The net carrying amount of intangibles and goodwill was $738 million at June 30, 2025 and $750 million at December 31, 2024. The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below.


	June 30, 2025				December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizing intangible assets
Formulas and technology	$	60,000	$	10,970	$	60,000	$	7,220
Customer bases	280,440		27,808		280,440		19,856
Trademarks and trade names	30,000		2,925		30,000		1,925
Water rights	29,392				29,392
Goodwill	379,744				379,593
	$	779,576	$	41,703	$	779,425	$	29,001

Of the total intangibles (net of amortization) and goodwill, $125 million is attributable to the petroleum additives segment and $613 million is attributable to the specialty materials segment. The change in the gross carrying amount between December 31, 2024 and June 30, 2025 is due to the foreign currency fluctuation on goodwill in the petroleum additives segment. See Note 2 for further information on the intangibles and goodwill obtained with the AMPAC acquisition. There is no accumulated goodwill impairment.



Second quarter ended June 30, 2025	$	6,351

Six months ended June 30, 2025	12,702
Second quarter ended June 30, 2024	6,388
Six months ended June 30, 2024	11,760

Estimated amortization expense for the remainder of 2025, as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands):

We amortize the formulas and technology over 8 years, the customer bases over 17.5 to 20 years, and the trademarks and trade names over 15 years.