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Plant Closure Provisions

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Plant Closure Provisions

NOTE 10 – PLANT CLOSURE PROVISIONS

The Company has continuing plans to close some of its manufacturing facilities at sites around the world as and when those operations are expected to be decommissioned. The liability for estimated closure costs of Innospec’s manufacturing facilities includes costs for decontamination and environmental remediation activities (“remediation”).

As a result, the principal site giving rise to remediation liabilities is the manufacturing site at Ellesmere Port in the United Kingdom. There are also remediation liabilities on a much smaller scale in respect of our other manufacturing sites in the U.S. and Europe.

Movements in the provisions are summarized as follows:

(in millions)		2020
Total at January 1		$	49.3
Charge for the period			9.8
Utilized in the period			(1.3	)
Exchange effect			0.1
Total at June 30			57.9
Due within one year			(6.3	)
Due after one year		$	51.6

The charge for the six months ended June 30, 2020 was $9.8 million (six months ended June 30, 2019 – $2.1 million). This includes $7.5 million of additional provisions as a result of the restructuring activities following the cessation of sales of TEL for use in motor gasoline (see Note 4 of the Notes to the Condensed Consolidated Financial Statements for further information).

Amounts due within one year refer to provisions where expenditure is expected to arise within one year of the balance sheet date.

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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