Quarterly report pursuant to Section 13 or 15(d)

Investments in Affiliated Companies

Investments in Affiliated Companies
3 Months Ended
Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Affiliated Companies
11. 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, 2021 are as follows:
Company Country Percent
Zeolyst International USA 50%
Zeolyst C.V. Netherlands 50%
Following is summarized information of the combined investments(1):    
Three months ended
March 31,
2021 2020
Sales $ 66,205  $ 70,300 
Gross profit 21,946  30,864 
Operating income 14,174  20,861 
Net income 13,737  19,924 

(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, 2021 and December 31, 2020 includes net purchase accounting fair value adjustments of $242,240 and $243,899, respectively, related to the series of transactions consummated on May 4, 2016 to reorganize and combine the businesses of PQ Holdings Inc. and Eco Services Operations LLC, 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 $1,658 and $1,658 of amortization expense related to purchase accounting fair value adjustments for the three months ended March 31, 2021 and 2020, respectively.