Goodwill and Other Intangibles

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Goodwill and Other Intangibles:

The following table summarizes the changes in goodwill by reportable segment for the six-month period ended June 30, 2025 (in thousands):

	Energy Storage		Specialties		Ketjen		Total
Balance at December 31, 2024(a)	$	1,387,591	$	32,577	$	162,546	$	1,582,714
Foreign currency translation adjustments	69,475		49		18,689		88,213
Balance at June 30, 2025(a)	$	1,457,066	$	32,626	$	181,235	$	1,670,927

(a)    Balance at June 30, 2025 and December 31, 2024 includes an accumulated impairment loss of $6.8 million from the Performance Catalyst Solutions reporting unit within the Ketjen segment. As a result, the balance of Ketjen goodwill at June 30, 2025 and December 31, 2024 fully consists of goodwill related to the Refining Solutions reporting unit.

As previously discussed in Part II, Item 8 - Note 1, "Summary of Significant Accounting Policies," of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, if revenue or adjusted EBITDA growth are lower than forecasted, or costs are higher than anticipated, the Company may recognize a non-cash goodwill impairment loss in the Refining Solutions reporting unit within the Ketjen segment.

The following table summarizes the changes in other intangibles and related accumulated amortization for the six-month period ended June 30, 2025 (in thousands):

	Customer Lists and Relationships		Trade Names and Trademarks(a)		Patents and Technology		Other		Total
Gross Asset Value
Balance at December 31, 2024	$	402,012	$	10,670	$	32,265	$	29,010	$	473,957
Foreign currency translation adjustments and other	27,851		620		1,311		915		30,697
Balance at June 30, 2025	$	429,863	$	11,290	$	33,576	$	29,925	$	504,654
Accumulated Amortization
Balance at December 31, 2024	$	(216,231)	$	(1,324)	$	(14,253)	$	(11,396)	$	(243,204)
Amortization	(9,404)		—		(1,269)		(491)		(11,164)
Foreign currency translation adjustments and other	(14,712)		—		(382)		(244)		(15,338)
Balance at June 30, 2025	$	(240,347)	$	(1,324)	$	(15,904)	$	(12,131)	$	(269,706)
Net Book Value at December 31, 2024	$	185,781	$	9,346	$	18,012	$	17,614	$	230,753
Net Book Value at June 30, 2025	$	189,516	$	9,966	$	17,672	$	17,794	$	234,948

(a)    Net Book Value includes only indefinite-lived intangible assets.