Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
LARGE ACCELERATED FILER | ☒ | ACCELERATED FILER | ☐ | |||||||||||||||||
NON-ACCELERATED FILER | ☐ | SMALLER REPORTING COMPANY | ||||||||||||||||||
EMERGING GROWTH COMPANY | ||||||||||||||||||||
IF AN EMERGING GROWTH COMPANY, INDICATE BY CHECK MARK IF THE REGISTRANT HAS ELECTED NOT TO USE THE EXTENDED TRANSITION PERIOD FOR COMPLYING WITH ANY NEW OR REVISED FINANCIAL ACCOUNTING STANDARDS PROVIDED PURSUANT TO SECTION 13(A) OF THE EXCHANGE ACT. | ||||||||||||||||||||
☐ |
Page No. | |||||
2025 Notes | $245.75 million principal amount 4.125% Convertible Senior Notes due 2025, including $20.75 million issued upon exercise of the Over-Allotment Option on July 7, 2020. | ||||
Application | The application filed by Livent with the CCAA Court to obtain remittance of the Escrow Funds | ||||
ASC | Accounting Standards Codification, under U.S. GAAP | ||||
ASC 842 | Accounting Standards Codification Topic 842 - Leases | ||||
ASU | Accounting Standards Update, under U.S. GAAP | ||||
ASU 2020-06 | ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity | ||||
CCAA | The Companies’ Creditors Arrangement Act (Canada) | ||||
CCAA Court | The Superior Court of Québec where Nemaska, Nemaska Lithium Inc. and certain affiliates filed for creditor protection in Canada under the CCAA | ||||
Credit Agreement | The Original Credit Agreement, as amended on May 6, 2020, by the First Amendment and August 3, 2020, by the Second Amendment | ||||
EAETR | Estimated annual effective tax rate | ||||
Escrow Funds | The funds held in escrow by a third party for the benefit of Livent in connection with the Nemaska matter | ||||
ESG | Environmental, social and governance | ||||
EV | Electric vehicle | ||||
FASB | Financial Accounting Standards Board | ||||
First Amendment | On May 6, 2020, Livent Corporation entered into the First Amendment to the Credit Agreement to amend and restate the Original Credit Agreement | ||||
FMC | FMC Corporation | ||||
FMC Plan | FMC Corporation Incentive Compensation and Stock Plan | ||||
IPO | Initial public offering | ||||
Livent NQSP | Livent Non-Qualified Savings Plan | ||||
Livent Plan | Livent Corporation Incentive Compensation and Stock Plan | ||||
Nemaska | Nemaska Lithium Shawinigan Transformation Inc., a subsidiary of Nemaska Lithium Inc. based in Québec, Canada | ||||
Nemaska Transaction | The transaction through which a consortium has purchased and will operate the business previously conducted by Nemaska Lithium Inc., a Canadian lithium producer | ||||
Offering | On June 15, 2021, the Company closed on the issuance of 14,950,000 shares of its common stock, par value $0.001 per share, at a public offering price of $17.50 per share, in an underwritten public offering. Total net proceeds from the offering were $252.3 million. | ||||
Original Credit Agreement | On September 18, 2018 Livent Corporation entered into the credit agreement, which provides for a $400 million senior secured revolving credit facility | ||||
Over-Allotment Option | Option to purchase an additional $20.75 million principal amount of 2025 Notes exercised on July 7, 2020. | ||||
QLP | Québec Lithium Partners, a joint venture owned equally by The Pallinghurst Group and Livent | ||||
Revolving Credit Facility | Livent's $400 million senior secured revolving credit facility | ||||
RSU | Restricted stock unit | ||||
SEC | Securities and Exchange Commission | ||||
Second Amendment | On August 3, 2020, Livent Corporation entered into the Second Amendment to the Credit Agreement to amend the Credit Agreement | ||||
Securities Act | Securities Act of 1933 | ||||
Separation | On October 15, 2018, Livent completed its IPO and sold 20 million shares of Livent common stock to the public at a price of $17.00 per share | ||||
Tax Act | Tax Cuts and Jobs Act | ||||
U.S. GAAP | United States Generally Accepted Accounting Principles |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in Millions, Except Per Share Data) | (unaudited) | ||||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross margin | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Research and development expenses | |||||||||||||||||||||||
Restructuring and other charges | |||||||||||||||||||||||
Separation-related costs | |||||||||||||||||||||||
Total costs and expenses | |||||||||||||||||||||||
Income/(loss) from operations before loss on debt extinguishment, equity in net loss of unconsolidated affiliates, interest expense, net and income taxes | ( | ( | |||||||||||||||||||||
Loss on debt extinguishment | |||||||||||||||||||||||
Equity in net loss of unconsolidated affiliates | |||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
Income/(loss) from operations before income taxes | ( | ( | |||||||||||||||||||||
Income tax benefit | ( | ( | ( | ( | |||||||||||||||||||
Net income/(loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Net earnings/(loss) per weighted average share - basic | $ | $ | $ | $ | ( | ||||||||||||||||||
Net earnings/(loss) per weighted average share - diluted | $ | $ | $ | $ | ( | ||||||||||||||||||
Weighted average common shares outstanding - basic | |||||||||||||||||||||||
Weighted average common shares outstanding - diluted | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in Millions) | (unaudited) | ||||||||||||||||||||||
Net income/(loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||||||||
Foreign currency adjustments: | |||||||||||||||||||||||
Foreign currency translation gain/(loss) arising during the period | ( | ||||||||||||||||||||||
Total foreign currency translation adjustments(1) | ( | ||||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Unrealized hedging gains/(losses), net of tax of less than $ | ( | ( | |||||||||||||||||||||
Total derivative instruments gain/(loss), net of tax of less than $ | ( | ( | |||||||||||||||||||||
Other comprehensive income/(loss), net of tax | ( | ||||||||||||||||||||||
Comprehensive income/(loss) | $ | $ | ( | $ | $ | ( |
(in Millions, Except Share and Par Value Data) | June 30, 2021 | December 31, 2020 | |||||||||
ASSETS | (unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade receivables, net of allowance of $ | |||||||||||
Inventories, net | |||||||||||
Prepaid and other current assets | |||||||||||
Total current assets | |||||||||||
Investments | |||||||||||
Property, plant and equipment, net of accumulated depreciation of $ | |||||||||||
Deferred income taxes | |||||||||||
Right of use assets - operating leases, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable, trade and other | $ | $ | |||||||||
Accrued customer rebates | |||||||||||
Accrued and other current liabilities | |||||||||||
Operating lease liabilities - current | |||||||||||
Income taxes | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Operating lease liabilities - long-term | |||||||||||
Environmental liabilities | |||||||||||
Deferred income taxes | |||||||||||
Other long-term liabilities | |||||||||||
Commitments and contingent liabilities (Note 13) | |||||||||||
Total current and long-term liabilities | |||||||||||
Equity | |||||||||||
Common stock; $ | |||||||||||
Capital in excess of par value of common stock | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock, common; | ( | ( | |||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(in Millions) | (unaudited) | ||||||||||
Cash provided/(required) by operating activities: | |||||||||||
Net income/(loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income/(loss) to cash provided/(required) by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Restructuring and other charges | ( | ||||||||||
Deferred income taxes | ( | ( | |||||||||
Separation-related costs | ( | ( | |||||||||
Share-based compensation | |||||||||||
Change in investments in trust fund securities | ( | ||||||||||
Loss on debt extinguishment | |||||||||||
Deferred financing fees amortization | |||||||||||
Equity in net loss of unconsolidated affiliates | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade receivables, net | ( | ||||||||||
Inventories | ( | ||||||||||
Accounts payable, trade and other | ( | ||||||||||
Change in deferred compensation | |||||||||||
Income taxes | ( | ||||||||||
Change in prepaid and other current assets and other assets | ( | ||||||||||
Change in accrued and other current liabilities and other long-term liabilities | ( | ||||||||||
Cash provided/(required) by operating activities | ( | ||||||||||
Cash required by investing activities: | |||||||||||
Capital expenditures(1) | ( | ( | |||||||||
Investments in trust fund securities | ( | ( | |||||||||
Other investing activities | ( | ( | |||||||||
Cash required by investing activities | ( | ( | |||||||||
Cash provided by financing activities: | |||||||||||
Proceeds from Revolving Credit Facility | |||||||||||
Repayments of Revolving Credit Facility | ( | ( | |||||||||
Proceeds from 2025 Notes | |||||||||||
Payments of financing fees | ( | ||||||||||
Proceeds from Offering | |||||||||||
Payments of underwriting fees and expenses - Offering | ( | ||||||||||
Proceeds of issuance of common stock - incentive plans | |||||||||||
Cash provided by financing activities | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
Increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Supplemental Disclosure for Cash Flow: | (unaudited) | ||||||||||
Cash (refunds)/payments for income taxes, net (2) | $ | ( | $ | ||||||||
Cash payments for interest, net (1) | $ | $ | |||||||||
Cash payments for Restructuring and other charges | $ | $ | |||||||||
Cash payments for Separation-related charges | $ | $ | |||||||||
Accrued capital expenditures | $ | $ | |||||||||
Accrued investment in unconsolidated affiliate | $ | $ | |||||||||
Operating lease right-of-use assets and lease liabilities recorded for ASC 842 | $ | $ |
(in Millions Except Per Share Data) | Common Stock, $ | Capital In Excess of Par | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | |||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock compensation plans | — | — | — | — | |||||||||||||||||||||||||||||||
Shares withheld for taxes - common stock issuances | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock compensation plans | — | — | — | — | |||||||||||||||||||||||||||||||
Net hedging losses, net of income tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | |||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | |||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock compensation plans | — | — | — | — | |||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | |||||||||||||||||||||||||||||||
Shares withheld for taxes - common stock issuances | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Net purchases of treasury stock - nonqualified plan | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Stock compensation plans | — | — | — | — | |||||||||||||||||||||||||||||||
Net hedging gains, net of income tax | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common stock - Offering | — | — | — | — | |||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | |||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
(in Millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
North America (1) | $ | $ | $ | $ | |||||||||||||||||||
Latin America | |||||||||||||||||||||||
Europe, Middle East & Africa | |||||||||||||||||||||||
Asia Pacific (1) | |||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ |
(in Millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Lithium Hydroxide | $ | $ | $ | $ | |||||||||||||||||||
Butyllithium | |||||||||||||||||||||||
High Purity Lithium Metal and Other Specialty Compounds | |||||||||||||||||||||||
Lithium Carbonate and Lithium Chloride | |||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ |
(in Millions) | Balance as of June 30, 2021 | Balance as of December 31, 2020 | Increase (Decrease) | ||||||||||||||
Receivables from contracts with customers, net of allowances | $ | $ | $ | ||||||||||||||
(in Millions) | June 30, 2021 | December 31, 2020 | |||||||||
Finished goods | $ | $ | |||||||||
Semi-finished goods | |||||||||||
Raw materials, supplies and other | |||||||||||
Inventory, net | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in Millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Restructuring charges | |||||||||||||||||||||||
Severance-related and exit costs (1) | $ | $ | $ | $ | |||||||||||||||||||
Other charges | |||||||||||||||||||||||
Environmental remediation (2) | |||||||||||||||||||||||
Other (3) | |||||||||||||||||||||||
Total Restructuring and other charges | $ | $ | $ | $ |
Interest Rate Percentage | Maturity Date | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
(in Millions) | LIBOR borrowings | Base rate borrowings | |||||||||||||||||||||||||||||||||
Revolving Credit Facility (1) | 2023 | $ | $ | ||||||||||||||||||||||||||||||||
2025 | |||||||||||||||||||||||||||||||||||
Transaction costs - 2025 Notes | ( | ( | |||||||||||||||||||||||||||||||||
Total long-term debt (2) | $ | $ |
Statement of operations | |||||||||||||||||
(in Millions) | |||||||||||||||||
Three months ended June 30, 2021 | As computed under ASC 470-20 | As reported under ASU 2020-06 | Effect of change | ||||||||||||||
Interest expense | $ | $ | $ | ( | |||||||||||||
Income from operations before income taxes | |||||||||||||||||
Income tax (benefit)/expense | ( | ( | |||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Net income per weighted average share - basic | $ | $ | $ | ||||||||||||||
