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 |
E |
||
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer 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 24, 2022 | |
Common Stock, par value $0.01 |
PART I |
2 | |||||
Item 1 |
2 | |||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
8 | ||||||
Item 2 |
20 | |||||
20 | ||||||
20 | ||||||
25 | ||||||
Item 3 |
27 | |||||
Item 4 |
28 | |||||
PART II |
29 | |||||
Item 1 |
29 | |||||
Item 1A |
29 | |||||
Item 2 |
29 | |||||
Item 3 |
30 | |||||
Item 4 |
30 | |||||
Item 5 |
30 | |||||
Item 6 |
30 | |||||
31 |
Three Months Ended March 31 |
||||||||
(in millions, except share and per share data) |
2022 |
2021 |
||||||
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) |
2022 |
2021 |
||||||
Net income |
$ | $ | ||||||
Other comprehensive income/(loss): |
||||||||
Changes in cumulative translation adjustment, net of tax of $( |
( |
) | ( |
) | ||||
Amortization of prior service cost, 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, 2022 |
December 31, 2021 |
||||||
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, 2022 |
December 31, 2021 |
||||||
Liabilities and Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued liabilities |
||||||||
Finance leases |
||||||||
Current portion of operating lease liabilities |
||||||||
Current portion of plant closure provisions |
||||||||
Current portion of accrued income taxes |
||||||||
Total current liabilities |
||||||||
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 |
||||||||
Total 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) |
2022 |
2021 |
||||||
Cash Flows from Operating Activities |
||||||||
Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
||||||||
Deferred taxes |
||||||||
Non-cash income 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 |
||||||||
Plant closure provisions |
( |
) | ||||||
Accrued income taxes |
||||||||
Other assets and liabilities |
( |
) | ( |
) | ||||
Net cash (used in)/ provided by operating activities |
( |
) | ||||||
Cash Flows from Investing Activities |
||||||||
Capital expenditures |
( |
) | ( |
) | ||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
Cash Flows from Financing Activities |
||||||||
Proceeds from revolving credit facility |
||||||||
Repayments of revolving credit facility |
||||||||
Repayments of finance leases |
( |
) | ( |
) | ||||
Issue of treasury stock |
||||||||
Repurchase of common stock |
( |
) | ( |
) | ||||
Net cash provided by/(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, 2021 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
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 cost, net of tax |
||||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2022 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 c ost , net of tax |
||||||||||||||||||||||||||||
Amortization of actuarial net losses, net of tax |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2021 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31 |
||||||||
(in millions) |
2022 |
2021 |
||||||
Net Sales: |
||||||||
Personal Care |
||||||||
Home Care |
||||||||
Other |
||||||||
Performance Chemicals |
$ | $ | ||||||
Refinery and Performance |
||||||||
Other |
||||||||
Fuel Specialties |
||||||||
Oilfield Services |
||||||||
$ | $ | |||||||
Gross profit: |
||||||||
Performance Chemicals |
$ | $ | ||||||
Fuel Specialties |
||||||||
Oilfield Services |
||||||||
$ | $ | |||||||
Operating income/(loss): |
||||||||
Performance Chemicals |
$ | $ | ||||||
Fuel Specialties |
||||||||
Oilfield Services |
||||||||
Corporate costs |
( |
) | ( |
) | ||||
Total operating income |
$ | $ | ||||||
Three Months Ended March 31 |
||||||||
2022 |
2021 |
|||||||
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, 2022 |
$ | |||
Exchange effect |
( |
) | ||
Closing balance at March 31, 2022 |
$ | |||
(in millions) |
2022 |
|||
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 |
$ | |||
|
|
Three Months Ended March 31 |
||||||||
(in millions) |
2022 |
2021 |
||||||
Service cost |
$ | ( |
) | $ | ( |
) | ||
Interest cost on projected benefit obligation |
( |
) | ( |
) | ||||
Expected return on plan assets |
||||||||
Amortization of prior service cost |
( |
) | ( |
) | ||||
Amortization of actuarial net losses |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net periodic benefit |
$ | $ | ||||||
|
|
|
|
(in millions) |
Unrecognized Tax Benefits |
Interest and Penalties |
Total |
