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Segmental Information | 9 Months Ended
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Sep. 29, 2024
Segment Reporting [Abstract] |
Segmental Information | Segmental Information We classify our operations into business segments, based primarily on shared economic characteristics for the nature of the products and services; the nature of the production processes; the type or class of customer for their products and services; the methods used to distribute their products or provide their services; and the nature of the regulatory environment. The Company has five identified business units, which aggregate into three reportable segments within continuing operations, and one within discontinued operations. Luxfer Gas Cylinders forms the Gas Cylinders segment, and Luxfer MEL Technologies and Luxfer Magtech aggregate into the Elektron segment. As of December 31, 2023, it was determined that the Luxfer Graphic Arts reporting segment no longer met the criteria, specifically, similar economic characteristics, to be aggregated within the Elektron segment for 2023. As a result, Luxfer Graphic Arts has been disaggregated from the Elektron segment and is being reported separately as the Graphic Arts segment. The Elektron segment's results for 2023 have been adjusted to exclude Graphic Arts' results. Our Superform business unit used to aggregate into the Gas Cylinders segment but is now recognized within discontinued operations. A summary of the operations of the segments within continuing operations is provided below: Gas Cylinders segment Our Gas Cylinders segment manufactures and markets specialized highly-engineered cylinders, using composites and aluminum alloys, including pressurized cylinders for use in various applications including self-contained breathing apparatus ('SCBA') for firefighters, containment of oxygen and other medical gases for healthcare, alternative fuel ('AF') vehicles, and general industrial applications. Elektron segment Our Elektron segment focuses on specialty materials based primarily on magnesium and zirconium, with key product lines including advanced lightweight magnesium alloys with a variety of uses across a variety of industries; magnesium powders for use in countermeasure flares, as well as heater meals; and high-performance zirconium-based materials and oxides used as catalysts and in the manufacture of advances ceramics, fiber-optic fuel cells, and many other performance products. Graphic Arts segment Our Graphic Arts segment provides a full range of pre-sensitized magnesium, copper and zinc plates, along with associated chemicals, for the production of foil-stamping and embossing dies. In addition, non-sensitized polished brass and magnesium plates are also manufactured for computer numerical control ('CNC') engraving. The segment also advises on turnkey engraving operations, complete with etching machines, computer-to-plate ('CtP') machines, exposure units and film setters. Other Other, as used below, primarily represents unallocated corporate expense and includes non-service related defined benefit pension credit / charge. Management monitors the operating results of its reportable segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated by the chief operating decision maker, the CEO, who is responsible for allocating resources and assessing performance of the operating segments, using adjusted EBITA(1) and adjusted EBITDA, which is defined as segment income, and is based on operating income adjusted for share-based compensation charges; restructuring charges; loss on disposal of property, plant and equipment; gain on disposal of held for sale assets; acquisitions and disposals costs; and depreciation and amortization. Unallocated assets and liabilities include those which are held on behalf of the Company and cannot be allocated to a segment, such as taxation, investments, cash, retirement benefits obligations, bank and other loans and holding company assets and liabilities. Financial information by reportable segment for the Third Quarter and first half ended September 29, 2024, and October 1, 2023, is included in the following summary:
|  | Net sales |  | Adjusted EBITDA |
|  | Third Quarter |  | Year-to-date |  | Third Quarter |  | Year-to-date |
| In millions | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
| Gas Cylinders segment | $ | 42.6 |  |  | $ | 44.7 |  |  | $ | 137.8 |  |  | $ | 134.7 |  |  | $ | 4.6 |  |  | $ | 2.8 |  |  | $ | 13.6 |  |  | $ | 10.2 |  |
| Elektron segment | 48.8 |  |  | 45.6 |  |  | 128.5 |  |  | 151.0 |  |  | 10.8 |  |  | 6.0 |  |  | 29.6 |  |  | 25.0 |  |
| Graphic Arts segment | 8.0 |  |  | 7.1 |  |  | 22.2 |  |  | 23.4 |  |  | (0.1) |  |  | (2.8) |  |  | (1.7) |  |  | (3.5) |  |
| Consolidated | $ | 99.4 |  |  | $ | 97.4 |  |  | $ | 288.5 |  |  | $ | 309.1 |  |  | $ | 15.3 |  |  | $ | 6.0 |  |  | $ | 41.5 |  |  | $ | 31.7 |  |
