Goodwill, Intangible Assets and Deferred Charges

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Intangible Assets and Deferred Charges

Goodwill

The Company's goodwill balance of $11.4 million as of March 31, 2023 and December 31, 2022, 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:


	March 31, 2023				December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Definite-lived intangible assets:
Customer related	$	28,226	$	(18,823)	$	28,226	$	(18,437)
Trademarks and trade names	150		(14)		150		(12)
Other	500		(48)		500		(40)
Total definite-lived intangible assets	$	28,876	$	(18,885)	$	28,876	$	(18,489)

Estimated amortization expense related to intangible assets for the next five years are as follows:


(in thousands)
Remainder of 2023	$	1,185
2024	1,555
2025	1,384
2026	1,153
2027	973
2028	820
Thereafter	2,921

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)	March 31, 2023		December 31, 2022
Deferred charges, gross	$	398	$	398
Accumulated amortization of deferred charges	(220)		(195)
Deferred charges, net	$	178	$	203