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Investments in Affiliated Companies

6 Months Ended

Jun. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

11. Investments in Affiliated Companies:

The Company accounts for investments in affiliated companies under the equity method. Affiliated companies accounted for on the equity basis as of June 30, 2021 are as follows:

Company

Country

Percent
Ownership

Zeolyst International

USA

50%

Zeolyst C.V.

Netherlands

50%

Following is summarized information of the combined investments(1):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Sales	$	76,060	$	87,360	$	142,265	$	157,660
Gross profit	26,121		34,232		48,067		65,096
Operating income	16,987		24,559		31,161		45,420
Net income	16,751		26,237		30,487		46,161

(1)Summarized information of the combined investments is presented at 100%; the Company’s share of the net assets and net income of affiliates is calculated based on the percent ownership specified in the table above.

The Company’s investments in affiliated companies balance as of June 30, 2021 and December 31, 2020 includes net purchase accounting fair value adjustments of $240,620 and $243,899, respectively, related to the series of transactions consummated on May 4, 2016 to reorganize and combine the businesses of PQ Holdings Inc. and Eco Services Operations LLC, consisting primarily of goodwill and intangible assets such as customer relationships, technical know-how and trade names. Consolidated equity in net income from affiliates is net of $1,620 and $3,278 of amortization expense related to purchase accounting fair value adjustments for the three and six months ended June 30, 2021, respectively.