Net income per weighted average share - diluted | $ | $ | $ | ||||||||||||||
Six months ended June 30, 2021 | As computed under ASC 470-20 | As reported under ASU 2020-06 | Effect of change | ||||||||||||||
Interest expense | $ | $ | $ | ( | |||||||||||||
Income from operations before income taxes | |||||||||||||||||
Income tax (benefit)/expense | ( | ( | |||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Net income per weighted average share - basic | $ | $ | $ | ||||||||||||||
Net income per weighted average share - diluted | $ | $ | $ | ||||||||||||||
Balance Sheet | |||||||||||||||||
(in Millions) | |||||||||||||||||
June 30, 2021 | As computed under ASC 470-20 | As reported under ASU 2020-06 | Effect of change | ||||||||||||||
Deferred income taxes | $ | $ | $ | ( | |||||||||||||
Long-term debt | |||||||||||||||||
Total liabilities | $ | $ | $ | ||||||||||||||
Common stock, $0.001 per share par value | |||||||||||||||||
Capital in excess of par value of common stock | ( | ||||||||||||||||
Retained earnings | |||||||||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||||||||
Treasury stock | ( | ( | |||||||||||||||
Total equity | ( | ||||||||||||||||
Total liabilities and equity | $ | $ | $ | ||||||||||||||
December 31, 2020 | As originally reported | As adjusted | Effect of change | ||||||||||||||
Deferred income taxes | $ | $ | $ | ( | |||||||||||||
Long-term debt | |||||||||||||||||
Total liabilities | $ | $ | $ | ||||||||||||||
Common stock | |||||||||||||||||
Capital in excess of par value of common stock | ( | ||||||||||||||||
Retained earnings | |||||||||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||||||||
Treasury stock, common, at cost | ( | ( | |||||||||||||||
Total equity | ( | ||||||||||||||||
Total liabilities and equity | $ | $ | $ |
Statement of cash flows | |||||||||||||||||
(in Millions) | |||||||||||||||||
Six months ended June 30, 2021 | As computed under ASC 470-20 | As reported under ASU 2020-06 | Effect of change | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||||||||
Deferred income taxes | ( | ( | |||||||||||||||
Deferred financing fee amortization | ( | ||||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Net increase in cash and cash equivalents | |||||||||||||||||
Cash and cash equivalents, beginning of period | |||||||||||||||||
Cash and cash equivalents, end of period | $ | $ | $ |
Issued | Treasury | Outstanding | |||||||||||||||
Balance at December 31, 2020 | ( | ||||||||||||||||
Adjusted FMC RSU awards (1) | — | ||||||||||||||||
Livent RSU awards | — | ||||||||||||||||
Livent stock option awards | — | ||||||||||||||||
Net purchases of treasury stock - deferred compensation plan | — | ( | ( | ||||||||||||||
Issuance of common stock | — | ||||||||||||||||
Balance at June 30, 2021 | ( |
(in Millions) | Foreign currency adjustments | Derivative Instruments (1) | Total | ||||||||||||||
Accumulated other comprehensive loss, net of tax at December 31, 2020 | $ | ( | $ | ( | |||||||||||||
Other comprehensive gains before reclassifications | |||||||||||||||||
Accumulated other comprehensive loss, net of tax at June 30, 2021 | $ | ( | $ | $ | ( |
(in Millions) | Foreign currency adjustments | Derivative Instruments (1) | Total | ||||||||||||||
Accumulated other comprehensive loss, net of tax at December 31, 2019 | $ | ( | $ | $ | ( | ||||||||||||
Other comprehensive loss before reclassifications | ( | ( | ( | ||||||||||||||
Accumulated other comprehensive loss, net of tax at June 30, 2020 | $ | ( | $ | ( | $ | ( |
(in Millions, Except Share and Per Share Data) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income/(loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Adjustment for interest on 2025 Notes, net of tax (1) | |||||||||||||||||||||||
Net income/(loss) after assumed conversion of 2025 Notes | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares outstanding - basic | |||||||||||||||||||||||
Dilutive share equivalents from share-based plans | |||||||||||||||||||||||
Dilutive share equivalents from 2025 Notes | |||||||||||||||||||||||
Weighted average common shares outstanding - diluted | |||||||||||||||||||||||
Basic earnings/(loss) per common share: | |||||||||||||||||||||||
Net earnings/(loss) per weighted average share - basic | $ | $ | $ | $ | ( | ||||||||||||||||||
Diluted earnings/(loss) per common share: | |||||||||||||||||||||||
Net earnings/(loss) per weighted average share - diluted | $ | $ | $ | $ | ( |
(in Millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Share equivalents from share-based plans | |||||||||||||||||||||||
Share equivalents from 2025 Notes | |||||||||||||||||||||||
Total antidilutive weighted average share equivalents |
Financial Instrument | Valuation Method | |||||||
Foreign exchange forward contracts | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on current market prices for applicable currencies. |
June 30, 2021 | |||||
Gross Amount of Derivatives | |||||
(in Millions) | Designated as Cash Flow Hedges | ||||
Derivatives | |||||
Foreign exchange contracts | $ | ||||
Total derivative assets | |||||
Net derivative assets | $ | ||||
(in Millions) | Total Foreign Exchange Contracts | ||||
Accumulated other comprehensive loss, net of tax at March 31, 2021 | $ | ||||
Unrealized hedging gains, net of tax | |||||
Total derivatives instruments impact on comprehensive income, net of tax | |||||
Accumulated other comprehensive gain, net of tax at June 30, 2021 | $ | ||||
(in Millions) | Total Foreign Exchange Contracts | ||||
Accumulated other comprehensive loss, net of tax at March 31, 2020 | $ | ||||
Unrealized hedging loses, net of tax | ( | ||||
Total derivatives instruments impact on comprehensive income, net of tax | ( | ||||
Accumulated other comprehensive loss, net of tax at June 30, 2020 | $ | ( | |||
Location of Loss Recognized in Income on Derivatives | Amount of Pre-tax Loss Recognized in Income on Derivatives (1) | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in Millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Foreign Exchange contracts | Cost of Sales and Services (2) | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( |
(in Millions) | June 30, 2021 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Investments in deferred compensation plan (1) | $ | $ | $ | $ | |||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Deferred compensation plan obligation (2) | $ | $ | $ | $ | |||||||||||||||||||
Total Liabilities | $ | $ | $ | $ |
(in Millions) | December 31, 2020 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Investments in deferred compensation plan (1) | $ | $ | $ | $ | |||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Deferred compensation plan obligation (2) | $ | $ | $ | $ | |||||||||||||||||||
Total Liabilities | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in Millions, except for weighted-average amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Lease Cost | |||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||
Variable lease cost (1) | |||||||||||||||||||||||
Total lease cost (1) | $ | $ | $ | $ | |||||||||||||||||||
Other information | |||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Cash paid for operating leases | $ | $ | $ | $ |
(in Millions) | Undiscounted cash flows | |||||||
Remainder of 2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total future minimum lease payments | ||||||||
Less: Imputed interest | ( | |||||||
Total | $ |
(in Millions) | June 30, 2021 | December 31, 2020 | |||||||||
Prepaid and other current assets | |||||||||||
Argentina government receivable (1) | $ | $ | |||||||||
Tax related items | |||||||||||
Other receivables | |||||||||||
Prepaid expenses | |||||||||||
Bank Acceptance Drafts (2) | |||||||||||
Other current assets (3) | |||||||||||
Total | $ | $ |
(in Millions) | June 30, 2021 | December 31, 2020 | |||||||||
Other assets | |||||||||||
Argentina government receivable (1) | $ | $ | |||||||||
Advance to contract manufacturers (4) | |||||||||||
Capitalized software, net | |||||||||||
Tax related items (5) | |||||||||||
Other assets | |||||||||||
Total | $ | $ |
(in Millions) | June 30, 2021 | December 31, 2020 | |||||||||
Accrued and other current liabilities | |||||||||||
Plant restructuring reserves | $ | $ | |||||||||
Retirement liability - 401K | |||||||||||
Accrued payroll | |||||||||||
Severance related | |||||||||||
Environmental reserves, current | |||||||||||
Other accrued and other current liabilities (1) | |||||||||||
Total | $ | $ |
(in Millions) | June 30, 2021 | December 31, 2020 | |||||||||
Other long-term liabilities | |||||||||||
Accrued investment in unconsolidated affiliate | $ | $ | |||||||||
Asset retirement obligations | |||||||||||
Contingencies related to uncertain tax positions (2) | |||||||||||
Deferred compensation plan obligation | |||||||||||
Self-insurance reserves | |||||||||||
Other long-term liabilities | |||||||||||
Total | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in Millions) | (unaudited) | ||||||||||||||||||||||
Revenue | $ | 102.2 | $ | 64.9 | $ | 193.9 | $ | 133.4 | |||||||||||||||
Cost of sales | 81.8 | 54.7 | 160.2 | 108.6 | |||||||||||||||||||
Gross margin | 20.4 | 10.2 | 33.7 | 24.8 | |||||||||||||||||||
Selling, general and administrative expenses | 11.7 | 10.3 | 22.4 | 21.1 | |||||||||||||||||||
Research and development expenses | 0.7 | 0.8 | 1.4 | 1.8 | |||||||||||||||||||
Restructuring and other charges | 2.0 | 0.9 | 2.3 | 5.7 | |||||||||||||||||||
Separation-related costs | 0.6 | 0.1 | 0.5 | 0.2 | |||||||||||||||||||
Total costs and expenses | 96.8 | 66.8 | 186.8 | 137.4 | |||||||||||||||||||
Income/(loss) from operations before loss on debt extinguishment, equity in net loss of unconsolidated affiliates, interest expense, net and income taxes | 5.4 | (1.9) | 7.1 | (4.0) | |||||||||||||||||||
Loss on debt extinguishment | — | 0.1 | — | 0.1 | |||||||||||||||||||
Equity in net loss of unconsolidated affiliates | 1.4 | 0.2 | 2.7 | 0.3 | |||||||||||||||||||
Interest expense, net | — | — | 0.3 | — | |||||||||||||||||||
Income/(loss) from operations before income taxes | 4.0 | (2.2) | 4.1 | (4.4) | |||||||||||||||||||
Income tax benefit | (2.5) | (2.0) | (1.6) | (2.3) | |||||||||||||||||||
Net income/(loss) | $ | 6.5 | $ | (0.2) | $ | 5.7 | $ | (2.1) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in Millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income/(loss) (GAAP) | $ | 6.5 | $ | (0.2) | $ | 5.7 | $ | (2.1) | |||||||||||||||
Add back: | |||||||||||||||||||||||
Interest expense, net | — | — | 0.3 | — | |||||||||||||||||||
Income tax benefit | (2.5) | (2.0) | (1.6) | (2.3) | |||||||||||||||||||
Depreciation and amortization | 6.3 | 6.0 | 12.5 | 11.6 | |||||||||||||||||||
EBITDA (Non-GAAP) | 10.3 | 3.8 | 16.9 | 7.2 | |||||||||||||||||||
Add back: | |||||||||||||||||||||||
Certain Argentina remeasurement losses (a) | 1.0 | 1.7 | 3.3 | 2.9 | |||||||||||||||||||
Restructuring and other charges (b) | 2.0 | 0.9 | 2.3 | 5.7 | |||||||||||||||||||
Separation-related costs (c) | 0.6 | 0.1 | 0.5 | 0.2 | |||||||||||||||||||
COVID-19 related costs (d) | 1.4 | — | 2.3 | — | |||||||||||||||||||
Loss on debt extinguishment (e) | — | 0.1 | — | 0.1 | |||||||||||||||||||
Other gain/(loss) (f) | 0.7 | (0.2) | 1.8 | (0.3) | |||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 16.0 | $ | 6.4 | $ | 27.1 | $ | 15.8 | |||||||||||||||
Hedged Currency vs. Functional Currency | |||||||||||||||||
(in Millions) | Net asset position on consolidated balance sheets | Net liability position with 10% strengthening | Net asset position with 10% weakening | ||||||||||||||
Net asset/(liability) position as of June 30, 2021 | $ | 0.1 | $ | (1.1) | $ | 1.1 | |||||||||||
ISSUER PURCHASES OF EQUITY SECURITIES | |||||||||||||||||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (2) | |||||||||||||||||||
April 1 through April 30, 2021 | 217 | $ | 18.19 | $ | — | $ | — | ||||||||||||||||
May 1 through May 31, 2021 | 227 | $ | 18.15 | — | — | ||||||||||||||||||
June 1 through June 30, 2021 | 216 | $ | 18.44 | — | — | ||||||||||||||||||
Total Q2 2021 | 660 | $ | 18.26 | $ | — | $ | — |
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | Interactive Data File | |||||||
104 | The cover page from Livent Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, formatted in Inline XBRL. |
LIVENT CORPORATION (Registrant) | |||||||||||
By: | /s/ GILBERTO ANTONIAZZI | ||||||||||
Gilberto Antoniazzi, Vice President and Chief Financial Officer |
/s/ Paul W. Graves | ||
Paul W. Graves | ||
President and Chief Executive Officer |
/s/ Gilberto Antoniazzi | ||
Gilberto Antoniazzi | ||
Vice President and Chief Financial Officer | ||
/s/ Paul W. Graves | ||
Paul W. Graves | ||
President and Chief Executive Officer |
/s/ Gilberto Antoniazzi | ||
Gilberto Antoniazzi | ||
Vice President and Chief Financial Officer | ||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||
Statement of Comprehensive Income [Abstract] | ||||||
Net income/(loss) | $ 6.5 | $ (0.2) | $ 5.7 | $ (2.1) | ||
Foreign currency adjustments: | ||||||
Foreign currency translation gain/(loss) arising during the period | 1.2 | 0.2 | 0.9 | (1.6) | ||
Total foreign currency translation adjustments | [1] | 1.2 | 0.2 | 0.9 | (1.6) | |
Derivative instruments: | ||||||
Unrealized hedging gains/(losses), net of tax of less than $0.1, $0.1, less than $0.1 and $0.1 | 0.1 | (0.2) | 0.1 | (0.2) | ||
