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Goodwill | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill | NOTE 4 – GOODWILL The following table summarizes the goodwill movements in the year:
(in millions) |  | Gross Cost |
Opening balance at January 1, 2024 |  | $ | 399.3 |
Adjustments |  |  | (3.4 | )
Exchange effect |  |  | (7.7 | )
Closing balance at June 30, 2024 |  | $ | 388.2 |
In relation to the acquisition of QGP Química Geral S.A. (“QGP”) in December 2023, the fair value of the acquired net asset value reported at the end of the previous quarter has been revised. As a result of remeasurement period adjustments, there has been an increase of $3.4 million in the fair value of the net assets acquired, with a corresponding decrease to the acquired goodwill. The measurement periods for the valuation of assets acquired and liabilities assumed ends as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available but does not exceed twelve months. We have now completed our alignment of the accounting policies and fair value adjustments and are not expecting further changes at this time. The exchange effect for the six months ended June 30, 2024 was $7.7 million relating to our Performance Chemicals segment.

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