Investments in Affiliated Companies |
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| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, 2025 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, 2025 and December 31, 2024 includes net purchase accounting fair value adjustments of $154,528 and $155,138, respectively, related to a prior business combination consisting primarily of goodwill and intangible assets such as technical know-how and trade names. Consolidated equity in net income from affiliates is net of $610 and $1,601 of amortization expense related to purchase accounting fair value adjustments for the three months ended March 31, 2025 and 2024, respectively.
The Company had receivables due from affiliates of $3,792 and $2,794 as of March 31, 2025 and December 31, 2024, respectively, which were included in prepaid and other current assets in the condensed consolidated balance sheets. The Company had payables to affiliates of $1,046 and $929 as of March 31, 2025 and December 31, 2024, respectively, which were included in accrued liabilities in the condensed consolidated balance sheets. Receivables and payables due from/to affiliates are generally non-trade. The Company had $882 of sales to affiliates for the three months ended March 31, 2025. There were no sales to affiliates for the three months ended March 31, 2024. There were no purchases from affiliates for the three months ended March 31, 2025 and 2024
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