Total derivative instruments gain/(loss), net of tax of less than $0.1, $0.1, less than $0.1 and $0.1 | 0.1 | (0.2) | 0.1 | (0.2) | ||
Other comprehensive income/(loss), net of tax | 1.3 | 0.0 | 1.0 | (1.8) | ||
Comprehensive income/(loss) | $ 7.8 | $ (0.2) | $ 6.7 | $ (3.9) | ||
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Reclassification of deferred hedging gains included in net income, tax | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Total derivative instruments loss, tax | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Current assets | ||
Allowance for trade receivables | $ 0.4 | $ 0.4 |
Accumulated depreciation | $ 234.1 | $ 222.4 |
Equity | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued (in shares) | 161,642,274 | 146,461,249 |
Common stock, outstanding (in shares) | 161,541,708 | 146,361,981 |
Treasury stock, at cost (in shares) | 100,566 | 99,268 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Cash Flows [Abstract] | ||
Interest expense capitalized | $ 7.7 | |
State and Foreign Tax Autority | ||
Federal tax refund | $ 1.7 | |
Domestic Tax Authority | ||
Federal tax refund | $ 1.9 |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions |
Total |
Common Stock, $0.001 Per Share Par Value |
Capital In Excess of Par |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Treasury Stock |
|||
---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2019 | $ 544.0 | $ 0.1 | $ 516.4 | $ 76.6 | $ (48.3) | $ (0.8) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (1.9) | (1.9) | |||||||
Stock compensation plans | 1.2 | 1.2 | |||||||
Shares withheld for taxes - common stock issuances | (0.7) | (0.7) | |||||||
Foreign currency translation adjustments | (1.8) | (1.8) | |||||||
Ending balance at Mar. 31, 2020 | 540.8 | 0.1 | 516.9 | 74.7 | (50.1) | (0.8) | |||
Beginning balance at Dec. 31, 2019 | 544.0 | 0.1 | 516.4 | 76.6 | (48.3) | (0.8) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (2.1) | ||||||||
Net hedging losses, net of income tax | (0.2) | ||||||||
Foreign currency translation adjustments | [1] | (1.6) | |||||||
Ending balance at Jun. 30, 2020 | 541.7 | 0.1 | 518.0 | 74.5 | (50.1) | (0.8) | |||
Beginning balance at Mar. 31, 2020 | 540.8 | 0.1 | 516.9 | 74.7 | (50.1) | (0.8) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (0.2) | (0.2) | |||||||
Stock compensation plans | 1.0 | 1.0 | |||||||
Net hedging losses, net of income tax | (0.2) | (0.2) | |||||||
Exercise of stock options | 0.1 | 0.1 | |||||||
Foreign currency translation adjustments | 0.2 | [1] | 0.2 | ||||||
Ending balance at Jun. 30, 2020 | 541.7 | 0.1 | 518.0 | 74.5 | (50.1) | (0.8) | |||
Beginning balance at Dec. 31, 2020 | 536.2 | 0.1 | 520.9 | 60.3 | (44.4) | (0.7) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (0.8) | (0.8) | |||||||
Stock compensation plans | 1.2 | 1.2 | |||||||
Exercise of stock options | 0.2 | 0.2 | |||||||
Shares withheld for taxes - common stock issuances | (0.8) | (0.8) | |||||||
Net purchases of treasury stock - nonqualified plan | (0.1) | (0.1) | |||||||
Foreign currency translation adjustments | (0.3) | (0.3) | |||||||
Ending balance at Mar. 31, 2021 | 535.6 | 0.1 | 521.5 | 59.5 | (44.7) | (0.8) | |||
Beginning balance at Dec. 31, 2020 | 536.2 | 0.1 | 520.9 | 60.3 | (44.4) | (0.7) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | 5.7 | ||||||||
Net hedging losses, net of income tax | 0.1 | ||||||||
Foreign currency translation adjustments | [1] | 0.9 | |||||||
Ending balance at Jun. 30, 2021 | 797.1 | 0.1 | 775.2 | 66.0 | (43.4) | (0.8) | |||
Beginning balance at Mar. 31, 2021 | 535.6 | 0.1 | 521.5 | 59.5 | (44.7) | (0.8) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | 6.5 | 6.5 | |||||||
Stock compensation plans | 1.4 | 1.4 | |||||||
Net hedging losses, net of income tax | 0.1 | 0.1 | |||||||
Issuance of common stock - Offering | 252.3 | 252.3 | |||||||
Foreign currency translation adjustments | 1.2 | [1] | 1.2 | ||||||
Ending balance at Jun. 30, 2021 | $ 797.1 | $ 0.1 | $ 775.2 | $ 66.0 | $ (43.4) | $ (0.8) | |||
|
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares |
Jun. 30, 2021 |
Jun. 15, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2018 |
---|---|---|---|---|---|---|---|
Statement of Stockholders' Equity [Abstract] | |||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Description of the Business |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | Description of the Business Background and Nature of Operations Livent Corporation (“Livent”, “we”, “us”, "company" or “our”) manufactures lithium for use in a wide range of lithium products, which are used primarily in lithium-based batteries, specialty polymers and chemical synthesis applications. We serve a diverse group of markets. Our product offerings are primarily inorganic and generally have few cost-effective substitutes. A major growth driver for lithium in the future will be the rate of adoption of electric vehicles. Most markets for lithium chemicals are global with significant growth occurring in Asia, Europe and North America, primarily driven by the development and manufacturing of lithium-ion batteries. We are one of the primary producers of performance lithium compounds.
|
Principal Accounting Policies and Related Financial Information |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principle Accounting Policies and Related Financial Information | Principal Accounting Policies and Related Financial Information The accompanying condensed consolidated financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by U.S. GAAP have been condensed or omitted from these interim financial statements. The financial statements included in this report reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of our condensed consolidated financial position at June 30, 2021 and December 31, 2020, the condensed consolidated results of operations for the three and six months ended June 30, 2021 and 2020, and the condensed consolidated cash flows for the six months ended June 30, 2021 and 2020. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. These statements, therefore, should be read in conjunction with the annual consolidated and combined financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the "2020 Annual Report on Form 10-K"). Estimates and assumptions In preparing the financial statements in conformity with U.S. GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Due to the current coronavirus ("COVID-19") pandemic, there has been uncertainty and disruption in the global economy and financial markets. The estimates used for, but not limited to, the collectability of trade receivables, fair value of long-lived assets, income taxes, inventory valuation and fair value of financial instruments could be impacted. We have assessed the impact and are not aware of any specific events or circumstances that required an update to our estimates and assumptions or materially affected the carrying value of our assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. 4.125% Convertible Senior Notes due 2025 (the “2025 Notes”) We account for our 2025 Notes under Accounting Standards Update ("ASU") No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"), which we early adopted January 1, 2021 under the full retrospective method. See Note 3 and Note 9 for details. There were no other significant changes to our accounting policies that are set forth in detail in Note 2 to our annual consolidated and combined financial statements in Part II, Item 8 of our 2020 Annual Report on Form 10-K.
|
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items | Recently Issued and Adopted Accounting Pronouncements and Regulatory Items New accounting guidance and regulatory items In April 2020, the Financial Accounting Standard Board ("FASB") issued ASU No. 2020-04, Reference Rate Reform (Topic 848). The amendments in this ASU provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. An entity may optionally elect to apply the amendments effective in the first interim period that includes or is subsequent to March 12, 2020 through December 31, 2022. We are evaluating the effect the guidance will have on our condensed consolidated financial statements. Recently adopted accounting guidance In August 2020, FASB issued ASU 2020-06. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share ("EPS") calculations for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. We elected to early adopt ASU 2020-06 on January 1, 2021, using the full retrospective method. Prior to adoption, under Accounting Standards Codification 470-20, Debt with Conversion and Other Options ("ASC 470-20"), we had separately accounted for the liability and equity components of our 2025 Notes, which may be settled entirely or partially in cash upon conversion, in a manner that reflected the issuer’s economic interest cost. The effect of ASC 470-20 on the accounting for the 2025 Notes was that the equity component was required to be included in the additional paid-in capital section of stockholders’ equity on our consolidated balance sheet, and the value of the equity component was treated as original issue discount for purposes of accounting for the debt component of the 2025 Notes. As a result, prior to the adoption of ASU 2020-06, we were required to record a greater amount of non-cash interest expense as a result of the amortization of the discounted carrying value of the 2025 Notes to their face amount over the term of the 2025 Notes. Because we intend to settle in cash the principal outstanding under our 2025 Notes, we previously used the treasury stock method when calculating their potential dilutive effect, if any. ASU 2020-06 now requires us to use the if-converted method for EPS. For the full retrospective method of adoption, the accounting change was recognized as an adjustment to the balance of retained earnings, additional paid-in capital, long-term debt and deferred income taxes in our consolidated balance sheet as of December 31, 2020, the year in which the 2025 Notes were issued. See Note 9 and Note 11 for further details. In December 2019, FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). The amendments in this ASU simplified the accounting for income taxes by removing certain exceptions to the general principle in Topic 740. The amendments also contain improvements and clarifications of certain guidance in Topic 740. The new amendments are effective for fiscal years beginning after December 15, 2020 (i.e. a January 1, 2021 effective date), with early adoption permitted. We adopted the amendments as of January 1, 2021 and the adoption did not have a material impact on our condensed consolidated financial statements.
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Revenue Recognition |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Disaggregation of revenue We disaggregate revenue from contracts with customers by geographical areas and by product categories. The following table provides information about disaggregated revenue by major geographical region:
1.During the three months ended June 30, 2021, countries with sales in excess of 10% of combined revenue consisted of Japan, the United States, and China. Sales for the three months ended June 30, 2021 for Japan, the United States, and China totaled $23.9 million, $29.9 million, $26.2 million, respectively. During the six months ended June 30, 2021, countries with sales in excess of 10% of combined revenue consisted of Japan, the United States, and China. Sales for the six months ended June 30, 2021 for Japan, the United States, and China totaled $40.6 million, $43.0 million, $53.3 million, respectively. During the three months ended June 30, 2020, countries with sales in excess of 10% of combined revenue consisted of Japan and the United States. Sales for the three months ended June 30, 2020 for Japan and the United States totaled $26.6 million and $14.5 million, respectively. During the six months ended June 30, 2020, countries with sales in excess of 10% of combined revenue consisted of Japan and the United States. Sales for the six months ended June 30, 2020 for Japan and the United States totaled $57.7 million and $29.1 million, respectively. For the three months ended June 30, 2021, one customer accounted for approximately 36% of total revenue and our 10 largest customers accounted in aggregate for approximately 70% of revenue. For the three months ended June 30, 2020, one customer accounted for approximately 30% of total revenue and our 10 largest customers accounted in aggregate for approximately 64% of our revenue. For the six months ended June 30, 2021, one customer accounted for approximately 36% of total revenue and our 10 largest customers accounted in aggregate for approximately 67% of revenue. For the six months ended June 30, 2020, one customer accounted for approximately 35% of total revenue and our 10 largest customers accounted in aggregate for approximately 64% of our revenue. A loss of any material customer could have a material adverse effect on our business, financial condition and results of operations. The following table provides information about disaggregated revenue by major product category:
Contract asset and contract liability balances The following table presents the opening and closing balances of our receivables, net of allowances. As of June 30, 2021 and December 31, 2020, there were no contract liabilities from contracts with customers.
