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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets The changes in the carrying value of goodwill for the years ended December 31, 2024 and 2023, were as follows:
|  | Surfactants Segment |  |  | Polymer Segment |  |  | Specialty Products Segment |  |  | Total |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Balance as of January 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 29,781 |  |  | $ | 28,137 |  |  | $ | 73,166 |  |  | $ | 71,747 |  |  | $ | 483 |  |  | $ | 483 |  |  | $ | 103,430 |  |  | $ | 100,367 |
Accumulated impairment loss |  |  | (5,505 | ) |  |  | (4,445 | ) |  |  | — |  |  |  | — |  |  |  | (483 | ) |  |  | — |  |  |  | (5,988 | ) |  |  | (4,445 | )
Goodwill, net |  |  | 24,276 |  |  |  | 23,692 |  |  |  | 73,166 |  |  |  | 71,747 |  |  |  | 0 |  |  |  | 483 |  |  |  | 97,442 |  |  |  | 95,922 |
Goodwill impairment |  |  | — |  |  |  | (1,060 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (483 | ) |  |  | — |  |  |  | (1,543 | )
Foreign currency translation |  |  | (3,305 | ) |  |  | 1,644 |  |  |  | (2,769 | ) |  |  | 1,419 |  |  |  | — |  |  |  | — |  |  |  | (6,074 | ) |  |  | 3,063 |
Balance as of December 31 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 26,476 |  |  |  | 29,781 |  |  |  | 70,397 |  |  |  | 73,166 |  |  |  | 483 |  |  |  | 483 |  |  |  | 97,356 |  |  |  | 103,430 |
Accumulated impairment loss |  |  | (5,505 | ) |  |  | (5,505 | ) |  |  | — |  |  |  | — |  |  |  | (483 | ) |  |  | (483 | ) |  |  | (5,988 | ) |  |  | (5,988 | )
Goodwill, net |  | $ | 20,971 |  |  | $ | 24,276 |  |  | $ | 70,397 |  |  | $ | 73,166 |  |  | $ | — |  |  | $ | — |  |  | $ | 91,368 |  |  | $ | 97,442 |
The Company typically tests its goodwill balances for impairment in the second quarter of each calendar year. Testing is completed more frequently when triggering events or changes in circumstances indicate it is more likely than not that the fair value of a reporting unit to which goodwill relates has declined below its carrying value. No goodwill impairment charges were recorded during 2024. During the fourth quarter of 2023 the Company concluded that the goodwill related to its Specialty Products segment was impaired. The Specialty Products segment’s impairment resulted from the Company’s decision to exit a portion of its Lipid Nutrition business. The Company recorded a non-cash charge of $483,000 in the Consolidated Statements of Income for the year ended December 31, 2023 on the Goodwill and other intangibles impairment line. The impairment charge equaled the entire balance of the Specialty Products operating segment’s goodwill. Also, during the fourth quarter of 2023 the Company concluded that the goodwill related to its Colombia reporting unit was impaired. The Colombia reporting unit is part of the Company’s Surfactant segment. The impairment relating to the Company’s Colombia reporting unit was recognized as a result of the reporting unit’s fair value declining below its carrying value. The Company estimates the fair value of each of its reporting units based on an average of market and income-based computations. During the fourth quarter of 2023 the Company recorded a non-cash charge of $1,060,000 in the Consolidated Statements of Income for the year ended December 31, 2023 on the Goodwill and other intangibles impairment line. The impairment charge equaled the entire balance of goodwill at the Company’s Colombia reporting unit. Goodwill impairments for Surfactants and Specialty Products segments were excluded from Surfactants and Specialty Products segment results. See Note 17, Segment Reporting, of the notes to the Company’s consolidated financial statements (included in Item 8 of this Form 10-K) for additional details. The following table presents the components of other intangible assets, all of which have finite lives, as of December 31, 2024 and 2023. The year-over-year changes in gross carrying values resulted from the effects of foreign currency translation.
|  | Gross Carrying Value |  |  | Accumulated Amortization |
|  | December 31 |  |  | December 31 |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Other Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |
Patents |  | $ | 7,411 |  |  | $ | 7,411 |  |  | $ | 7,095 |  |  | $ | 7,063 |
Non-compete agreements |  |  | 329 |  |  |  | 401 |  |  |  | 329 |  |  |  | 401 |
Trademarks |  |  | 11,567 |  |  |  | 11,662 |  |  |  | 7,749 |  |  |  | 6,705 |
Customer lists/relationships |  |  | 45,341 |  |  |  | 49,157 |  |  |  | 18,415 |  |  |  | 16,257 |
Know-how (1) |  |  | 29,086 |  |  |  | 29,543 |  |  |  | 17,473 |  |  |  | 15,177 |
Total |  | $ | 93,734 |  |  | $ | 98,174 |  |  | $ | 51,061 |  |  | $ | 45,603 |
(1) Know-how includes intellectual property rights covering proprietary information, written formulae, trade secrets or secret processes, inventions and devel opmental products (whether patentable or not), discoveries, improvements, compositions, manufacturing processes, manuals, specifications and technical data. During the fourth quarter of 2023 the Company concluded that the patents related to its Specialty Products segment were impaired as a result of the Company’s decision to exit portions of its Lipid Nutrition business. The Company did not believe that the carrying value of these patents was recoverable. The Company recorded a non-cash charge of $495,000 in the Consolidated Statements of Income for the year ended December 31, 2023 on the Goodwill and other intangibles impairment line. Aggregate amortization expense for the years ended December 31, 2024, 2023 and 2022, was $6,914,000, $7,368,000, and $6,835,000, respectively. The Company typically recognizes amortization expense within the Cost of Sales line item on the income statement. Estimated amortization expense for identifiable intangibles assets for each of the five succeeding fiscal years is as follows:
(In thousands) |  |  |
For year ended 12/31/25 |  | $ | 6,265 |
For year ended 12/31/26 |  |  | 6,053 |
For year ended 12/31/27 |  |  | 6,053 |
For year ended 12/31/28 |  |  | 4,453 |
For year ended 12/31/29 |  |  | 3,422 |

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