Quarterly report pursuant to Section 13 or 15(d)

Goodwill, Intangible Assets and Deferred Charges

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Goodwill, Intangible Assets and Deferred Charges
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Intangible Assets and Deferred Charges Goodwill, Intangible Assets and Deferred Charges
Goodwill
During the three months ended September 30, 2022, management revised the initial estimate of the fair value of property, plant and equipment acquired as part of the DanChem acquisition. As a result of this revision within the measurement period, goodwill was decreased by $1.2 million. The Company's goodwill balance of $11.4 million and $12.6 million as of September 30, 2022, and year ended December 31, 2021, respectively, was attributable to the Specialty Chemicals segment.

Intangible Assets
Intangible assets represent the fair value of intellectual, non-physical assets resulting from business acquisitions and are amortized over their estimated useful life using either an accelerated or straight-line method over a period of eight to 15 years.
The balance of intangible assets subject to amortization are as follows:
(in thousands) September 30, 2022 December 31, 2021
Intangible assets, gross $ 28,876  $ 28,876 
Accumulated amortization of intangible assets (17,082) (14,494)
Intangible assets, net $ 11,794  $ 14,382 
Estimated amortization expense related to intangible assets for the next five years are as follows:
(in thousands)
Remainder of 2022 $ 816 
2023 1,683 
2024 1,648 
2025 1,467 
2026 1,226 
2027 1,036 
Thereafter 3,918 

Deferred Charges
Deferred charges represent debt issuance costs and are amortized over their estimated useful lives using the straight-line method over a period of four years.
The balance of deferred charges subject to amortization are as follows:
(in thousands) September 30, 2022 December 31, 2021
Deferred charges, gross $ 398  $ 398 
Accumulated amortization of deferred charges (170) (96)
Deferred charges, net $ 228  $ 302