The balance of receivables from contracts with customers listed in the table above represents the current trade receivables, net of allowance for doubtful accounts. The allowance for receivables represents our best estimate of the probable losses associated with potential customer defaults. We determine the allowance based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. Performance obligations Occasionally, we may enter into multi-year take or pay supply agreements with customers. The aggregate amount of revenue expected to be recognized related to these contracts’ performance obligations that are unsatisfied or partially unsatisfied is approximately $28 million for the remainder of 2021 and $68 million in 2022 and 2023, respectively. These approximate revenues do not include amounts of variable consideration attributable to contract renewals or contract contingencies. Based on our past experience with the customers under these arrangements, we expect to continue recognizing revenue in accordance with the contracts as we transfer control of the product to the customer (refer to the sales of goods section for our determination of transfer of control). However, in the case a shortfall of volume purchases occurs, we will recognize the amount payable by the customer over the remaining performance obligations in the contract.
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, Net | Inventories, Net Inventories consisted of the following:
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Investments |
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Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Investments In 2020, Livent entered into an agreement with The Pallinghurst Group relating to Québec Lithium Partners ("QLP"), a joint venture owned equally by The Pallinghurst Group and Livent, and the conduct of certain business operations and oversight previously conducted solely by Nemaska Lithium Inc. for the development of a fully integrated lithium chemical asset located in Québec, Canada that is not yet in commercial production. The Company accounts for the investment in QLP as an equity method investment on a one-quarter lag basis and is included in Investments in our consolidated balance sheets. For the three and six months ended June 30, 2021, we recorded a $1.4 million and $2.7 million loss, respectively, related to our 50% equity interest in QLP to Equity in net loss of unconsolidated affiliates in our condensed consolidated statement of operations. The carrying amount of our 50% equity interest in QLP was $21.1 million and $21.2 million as of June 30, 2021 and December 31, 2020, respectively. See Note 13 for details. |
Restructuring and Other Charges |
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Restructuring and Other Charges | Restructuring and Other Charges The following table shows other charges included in "Restructuring and other charges" in the condensed consolidated statements of operations:
___________________ 1.Six months ended June 30, 2020 includes severance costs for management changes at certain operating and administrative facilities and exit costs of $1.0 million for the closing of leased office space. 2.There is one environmental remediation site in Bessemer City, North Carolina. 3.Three and six months ended June 30, 2021 consists of transaction related legal fees and miscellaneous nonrecurring transactions. See Note 13 for more details. Three and six months ended June 30, 2020 consists primarily of legal fees related to IPO securities litigation.
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Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We determine our interim tax provision using an estimated annual effective tax rate methodology (“EAETR”) in accordance with U.S. GAAP. The EAETR is applied to the year-to-date ordinary income, exclusive of discrete items. The tax effects of discrete items are then included to arrive at the total reported interim tax provision. The determination of the EAETR is based upon a number of estimates, including the estimated annual pretax ordinary income in each tax jurisdiction in which we operate. As our projections of ordinary income change throughout the year, the EAETR will change period-to-period. The tax effects of discrete items are recognized in the tax provision in the period they occur in accordance with U.S. GAAP. Depending on various factors, such as the item’s significance in relation to total income and the rate of tax applicable in the jurisdiction to which it relates, discrete items in any quarter can materially impact the reported effective tax rate. As a global enterprise, our tax expense can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews, as well as other factors. As a result, there can be significant volatility in interim tax provisions. Provision for income taxes for the three and six months ended June 30, 2021 was a benefit of $(2.5) million and $(1.6) million resulting in a negative effective tax rate of (62.5)% and (39.0)%, respectively. Provision for income taxes for the three and six months ended June 30, 2020 was a benefit of $(2.0) million and $(2.3) million resulting in an effective tax rate of 39.7% and 52.3%, respectively.
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Debt | Debt Long-term debt Long-term debt consists of the following:
______________________________ 1.As of June 30, 2021 and December 31, 2020, there were $14.4 million in letters of credit outstanding under our Revolving Credit Facility and $385.6 million and $275.0 million available funds as of June 30, 2021 and December 31, 2020, respectively. Fund availability is subject to the Company meeting its debt covenants. 2.As of June 30, 2021 and December 31, 2020, the Company had no debt maturing within one year. On January 1, 2021, the Company elected to early adopt ASU 2020-06 under the full retrospective method, that is, the accounting change was recognized as an adjustment to the balance of retained earnings, additional paid-in capital, long-term debt and deferred income taxes in our consolidated balance sheet as of December 31, 2020, the year in which the 2025 Notes were issued. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. Our 2025 Notes are now reported as a single liability instrument net of transaction costs with an interest rate closer to the coupon interest rate. The comparative financial statements of prior years have been adjusted to apply the adopted guidance retrospectively. The impact of the adoption of ASU 2020-06 to our condensed consolidated statement of operations and condensed consolidated cash flow statement was less than $0.1 million for the three and six months ended June 30, 2020:
2025 Notes In the third quarter of 2021, the holders of the 2025 Notes were notified that the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, June 30, 2021 was greater than or equal to 130% of the conversion price on each trading day, and as a result, the holders have the option to convert all or any portion of their 2025 Notes through September 30, 2021. The 2025 Notes are classified as long-term debt. The Company recorded interest expense related to the amortization of transaction costs of $0.4 million and $0.8 million for the three and six months ended June 30, 2021, respectively; $0.1 million of which was capitalized for the three and six months ended June 30, 2021, respectively. The Company recorded $2.5 million and $5.1 million of accrued interest expense related to the principal amount for the three and six months ended June 30, 2021, respectively. Revolving Credit Facility The carrying value of our deferred financing costs was $1.9 million as of June 30, 2021. In June 2021, we used a portion of the net proceeds from the Offering to repay all amounts outstanding under our Revolving Credit Facility. Covenants The Credit Agreement contains certain affirmative and negative covenants that are binding on us and our subsidiary, FMC Lithium USA Corp., as borrowers (the "Borrowers") and their subsidiaries, including, among others, restrictions (subject to exceptions and qualifications) on the ability of the Borrowers and their subsidiaries to create liens, to undertake fundamental changes, to incur debt, to sell or dispose of assets, to make investments, to make restricted payments such as dividends, distributions or equity repurchases, to change the nature of their businesses, to enter into transactions with affiliates and to enter into certain burdensome agreements. Furthermore, the Borrowers are subject to financial covenants regarding leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). Our maximum allowable first lien leverage ratio is 3.5 as of June 30, 2021. Our minimum allowable interest coverage ratio is 3.5. We were in compliance with all requirements of the covenants at June 30, 2021.
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Equity | Equity As of June 30, 2021 and December 31, 2020, we had 2 billion shares of common stock authorized. The following is a summary of Livent's common stock issued and outstanding:
1.See Note 12 to our consolidated and combined financial statements in Part II, Item 8 of our 2020 Annual Report on Form 10-K for more information on Adjusted FMC RSU awards held by FMC employees. On June 15, 2021, the Company closed on the issuance of 14,950,000 shares of its common stock, par value $0.001 per share, at a public offering price of $17.50 per share, in an underwritten public offering (the "Offering"), including 1,950,000 shares purchased under a 30-day underwriters' option exercised in full by the underwriters on June 11, 2021. Total net proceeds from the Offering, including from the exercise of the underwriters’ option, were $252.3 million, after deducting the underwriters’ fees and offering expenses payable by the Company of $9.3 million. The total net proceeds were recorded to paid-in capital in the condensed consolidated balance sheet. In August 2021, we purchased approximately $70 million in a limited risk investment with a maturity of 90 days with a portion of the Offering net proceeds. The investment will be recorded to Cash and cash equivalents in our condensed consolidated balance sheet in the third quarter of 2021. Summarized below is the roll forward of accumulated other comprehensive loss, net of tax.
1.See Note 12 for more information. Reclassifications of accumulated other comprehensive loss No amounts were reclassified from accumulated other comprehensive loss for the three and six months ended June 30, 2021 and 2020. Dividends For the three and six months ended June 30, 2021 and 2020, we paid no dividends. We do not expect to pay any dividends in the foreseeable future.
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Earnings/(Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings/(Loss) Per Share | Earnings/(Loss) Per Share Earnings/(loss) per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period on a basic and diluted basis. Our potentially dilutive securities include potential common shares related to our stock options and restricted stock units ("RSU") granted in connection with the Livent Plan and FMC Plan. See Note 12 to our consolidated and combined financial statements in Part II, Item 8 of our 2020 Annual Report on Form 10-K for more information. Diluted earnings/(loss) per share (“Diluted EPS”) considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. We use the if-converted method when calculating the potential dilutive effect, if any, of our 2025 Notes. Earnings/(loss) applicable to common stock and common stock shares used in the calculation of basic and diluted earnings/(loss) per share are as follows:
1.All of the interest was capitalized for the 2025 Notes for the three months ended June 30, 2021 and for the three and six months ended June 30, 2020. The following table presents weighted average share equivalents associated with the 2025 Notes and share-based plans that were excluded from the diluted shares outstanding calculation because the result would have been antidilutive. The 2025 Notes are further discussed in Note 9.
Anti-dilutive stock options For the three and six months ended June 30, 2021, options to purchase 542,760 shares of our common stock at an average exercise price of $20.35 per share were anti-dilutive and not included in the computation of diluted loss per share because the exercise price of the options was greater than the average market price of the common stock for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2020, options to purchase 1,832,605 and 1,842,770 shares of our common stock at an average exercise price of $12.36 and $12.47 per share, respectively, were anti-dilutive and not included in the computation of diluted loss per share because the exercise price of the options was greater than the average market price of the common stock for the three and six months ended June 30, 2020.
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Financial Instruments, Risk Management and Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instrument, Risk Management and Fair Value Measurements | Financial Instruments, Risk Management and Fair Value Measurements Our financial instruments include cash and cash equivalents, trade receivables, other current assets, investments held in trust fund, accounts payable, and amounts included in investments and accruals meeting the definition of financial instruments. Investments in the Livent NQSP deferred compensation plan trust fund are considered Level 1 investments based on readily available quoted prices in active markets for identical assets. The carrying value of cash and cash equivalents, trade receivables, other current assets, and accounts payable approximates their fair value and are considered Level 1 investments. Our other financial instruments include the following:
The estimated fair value of our foreign exchange forward contracts have been determined using standard pricing models which take into account the present value of expected future cash flows discounted to the balance sheet date. These standard pricing models utilize inputs derived from, or corroborated by, observable market data such as interest rate yield curves and currency and commodity spot and forward rates. In addition, we test a subset of our valuations against valuations received from the transaction's counterparty to validate the accuracy of our standard pricing models. Accordingly, the estimates presented may not be indicative of the amounts that we would realize in a market exchange at settlement date and do not represent potential gains or losses on these agreements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 - Unobservable inputs for the asset or liability. The estimated fair value and the carrying amount of debt was $232.9 million and $239.7 million, respectively, as of June 30, 2021. Our 2025 Notes are classified as Level 2 in the fair value hierarchy. The estimated fair value and carrying amount of debt was $267.6 million and $274.6 million as of December 31, 2020. Use of Derivative Financial Instruments to Manage Risk We mitigate certain financial exposures connected to currency risk through a program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange forward contracts to reduce the effects of fluctuating foreign currency exchange rates. We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. Foreign Currency Exchange Risk Management We conduct business in many foreign countries, exposing earnings, cash flows, and our financial position to foreign currency risks. The majority of these risks arise as a result of foreign currency transactions. The primary currencies for which we have exchange rate exposure are the Euro, the British pound, the Chinese yuan, the Argentine peso, and the Japanese yen. We currently do not hedge foreign currency risks associated with the Argentine peso due to the limited availability and the high cost of suitable derivative instruments. Our policy is to minimize exposure to adverse changes in currency exchange rates. This is accomplished through a controlled program of risk management that could include the use of foreign currency debt and forward foreign exchange contracts. We also use forward foreign exchange contracts to hedge firm and highly anticipated foreign currency cash flows, with an objective of balancing currency risk to provide adequate protection from significant fluctuations in the currency markets. Concentration of Credit Risk Our counterparties to derivative contracts are primarily major financial institutions. We limit the dollar amount of contracts entered into with any one financial institution and monitor counterparties’ credit ratings. We also enter into master netting agreements with each financial institution, where possible, which helps mitigate the credit risk associated with our financial instruments. While we may be exposed to credit losses due to the nonperformance of counterparties, we consider this risk remote. Accounting for Derivative Instruments and Hedging Activities Cash Flow Hedges We recognize all derivatives on the balance sheet at fair value. On the date we enter into the derivative instrument, we generally designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in Accumulated other comprehensive income ("AOCI") changes in the fair value of derivatives that are designated as and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. In contrast we immediately record in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. As of June 30, 2021, we had open foreign currency forward contracts in AOCI in a net after-tax gain position of $0.1 million designated as cash flow hedges of underlying forecasted sales and purchases. At June 30, 2021 we had open forward contracts with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $11.3 million. Approximately $0.1 million of net after-tax loss, representing open foreign currency exchange contracts, will be realized in earnings during the six months ending December 31, 2021 if spot rates in the future are consistent with market rates as of June 30, 2021. The actual effect on earnings will be dependent on the actual spot rates when the forecasted transactions occur. We recognize derivative gains and losses in the “Costs of sales and services” line in the condensed consolidated statements of income. Derivatives Not Designated As Cash Flow Hedging Instruments We hold certain forward contracts that have not been designated as cash flow hedging instruments for accounting purposes. Contracts used to hedge the exposure to foreign currency fluctuations associated with certain monetary assets and liabilities are not designated as cash flow hedging instruments and changes in the fair value of these items are recorded in earnings. We had open forward contracts not designated as cash flow hedging instruments for accounting purposes with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $11.0 million at June 30, 2021. Fair Value of Derivative Instruments. The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments.The Company had no open derivative cash flow hedge contracts as of December 31, 2020.
