Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

4. Goodwill and Intangible Assets

Goodwill. We identified no indicators of goodwill impairment during the years ended December 31, 2024 and December 31, 2023. During the year ended December 31, 2022, we recognized an impairment charge of $20.5 million within Operating income in the Statements of Consolidated Income (Loss) related to Warrick. As goodwill is deductible for tax purposes, the deferred tax effects were included in the impairment charge and income tax provision.

The following table presents the changes in the carrying value of our goodwill (in millions of dollars):

	As of December 31,
	2024			2023
Gross carrying value1	$	57.7		$	57.7
Accumulated impairment loss1		(38.9	)		(38.9	)
Net carrying value	$	18.8		$	18.8

1.The gross carrying value and accumulated impairment loss excludes $25.2 million of goodwill recorded in conjunction with our acquisition of IMT.

Intangible Assets. The following table presents the gross carrying amount and accumulated amortization by major intangible asset class (in millions of dollars, except amortization periods):

	Weighted- Average Amortization Period (in years)		Gross Amount		Accumulated Amortization			Intangible Assets, Net
As of December 31, 2024
Customer relationships		19	$	68.1	$	(30.3	)	$	37.8
Trade name		10		2.4		(1.5	)		0.9
Non-compete agreement		5		5.4		(5.4	)		—
Favorable lease contracts		120		7.0		(0.2	)		6.8
Total		26	$	82.9	$	(37.4	)	$	45.5
As of December 31, 2023
Customer relationships		19	$	68.1	$	(26.1	)	$	42.0
Trade name		10		2.4		(1.2	)		1.2
Non-compete agreement		5		5.4		(5.4	)		—
Favorable lease contracts		120		7.0		(0.2	)		6.8
Total		26	$	82.9	$	(32.9	)	$	50.0

We identified no indicators of impairment associated with our intangible assets during the years ended December 31, 2024 and December 31, 2023. During the year ended December 31, 2022, we impaired the remaining book value of our favorable commodity contracts intangible asset as the supplier associated with the intangible asset ceased all deliveries of magnesium to us and provided no indication of

when or if deliveries would resume over the remainder of the contract. The impairment charge of $3.1 million was included within Other operating charges, net, in our Statements of Consolidated Income (Loss).

Amortization expense relating to definite-lived intangible assets was $4.5 million, $5.3 million and $9.3 million for 2024, 2023, and 2022, respectively. The following table presents the expected amortization of intangible assets for each of the next five calendar years and thereafter as of December 31, 2024 (in millions of dollars):

2025	$	4.5
2026		4.5
2027		4.5
2028		4.4
2029		4.1
Thereafter		23.5
Total	$	45.5