Financial Instruments, Risk Management and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Financial Instrument Valuation Methods

Our other financial instruments include the following:

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.

Schedule of Derivative Instruments Fair Value and Balance Sheet Presentation

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.

	December 31, 2021
	Gross Amount of Derivatives
(in Millions)	Designated as Cash Flow Hedges
Derivatives
Foreign exchange contracts	$	0.2
Total derivative assets	0.2
Net derivative assets	$	0.2

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1.Balance is included in “Prepaid and other current assets” in the consolidated balance sheets.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following tables summarize the gains or losses related to our cash flow hedges and derivatives not designated as cash flow hedging instruments. The Company had no open derivative cash flow hedge contracts as of December 31, 2020 and 2019.

Derivatives in Cash Flow Hedging Relationships

(in Millions)	Total Foreign Exchange Contracts
Accumulated other comprehensive loss, net of tax at December 31, 2020	$	—
Unrealized hedging gains, net of tax	$	0.3
Reclassification of deferred hedging gains, net of tax (1)	(0.1)
Total derivative instrument impact on comprehensive loss, net of tax	0.2
Accumulated other comprehensive loss, net of tax at December 31, 2021	$	0.2

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1.Amounts are included in “Cost of sales” on the consolidated statement of operations.

Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statements of Income

Derivatives Not Designated as Cash Flow Hedging Instruments

	Location of Gain or (Loss) Recognized in Income on Derivatives	Amount of Pre-tax Gain or (Loss)  Recognized in Income on Derivatives (1)
		Year Ended December 31,
(in Millions)		2021		2020		2019
Foreign Exchange contracts	Cost of sales (2)	$	(2.4)	$	(1.7)	$	(1.2)
Total		$	(2.4)	$	(1.7)	$	(1.2)

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1.Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item.

2.A loss of $0.4 million, loss of $0.1 million, and gain of $0.1 million related to intercompany loan hedges is included in Restructuring and other charges in the consolidated statement of operations for the years ended December 31, 2021, 2020 and 2019, respectively.

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 consolidated balance sheets as of December 31, 2021 and 2020.  

(in Millions)	December 31, 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)	$	3.4	$	3.4	$	—	$	—
Total Assets	$	3.4	$	3.4	$	—	$	—
Liabilities
Deferred compensation plan obligation (2)	$	5.9	$	5.9	$	—	$	—
Total Liabilities	$	5.9	$	5.9	$	—	$	—

(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)	$	2.6	$	2.6	$	—	$	—
Total Assets	$	2.6	$	2.6	$	—	$	—
Liabilities
Deferred compensation plan obligation (2)	$	4.5	$	4.5	$	—	$	—
Total Liabilities	$	4.5	$	4.5	$	—	$	—

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1.Balance is included in “Other assets” in the consolidated balance sheets. Livent NQSP investments in Livent common stock are recorded as "Treasury stock" in the consolidated balance sheets and carried at historical cost. A mark-to-market loss of $0.6 million and $1.0 million related to the Livent common stock was recorded in "Selling, general and administrative expense" in the consolidated statements of operations for the years ended December 31, 2021 and December 31, 2020, respectively, with a corresponding offset to the deferred compensation plan obligation in the consolidated balance sheets.

2.Balance is included in “Other long-term liabilities” in the consolidated balance sheets.

3.See the Fair Value of Derivative Instruments table within this Note for classifications on our consolidated balance sheets.