Investments in Affiliated Companies

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

9. 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 September 30, 2023 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 September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Sales	$	81,115	$	67,043	$	236,200	$	218,389
Gross profit	22,205		17,794		66,776		70,546
Operating income	12,414		10,228		39,916		44,340
Net income	12,617		9,540		42,189		44,448

(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 September 30, 2023 and December 31, 2022 includes net purchase accounting fair value adjustments of $226,215 and $231,017, respectively, related to a prior business combination, 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 $1,601 and $4,802 of amortization expense related to purchase accounting fair value adjustments for the three and nine months ended September 30, 2023, respectively. Consolidated equity in net income from affiliates is net of $1,601 and $4,802 of amortization expense related to purchase accounting fair value adjustments for the three and nine months ended September 30, 2022, respectively.