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Deferred Income

12 Months Ended

Dec. 31, 2011

Deferred Income [Abstract]

Deferred Income

Note 14.    Deferred Income

Deferred income consists of:

(in millions)		2011				2010
Deferred income		$	2.3			$	1.0
Less current portion			(1.4	)			(0.1	)
		$	0.9			$	0.9

In April 2011, the Company received a purchase order from the Iraqi Ministry of Oil ("MOO") for 2,000 tonnes of tetra ethyl lead ("TEL"). Upon completion of the order, 160.5 tonnes of free issue TEL is to be supplied to the MOO in full and final settlement of any claims the Republic of Iraq may have against the Company concerning claims on certain payments totaling approximately €2.0 million that had been claimed by the MOO in connection with two contracts dating back to 2003. Signed acceptance of the terms was received from the MOO on June 13, 2011. The free issue TEL is contingent on delivery and payment for the full 2,000 tonnes. Income of $1.3 million, relating to an initial shipment of 1,000 tonnes, has been deferred until the MOO take delivery of the free product.

Deferred income of $1.0 million relates to post acquisition government grants received by Innospec Leuna GmbH.

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- Definition

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 605

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 13.A.3(b).Q1(c),(b).Q2,(c).Q3)

-URI http://asc.fasb.org/extlink&oid=6600647&loc=d3e214044-122780



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 13

-Section A



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Concepts (CON)

-Number 5

-Paragraph 83, 84

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 8

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6935-107765

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