Goodwill (Tables)

12 Months Ended

Dec. 31, 2014

The following table analyzes goodwill for 2014 and 2013.


(in millions)	Fuel Specialties			Performance Chemicals			Octane Additives			Total
At January 1, 2013
Gross cost ⁽¹⁾	$	117.6		$	30.1		$	236.5		$	384.2
Accumulated impairment losses		0.0			0.0			(235.2	)		(235.2	)

Net book amount		117.6			30.1			1.3			149.0

Exchange effect		0.0			0.0			0.0			0.0
Acquisitions		22.9			16.7			0.0			39.6
Adjustments to purchase price allocation		0.6			0.0			0.0			0.6
Impairment losses		0.0			0.0			(1.3	)		(1.3	)

At December 31, 2013
Gross cost ⁽¹⁾		141.1			46.8			236.5			424.4
Accumulated impairment losses		0.0			0.0			(236.5	)		(236.5	)

Net book amount		141.1			46.8			0.0			187.9

Exchange effect		(0.3	)		(0.1	)		0.0			(0.4	)
Acquisitions		88.1			0.0			0.0			88.1
Adjustments to purchase price allocation		0.5			0.0			0.0			0.5
Impairment losses		0.0			0.0			0.0			0.0

At December 31, 2014
Gross cost ⁽¹⁾		229.4			46.7			236.5			512.6
Accumulated impairment losses		0.0			0.0			(236.5	)		(236.5	)

Net book amount	$	229.4		$	46.7		$	0.0		$	276.1

(1)	Gross cost is net of $8.7 million, $0.3 million and $289.5 million of historical accumulated amortization in respect of the Fuel Specialties, Performance Chemicals and Octane Additives reporting segments, respectively.

Schedule of Pro Forma Financial Information

For illustrative purposes only pro forma information of the enlarged group is provided below but is not necessarily indicative of what the financial position or results of operations would have been had all the Company’s acquisitions including Independence been completed as of January 1, 2013. In addition, the unaudited pro forma financial information is not indicative of, nor does it purport to project, the future financial position of operating results of the enlarged group.


(in millions, except per share data)	2014		2013
Net sales	$	1,046.2	$	991.2
Net income	$	77.0	$	72.3
Earnings per share – basic	$	3.16	$	3.06
– diluted	$	3.10	$	2.99

Independence Acquisition [Member]

Schedule of Consolidated Income Statement Included Revenue and Earnings

Included in the consolidated income statement of the Company since the acquisition date, are the following revenue and earnings for Independence, including an accretion charge of $2.4 million:


(in millions)	Independence
Net sales	$	35.0
Net income	$	0.2

Purchase Price and Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the calculations of the total purchase price and the estimated allocation of the purchase price to the assets acquired and liabilities assumed for Independence. The purchase price allocation is not yet complete as we are in the process of finalising the valuation of the assets acquired. Final determination of the fair values may result in adjustments to the amounts presented below:


(in millions)	Independence
Goodwill	$	88.1
Other intangible assets		63.8
Fixed assets		18.6
Other net assets acquired		21.3

Purchase price, net of cash acquired	$	191.8