(1) Adjusted EBITA is adjusted EBITDA less depreciation and loss on disposal of property, plant and equipment. 15. Segmental Information (continued)
|  | Depreciation and amortization |  | Restructuring charges |
|  | Third Quarter |  | Year-to-date |  | Third Quarter |  | Year-to-date |
| In millions | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
| Gas Cylinders segment | $ | 0.9 |  |  | $ | 1.1 |  |  | $ | 2.6 |  |  | $ | 3.2 |  |  | $ | 0.5 |  |  | $ | 1.4 |  |  | $ | 2.1 |  |  | $ | 4.2 |  |
| Elektron segment | 1.7 |  |  | 1.6 |  |  | 4.9 |  |  | 5.1 |  |  | — |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  |
| Graphic Arts segment | — |  |  | 0.5 |  |  | — |  |  | 1.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |
| Consolidated | $ | 2.6 |  |  | $ | 3.2 |  |  | $ | 7.5 |  |  | $ | 9.8 |  |  | $ | 0.5 |  |  | $ | 1.6 |  |  | $ | 2.3 |  |  | $ | 4.4 |  |
|  | Total assets | Capital expenditures |
|  | September 29, |  | December 31, |  | Third Quarter |  | Year-to-date |
| In millions | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
| Gas Cylinders segment | $ | 139.0 |  |  | $ | 131.0 |  |  | $ | 1.1 |  |  | $ | 0.8 |  |  | $ | 3.2 |  |  | $ | 1.4 |  |
| Elektron segment | 183.8 |  |  | 162.4 |  |  | 1.8 |  |  | 1.6 |  |  | 3.9 |  |  | 5.5 |  |
| Graphic Arts segment | 14.3 |  |  | 19.6 |  |  | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.6 |  |
| Total reportable segments | 337.1 |  |  | 313.0 |  |  | 3.0 |  |  | 2.5 |  |  | 7.3 |  |  | 7.5 |  |
| Other | 59.9 |  |  | 51.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |
| Discontinued operations | 7.8 |  |  | 7.8 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |
| Consolidated | $ | 404.8 |  |  | $ | 372.1 |  |  | $ | 3.0 |  |  | $ | 2.5 |  |  | $ | 7.3 |  |  | $ | 7.6 |  |
|  | Property, plant and equipment, net |
|  | September 29, |  | December 31, |  |  |
| In millions | 2024 |  | 2023 |  |  |
| U.S. | $ | 27.1 |  |  | $ | 26.8 |  |  |  |
| United Kingdom | 34.4 |  |  | 32.8 |  |  |  |
| Canada | 2.9 |  |  | 2.9 |  |  |  |
| Rest of Europe | 1.0 |  |  | 1.0 |  |  |  |
| Asia Pacific | 0.3 |  |  | 0.3 |  |  |  |
|  | $ | 65.7 |  |  | $ | 63.8 |  |  |  |
The following table presents a reconciliation of Adjusted EBITDA to net income before income taxes, from continuing operations:
|  | Third Quarter |  | Year-to-date |
| In millions | 2024 |  | 2023 |  | 2024 |  | 2023 |
| Adjusted EBITDA | $ | 15.3 |  |  | $ | 6.0 |  |  | $ | 41.5 |  |  | $ | 31.7 |  |
| Other share-based compensation charges | (0.7) |  |  | (0.7) |  |  | (2.1) |  |  | (2.0) |  |
| Gain on disposal of held for sale assets | 6.1 |  |  | — |  |  | 6.1 |  |  | — |  | 0
| Depreciation and amortization | (2.6) |  |  | (3.2) |  |  | (7.5) |  |  | (9.8) |  |
| Loss on disposal of property, plant and equipment | (0.1) |  |  | — |  |  | (0.1) |  |  | — |  |
| Restructuring charges | (0.5) |  |  | (1.6) |  |  | (2.3) |  |  | (4.4) |  |
| Acquisition and disposal related costs | (0.1) |  |  | — |  |  | (9.5) |  |  | — |  |
| Defined benefits pension credit / (charge) | 0.3 |  |  | 0.3 |  |  | 0.8 |  |  | (8.0) |  |
| Interest expense, net | (1.4) |  |  | (1.6) |  |  | (4.1) |  |  | (4.7) |  |
| Net income before income taxes from continuing operations | $ | 16.3 |  |  | $ | (0.8) |  |  | $ | 22.8 |  |  | $ | 2.8 |  |
15. Segmental Information (continued) The following tables present certain geographic information by geographic region for the Third Quarter ended September 29, 2024, and October 1, 2023:
|  | Net Sales(1) |
|  | Third Quarter |  | Year-to-date |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |
|  | $M | Percent |  | $M | Percent |  | $M | Percent |  | $M | Percent |
| United States | $ | 57.7 |  | 58.1 | % |  | $ | 59.0 |  | 60.7 | % |  | $ | 168.2 |  | 58.3 | % |  | $ | 184.5 |  | 59.7 | % |
| Germany | 5.8 |  | 5.8 | % |  | 4.7 |  | 4.8 | % |  | 18.4 |  | 6.4 | % |  | 14.8 |  | 4.8 | % |
| United Kingdom | 7.4 |  | 7.4 | % |  | 4.3 |  | 4.4 | % |  | 18.0 |  | 6.2 | % |  | 15.1 |  | 4.9 | % |
| Japan | 5.7 |  | 5.7 | % |  | 5.1 |  | 5.2 | % |  | 14.7 |  | 5.1 | % |  | 15.9 |  | 5.1 | % |
| Canada | 2.8 |  | 2.8 | % |  | 3.3 |  | 3.4 | % |  | 9.3 |  | 3.2 | % |  | 8.5 |  | 2.7 | % |
| Top five countries | 79.4 |  | 79.8 | % |  | 76.4 |  | 78.5 | % |  | 228.6 |  | 79.2 | % |  | 238.8 |  | 77.2 | % |
| Rest of Europe | 12.1 |  | 12.3 | % |  | 10.8 |  | 11.1 | % |  | 36.5 |  | 12.7 | % |  | 35.5 |  | 11.5 | % |
| Asia Pacific | 5.8 |  | 5.8 | % |  | 4.9 |  | 5.0 | % |  | 16.1 |  | 5.6 | % |  | 22.2 |  | 7.2 | % |
| Other (2) | 2.1 |  | 2.1 | % |  | 5.3 |  | 5.4 | % |  | 7.3 |  | 2.5 | % |  | 12.6 |  | 4.1 | % |
|  | $ | 99.4 |  |  |  | $ | 97.4 |  |  |  | $ | 288.5 |  |  |  | $ | 309.1 |  |  |
(1) Net sales are based on the geographic destination of sale. (2) Other includes South America, Latin America and Africa.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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