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Intangible Assets
9 Months Ended
Sep. 30, 2011
Intangible Assets [Abstract] 
Intangible Assets

NOTE 4—INTANGIBLE ASSETS

 

(in millions)

    Nine Months Ended
September 30		  
     2011     2010  

Gross cost at January 1

    $ 48.1      $ 48.1   

Exchange effect

      0.2        0.0   
  

 

 

    

 

 

  

Gross cost at September 30

      48.3        48.1   
  

 

 

    

 

 

  

Accumulated amortization at January 1

      (29.1 )      (24.4 ) 

Amortization expense

      (3.4 )      (3.5 ) 

Exchange effect

      (0.2 )      0.0   

Accumulated amortization at September 30

      (32.7 )      (27.9 ) 
  

 

 

    

 

 

  

Net book amount at September 30

    $ 15.6      $ 20.2   
  

 

 

    

 

 

  

Ethyl

An intangible asset of $28.4 million was recognized in the second quarter of 2007 in respect of Ethyl foregoing their entitlement effective April 1, 2007 to a share of the future income stream under the sales and marketing agreements to market and sell tetra ethyl lead. In 2008 contract provisions no longer deemed necessary of $6.3 million were offset against the intangible asset. The amount attributed to the Octane Additives reporting segment is being amortized straight-line to December 31, 2012 and the amount attributed to the Fuel Specialties reporting segment is being amortized straight-line to December 31, 2017. An amortization expense of $1.5 million was recognized in the first nine months of 2011 (2010—$1.5 million) in cost of goods sold.

Others

The remaining intangible assets of $26.0 million relate to those recognized in the acquisition accounting in respect of technology, customer relationships and patents. These assets are being amortized straight-line over periods of up to 13 years. In the first nine months of 2011 amortization expenses of $0.8 million and $1.1 million were recognized in cost of goods sold and selling, general and administrative expenses, respectively (2010—$0.8 million and $1.2 million, respectively).