1.Balance is included in “Prepaid and other current assets” in the condensed consolidated balance sheets. Derivatives in Cash Flow Hedging Relationships The following tables summarize the losses related to our cash flow hedges and derivatives not designated as cash flow hedging instruments. For the three months ended March 31, 2021 and 2020, we did not have any open derivative cash flow hedge contacts.
Derivatives Not Designated as Cash Flow Hedging Instruments
____________________ 1.Amounts represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. 2.A loss of $0.1 million and $0.2 million related to intercompany loan hedges is included in Restructuring and other charges in the consolidated statement of operations for the three and six months ended June 30, 2021, respectively. A loss of $0.1 million and a loss of less than $0.1 million related to intercompany loan hedges is included in Restructuring and other charges in the consolidated statement of operations for the three and six months ended June 30, 2020. Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers or sellers in the principle or most advantageous market for the asset or liability that are independent of the reporting entity, knowledgeable and able and willing to transact for the asset or liability. Fair Value Hierarchy We have categorized our assets and liabilities that are recorded at fair value, based on the priority of the inputs to the valuation technique, into a three-level fair-value hierarchy. The fair-value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets and liabilities fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair-value measurement of the instrument. Recurring Fair Value Measurements The following tables present our fair-value hierarchy for those assets and liabilities measured at fair-value on a recurring basis in our condensed consolidated balance sheets.
____________________ 1.Balance is included in “Investments” in the condensed consolidated balance sheets. Livent NQSP investments in Livent common stock are recorded as "Treasury stock" in the condensed consolidated balance sheets and carried at historical cost. A mark-to-market loss of $0.2 million and $0.1 million was recorded for the three and six months ended June 30, 2021, respectively, related to the Livent common stock. The mark-to-market gains were recorded in "Selling, general and administrative expense" in the condensed consolidated statement of operations, with a corresponding offset to the deferred compensation plan obligation in the condensed consolidated balance sheets. 2.Balance is included in “Other long-term liabilities” in the condensed consolidated balance sheets.
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Commitments and Contingencies |
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Commitments and Contingencies | Commitments and Contingencies Contingencies We are a party to various legal proceedings, including those noted in this section. Livent records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As additional information becomes available, management adjusts its assessments and estimates. Legal costs are expensed as incurred. In addition to the legal proceedings noted below, we have certain contingent liabilities arising in the ordinary course of business. Some of these contingencies are known but are so preliminary that the merits cannot be determined, or if more advanced, are not deemed material based on current knowledge; and some are unknown - for example, claims with respect to which we have no notice or claims which may arise in the future from products sold, guarantees or warranties made, or indemnities provided. Therefore, we are unable to develop a reasonable estimate of our potential exposure of loss for these contingencies, either individually or in the aggregate, at this time. There can be no assurance that the outcome of these contingencies will be favorable, and adverse results in certain of these contingencies could have a material adverse effect on the consolidated financial position, results of operations in any one reporting period, or liquidity. IPO Securities Litigation As previously reported, in May 2019, purported stockholders of the Company (the "plaintiffs") filed putative class action complaints against the Company and certain other parties (the "defendants") in federal and state courts arising out of the Company's October 2018 IPO. The Company agreed to defend and indemnify FMC with regard to these cases. On October 28, 2020, defendants entered into a stipulation of settlement with the state court plaintiffs in which the Company, on behalf of defendants, paid $7.4 million to resolve all claims related to the IPO. On October 29, 2020, the state court plaintiffs filed a motion seeking preliminary approval of the settlement. The court approved the settlement following a hearing on April 15, 2021 and a final order was issued on April 26, 2021. The settlement resolved all pending litigation relating to the IPO, including the claims in both the state and federal actions. The plaintiffs dismissed their appeal in the federal court on April 30, 2021 with prejudice in light of the settlement. Nemaska arrangement As previously reported, in October 2016, we entered into a long-term supply agreement (the “Agreement”) with Nemaska. To enforce our right to supply under the Agreement, in July 2018, we filed for arbitration before the International Chamber of Commerce (in accordance with the Agreement’s terms). On December 22, 2019, Nemaska, Nemaska Lithium Inc. and certain affiliates filed for creditor protection in Canada under the Companies’ Creditors Arrangement Act (the "CCAA") in the Superior Court of Québec (the “CCAA Court”). On May 29, 2020, we filed the Application with the CCAA Court to obtain remittance of US $20 million held in escrow by a third party for the benefit of Livent (the “Escrow Funds”), composed of: (i) US $10 million corresponding to the reimbursement of a payment made by Livent under the Agreement and (ii) US $10 million corresponding to a termination penalty under the Agreement. On June 22, 2020, we acknowledged the termination of the Agreement, withdrew our arbitration claims with prejudice, and requested the remittance of the Escrow Funds. On August 24, 2020, Nemaska Lithium Inc. announced that it had accepted a sale proposal structured as a credit bid under the CCAA from a group made up of Orion Mine Finance, Investissement Québec and The Pallinghurst Group (The Pallinghurst Group acting through a new entity named Québec Lithium Partners; the "Nemaska Transaction"). In connection with the consummation of the Nemaska Transaction, Livent agreed to settle its claims against Nemaska Lithium Inc. and agreed to withdraw the Application before the CCAA Court in exchange for payment of an agreed upon portion of the Escrow Funds (subject to the final determination of any appeals). On October 15, 2020, the Nemaska Transaction was approved by the CCAA Court pursuant to an approval and vesting order. The Supreme Court of Canada dismissed two appeals of this order by judgments dated April 29, 2021. The approval of the Nemaska Transaction is now final and executory. Livent has entered into an agreement with The Pallinghurst Group relating to Québec Lithium Partners (a joint venture owned equally by The Pallinghurst Group and Livent) and the conduct of certain business operations previously conducted solely by Nemaska Lithium Inc. for the development a fully integrated lithium chemical asset located in Québec, Canada that is not yet in commercial production. Argentine Customs Authority On July 31, 2020, we received notice from the Argentine Customs Authority that it was conducting an audit of Minera del Altiplano SA, our subsidiary in Argentina (“MdA”). The audit relates to the export of Lithium Carbonate from Argentina for the period January 10, 2015 through December 31, 2017. Although this relates to a period of time when MdA was a subsidiary of FMC, the Company agreed to bear any possible liability for this matter under the terms of the Tax Matters Agreement that it entered into with FMC in connection with the Separation. At this point, a range of reasonably possible liabilities, if any, cannot be estimated by the Company. Leases All of our leases are operating leases as of June 30, 2021 and December 31, 2020. We have operating leases for corporate offices, manufacturing facilities, and land. Our leases have remaining lease terms of 1 year to 14 years. Quantitative disclosures about our leases are summarized in the table below.
__________________________ 1.Variable lease cost for the three months ended June 30, 2020 was less than $0.1 million. Lease expense is classified as "Selling, general and administrative expenses" in our consolidated statements of operations. As of June 30, 2021 and December 31, 2020, our operating leases had a weighted average remaining lease term of 8.7 years and 11.7 years, respectively. As of June 30, 2021 and December 31, 2020, our operating leases had a weighted average discount rate of 4.9% and 4.4%, respectively. The table below presents a maturity analysis of our operating lease liabilities for each of the next five years and a total of the amounts for the remaining years.
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Supplemental Information |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information | Supplemental Information The following tables present details of prepaid and other current assets, other assets, accrued and other current liabilities, and other long-term liabilities as presented on the condensed consolidated balance sheets:
_________________ 1.We have various subsidiaries that conduct business in Argentina. At June 30, 2021 and December 31, 2020, $38.6 million and $39.5 million, respectively, of outstanding receivables due from the Argentina government, which primarily represent export tax and export rebate receivables, was denominated in U.S. dollars. As with all outstanding receivable balances, we continually review recoverability by analyzing historical experience, current collection trends and regional business and political factors among other factors. 2.Bank Acceptance Drafts are a common Chinese finance note used to settle trade transactions. Livent accepts these notes from Chinese customers based on criteria intended to ensure collectability and limit working capital usage. 3.December 31, 2020 includes a $5.4 million receivable for insurance reimbursement related to the IPO litigation settlement which was netted with the IPO litigation settlement accrual (See Note 13 for details). 4.We record deferred charges for certain contract manufacturing agreements which we amortize over the term of the underlying contract. 5.Represents an offsetting non-current deferred asset of $3.0 million relating to specific uncertain tax positions and other tax related items.
____________________ 1.Amounts primarily include accrued capital expenditures related to our expansion projects. December 31, 2020 includes a $7.4 million settlement accrual related to IPO litigation recorded in the third quarter of 2020. See Note 13 for details about IPO litigation settlement. 2.As of June 30, 2021, we have recorded a liability for uncertain tax positions of $3.7 million and a $0.4 million indemnification liability to FMC for assets where the offsetting uncertain tax position is with FMC.
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Recently Issued and Adopted Accounting Pronouncements and Regulatory Items (Policies) |
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Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying condensed consolidated financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by U.S. GAAP have been condensed or omitted from these interim financial statements. |
Convertible Senior Notes | We account for our 2025 Notes under Accounting Standards Update ("ASU") No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"), which we early adopted January 1, 2021 under the full retrospective method. |
New Accounting Guidance and Regulatory Items and Recently Adopted Accounting Guidance | In April 2020, the Financial Accounting Standard Board ("FASB") issued ASU No. 2020-04, Reference Rate Reform (Topic 848). The amendments in this ASU provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. An entity may optionally elect to apply the amendments effective in the first interim period that includes or is subsequent to March 12, 2020 through December 31, 2022. We are evaluating the effect the guidance will have on our condensed consolidated financial statements. Recently adopted accounting guidance In August 2020, FASB issued ASU 2020-06. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share ("EPS") calculations for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. We elected to early adopt ASU 2020-06 on January 1, 2021, using the full retrospective method. Prior to adoption, under Accounting Standards Codification 470-20, Debt with Conversion and Other Options ("ASC 470-20"), we had separately accounted for the liability and equity components of our 2025 Notes, which may be settled entirely or partially in cash upon conversion, in a manner that reflected the issuer’s economic interest cost. The effect of ASC 470-20 on the accounting for the 2025 Notes was that the equity component was required to be included in the additional paid-in capital section of stockholders’ equity on our consolidated balance sheet, and the value of the equity component was treated as original issue discount for purposes of accounting for the debt component of the 2025 Notes. As a result, prior to the adoption of ASU 2020-06, we were required to record a greater amount of non-cash interest expense as a result of the amortization of the discounted carrying value of the 2025 Notes to their face amount over the term of the 2025 Notes. Because we intend to settle in cash the principal outstanding under our 2025 Notes, we previously used the treasury stock method when calculating their potential dilutive effect, if any. ASU 2020-06 now requires us to use the if-converted method for EPS. For the full retrospective method of adoption, the accounting change was recognized as an adjustment to the balance of retained earnings, additional paid-in capital, long-term debt and deferred income taxes in our consolidated balance sheet as of December 31, 2020, the year in which the 2025 Notes were issued. See Note 9 and Note 11 for further details. In December 2019, FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). The amendments in this ASU simplified the accounting for income taxes by removing certain exceptions to the general principle in Topic 740. The amendments also contain improvements and clarifications of certain guidance in Topic 740. The new amendments are effective for fiscal years beginning after December 15, 2020 (i.e. a January 1, 2021 effective date), with early adoption permitted. We adopted the amendments as of January 1, 2021 and the adoption did not have a material impact on our condensed consolidated financial statements. On January 1, 2021, the Company elected to early adopt ASU 2020-06 under the full retrospective method, that is, the accounting change was recognized as an adjustment to the balance of retained earnings, additional paid-in capital, long-term debt and deferred income taxes in our consolidated balance sheet as of December 31, 2020, the year in which the 2025 Notes were issued. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. Our 2025 Notes are now reported as a single liability instrument net of transaction costs with an interest rate closer to the coupon interest rate.
