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Commitments and Contingencies | 6 Months Ended
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Jun. 28, 2020
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Committed and uncommitted banking facilities The Company had committed banking facilities of $150.0 million at June 28, 2020 and December 31, 2019. Of these committed facilities, $16.3 million was drawn at June 28, 2020, and $17.5 million at December 31, 2019. The Company had a separate (uncommitted) facility for letters of credit which at June 28, 2020, was £1.0 million ($1.2 million) and December 31, 2019, was £1.0 million ($1.3 million). None of these were utilized at June 28, 2020 and December 31, 2019. The Company also has two separate (uncommitted) bonding facilities for bank guarantees; one denominated in GBP sterling of £4.5 million (2020: $5.6 million, 2019: $5.9 million), and one denominated in USD of $0.4 million. Of that denominated in GBP, £1.6 million (2020: $2.0 million, 2019: $2.3 million) was utilized at June 28, 2020, and December 31, 2019, respectively. Of that dominated in USD, all was fully utilized at June 28, 2020 and December 31, 2019 respectively. The Company also has a $4.0 million (December 31, 2019: nil) separate overdraft facility of which none was drawn at June 28, 2020. Capital commitments At June 28, 2020, the Company had capital expenditure commitments of $0.7 million for the acquisition of new plant and equipment. Inventory commitments Within our Elektron Division, we have committed to purchase $1.0 million of rare earth materials. Contingencies During February 2014, a cylinder was sold to a long-term customer and ruptured at one of their gas facilities. As a result of this rupture, three people were noted to have minor injuries such as loss of hearing. There was no major damage to assets of the customer. A claim was launched by the three people who were injured in the incident. We have reviewed our quality control checks from around the time which the cylinder was produced and no instances of failures have been noted. It has also been noted by the investigator that the customer has poor quality and safety checks. As a result, we do not believe that we are liable for the incident, and therefore, do not currently expect this case to have a material impact on the Company's financial position or results of operations.

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