Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The carrying amount of goodwill attributable to each reportable segment for the years ended December 31, are as follows:

Goodwill	Rubber		Specialty		Total
	(In millions)
Balance as of January 1, 2024	$	30.5	$	45.6	$	76.1
Foreign currency impact	(1.9)		(2.7)		(4.6)
Balance as of December 31, 2024	28.6		42.9		71.5
Impairment	(32.3)		(48.5)		(80.8)
Foreign currency impact	3.7		5.6		9.3
Balance as of December 31, 2025(1)	$	—	$	—	$	—

(1) At December 31, 2025, accumulated goodwill impairment was $80.8 million.

In the third quarter of 2025, we performed our quantitative impairment assessments for each of our two reporting units at September 30, 2025.

For our quantitative assessments, we estimated the value of each of our reporting units using both a discounted cash flows (“DCF”) analysis and a multiple of expected future cash flows, such as those used by third-party analysts. The DCF analysis included market participant weighted average cost of capital, revenue, gross margin, capital expenditures, and long-term growth rates based on historical information and our best estimate of future forecasts. The market approach involved significant judgment, including the selection of an appropriate peer group, selection of valuation multiples, and determination of the appropriate weighting in our valuation model. These assumptions included the use of significant unobservable inputs, representative of a Level 3 fair value measurement.

Based on our quantitative assessments, mainly related to a decline in the trading price of our Common Stock and our market capitalization, we concluded that the calculated fair value of our Rubber Carbon Black (“RCB”) and Specialty Carbon Black (“SCB”) reporting units were lower than their respective book values. In our Rubber reporting unit, elevated levels of low value tire imports from Asia during 2025 have directly impacted our demand in core Western markets and our overall profitability. In our Specialty reporting unit, persistently soft industrial economies coupled with uncertainty related to global trade, tariffs and regulatory matters have impacted our demand and portfolio mix. As a result, we performed quantitative impairment assessments for each of our two reporting units at September 30, 2025. As a result, we recognized a non-cash goodwill impairment charge of $80.8 million in the third quarter of 2025 with respect to both reporting units. No tax benefit was recorded because we determined it is a non-tax-deductible expense.

There was no goodwill impairment charge in 2024 or 2023.

Intangible Assets

The components of identifiable intangible assets, at cost, and the related accumulated amortization, at December 31, are as follows:

	2025						2024
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
	(In millions)
Developed technology and patents	$	74.2	$	72.0	$	2.2	$	65.6	$	59.7	$	5.9
Customer relationships	78.8		76.5		2.3		70.4		68.1		2.3
Trademarks	20.2		19.5		0.7		17.9		16.2		1.7
Long-term contracts	8.2		3.8		4.4		7.3		2.4		4.9
Other intangible assets	49.0		44.4		4.6		46.7		43.0		3.7
Total intangible assets	$	230.4	$	216.2	$	14.2	$	207.9	$	189.4	$	18.5

Amortization expense for the years ended December 31, 2025, 2024 and 2023 was $8.2 million, $7.2 million and $6.1 million, respectively, and is included in Cost of sales and Selling, general and administrative expenses in the Consolidated Statements of Operations.

The estimated aggregate amortization expense for intangible assets for the fiscal years ending December 31, are as follows:

Year	(In millions)
2026	$	5.0
2027	2.1
2028	2.0
2029	1.2
2030	0.9
Thereafter	3.0
Total aggregated amortization	$	14.2