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Goodwill, Intangible Assets and Deferred Charges | 9 Months Ended
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Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill, Intangible Assets and Deferred Charges | Goodwill, Intangible Assets and Deferred Charges Goodwill During the three months ended September 30, 2022, management revised the initial estimate of the fair value of property, plant and equipment acquired as part of the DanChem acquisition. As a result of this revision within the measurement period, goodwill was decreased by $1.2 million. The Company's goodwill balance of $11.4 million and $12.6 million as of September 30, 2022, and year ended December 31, 2021, respectively, was attributable to the Specialty Chemicals segment. Intangible Assets Intangible assets represent the fair value of intellectual, non-physical assets resulting from business acquisitions and are amortized over their estimated useful life using either an accelerated or straight-line method over a period of eight to 15 years. The balance of intangible assets subject to amortization are as follows:
(in thousands) | September 30, 2022 |  | December 31, 2021
Intangible assets, gross | $ | 28,876 |  |  | $ | 28,876 |
Accumulated amortization of intangible assets | (17,082) |  |  | (14,494) |
Intangible assets, net | $ | 11,794 |  |  | $ | 14,382 |
Estimated amortization expense related to intangible assets for the next five years are as follows:
(in thousands) |  |  |  |
Remainder of 2022 | $ | 816 |  |  |  |
2023 | 1,683 |  |  |  |
2024 | 1,648 |  |  |  |
2025 | 1,467 |  |  |  |
2026 | 1,226 |  |  |  |
2027 | 1,036 |  |  |  |
Thereafter | 3,918 |  |  |  |
Deferred Charges Deferred charges represent debt issuance costs and are amortized over their estimated useful lives using the straight-line method over a period of four years. The balance of deferred charges subject to amortization are as follows:
(in thousands) | September 30, 2022 |  | December 31, 2021
Deferred charges, gross | $ | 398 |  |  | $ | 398 |
Accumulated amortization of deferred charges | (170) |  |  | (96) |
Deferred charges, net | $ | 228 |  |  | $ | 302 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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