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Revenue Recognition | The balance of receivables from contracts with customers listed in the table above represents the current trade receivables, net of allowance for doubtful accounts. The allowance for receivables represents our best estimate of the probable losses associated with potential customer defaults. We determine the allowance based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. Performance obligations Occasionally, we may enter into multi-year take or pay supply agreements with customers. The aggregate amount of revenue expected to be recognized related to these contracts’ performance obligations that are unsatisfied or partially unsatisfied is approximately $28 million for the remainder of 2021 and $68 million in 2022 and 2023, respectively. These approximate revenues do not include amounts of variable consideration attributable to contract renewals or contract contingencies. Based on our past experience with the customers under these arrangements, we expect to continue recognizing revenue in accordance with the contracts as we transfer control of the product to the customer (refer to the sales of goods section for our determination of transfer of control). However, in the case a shortfall of volume purchases occurs, we will recognize the amount payable by the customer over the remaining performance obligations in the contract.
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table provides information about disaggregated revenue by major geographical region:
1.During the three months ended June 30, 2021, countries with sales in excess of 10% of combined revenue consisted of Japan, the United States, and China. Sales for the three months ended June 30, 2021 for Japan, the United States, and China totaled $23.9 million, $29.9 million, $26.2 million, respectively. During the six months ended June 30, 2021, countries with sales in excess of 10% of combined revenue consisted of Japan, the United States, and China. Sales for the six months ended June 30, 2021 for Japan, the United States, and China totaled $40.6 million, $43.0 million, $53.3 million, respectively. During the three months ended June 30, 2020, countries with sales in excess of 10% of combined revenue consisted of Japan and the United States. Sales for the three months ended June 30, 2020 for Japan and the United States totaled $26.6 million and $14.5 million, respectively. During the six months ended June 30, 2020, countries with sales in excess of 10% of combined revenue consisted of Japan and the United States. Sales for the six months ended June 30, 2020 for Japan and the United States totaled $57.7 million and $29.1 million, respectively. The following table provides information about disaggregated revenue by major product category:
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Receivables and Contract Liabilities | The following table presents the opening and closing balances of our receivables, net of allowances. As of June 30, 2021 and December 31, 2020, there were no contract liabilities from contracts with customers.
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Inventories, Net (Tables) |
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Schedule of Inventories | Inventories consisted of the following:
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Restructuring and Other Charges (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Charges and Asset Disposals | The following table shows other charges included in "Restructuring and other charges" in the condensed consolidated statements of operations:
___________________ 1.Six months ended June 30, 2020 includes severance costs for management changes at certain operating and administrative facilities and exit costs of $1.0 million for the closing of leased office space. 2.There is one environmental remediation site in Bessemer City, North Carolina. 3.Three and six months ended June 30, 2021 consists of transaction related legal fees and miscellaneous nonrecurring transactions. See Note 13 for more details. Three and six months ended June 30, 2020 consists primarily of legal fees related to IPO securities litigation.
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Debt (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt consists of the following:
______________________________ 1.As of June 30, 2021 and December 31, 2020, there were $14.4 million in letters of credit outstanding under our Revolving Credit Facility and $385.6 million and $275.0 million available funds as of June 30, 2021 and December 31, 2020, respectively. Fund availability is subject to the Company meeting its debt covenants. 2.As of June 30, 2021 and December 31, 2020, the Company had no debt maturing within one year.
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Comparative Financial Statements of Priors Years Adjusted to Apply Adopted Guidance | The comparative financial statements of prior years have been adjusted to apply the adopted guidance retrospectively. The impact of the adoption of ASU 2020-06 to our condensed consolidated statement of operations and condensed consolidated cash flow statement was less than $0.1 million for the three and six months ended June 30, 2020:
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Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock by Class | The following is a summary of Livent's common stock issued and outstanding:
1.See Note 12 to our consolidated and combined financial statements in Part II, Item 8 of our 2020 Annual Report on Form 10-K for more information on Adjusted FMC RSU awards held by FMC employees.
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Schedule of Accumulated Other Comprehensive Income (Loss) | Summarized below is the roll forward of accumulated other comprehensive loss, net of tax.
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Earnings/(Loss) Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Basic and Diluted Earnings Per Share | oss) applicable to common stock and common stock shares used in the calculation of basic and diluted earnings/(loss) per share are as follows:
1.All of the interest was capitalized for the 2025 Notes for the three months ended June 30, 2021 and for the three and six months ended June 30, 2020.
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents weighted average share equivalents associated with the 2025 Notes and share-based plans that were excluded from the diluted shares outstanding calculation because the result would have been antidilutive. The 2025 Notes are further discussed in Note 9.
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Financial Instruments, Risk Management and Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Financial Instrument Valuation Methods | Our other financial instruments include the following:
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Derivatives in Cash Flow Hedging Relationships | The following tables summarize the losses related to our cash flow hedges and derivatives not designated as cash flow hedging instruments. For the three months ended March 31, 2021 and 2020, we did not have any open derivative cash flow hedge contacts.
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Derivatives Not Designated as Hedging Instruments |
____________________ 1.Amounts represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. 2.A loss of $0.1 million and $0.2 million related to intercompany loan hedges is included in Restructuring and other charges in the consolidated statement of operations for the three and six months ended June 30, 2021, respectively. A loss of $0.1 million and a loss of less than $0.1 million related to intercompany loan hedges is included in Restructuring and other charges in the consolidated statement of operations for the three and six months ended June 30, 2020.
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Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our fair-value hierarchy for those assets and liabilities measured at fair-value on a recurring basis in our condensed consolidated balance sheets.
____________________ 1.Balance is included in “Investments” in the condensed consolidated balance sheets. Livent NQSP investments in Livent common stock are recorded as "Treasury stock" in the condensed consolidated balance sheets and carried at historical cost. A mark-to-market loss of $0.2 million and $0.1 million was recorded for the three and six months ended June 30, 2021, respectively, related to the Livent common stock. The mark-to-market gains were recorded in "Selling, general and administrative expense" in the condensed consolidated statement of operations, with a corresponding offset to the deferred compensation plan obligation in the condensed consolidated balance sheets. 2.Balance is included in “Other long-term liabilities” in the condensed consolidated balance sheets.
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Schedule of Derivative Assets at Fair Value | The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments.The Company had no open derivative cash flow hedge contracts as of December 31, 2020.
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Commitments and Contingencies (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Cost and Terms | Quantitative disclosures about our leases are summarized in the table below.
__________________________ 1.Variable lease cost for the three months ended June 30, 2020 was less than $0.1 million. Lease expense is classified as "Selling, general and administrative expenses" in our consolidated statements of operations.
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Schedule of Maturity of Operating Lease Liabilities | The table below presents a maturity analysis of our operating lease liabilities for each of the next five years and a total of the amounts for the remaining years.
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Supplemental Information (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepaid and Other Assets | The following tables present details of prepaid and other current assets, other assets, accrued and other current liabilities, and other long-term liabilities as presented on the condensed consolidated balance sheets:
_________________ 1.We have various subsidiaries that conduct business in Argentina. At June 30, 2021 and December 31, 2020, $38.6 million and $39.5 million, respectively, of outstanding receivables due from the Argentina government, which primarily represent export tax and export rebate receivables, was denominated in U.S. dollars. As with all outstanding receivable balances, we continually review recoverability by analyzing historical experience, current collection trends and regional business and political factors among other factors. 2.Bank Acceptance Drafts are a common Chinese finance note used to settle trade transactions. Livent accepts these notes from Chinese customers based on criteria intended to ensure collectability and limit working capital usage. 3.December 31, 2020 includes a $5.4 million receivable for insurance reimbursement related to the IPO litigation settlement which was netted with the IPO litigation settlement accrual (See Note 13 for details). 4.We record deferred charges for certain contract manufacturing agreements which we amortize over the term of the underlying contract. 5.Represents an offsetting non-current deferred asset of $3.0 million relating to specific uncertain tax positions and other tax related items.
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Schedule of Accrued and Other Liabilities |
____________________ 1.Amounts primarily include accrued capital expenditures related to our expansion projects. December 31, 2020 includes a $7.4 million settlement accrual related to IPO litigation recorded in the third quarter of 2020. See Note 13 for details about IPO litigation settlement. 2.As of June 30, 2021, we have recorded a liability for uncertain tax positions of $3.7 million and a $0.4 million indemnification liability to FMC for assets where the offsetting uncertain tax position is with FMC.
