (9.0 |
) | -6 |
% | |||||||
Performance Chemicals |
113.1 |
118.1 |
(5.0 |
) | -4 |
% | ||||||||||
Oilfield Services |
112.2 |
114.2 |
(2.0 |
) | -2 |
% | ||||||||||
$ | 372.3 |
$ | 388.3 |
$ | (16.0 |
) | -4 |
% | ||||||||
Gross profit/(loss): |
||||||||||||||||
Fuel Specialties |
$ | 51.2 |
$ | 55.7 |
$ | (4.5 |
) | -8 |
% | |||||||
Performance Chemicals |
27.6 |
26.6 |
1.0 |
+4 |
% | |||||||||||
Oilfield Services |
36.2 |
37.7 |
(1.5 |
) | -4 |
% | ||||||||||
Octane Additives |
(1.1 |
) | (2.2 |
) | 1.1 |
+50 |
% | |||||||||
$ | 113.9 |
$ | 117.8 |
$ | (3.9 |
) | -3 |
% | ||||||||
Gross margin (%): |
||||||||||||||||
Fuel Specialties |
34.8 |
35.7 |
-0.9 |
|||||||||||||
Performance Chemicals |
24.4 |
22.5 |
+1.9 |
|||||||||||||
Oilfield Services |
32.3 |
33.0 |
-0.7 |
|||||||||||||
Octane Additives |
n/a |
n/a |
n/a |
|||||||||||||
Aggregate |
30.6 |
30.3 |
+0.3 |
|||||||||||||
Operating expenses: |
||||||||||||||||
Fuel Specialties |
$ | (19.1 |
) | $ | (22.8 |
) | $ | 3.7 |
-16 |
% | ||||||
Performance Chemicals |
(12.0 |
) | (13.1 |
) | 1.1 |
-8 |
% | |||||||||
Oilfield Services |
(29.0 |
) | (29.9 |
) | 0.9 |
-3 |
% | |||||||||
Octane Additives |
(0.1 |
) | (0.6 |
) | 0.5 |
-83 |
% | |||||||||
Corporate costs |
(12.8 |
) | (15.2 |
) | 2.4 |
-16 |
% | |||||||||
$ | (73.0 |
) | $ | (81.6 |
) | $ | 8.6 |
-11 |
% | |||||||
Three Months Ended March 31, 2020 |
||||||||||||||||||||
Change (%) |
Americas |
EMEA |
ASPAC |
AvTel |
Total |
|||||||||||||||
Volume |
-7 |
-11 |
-12 |
+88 |
-5 |
|||||||||||||||
Price and product mix |
+5 |
+2 |
+1 |
-42 |
+1 |
|||||||||||||||
Exchange rates |
0 |
-3 |
0 |
0 |
-2 |
|||||||||||||||
-2 |
-12 |
-11 |
+46 |
-6 |
||||||||||||||||
Three Months Ended March 31, 2020 |
||||||||||||||||
Change (%) |
Americas |
EMEA |
ASPAC |
Total |
||||||||||||
Volume |
+13 |
-1 |
+60 |
+7 |
||||||||||||
Price and product mix |
-11 |
-8 |
-6 |
-9 |
||||||||||||
Exchange rates |
0 |
-3 |
-2 |
-2 |
||||||||||||
+2 |
-12 |
+52 |
-4 |
|||||||||||||
(in millions) |
2020 |
2019 |
Change |
|||||||||
. |
||||||||||||
United Kingdom pension credit |
$ | 1.7 |
$ | 1.9 |
$ | (0.2 |
) | |||||
German pension charge |
(0.2 |
) | (0.2 |
) | 0.0 |
|||||||
Foreign exchange gains on translation |
0.5 |
2.2 |
(1.7 |
) | ||||||||
Foreign currency forward contracts gains |
1.9 |
0.2 |
1.7 |
|||||||||
$ | 3.9 |
$ | 4.1 |
$ | (0.2 |
) | ||||||
Three Months Ended March 31 |
||||||||
(in millions) |
2020 |
2019 |
||||||
Income before income taxes |
$ | 44.2 |
$ | 38.8 |
||||
Indemnification asset regarding tax audit |
0.2 |
0.0 |
||||||
Adjustment for stock compensation |
1.4 |
1.5 |
||||||
$ | 45.8 |
$ | 40.3 |
|||||
Income taxes |
$ | 11.1 |
$ | 10.1 |
||||
Tax on stock compensation |
0.4 |
0.9 |
||||||
Adjustment of income tax provision |
(0.0 |
) | (0.2 |
) | ||||
$ | 11.5 |
$ | 10.8 |
|||||
GAAP effective tax rate |
25.1 |
% | 26.0 |
% | ||||
Adjusted effective tax rate |
25.1 |
% | 26.8 |
% |
(in millions) |
March 31, 2020 |
December 31, 2019 |
||||||
Total current assets |
$ | 626.7 |
$ | 630.3 |
||||
Total current liabilities |
(266.1 |
) | (303.5 |
) | ||||
Working capital |
360.6 |
326.8 |
||||||
Less cash and cash equivalents |
(68.1 |
) | (75.7 |
) | ||||
Less prepaid income taxes |
(4.7 |
) | (2.5 |
) | ||||
Less other current assets |
0.0 |
(0.8 |
) | |||||
Add back current portion of accrued income taxes |
12.3 |
10.3 |
||||||
Add back current portion of finance leases |
0.8 |
1.0 |
||||||
Add back current portion of plant closure provisions |
5.6 |
5.6 |
||||||
Add back current portion of operating lease liabilities |
11.1 |
10.6 |
||||||
Adjusted working capital |
$ | 317.6 |
$ | 275.3 |
||||
Item 3 |
Quantitative and Qualitative Disclosures about Market Risk |
Item 4 |
Controls and Procedures |
Period |
Total number of shares purchased |
Average price paid per share |
||||||
February 1, 2020 through February 29, 2020 |
18,367 |
$ | 103.11 |
|||||
March 1, 2020 through March 31, 2020 |
2,099 |
$ | 85.41 |
|||||
Total |
20,466 |
$ | 101.30 |
|||||
31.1 |
||||
31.2 |
||||
32.1 |
||||
32.2 |
||||
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 6, 2020 |
By |
/s/ PATRICK S. WILLIAMS | ||||
Patrick S. Williams | ||||||
President and Chief Executive Officer | ||||||
Date: May 6, 2020 |
By |
/s/ IAN P. CLEMINSON | ||||
Ian P. Cleminson | ||||||
Executive Vice President and Chief Financial Officer |