Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Value of Goodwill

The changes in the carrying value of goodwill for the years ended December 31, 2023 and 2022, were as follows:

	Surfactants Segment						Polymer Segment					Specialty Products Segment					Total
(In thousands)	2023			2022			2023		2022			2023			2022		2023			2022
Balance as of January 1
Goodwill	$	28,137		$	25,689		$	71,747	$	74,482		$	483		$	483	$	100,367		$	100,654
Accumulated impairment loss		(4,445	)		(3,467	)		—		—			—			—		(4,445	)		(3,467	)
Goodwill, net		23,692			22,222			71,747		74,482			483			483		95,922			97,187
Goodwill acquired (1)		—			1,792			—		—			—			—		—			1,792
Goodwill impairment		(1,060	)		(978	)		—		—			(483	)		—		(1,543	)		(978	)
Foreign currency translation		1,644			656			1,419		(2,735	)		—			—		3,063			(2,079	)
Balance as of December 31
Goodwill		29,781			28,137			73,166		71,747			483			483		103,430			100,367
Accumulated impairment loss		(5,505	)		(4,445	)		—		—			(483	)		—		(5,988	)		(4,445	)
Goodwill, net	$	24,276		$	23,692		$	73,166	$	71,747		$	—		$	483	$	97,442		$	95,922

(1)See Note 20, Acquisitions, of the notes to the Company’s consolidated financial statements (included in Item 8 of this Form 10-K) for information regarding the goodwill acquired in a business combination.

Components of Other Intangible Assets and Changes in Gross Carrying Values

The following table presents the components of other intangible assets, all of which have finite lives, as of December 31, 2023 and 2022. The year-over-year changes in gross carrying values mainly resulted from the effects of foreign currency translation.

	Gross Carrying Value				Accumulated Amortization
	December 31 (3)				December 31 (3)
(In thousands)	2023		2022		2023		2022
Other Intangible Assets:
Patents	$	7,411	$	7,411	$	7,063	$	6,363
Non-compete agreements (2)		401		635		401		548
Trademarks		11,662		11,384		6,705		5,346
Customer lists/relationships (2)		49,157		46,972		16,257		12,491
Know-how (1)(2)		29,543		28,908		15,177		12,536
Total	$	98,174	$	95,310	$	45,603	$	37,284

(1)Know-how includes intellectual property rights covering proprietary information, written formulae, trade secrets or secret processes, inventions and developmental products (whether patentable or not), discoveries, improvements, compositions, manufacturing processes, manuals, specifications and technical data.

(2)The 2022 balances include intangible assets acquired as part of the Company’s PerformanX acquisition in September 2022. See Note 20, Acquisitions, of the notes to the Company’s consolidated financial statements (included in Item 8 of this Form 10-K) for additional details.

(3)The 2022 balances do not include gross carrying value and accumulated amortization amounts for intangibles assets that have been fully amortized in prior years.

During the fourth quarter of 2023 the Company concluded that the patents related to its Specialty Products segment were impaired as a result of the Company’s decision to exit portions of its Lipid Nutrition business. The Company does not believe that the carrying value of these patents is recoverable. The Company recorded a non-cash charge of $495,000 in the Consolidated Statements of Income for the year ended December 31, 2023 on the Goodwill and other intangibles impairment line.

Estimated Amortization Expense for Identifiable Intangibles Assets

Estimated amortization expense for identifiable intangibles assets for each of the five succeeding fiscal years is as follows:

(In thousands)
For year ended 12/31/24	$	7,006
For year ended 12/31/25		6,566
For year ended 12/31/26		6,354
For year ended 12/31/27		6,354
For year ended 12/31/28		4,735