XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.23.3

Goodwill, Intangible Assets and Deferred Charges | 9 Months Ended
--- | ---
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill, Intangible Assets and Deferred Charges | Goodwill, Intangible Assets and Deferred Charges Goodwill As of September 30, 2023 the Company had no goodwill. As of December 31, 2022, the Company had a goodwill balance of $11.4 million, attributable to the Specialty Chemicals segment. During the third quarter of 2023, the Company determined potential indicators of impairment within the Specialty Chemicals reporting unit, with an associated goodwill balance of $11.4 million existed. Macroeconomic conditions and pressures, increased risks within the broader specialty chemicals business, reporting unit operating losses and a decline in the reporting unit's net sales compared to forecast, collectively, indicated that the reporting unit had experienced a triggering event and the need to perform a quantitative evaluation of goodwill. The Company performed a discounted cash flow analysis and a market multiple analysis for the Specialty Chemicals reporting unit to determine the reporting unit's fair value. The discounted cash flow analysis included management assumptions for expected sales growth, capital expenditures and overall operational forecasts while the market multiple analysis included historical and projected performance, market capitalization, volatility and multiples for industry peers. Determining the fair value of the reporting unit and allocation of that fair value to individual assets and liabilities within the reporting unit to determine the implied fair value of the goodwill is judgmental in nature and requires the use of significant management estimates and assumptions. Any changes in the judgments, estimates, or assumptions could produce significantly different results. As a result of the goodwill impairment evaluation, it was concluded that the estimated fair value of the Specialty Chemicals reporting unit was below its carrying value by 27.6% resulting in a goodwill impairment charge of $11.4 million for the three and nine months ended September 30, 2023. 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 15 years. The balance of intangible assets from continuing operations subject to amortization are as follows:
| September 30, 2023 |  | December 31, 2022
(in thousands) | Gross Carrying Amount | Accumulated Amortization |  | Gross Carrying Amount | Accumulated Amortization
Definite-lived intangible assets: |  |  |  |  |
Customer related | $ | 26,061 |  | $ | (17,766) |  |  | $ | 26,061 |  | $ | (16,658) |
Trademarks and trade names | 150 |  | (17) |  |  | 150 |  | (12) |
Other | 500 |  | (56) |  |  | 500 |  | (40) |
Total definite-lived intangible assets | $ | 26,711 |  | $ | (17,839) |  |  | $ | 26,711 |  | $ | (16,710) |
Estimated amortization expense related to intangible assets for the next five years are as follows:
(in thousands) |  |  |  |
Remainder of 2023 | $ | 376 |  |  |  |
2024 | 1,487 |  |  |  |
2025 | 1,324 |  |  |  |
2026 | 1,102 |  |  |  |
2027 | 930 |  |  |  |
2028 | 786 |  |  |  |
Thereafter | 2,867 |  |  |  |
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, 2023 |  | December 31, 2022
Deferred charges, gross | $ | 397 |  |  | $ | 398 |
Accumulated amortization of deferred charges | (269) |  |  | (195) |
Deferred charges, net | $ | 128 |  |  | $ | 203 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration