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Intangibles (Net of Amortization) and Goodwill

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles (Net of Amortization) and Goodwill

Intangibles (Net of Amortization) and Goodwill

The net carrying amount of intangibles and goodwill was $763 million at June 30, 2024 and $125 million at December 31, 2023. The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below.

						June 30, 2024												December 31, 2023
(in thousands)						Gross Carrying Amount						Accumulated Amortization						Gross Carrying Amount						Accumulated Amortization
Amortizing intangible assets
Formulas and technology						$	60,000					$	3,470					$	6,200					$	6,200
Contract						0						0						2,000						2,000
Customer bases						280,440						11,904						5,440						4,539
Trademarks and trade names						30,000						925						0						0
Water rights						29,392												0
Goodwill						379,934												123,741
						$	779,766					$	16,299					$	137,381					$	12,739

Of the total intangibles and goodwill, $124 million is attributable to the petroleum additives segment and $639 million is attributable to the specialty materials segment. The change in the gross carrying amount between December 31, 2023 and June 30, 2024 is due to the identifiable intangible assets and goodwill from the acquisition of AMPAC, as well as the write-off of fully amortized identifiable intangible assets and the foreign currency fluctuation on goodwill in the petroleum additives segment. See Note 2 for further information on the intangibles and goodwill obtained with the AMPAC acquisition. There is no accumulated goodwill impairment.

Amortization expense was (in thousands):

Second quarter ended June 30, 2024			$	6,388
Six months ended June 30, 2024			11,760
Second quarter ended June 30, 2023			355
Six months ended June 30, 2023			711

Estimated amortization expense for the remainder of 2024, as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands):

2024			$	12,694
2025			25,404
2026			25,404
2027			25,404
2028			25,355
2029			25,214

We amortize the formulas and technology over 8 years, the customer bases over 17.5 to 20 years, and the trademarks and trade names over 15 years.

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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