Innospec Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Innospec Inc. has filed its annual report for the fiscal year ended December 31, 2023.</b>

AI Summary

INNOSPEC INC. (IOSP) filed a Annual Report (10-K) with the SEC on February 14, 2024. Innospec Inc. filed its 2023 Form 10-K on February 14, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Octel Corp, with a name change on February 9, 1998. Innospec Inc. is incorporated in Delaware. The company's SIC code is 2800 for Chemicals & Allied Products.

Why It Matters

For investors and stakeholders tracking INNOSPEC INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Innospec's financial performance, operational activities, and risk factors for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: — INNOSPEC INC. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial and operational information, it does not inherently signal immediate positive or negative developments beyond the routine disclosure of annual performance and risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Innospec's performance and outlook for 2023.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240214 — Filing Date (Filed as of date)
• 10-K — Form Type (Submission type)
• 001-13879 — SEC File Number (SEC file number)

Key Players & Entities

• INNOSPEC INC. (company) — Filer name
• OCTEL CORP (company) — Former company name
• DE (company) — State of incorporation
• 2800 (dollar_amount) — Standard Industrial Classification
• 20231231 (date) — Fiscal year end
• 20240214 (date) — Filing date

FAQ

Industry Context

Innospec Inc. operates within the Chemicals & Allied Products industry, as indicated by its SIC code 2800.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information to the public.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics for FY2023.
2. Review the 'Risk Factors' section for any new or evolving risks impacting the company.
3. Examine management's discussion and analysis (MD&A) for insights into operational performance and strategic initiatives.

Key Dates

• 2024-02-14: 10-K Filing — Annual report submission for fiscal year 2023
• 2023-12-31: Fiscal Year End — End of reporting period for the 10-K
• 1998-02-09: Name Change — Date Innospec Inc. changed its name from Octel Corp

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings for prior periods.

Key Financial Figures

• $0.01 — h registered Common stock , par value $0.01 per share IOSP NASDAQ Securities
• $265.2 million — ld Services segment which accounted for $265.2 million (13.6%) of our net group sales (2022 -
• $222.2 million — (13.6%) of our net group sales (2022 - $222.2 million and 11.3%). 4 Competition Certain
• $41.7 m — penditures to support R&D services were $41.7 million, $38.7 million and $37.4 million
• $38.7 million — upport R&D services were $41.7 million, $38.7 million and $37.4 million in 2023, 2022 and 202
• $37.4 million — s were $41.7 million, $38.7 million and $37.4 million in 2023, 2022 and 2021, respectively.

Filing Documents

• iosp-20231231.htm (10-K) — 3768KB
• iosp-ex21_1.htm (EX-21.1) — 7KB
• iosp-ex23_1.htm (EX-23.1) — 2KB
• iosp-ex31_1.htm (EX-31.1) — 13KB
• iosp-ex31_2.htm (EX-31.2) — 12KB
• iosp-ex32_1.htm (EX-32.1) — 7KB
• iosp-ex32_2.htm (EX-32.2) — 7KB
• iosp-ex97_1.htm (EX-97.1) — 73KB
• img168268360_0.jpg (GRAPHIC) — 203KB
• 0000950170-24-014960.txt (&nbsp;) — 17209KB
• iosp-20231231.xsd (EX-101.SCH) — 2007KB
• iosp-20231231_htm.xml (XML) — 3811KB

Business

Business 2 Item 1A

Risk Factors

Risk Factors 10 Item 1B Unresolved Staff Comments 20 Item 1C Cybersecurity 20 Item 2

Properties

Properties 23 Item 3

Legal Proceedings

Legal Proceedings 24 Item 4 Mine Safety Disclosures 24 PART II 25 Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6 [Reserved] 27 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 43 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 45 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 87 Item 9A

Controls and Procedures

Controls and Procedures 87 Item 9B Other Information 88 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 88 PART III 88 Item 10 Directors, Executive Officers and Corporate Governance 88 Item 11

Executive Compensation

Executive Compensation 89 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 89 Item 13 Certain Relationships and Related Transactions, and Director Independence 89 Item 14 Principal Accountant Fees and Services 89 PART IV 89 Item 15 Exhibits and Financial Statement Schedules 89 Item 16 Form 10-K Summary 92

SIGNATURES

SIGNATURES 93 CAUTIONARY STATEMENT RELATIVE TO FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Form 10-K contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Such forward-looking statements include statements (covered by words like "expects," "estimates," "anticipates," "may," "could," "believes," "feels," "plans," "intends" or similar words or expressions, for example) which relate to earnings, growth potential, operating performance, events or developments that we expect or anticipate will or may occur in the future. Although forward-looking statements are believed by management to be reasonable when made, they are subject to certain risks, uncertainties and assumptions, and our actual performance or results may differ materially from these forward-looking statements. You are urged to review our discussion of risks and uncertainties that could cause actual results to differ from forward-looking statements under the heading "Risk Factors." Innospec undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 1 PART I

Business

Item 1 Business When we use the terms "Innospec," "the Corporation," "the Company," "Registrant," "we," "us" and "our," we are referring to Innospec Inc. and its consolidated subsidiaries unless otherwise indicated or the context otherwise requires. General Innospec develops, manufactures, blends, markets and supplies a wide range of specialty chemicals to customers in the Americas, Europe, the Middle East, Africa and Asia-Pacific. Our Performance Chemicals business creates innovative technology-based solutions for the personal care, home care, agrochemical, construction, mining and other industrial markets. Our Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Our Oilfield Services business supplies drilling, completion and production chemicals which make exploration and production more cost-efficient and environmentally friendly. Segment Information The Company reports its financial performance based on three reportable segments which are Performance Chemicals, Fuel Specialties and Oilfield Services. For financial information about each of our segments, see Note 3 of the Notes to the Consolidated Financial Statements. Performance Chemicals Our Performance Chemicals segment provides innovative technology-based solutions for our customers' processes or products in personal care, home care, agrochemical, construction, mining and other industrial markets. This segment has grown through acquisitions, together with the organic development and marketing of innovative products in these end-markets. Our customers in this segment include large multinational companies, manufacturers of personal care and home care products and global mining, agriculture and building products and other industrial companies. On December 8, 2023, we acquired QGP Qumica Geral ("QGP") which we believe will further strengthen our Performance Chemicals segment

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View this 10-K filing on SEC EDGAR