XML 68 R31.htm IDEA: XBRL DOCUMENT
v3.22.4

Subsequent Events | 12 Months Ended
--- | ---
Dec. 31, 2022
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events The Company was notified that Néos International Limited, including its subsidiaries Néos Technologies Limited and Néos Superform Limited (collectively, “Néos”) – the purchaser of our Superform U.K. business – filed for administration, a form of bankruptcy protection in the U.K., on or about February 22, 2023. Pursuant to the terms of the sale, Luxfer assigned and underlet (as defined and in accordance with the Landlord & Tenant (Covenants) Act 1995) certain building leases to Néos, recognizing a right of use asset and lease liability in the financial statements. Post year-end, the Company also received a Notice of Default from one Landlord, with respect to Néos’ non-payment of amounts owed under certain of the assigned leases in 2022. As a result of this information, and in accordance with ASC 360 and ASC 855, we have fully impaired the right of use asset, $2.6 million, and recognized this through discontinued operations in the consolidated statements of income in 2022. On February 28, 2023 the Company agreed to the full buyout of the U.S. pension plan with an insurer. Assets held in the pension plan, plus an additional employer contribution of approximately $3.5 million, will be used to fund the buyout which we expect will be completed in early 2023.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration