Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Note 8.     Goodwill

The following table analyzes goodwill movement for 2021 and 2020.

(in millions)	Fuel Specialties			Performance Chemicals			Oilfield Services		Octane Additives			Total
At December 31, 2019
Gross cost (1)	$	207.7		$	110.5		$	44.8	$	236.5		$	599.5
Accumulated impairment losses		—			—			—		(236.5	)		(236.5	)
Net book amount	$	207.7		$	110.5		$	44.8	$	—		$	363.0
Exchange effect		0.2			8.0			—		—			8.2
At December 31, 2020
Gross cost (1)	$	207.9		$	118.5		$	44.8	$	—		$	371.2
Accumulated impairment losses		—			—			—		—			—
Net book amount	$	207.9		$	118.5		$	44.8	$	—		$	371.2
Exchange effect		(0.3	)		(6.6	)		—		—			(6.9	)
At December 31, 2021
Gross cost (1)	$	207.6		$	111.9		$	44.8	$	—		$	364.3
Accumulated impairment losses		—			—			—		—			—
Net book amount	$	207.6		$	111.9		$	44.8	$	—		$	364.3

(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.

The Company’s reporting units, the level at which goodwill is tested for impairment, are consistent with the reportable segments: Fuel Specialties, Performance Chemicals and Oilfield Services. The Octane Additives segment has ceased trading and is no longer a reporting segment from July 1, 2020, as reported in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. As a result the gross cost and the accumulated impairment losses have been written down to nil.

The components in each segment (including products, markets and competitors) have similar economic characteristics and the segments, therefore, reflect the lowest level at which operations and cash flows can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company.

The Company assesses goodwill for impairment on at least an annual basis, initially based on a qualitative assessment to determine whether it is more likely than not that the fair value of a segment is less than the carrying amount. If a potential impairment is identified then an impairment test is performed.

The Company performed its annual impairment assessment in respect of goodwill as at December 31, 2021, 2020 and 2019. Our impairment assessment concluded that there had been no impairment of goodwill in respect of those reporting units. Due to the triggering events of the COVID-19 pandemic and the reduction in oil prices and their impact on our business, we performed a step one impairment review at June 30, 2020. The impairment assessment indicated the fair values substantially exceeded the carrying values for all operating segments.

We believe that where appropriate the assumptions used in our impairment assessments are reasonable, but that they are judgmental, and variations in any of the assumptions may result in materially different calculations of any potential impairment charges.