|||||||||
Opening balance at January 1, 2022 |
$ | $ | $ | |||||||||
Net change for tax positions of prior periods |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Closing balance at March 31, 2022 |
||||||||||||
Current |
||||||||||||
|
|
|
|
|
|
|||||||
Non-current |
$ | $ | $ | |||||||||
|
|
|
|
|
|
(in millions) |
2022 |
|||
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, 2022 |
December 31, 2021 |
|||||||||||||||
(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: |
||||||||||||||||
Emissions Trading Scheme credits |
||||||||||||||||
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 shares |
Weighted Average Grant-Date Fair Value |
|||||||
Nonvested at December 31, 2021 |
$ | |||||||
Granted |
$ | |||||||
Vested |
( |
) | $ | |||||
Forfeited |
( |
) | $ | |||||
Nonvested at March 31, 2022 |
$ | |||||||
(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 cost |
$ | See (1) | ||||
Amortization of actuarial net losses |
See (1) | |||||
|
|
|||||
Total before tax | ||||||
Income tax expense | ||||||
|
|
|||||
Total reclassifications |
$ | Net of tax | ||||
|
|
|||||
(1) |
(in millions) |
Defined Benefit Pension Plan Items |
Cumulative Translation Adjustments |
Total |
|||||||||
Balance at December 31, 2021 |
$ | $ | ( |
) | $ | ( |
) | |||||
|
|
|
|
|
|
|||||||
Other comprehensive income before reclassifications |
( |
) | ( |
) | ||||||||
Amounts reclassified from AOCL |
||||||||||||
|
|
|
|
|
|
|||||||
Total other comprehensive income |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Balance at March 31, 2022 |
$ | $ | ( |
) | $ | ( |
) | |||||
|
|
|
|
|
|
(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 cost |
$ | See (1) |
||||||
Amortization of actuarial net losses |
See (1) |
|||||||
|
|
|||||||
Total before tax | ||||||||
( |
) | Income tax expense | ||||||
|
|
|||||||
Total reclassifications |
$ | Net of tax | ||||||
|
|
|||||||
(1) |
|
(in millions) |
Defined Benefit Pension Plan Items |
Cumulative Translation Adjustments |
Total |
|||||||||
Balance at December 31, 2020 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
|
|
|
|
|
|
|||||||
Other comprehensive income before reclassifications |
( |
) | ( |
) | ||||||||
Amounts reclassified from AOCL |
||||||||||||
|
|
|
|
|
|
|||||||
Total other comprehensive income |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Balance at March 31, 2021 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
|
|
|
|
|
|
Three Months Ended March 31 |
||||||||
(in millions) |
2022 |
2021 |
||||||
Net sales: |
||||||||
Performance Chemicals |
$ | 167.1 | $ | 125.9 | ||||
Fuel Specialties |
191.8 | 139.3 | ||||||
Oilfield Services |
113.5 | 74.4 | ||||||
|
|
|
|
|||||
$ | 472.4 | $ | 339.6 | |||||
|
|
|
|
|||||
Gross profit: |
||||||||
Performance Chemicals |
$ | 40.8 | $ | 31.4 | ||||
Fuel Specialties |
60.7 | 44.9 | ||||||
Oilfield Services |
37.8 | 24.5 | ||||||
|
|
|
|
|||||
$ | 139.3 | $ | 100.8 | |||||
|
|
|
|
|||||
Operating income/(loss): |
||||||||
Performance Chemicals |
$ | 25.3 | $ | 18.3 | ||||
Fuel Specialties |
35.5 | 23.8 | ||||||
Oilfield Services |
2.5 | 1.2 | ||||||
Corporate costs |
(19.0 | ) | (15.1 | ) | ||||
|
|
|
|
|||||
Total operating income |
$ | 44.3 | $ | 28.2 | ||||
|
|
|
|
Three Months Ended March 31 |
||||||||||||||||
(in millions, except ratios) |
2022 |
2021 |
Change |
|||||||||||||
Net sales: |
||||||||||||||||
Performance Chemicals |
$ | 167.1 | $ | 125.9 | $ | 41.2 | 33 | % | ||||||||
Fuel Specialties |
191.8 | 139.3 | 52.5 | 38 | % | |||||||||||
Oilfield Services |
113.5 | 74.4 | 39.1 | 53 | % | |||||||||||
|
|
|
|
|
|
|||||||||||
$ | 472.4 | $ | 339.6 | $ | 132.8 | 39 | % | |||||||||
|
|
|
|
|
|
|||||||||||
Gross profit: |
||||||||||||||||
Performance Chemicals |
$ | 40.8 | $ | 31.4 | $ | 9.4 | 30 | % | ||||||||
Fuel Specialties |
60.7 | 44.9 | 15.8 | 35 | % | |||||||||||
Oilfield Services |
37.8 | 24.5 | 13.3 | 54 | % | |||||||||||
|
|
|
|
|
|
|||||||||||
$ | 139.3 | $ | 100.8 | $ | 38.5 | 38 | % | |||||||||
|
|
|
|
|
|
|||||||||||
Gross margin (%): |
||||||||||||||||
Performance Chemicals |
24.4 |
24.9 |
-0.5 |
|||||||||||||
Fuel Specialties |
31.6 |
32.2 |
-0.6 |
|||||||||||||
Oilfield Services |
33.3 |
32.9 |
+0.4 |
|||||||||||||
Aggregate |
29.5 |
29.7 |
-0.2 |
|||||||||||||
Operating expenses: |
||||||||||||||||
Performance Chemicals |
$ | (15.5 | ) | $ | (13.1 | ) | $ | (2.4 | ) | 18 | % | |||||
Fuel Specialties |
