Quarterly report [Sections 13 or 15(d)]

Investments in Affiliated Companies

v3.25.2
Investments in Affiliated Companies
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Affiliated Companies
10. 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 June 30, 2025 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
June 30,		 Six months ended
June 30,
2025 2024 2025 2024
Sales $ 68,579  $ 70,644  $ 158,109  $ 127,505 
Gross profit 13,522  16,751  41,952  33,929 
Operating income 4,044  5,739  22,250  12,583 
Net income 5,076  4,665  23,727  12,010 
(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 June 30, 2025 and December 31, 2024 includes net purchase accounting fair value adjustments of $153,918 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 $1,220 of amortization expense related to purchase accounting fair value adjustments for the three and six months ended June 30, 2025, respectively. Consolidated equity in net income from affiliates is net of $940 and $2,541 of amortization expense related to purchase accounting fair value adjustments for the three and six months ended June 30, 2024, respectively.
The Company had receivables due from affiliates of $2,770 and $2,794 as of June 30, 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 $2,281 and $929 as of June 30, 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 $1,579 and $2,461 of sales to affiliates for the three and six months ended June 30, 2025, respectively and $2,110 of sales to affiliates for the three and six months ended June 30, 2024. There were no purchases from affiliates for the three and six months ended June 30, 2025 and 2024.