Investments in Affiliated Companies |
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| Investments in Affiliated Companies |
9. 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 March 31, 2024 are as follows:
Following is summarized information of the combined investments(1):
(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 March 31, 2024 and December 31, 2023 includes net purchase accounting fair value adjustments of $223,014 and $224,614, 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 of amortization expense related to purchase accounting fair value adjustments for the three months ended March 31, 2024 and 2023, respectively.
The Company had receivables due from affiliates of $3,136 and $3,231 as of March 31, 2024 and December 31, 2023, respectively, which are included in prepaid and other current assets. The Company had no payables from affiliates as of March 31, 2024 and $1,351 as of December 31, 2023, which is included in accrued liabilities. Receivables and payables due from affiliates are generally non-trade.
There were no sales to affiliates for the three months ended March 31, 2024 and $1,700 for the three months ended March 31, 2023, respectively. There were no purchases from affiliates for the three months ended March 31, 2024 and immaterial for the three months ended March 31, 2023, respectively.
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