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Principal Accounting Policies and Related Financial Information (Details) - Convertible Debt |
Jun. 30, 2021 |
---|---|
Related Party Transaction [Line Items] | |
Debt interest rate | 4.125% |
2025 Notes | |
Related Party Transaction [Line Items] | |
Debt interest rate | 4.125% |
Revenue Recognition - Disaggregation of Revenue by Major Geographical Region (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 102.2 | $ 64.9 | $ 193.9 | $ 133.4 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 30.1 | 14.7 | 43.5 | 29.5 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 0.0 | 0.0 | 0.0 | 0.1 |
Europe, Middle East & Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 14.3 | 11.2 | 31.7 | 22.5 |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 57.8 | 39.0 | 118.7 | 81.3 |
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 29.9 | 14.5 | 43.0 | 29.1 |
Japan | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 23.9 | $ 26.6 | 40.6 | $ 57.7 |
China | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 26.2 | $ 53.3 |
Revenue Recognition - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | |||||
Contract liabilities from customers | $ 0 | $ 0 | $ 0 | ||
Customer One | Revenue from Contract with Customer Benchmark | Customer Concentration Risk | |||||
Disaggregation of Revenue [Line Items] | |||||
Concentration risk percentage | 36.00% | 30.00% | 36.00% | 35.00% | |
Ten Largest Customers | Revenue from Contract with Customer Benchmark | Customer Concentration Risk | |||||
Disaggregation of Revenue [Line Items] | |||||
Concentration risk percentage | 70.00% | 64.00% | 67.00% | 64.00% |
Revenue Recognition - Disaggregation of Revenue By Major Product Category (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 102.2 | $ 64.9 | $ 193.9 | $ 133.4 |
Lithium Hydroxide | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 59.8 | 33.8 | 109.7 | 71.5 |
Butyllithium | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 22.9 | 21.3 | 48.7 | 42.8 |
High Purity Lithium Metal and Other Specialty Compounds | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 9.0 | 4.2 | 17.9 | 12.2 |
Lithium Carbonate and Lithium Chloride | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 10.5 | $ 5.6 | $ 17.6 | $ 6.9 |
Revenue Recognition - Assets and Liabilities (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers, net of allowances | $ 83.7 | $ 76.3 |
Increase (Decrease) | $ 7.4 |
Revenue Recognition - Performance Obligations (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 28 |
Expected timing of satisfaction of performance obligations | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 68 |
Expected timing of satisfaction of performance obligations | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 68 |
Expected timing of satisfaction of performance obligations | 1 year |
Inventories, Net (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 37.1 | $ 36.1 |
Semi-finished goods | 48.1 | 46.2 |
Raw materials, supplies and other | 20.1 | 23.3 |
Inventory, net | $ 105.3 | $ 105.6 |
Investments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
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Schedule of Equity Method Investments [Line Items] | |||||
Equity in net loss of unconsolidated affiliates | $ 1.4 | $ 0.2 | $ 2.7 | $ 0.3 | |
QLP | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net loss of unconsolidated affiliates | $ 1.4 | $ 2.7 | |||
Equity interest percentage | 50.00% | 50.00% | |||
Equity method investments | $ 21.1 | $ 21.1 | $ 21.2 |
Restructuring and Other Charges - Restructuring Charges in Consolidated Income (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
site
|
Jun. 30, 2020
USD ($)
|
|
Other charges | ||||
Environmental remediation | $ 0.1 | $ 0.2 | $ 0.2 | $ 0.3 |
Other | 1.8 | 0.2 | 2.0 | 0.5 |
Total Restructuring and other charges | 2.0 | 0.9 | 2.3 | 5.7 |
Exit costs | $ 1.0 | |||
Number of environmental remediation sites | site | 1 | |||
Severance-related and exit costs | ||||
Restructuring charges | ||||
Severance-related and exit costs | $ 0.1 | $ 0.5 | $ 0.1 | $ 4.9 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax benefit | $ (2.5) | $ (2.0) | $ (1.6) | $ (2.3) |
Effective tax rate | (62.50%) | 39.70% | (39.00%) | 52.30% |
Debt - Long-term Debt (Details) - USD ($) |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Discount - 2025 Notes | $ (6,100,000) | $ (6,800,000) |
Total long-term debt | 239,700,000 | 274,600,000 |
Debt maturing within one year | $ 0 | 0 |
Convertible Debt | ||
Debt Instrument [Line Items] | ||
Convertible debt, interest rate | 4.125% | |
Long-term debt, gross | $ 245,800,000 | 245,800,000 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | 14,400,000 | 14,400,000 |
Line of credit, remaining borrowing capacity | 385,600,000 | 275,000,000.0 |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | $ 35,600,000 |
LIBOR borrowings | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 2.60% | |
Base rate borrowings | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 4.75% |
Debt - Adjusted Financial Statements to Apply Adopted Guidance (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Statement of operations | ||||||||
Interest expense, net | $ 0.0 | $ 0.3 | $ 0.0 | |||||
Income from operations before income taxes | $ 4.0 | (2.2) | 4.1 | (4.4) | ||||
Income tax benefit | (2.5) | (2.0) | (1.6) | (2.3) | ||||
Net income/(loss) | 6.5 | $ (0.8) | (0.2) | $ (1.9) | 5.7 | (2.1) | ||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Deferred income taxes | (3.0) | (1.9) | ||||||
Deferred financing fees amortization | 0.3 | 0.0 | ||||||
Cash provided/(required) by operating activities | 30.6 | (0.3) | ||||||
Net increase in cash and cash equivalents | 0.4 | |||||||
Cash and cash equivalents, beginning of period | 16.8 | 16.8 | ||||||
Cash and cash equivalents, end of period | $ 17.2 | $ 17.2 | ||||||
Net loss per weighted average share - basic (in dollars per share) | $ 0 | $ (0.01) | ||||||
Net loss weighted average share - diluted (in dollars per share) | $ 0 | $ (0.01) | ||||||
Balance Sheet | ||||||||
Deferred income taxes | 16.5 | 16.5 | $ 13.4 | |||||
Long-term debt | 239.7 | 239.7 | 274.6 | |||||
Total current and long-term liabilities | 355.4 | 355.4 | 400.6 | |||||
Common stock, $0.001 per share par value | 0.1 | 0.1 | 0.1 | |||||
Capital in excess of par value of common stock | 775.2 | 775.2 | 520.9 | |||||
Retained earnings | 66.0 | 66.0 | 60.3 | |||||
Accumulated other comprehensive loss | (43.4) | (43.4) | (44.4) | |||||
Treasury stock, common; 100,566 and 99,268 shares at June 30, 2021 and December 31, 2020, respectively | (0.8) | (0.8) | (0.7) | |||||
Total equity | 797.1 | 535.6 | $ 541.7 | 540.8 | 797.1 | $ 541.7 | 536.2 | $ 544.0 |
Total liabilities and equity | 1,152.5 | 1,152.5 | 936.8 | |||||
Statement of cash flows | ||||||||
Net loss | 6.5 | (0.8) | $ (0.2) | $ (1.9) | 5.7 | $ (2.1) | ||
Accounting Standards Update 2020-06 | ||||||||
Statement of operations | ||||||||
Interest expense, net | 0.0 | 0.3 | ||||||
Income from operations before income taxes | 4.0 | 4.1 | ||||||
Income tax benefit | (2.5) | |||||||
Net income/(loss) | 6.5 | 5.7 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Deferred income taxes | (3.0) | |||||||
Deferred financing fees amortization | 0.3 | |||||||
Cash provided/(required) by operating activities | 3.0 | |||||||
Net increase in cash and cash equivalents | 205.0 | |||||||
Cash and cash equivalents, beginning of period | 11.6 | 11.6 | ||||||
Cash and cash equivalents, end of period | $ 216.6 | $ 216.6 | ||||||
Net loss per weighted average share - basic (in dollars per share) | $ 0.04 | $ 0.04 | ||||||
Net loss weighted average share - diluted (in dollars per share) | $ 0.03 | $ 0.03 | ||||||
Balance Sheet | ||||||||
Deferred income taxes | $ 5.8 | $ 5.8 | 5.6 | |||||
Long-term debt | 239.7 | 239.7 | 274.6 | |||||
Total current and long-term liabilities | 245.5 | 245.5 | 280.2 | |||||
Common stock, $0.001 per share par value | 0.1 | 0.1 | 0.1 | |||||
Capital in excess of par value of common stock | 775.2 | 775.2 | 520.9 | |||||
Retained earnings | 66.0 | 66.0 | 60.3 | |||||
Accumulated other comprehensive loss | (43.4) | (43.4) | (44.4) | |||||
Treasury stock, common; 100,566 and 99,268 shares at June 30, 2021 and December 31, 2020, respectively | (0.8) | (0.8) | (0.7) | |||||
Total equity | 797.1 | 797.1 | 536.2 | |||||
Total liabilities and equity | 1,042.6 | 1,042.6 | 816.4 | |||||
Statement of cash flows | ||||||||
Net loss | 6.5 | 5.7 | ||||||
As computed under ASC 470-20 | ||||||||
Statement of operations | ||||||||
Interest expense, net | 1.7 | 3.7 | ||||||
Income from operations before income taxes | 2.3 | 0.7 | ||||||
Income tax benefit | (2.9) | (2.4) | ||||||
Net income/(loss) | 5.2 | 3.1 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Deferred income taxes | (3.8) | |||||||
Deferred financing fees amortization | 3.7 | |||||||
Cash provided/(required) by operating activities | 3.0 | |||||||
Net increase in cash and cash equivalents | 205.0 | |||||||
Cash and cash equivalents, beginning of period | 11.6 | 11.6 | ||||||
Cash and cash equivalents, end of period | $ 216.6 | $ 216.6 | ||||||
Net loss per weighted average share - basic (in dollars per share) | $ 0.03 | $ 0.02 | ||||||
Net loss weighted average share - diluted (in dollars per share) | $ 0.03 | $ 0.02 | ||||||
Balance Sheet | ||||||||
Deferred income taxes | $ 13.2 | $ 13.2 | 13.9 | |||||
Long-term debt | 205.3 | 205.3 | 236.7 | |||||
Total current and long-term liabilities | 218.5 | 218.5 | 250.6 | |||||
Common stock, $0.001 per share par value | 0.1 | 0.1 | 0.1 | |||||
Capital in excess of par value of common stock | 807.4 | 807.4 | 553.1 | |||||
Retained earnings | 60.8 | 60.8 | 57.7 | |||||
Accumulated other comprehensive loss | (43.4) | (43.4) | (44.4) | |||||
Treasury stock, common; 100,566 and 99,268 shares at June 30, 2021 and December 31, 2020, respectively | (0.8) | (0.8) | (0.7) | |||||
Total equity | 824.1 | 824.1 | 565.8 | |||||
Total liabilities and equity | 1,042.6 | 1,042.6 | 816.4 | |||||
Statement of cash flows | ||||||||
Net loss | 5.2 | 3.1 | ||||||
Effect of change | Accounting Standards Update 2020-06 | ||||||||
Statement of operations | ||||||||
Interest expense, net | (1.7) | (3.4) | ||||||
Income from operations before income taxes | 1.7 | 3.4 | ||||||
Income tax benefit | 0.4 | 0.8 | ||||||
Net income/(loss) | 1.3 | 2.6 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Deferred income taxes | 0.8 | |||||||
Deferred financing fees amortization | (3.4) | |||||||
Cash provided/(required) by operating activities | 0.0 | |||||||
Net increase in cash and cash equivalents | 0.0 | |||||||
Cash and cash equivalents, beginning of period | $ 0.0 | 0.0 | ||||||
Cash and cash equivalents, end of period | $ 0.0 | $ 0.0 | ||||||
Net loss per weighted average share - basic (in dollars per share) | $ 0.01 | $ 0.02 | ||||||
Net loss weighted average share - diluted (in dollars per share) | $ 0 | $ 0.01 | ||||||
Balance Sheet | ||||||||
Deferred income taxes | $ (7.4) | $ (7.4) | (8.3) | |||||
Long-term debt | 34.4 | 34.4 | 37.9 | |||||
Total current and long-term liabilities | 27.0 | 27.0 | 29.6 | |||||
Common stock, $0.001 per share par value | 0.0 | 0.0 | 0.0 | |||||
Capital in excess of par value of common stock | (32.2) | (32.2) | (32.2) | |||||
Retained earnings | 5.2 | 5.2 | 2.6 | |||||
Accumulated other comprehensive loss | 0.0 | 0.0 | 0.0 | |||||
Treasury stock, common; 100,566 and 99,268 shares at June 30, 2021 and December 31, 2020, respectively | 0.0 | 0.0 | 0.0 | |||||
Total equity | (27.0) | (27.0) | (29.6) | |||||
Total liabilities and equity | 0.0 | 0.0 | $ 0.0 | |||||
Statement of cash flows | ||||||||
Net loss | $ 1.3 | $ 2.6 |
Debt - Narrative (Details) |
1 Months Ended | 3 Months Ended | 6 Months Ended |
---|---|---|---|
Aug. 05, 2021
day
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
|
|
First Amendment | |||
Debt Instrument [Line Items] | |||
Deferred financing costs | $ 1,900,000 | $ 1,900,000 | |
First Amendment | Citibank, N.A. | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum net leverage ratio | 3.5 | ||
Minimum allowable interest coverage ratio | 3.5 | ||
Convertible Debt | 2025 Notes | |||
Debt Instrument [Line Items] | |||
Amortization of debt discount and transaction costs | 400,000 | $ 800,000 | |
Interest expense capitalized | 100,000 | ||
Interest expense on debt, excluding amortization of debt discount | $ 2,500,000 | $ 5,100,000 | |
Convertible Debt | Conversion Circumstance One | Subsequent Event | |||
Debt Instrument [Line Items] | |||
Threshold trading days | day | 20 | ||
Threshold consecutive trading days | day | 30 | ||
Threshold percentage of stock price trigger | 130.00% |
Equity - Additional Information (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 15, 2021 |
Aug. 31, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2018 |
|
Equity [Abstract] | ||||||||||
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000 | ||||||
Class of Stock [Line Items] | ||||||||||
Sale of stock, number of shares issued (in shares) | 14,950,000 | |||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |
