Quarterly report pursuant to Section 13 or 15(d)

Goodwill

v3.24.2.u1
Goodwill
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill
6. Goodwill:
The change in the carrying amount of goodwill for the six months ended June 30, 2024 is summarized as follows:
  Ecoservices Advanced Materials & Catalysts Total
Balance as of December 31, 2023 $ 326,589  $ 77,881  $ 404,470 
Foreign exchange impact —  (195) (195)
Balance as of June 30, 2024 $ 326,589  $ 77,686  $ 404,275 
   

The Company completes its annual goodwill and indefinite-lived intangible assets impairment test during the fourth quarter of each year, or more frequently if triggering events indicate a possible impairment. The Company determines the fair value of its reporting units using both a market approach and an income, or discounted cash flow, approach. As of October 1, 2023, the date of the Company’s most recent quantitative assessments, the fair values of each of the Company’s reporting units and the fair values of the Company’s indefinite-lived trade names and trademarks exceeded their respective carrying values.
During the six months ended June 30, 2024, the Company did not identify any events or circumstances that would more likely than not reduce the fair value of the Company's reporting units below their respective carrying values.
Although the estimated fair value of the Advanced Materials & Catalysts reporting unit exceeded its carrying value on October 1, 2023 by over 30%, the Company has experienced unfavorable effects on current operations resulting from certain macroeconomic and industry factors in specific end uses during the six months ended June 30, 2024. Prolonged unfavorable effects could adversely impact the estimated fair value of the Advanced Materials & Catalysts reporting unit in future periods and may result in impairment charges.