Quarterly report pursuant to Section 13 or 15(d)

Investments in Affiliated Companies

v3.22.2.2
Investments in Affiliated Companies
 9 Months Ended
Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Affiliated Companies
11. Investments in Affiliated Companies:
The Company accounts for investments in affiliated companies under the equity method. Affiliated companies accounted for on the equity basis as of September 30, 2022 are as follows:
Company Country Percent
Ownership
Zeolyst International USA 50%
Zeolyst C.V. Netherlands 50%
Following is summarized information of the combined investments(1):
Three months ended
September 30,		 Nine months ended
September 30,
2022 2021 2022 2021
Sales $ 67,043  $ 76,195  $ 218,389  $ 218,459 
Gross profit 17,794  28,981  70,546  77,048 
Operating income 10,228  20,414  44,340  51,576 
Net income 9,540  20,717  44,448  51,204 
(1)Summarized information of the combined investments is presented at 100%; the Company’s share of the net assets and net income of affiliates is calculated based on the percent ownership specified in the table above.
The Company’s investments in affiliated companies balance as of September 30, 2022 and December 31, 2021 includes net purchase accounting fair value adjustments of $232,617 and $237,419, respectively, related to a prior business combination, consisting primarily of goodwill and intangible assets such as customer relationships, technical know-how and trade names. Consolidated equity in net income from affiliates is net of $1,601 and $4,802 of amortization expense related to purchase accounting fair value adjustments for the three and nine months ended September 30, 2022, respectively. Consolidated equity in net income from affiliates is net of $1,601 and $4,879 of amortization expense related to purchase accounting fair value adjustments for the three and nine months ended September 30, 2021, respectively.