Quarterly report [Sections 13 or 15(d)]

Goodwill

v3.25.1
Goodwill
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill
6. Goodwill:
The change in the carrying amount of goodwill for the three months ended March 31, 2025 is summarized as follows:
  Ecoservices Advanced Materials & Catalysts Total
Balance as of December 31, 2024 $ 326,589  $ 77,513  $ 404,102 
Foreign exchange impact —  808  808 
Balance as of March 31, 2025 $ 326,589  $ 78,321  $ 404,910 
   
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 determined the fair value of its reporting units using both a market approach and an income, or discounted cash flow, approach. As of October 1, 2024, 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 three months ended March 31, 2025, 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.
The estimated fair value of the Advanced Materials & Catalysts reporting unit exceeded its carrying value on October 1, 2024 by over 15%. 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.