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Goodwill and Other Intangible Assets, net
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, net Goodwill and Other Intangible Assets, net
Goodwill
Reporting Units
In millionsPerformance MaterialsPerformance ChemicalsAdvanced Polymer TechnologiesTotal
Balance as of December 31, 2024 (1)
$4.3 $— $170.9 $175.2 
Foreign currency translation— — 12.9 12.9 
Goodwill impairment charge— — (183.8)(183.8)
Balance as of June 30, 2025
$4.3 $— $— $4.3 
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(1) Includes accumulated impairment losses of $349.1 million related to the Performance Chemicals reportable segment.
Goodwill Impairment Charge - Advanced Polymer Technologies
During the second quarter of 2025, the announcements and subsequent modifications of international tariffs escalated global trade tensions and contributed to increased consumer uncertainty, which negatively impacted parts of our businesses, particularly Advanced Polymer Technologies (“APT”). As a result, we conducted an analysis of the APT reporting unit’s goodwill, intangible assets, and long-lived assets. This analysis incorporated revised expectations regarding the pace and strength of industrial demand recovery in key markets. In addition, the macroeconomic changes experienced during the quarter contributed to unfavorable movements in key valuation inputs, including an increase in the risk-free rate used in calculating the discount rate.
Our analysis included significant assumptions such as the revenue growth rate, earnings before interest, taxes, depreciation, and amortization ("EBITDA") margin, and discount rate, which are judgmental. Variations in any assumptions could result in materially different calculations of fair value.
Based on the results of the quantitative analysis, we concluded that the carrying value of the APT reporting unit exceeded its fair value. As a result, we recorded a non-cash goodwill impairment charge of $183.8 million, representing all of the goodwill associated with the APT reporting unit. The charge is included within Goodwill impairment charge on the condensed consolidated statements of operations for the three and six months ended June 30, 2025. Specific to our long-lived assets, we determined that the undiscounted cash flows were in excess of the carrying values and therefore concluded that no impairment existed.
Goodwill Impairment Charge - Performance Chemicals
During the second quarter of 2024, our contracted long-term supplier of CTO provided new information regarding the cost of CTO for the second half of 2024, which significantly exceeded our forecasted costs, resulting in a triggering event for our Performance Chemicals reporting unit. We performed an analysis of the reporting unit’s goodwill, intangibles, and long-lived assets. Our analysis included significant assumptions such as: revenue growth rate, EBITDA margin, and discount rate, which are judgmental. Variations in any assumptions could result in materially different calculations of fair value.
Our analysis reassessed the expected cash flows in light of current performance and expected lack of near term recovery in our industrial specialties product line, resulting in lower volume and profitability expectations. As a result, we concluded that the carrying value of the Performance Chemicals reporting unit exceeded its fair value, resulting in a non-cash goodwill impairment charge of $349.1 million, which represented all of the goodwill within the Performance Chemicals' reportable segment. The charge was included within Goodwill impairment charge on the condensed consolidated statements of operations for the three and six months ended June 30, 2024. Specific to our long-lived assets, we determined that the undiscounted cash flows were in excess of the carrying values and therefore concluded that no impairment existed.
Other Intangible Assets
In millionsCustomer contracts and relationships
Brands (1)
Developed TechnologyTotal
Gross Asset Value
December 31, 2024$264.9 $91.4 $88.7 $445.0 
Retirements— — (1.8)(1.8)
Foreign currency translation15.0 6.3 6.0 27.3 
June 30, 2025$279.9 $97.7 $92.9 $470.5 
Accumulated Amortization
December 31, 2024$(88.4)$(35.4)$(42.4)$(166.2)
Amortization(7.6)(2.8)(4.8)(15.2)
Retirements— — 0.9 0.9 
Foreign currency translation(5.5)(2.1)(3.3)(10.9)
June 30, 2025$(101.5)$(40.3)$(49.6)$(191.4)
Other intangibles, net$178.4 $57.4 $43.3 $279.1 
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(1) Represents trademarks, trade names, and know-how.
Intangible assets subject to amortization were attributed to our business segments as follows:
In millionsJune 30, 2025December 31, 2024
Performance Materials$1.1 $1.2 
Performance Chemicals97.0 102.5 
Advanced Polymer Technologies181.0 175.1 
Other intangibles, net$279.1 $278.8 
The amortization expense related to our intangible assets in the table above is shown in the table below.
Three Months Ended June 30,Six Months Ended June 30,
In millions2025202420252024
Selling, general, and administrative expenses$7.7 $7.5 $15.2 $17.0 
Restructuring and other (income) charges, net (1)
— — — 22.1 
Total amortization expense$7.7 $7.5 $15.2 $39.1 
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(1) Amounts recorded to Restructuring and other (income) charges, net are not included within segment depreciation and amortization.
Based on the current carrying values of intangible assets, estimated pre-tax amortization expense for the next five years is as follows: $15.0 million for the remainder of 2025, 2026 - $29.5 million, 2027 - $29.5 million, 2028 - $29.5 million, and 2029 - $29.5 million. The estimated pre-tax amortization expense may fluctuate due to changes in foreign currency exchange rates.