Sale of stock, price per share (in USD per share) | $ 17.50 | |||||||||
Underwriting period (in days) | 30 days | |||||||||
Sale of stock, consideration received | $ 252,300,000 | |||||||||
Underwriters' fees and offering expenses payable | $ 9,300,000 | $ 9,300,000 | $ 0 | |||||||
Dividends paid | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Limited risk investments | $ 70,000,000 | |||||||||
Over-Allotment Option | ||||||||||
Class of Stock [Line Items] | ||||||||||
Sale of stock, number of shares issued (in shares) | 1,950,000 |
Equity - Summary of Capital Stock Activity (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021
shares
| |
Capital Stock Activity [Roll Forward] | |
Beginning balance (in shares) | 146,461,249 |
Beginning balance, outstanding (in shares) | 146,361,981 |
Ending balance (in shares) | 161,642,274 |
Beginning balance, outstanding (in shares) | 161,541,708 |
Treasury Stock [Roll Forward] | |
Beginning balance (in shares) | (99,268) |
Purchases of Treasury Stock - deferred compensation plan (in shares) | (1,298) |
Ending balance (in shares) | (100,566) |
Issuance of common stock | |
Capital Stock Activity [Roll Forward] | |
Stock issued during period (in shares) | 14,950,000 |
FMC Plan | Restricted Stock Units (RSUs) | |
Capital Stock Activity [Roll Forward] | |
Stock issued during period (in shares) | 120,986 |
Livent Plan | Restricted Stock Units (RSUs) | |
Capital Stock Activity [Roll Forward] | |
Stock issued during period (in shares) | 87,290 |
Livent Plan | Stock Option | |
Capital Stock Activity [Roll Forward] | |
Stock issued during period (in shares) | 22,749 |
Equity - Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 535.6 | $ 540.8 | $ 536.2 | $ 544.0 |
Ending balance | 797.1 | 541.7 | 797.1 | 541.7 |
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (44.7) | (50.1) | (44.4) | (48.3) |
Other comprehensive gains before reclassifications | 1.0 | (1.8) | ||
Ending balance | (43.4) | (50.1) | (43.4) | (50.1) |
Foreign currency adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (44.4) | (48.3) | ||
Other comprehensive gains before reclassifications | 0.9 | (1.6) | ||
Ending balance | (43.5) | (49.9) | (43.5) | (49.9) |
Derivative Instruments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 0.0 | 0.0 | 0.0 | 0.0 |
Other comprehensive gains before reclassifications | 0.1 | (0.2) | 0.1 | (0.2) |
Ending balance | $ 0.1 | $ (0.2) | $ 0.1 | $ (0.2) |
Earnings/(Loss) Per Share - EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Numerator: | ||||||
Net loss | $ 6.5 | $ (0.8) | $ (0.2) | $ (1.9) | $ 5.7 | $ (2.1) |
Adjustment for interest on 2025 Notes, net of tax (1) | 0.0 | 0.0 | 0.2 | 0.0 | ||
Net Income (Loss) Available to Common Stockholders, Basic | 6.5 | (0.2) | 5.9 | (2.1) | ||
Net income/(loss) after assumed conversion of 2025 Notes | $ 6.5 | $ (0.2) | $ 5.9 | $ (2.1) | ||
Denominator: | ||||||
Weighted average common shares outstanding - basic and diluted (in shares) | 146.2 | |||||
Dilutive share equivalents from share-based plans (in shares) | 1.2 | 0.0 | 1.3 | 0.0 | ||
Dilutive share equivalents from 2025 Notes (in shares) | 42.8 | 0.0 | 43.3 | 0.0 | ||
Weighted average common shares outstanding - diluted (in shares) | 192.7 | 146.2 | 192.2 | 146.1 | ||
Basic earnings/(loss) per common share: | ||||||
Net loss per weighted average share - basic (in dollars per share) | $ 0 | $ (0.01) | ||||
Net loss weighted average share - diluted (in dollars per share) | $ 0 | $ (0.01) |
Earnings/(Loss) Per Share - Antidilutive Securities (Details) - shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 0.0 | 2.4 | 0.0 | 1.5 |
Share-based Plans | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 0.0 | 0.5 | 0.0 | 0.6 |
2025 Notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 0.0 | 1.9 | 0.0 | 0.9 |
Earnings/(Loss) Per Share - Narrative (Details) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 0 | 2,400,000 | 0 | 1,500,000 |
Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 542,760 | 1,832,605 | 542,760 | 1,842,770 |
Antidilutive securities, exercise price (in dollars per share) | $ 20.35 | $ 12.36 | $ 20.35 | $ 12.47 |
Financial Instruments, Risk Management and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Jun. 30, 2021 |
|
Derivative [Line Items] | ||
Open foreign currency forward contracts designated as cash flow hedges, U.S. dollar equivalent | $ 11.3 | |
Foreign currency translation, net of tax | $ 0.1 | |
Forward Contracts | ||
Derivative [Line Items] | ||
AOCI, net | 0.1 | |
Foreign Exchange contracts | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Open foreign currency forward contracts designated as cash flow hedges, U.S. dollar equivalent | 11.0 | |
Estimate of Fair Value Measurement | ||
Derivative [Line Items] | ||
Long-term debt value | 267.6 | 232.9 |
Reported Value Measurement | ||
Derivative [Line Items] | ||
Long-term debt value | $ 274.6 | $ 239.7 |
Financial Instruments, Risk Management and Fair Value Measurements - Schedule of Derivatives (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Net derivative assets | $ 0.1 |
Prepaid Expenses and Other Current Assets | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Total derivative assets | 0.1 |
Prepaid Expenses and Other Current Assets | Foreign exchange contracts | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Total derivative assets | $ 0.1 |
Financial Instruments, Risk Management and Fair Value Measurements - Derivatives in Cash Flow Hedging Relationships (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 535.6 | $ 540.8 | $ 536.2 | $ 544.0 |
Total derivatives instruments impact on comprehensive income, net of tax | 1.3 | 0.0 | 1.0 | (1.8) |
Ending balance | 797.1 | 541.7 | 797.1 | 541.7 |
Derivative Instruments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 0.0 | 0.0 | 0.0 | 0.0 |
Unrealized hedging gains, net of tax | 0.1 | (0.2) | 0.1 | (0.2) |
Total derivatives instruments impact on comprehensive income, net of tax | 0.1 | (0.2) | ||
Ending balance | $ 0.1 | $ (0.2) | $ 0.1 | $ (0.2) |
Financial Instruments, Risk Management and Fair Value Measurements - Derivatives Not Designated As Cash Flow Hedging Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Derivative [Line Items] | ||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | $ (0.2) | $ (0.3) | $ (0.8) | $ (1.1) |
Foreign Exchange contracts | ||||
Derivative [Line Items] | ||||
Loss on derivative | 0.1 | |||
Gain on derivative | 0.2 | |||
Foreign Exchange contracts | Cost of Sales and Services | ||||
Derivative [Line Items] | ||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | $ (0.2) | $ (0.3) | $ (0.8) | $ (1.1) |
Financial Instruments, Risk Management and Fair Value Measurements - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Assets | |||
Investments in deferred compensation plan | $ 3.1 | $ 3.1 | $ 2.6 |
Total Assets | 3.1 | 3.1 | 2.6 |
Liabilities | |||
Deferred compensation plan obligation | 5.1 | 5.1 | 4.5 |
Total Liabilities | 5.1 | 5.1 | 4.5 |
Selling, General and Administrative Expenses | |||
Liabilities | |||
Mark-to-market loss on common stock | 0.2 | 0.1 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Assets | |||
Investments in deferred compensation plan | 3.1 | 3.1 | 2.6 |
Total Assets | 3.1 | 3.1 | 2.6 |
Liabilities | |||
Deferred compensation plan obligation | 5.1 | 5.1 | 4.5 |
Total Liabilities | 5.1 | 5.1 | 4.5 |
Significant Other Observable Inputs (Level 2) | |||
Assets | |||
Investments in deferred compensation plan | 0.0 | 0.0 | 0.0 |
Total Assets | 0.0 | 0.0 | 0.0 |
Liabilities | |||
Deferred compensation plan obligation | 0.0 | 0.0 | 0.0 |
Total Liabilities | 0.0 | 0.0 | 0.0 |
Significant Unobservable Inputs (Level 3) | |||
Assets | |||
Investments in deferred compensation plan | 0.0 | 0.0 | 0.0 |
Total Assets | 0.0 | 0.0 | 0.0 |
Liabilities | |||
Deferred compensation plan obligation | 0.0 | 0.0 | 0.0 |
Total Liabilities | $ 0.0 | $ 0.0 | $ 0.0 |
Commitments and Contingencies - Narrative (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
Apr. 13, 2021
ft²
|
Mar. 31, 2021
USD ($)
ft²
|
Dec. 31, 2020
USD ($)
|
Oct. 28, 2020
USD ($)
|
May 29, 2020
USD ($)
|
---|---|---|---|---|---|---|
Lessee, Lease, Description [Line Items] | ||||||
Gain contingency, amount held in escrow | $ 20.0 | |||||
Operating lease, weighted average remaining lease term | 8 years 8 months 12 days | 11 years 8 months 12 days | ||||
Operating lease, weighted average discount rate | 4.90% | 4.40% | ||||
Right of use assets - operating leases, net | $ 6.8 | $ 16.1 | ||||
Operating lease liabilities - long-term | 5.8 | 14.8 | ||||
Corporate Headquarters | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Area of office space in terminated lease (square feet) | ft² | 25,000 | |||||
ROU asset removed due to terminated lease | $ 10.9 | |||||
Lease liability removed due to terminated lease | $ 10.9 | |||||
Term of lease agreement (in years) | 5 years | |||||
Area of office space in new lease agreement (square feet) | ft² | 13,000 | |||||
Right of use assets - operating leases, net | 2.1 | |||||
Operating lease liabilities - long-term | $ 2.1 | |||||
Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease, remaining lease term | 1 year | |||||
Maximum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease, remaining lease term | 14 years | |||||
Positive Outcome of Litigation, Reimbursement of Payment | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Gain contingency, amount held in escrow | 10.0 | |||||
Positive Outcome of Litigation, Termination Penalty Repayment | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Gain contingency, amount held in escrow | $ 10.0 | |||||
Nikolov V. Livent Corp | Pending Litigation | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Settlement amount to be paid | $ 7.4 | $ 7.4 |
Commitments and Contingencies - Lease Cost and Terms (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Lease Cost | ||||
Operating lease cost | $ 0.4 | $ 0.4 | $ 0.6 | $ 1.0 |
Short-term lease cost | 0.4 | 0.1 | 0.7 | 0.3 |
Variable lease cost | 0.1 | 0.0 | 0.1 | 0.1 |
Total lease cost | 0.9 | 0.5 | 1.4 | 1.4 |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Cash paid for operating leases | 0.6 | 0.4 | 1.1 | 1.0 |
Lessee, Lease, Description [Line Items] | ||||
Variable lease cost | $ 0.1 | 0.0 | $ 0.1 | $ 0.1 |
Maximum | ||||
Lease Cost | ||||
Variable lease cost | 0.1 | |||
Lessee, Lease, Description [Line Items] | ||||
Variable lease cost | $ 0.1 |
Commitments and Contingencies - Maturity of Operating Lease Liabilities (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Undiscounted cash flows | |
Remainder of 2021 | $ 0.7 |
2022 | 1.3 |
2023 | 1.1 |
2024 | 1.1 |
2025 | 1.1 |
Thereafter | 3.1 |
Total future minimum lease payments | 8.4 |
Less: Imputed interest | (1.5) |
Total | $ 6.9 |
Supplemental Information - Prepaid and Other Current Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Prepaid and other current assets | ||
Argentina government receivable | $ 12.1 | $ 10.8 |
Tax related items | 13.5 | 15.7 |
Other receivables | 3.8 | 8.6 |
Prepaid expenses | 7.5 | 8.2 |
Bank Acceptance Drafts | 1.5 | 0.2 |
Other current assets | 5.6 | 12.8 |
Total | $ 44.0 | $ 56.3 |
Supplemental Information - Other Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other assets | ||
Argentina government receivable | $ 49.6 | $ 55.8 |
Advance to contract manufacturers | 16.1 | 16.3 |
Capitalized software, net | 1.6 | 1.8 |
Tax related items | 3.0 | 2.7 |
Other assets | 11.5 | 11.8 |
Total | 81.8 | 88.4 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Deferred asset | 3.0 | |
Nikolov V. Livent Corp | Pending Litigation | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Insurance reimbursement receivable | 5.4 | |
Argentina Government | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Export tax and export rebate receivable | $ 38.6 | $ 39.5 |
Supplemental Information - Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Accrued and other current liabilities | ||
Plant restructuring reserves | $ 3.2 | $ 3.2 |
Retirement liability - 401K | 1.2 | 2.6 |
Accrued payroll | 9.9 | 12.5 |
Severance related | 0.2 | 2.5 |
Environmental reserves, current | 0.5 | 0.6 |
Other accrued and other current liabilities | 15.3 | 15.3 |
Total | $ 30.3 | $ 36.7 |
Supplemental Information - Other Long-Term Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
Oct. 28, 2020 |
---|---|---|---|
Other long-term liabilities | |||
Accrued investment in unconsolidated affiliate | $ 6.2 | $ 6.2 | |
Asset retirement obligations | 0.3 | 0.3 | |
Contingencies related to uncertain tax positions | 4.0 | 3.4 | |
Deferred compensation plan obligation | 5.1 | 4.5 | |
Self-insurance reserves | 1.5 | 1.5 | |
Other long-term liabilities | 1.0 | 1.3 | |
Total | 18.1 | 17.2 | |
TMA Agreement, Uncertain Tax Positions | |||
Other long-term liabilities | |||
Contingencies related to uncertain tax positions | 3.7 | ||
TMA Agreement, Indemnification Liability | |||
Other long-term liabilities | |||
Contingencies related to uncertain tax positions | $ 0.4 | ||
Nikolov V. Livent Corp | Pending Litigation | |||
Other long-term liabilities | |||
Settlement amount to be paid | $ 7.4 | $ 7.4 |
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