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Acquisition and disposal related costs | 3 Months Ended
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Mar. 28, 2021
Business Combinations [Abstract] |
Acquisition and disposal related costs | Acquisition-related costs On March 15, 2021 the Company completed the acquisition of the Structural Composites Industries LLC (SCI) business of Worthington Industries, Inc., based in Pomona, California, for $19.3 million cash consideration. The acquisition of SCI strengthens Luxfer’s composite cylinder offerings and aligns with recent investment to enhance our alternative fuel capabilities to capitalize on the growing compressed natural gas (CNG) and hydrogen opportunities. We are currently undertaking the purchase price allocation in line with ASC 805 - Business combinations and as a result the allocations presented in the consolidated balance sheets are provisional based on our best current estimates. The provisional acquired assets and liabilities as of march 15, 2021 are presented as follows:
| In millions | March 15, 2021 |
| Accounts and other receivables | $ | 4.8 |  |
| Inventories | 6.7 |
| Property, plant and equipment | 9.5 |
| Less: |  |
| Accounts payable | 1.6 |
| Accrued expenses | 0.1 |
| Net assets acquired | $ | 19.3 |  |
| Purchase consideration | $ | 19.3 |  |
Actual and pro forma revenue and results of operations for the acquisition of SCI have not been presented as they are not material to the consolidated revenue and results of operations. Acquisition-related costs of $0.2 million in the First Quarter of 2021 represent professional fees incurred in relation to the SCI acquisition. Acquisition-related costs of $0.2 million in the First Quarter of 2020 related to M&A exploration activities net of a $0.1 million release of deferred contingent consideration.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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