(25.2 | ) | (21.1 | ) | (4.1 | ) | 19 | % | ||||||||
Oilfield Services |
(35.3 | ) | (23.3 | ) | (12.0 | ) | 52 | % | ||||||||
Corporate costs |
(19.0 | ) | (15.1 | ) | (3.9 | ) | 26 | % | ||||||||
|
|
|
|
|
|
|||||||||||
$ | (95.0 | ) | $ | (72.6 | ) | $ | (22.4 | ) | 31 | % | ||||||
|
|
|
|
|
|
Three Months Ended March 31, 2022 |
||||||||||||||||
Change (%) |
Americas |
EMEA |
ASPAC |
Total |
||||||||||||
Volume |
+34 | -8 | +1 | +7 | ||||||||||||
Price and product mix |
+31 | +34 | +16 | +32 | ||||||||||||
Exchange rates |
— | -9 | -4 | -6 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
+65 | +17 | +13 | +33 | |||||||||||||
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2022 |
||||||||||||||||||||
Change (%) |
Americas |
EMEA |
ASPAC |
AvGas |
Total |
|||||||||||||||
Volume |
+47 | +7 | -4 | +113 | +23 | |||||||||||||||
Price and product mix |
+20 | +31 | +11 | -76 | +21 | |||||||||||||||
Exchange rates |
— | -13 | -2 | — | -6 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
+67 | +25 | +5 | +37 | +38 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(in millions) |
2022 |
2021 |
Change |
|||||||||||
Net pension credit |
$ | 1.3 | $ | 1.2 | 0.1 | |||||||||
Foreign exchange gains on translation |
2.2 | 0.5 | 1.7 | |||||||||||
Foreign currency forward contracts gains |
0.8 | 1.3 | (0.5 | ) | ||||||||||
|
|
|
|
|
|
|||||||||
$ | 4.3 | $ | 3.0 | $ | 1.3 | |||||||||
|
|
|
|
|
|
Three Months Ended March 31 |
||||||||
(in millions) |
2022 |
2021 |
||||||
Income before income taxes |
$ | 48.2 | $ | 30.8 | ||||
Indemnification asset regarding tax audit |
— | 0.1 | ||||||
Adjustment for stock compensation |
1.7 | 1.4 | ||||||
Acquisition costs |
— | 0.8 | ||||||
Legacy cost of closed operations |
1.1 | 0.9 | ||||||
|
|
|
|
|||||
Adjusted income before income taxes |
$ | 51.0 | $ | 34.0 | ||||
|
|
|
|
|||||
Income taxes |
$ | 11.7 | $ | 7.4 | ||||
Tax on stock compensation |
0.5 | 0.1 | ||||||
Adjustment of income tax provision |
— | — | ||||||
Tax on acquisition costs |
— | 0.2 | ||||||
Tax on legacy cost of closed operations |
0.2 | 0.2 | ||||||
|
|
|
|
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Adjusted income taxes |
$ | 12.4 | $ | 7.9 | ||||
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GAAP effective tax rate |
24.3 | % | 24.0 | % | ||||
Adjusted effective tax rate |
24.3 | % | 23.2 | % |
(in millions) |
March 31, 2022 |
December 31, 2021 |
||||||
Total current assets |
$ | 778.6 | $ | 728.1 | ||||
Total current liabilities |
(352.3 | ) | (336.6 | ) | ||||
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Working capital |
426.3 | 391.5 | ||||||
Less cash and cash equivalents |
(105.6 | ) | (141.8 | ) | ||||
Less prepaid income taxes |
(9.5 | ) | (5.8 | ) | ||||
Less other current assets |
(0.4 | ) | (0.4 | ) | ||||
Add back current portion of accrued income taxes |
13.7 | 3.7 | ||||||
Add back current portion of finance leases |
— | 0.1 | ||||||
Add back current portion of plant closure provisions |
6.2 | 5.2 | ||||||
Add back current portion of operating lease liabilities |
14.1 | 12.4 | ||||||
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Adjusted working capital |
$ | 344.8 | $ | 264.9 | ||||
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Period |
Total number of shares purchased |
Average price paid per share |
Total number of shares purchased as part of publicly announced plans or programs 1 |
Approximate dollar value of shares that may yet be purchased under the plans or programs |
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February 1, 2022 through February 28, 2022 |
237 | $ | 96.73 | 0 | $ | 50.0 million | ||||||||||
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March 1, 2022 through March 31, 2022 |
10,000 | $ | 93.18 | 10,000 | $ | 49.1 million | ||||||||||
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Total |
10,237 | $ | 93.27 | 10,000 | $ | 49.1 million | ||||||||||
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1 |
On February 15, 2022 the Company announced a repurchase plan for up to $50 million of the Company’s common stock over a three-year period commencing on February 16, 2022. |
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 4, 2022 | By | /s/ PATRICK S. WILLIAMS | ||||
Patrick S. Williams | ||||||
President and Chief Executive Officer | ||||||
Date: May 4, 2022 | By | /s/ IAN P. CLEMINSON | ||||
Ian P. Cleminson | ||||||
Executive Vice President and Chief Financial Officer |