v3.26.1
Significant Accounting Policies (Policies)
6 Months Ended
Jun. 28, 2026
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]

We prepared the accompanying unaudited condensed consolidated financial statements of Luxfer Holdings PLC and all wholly-owned, majority owned or otherwise controlled subsidiaries on the same basis as our annual audited financial statements. We condensed or omitted certain information and footnote disclosures normally included in our annual audited financial statements, which we prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).

 

Our quarterly financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended  December 31, 2025. As used in this report, the terms "we," "us," "our," "Luxfer" and "the Company" mean Luxfer Holdings PLC and its subsidiaries, unless the context indicates another meaning.

 

During the second quarter of 2026, the Company determined that Superform no longer met the criteria for classification as held for sale. Accordingly, Superform’s results of operations have been reclassified from discontinued operations to continuing operations for all periods presented. Prior-period amounts in the unaudited condensed consolidated statements of income and cash flows and related disclosures have been restated to conform to the current-period presentation. This reclassification had no impact on previously reported net income or total cash flows. The classification of Superform’s assets and liabilities as held for sale in the condensed consolidated balance sheet as of December 31, 2025 has not been revised, as the held-for-sale criteria were met as of that date. See Note 11 Discontinued operations for further information.

 

The prior-year comparative results also include the results of the Graphic Arts business, which was sold on July 2, 2025. As the disposal did not qualify for presentation as discontinued operations, the historical results of Graphic Arts remain within continuing operations. Accordingly, there are no corresponding Graphic Arts operating results included in the current-year periods.

 

In the opinion of management, our financial statements reflect all adjustments, which are only of a normal recurring nature, necessary for the fair statement of financial statements for interim periods in accordance with U.S. GAAP and with the instructions to Form 10-Q in Article 10 of Securities and Exchange Commission (SEC) Regulation S-X.

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates, and any such differences may be material to our financial statements.

 

Our fiscal year ends on December 31. We report our interim quarterly periods on a 13-week quarter basis, ending on a Sunday. The Second Quarter 2026, ended on  June 28, 2026, and the Second Quarter 2025, ended on  June 29, 2025.

New Accounting Pronouncements, Policy [Policy Text Block]

Accounting standards issued but not yet effective

 

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires public business entities to provide disaggregated disclosure of certain income statement expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating its impact and will adopt this guidance in accordance with the required effective date, beginning with its annual reporting for the year ending December 31, 2027.

 

The Company has reviewed other recently issued accounting standards and does not expect any other standards that have been issued but are not yet effective to have a material impact on its consolidated financial statements.