Assets and Liabilities Held For Sale

6 Months Ended

Jun. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held For Sale

NOTE 6 – ASSETS AND LIABILITIES HELD FOR SALE

As at June 30, 2015, the Company had initiated, and subsequent to the period end completed, the disposal of its Aroma Chemicals business, Innospec Widnes Limited. As a result, the assets and liabilities of the Aroma Chemicals business have been classified as “held for sale”. As such the assets of the business are shown in the Consolidated Balance Sheet at June 30, 2015 under the heading of “Assets held for sale” and the liabilities are shown under “Liabilities held for sale”.

Assets held for sale are required to be measured at the lower of the carrying value or the fair value, less the costs to sell. No impairment was recognized in the quarter ended June 30, 2015 in relation to the disposal of the Aroma Chemicals business.

The following table presents the aggregate carrying amount of the major classes of assets and liabilities related to the Aroma Chemicals business held for sale as of June 30, 2015:

(in millions)
Assets
Trade and other accounts receivable	$	9.9
Inventories		14.7
Other current assets		1.5
Property, plant and equipment		9.0
Goodwill		7.6
Total assets	$	42.7
Liabilities
Accounts payable and accrued liabilities	$	5.7
Accrued income taxes		1.6
Plant closure provision		0.3
Other liabilities		0.2
Total liabilities	$	7.8