Restructuring

12 Months Ended

Dec. 31, 2021

Restructuring Charges [Abstract]

Restructuring

Note 5.     Restructuring

During 2020, the Company recorded a charge of $21.3 million for the restructuring of its Octane Additives segment in line with the end of the manufacturing and sale of TEL for use in motor gasoline. As a result, the Octane Additives segment ceased trading and is no longer a reporting segment from July 1, 2020. Production of TEL will continue for sales of our AvGas product line, as reported within our Fuel Specialties segment. 

The restructuring charge comprised the future committed costs of environmental monitoring of $2.0 million, remediation of facilities of $7.5 million, contract termination costs of $7.2 million, impairment of tangible assets of $2.0 million and costs of redundancy due to the down-sizing of the TEL operations of $2.6 million. During the years ended December 31, 2021 and December 31, 2020 the utilization and the unwinding of the discounting was not material.