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GOODWILL AND LONG-LIVED ASSET IMPAIRMENT
12 Months Ended
Dec. 31, 2025
Asset Impairment Charges [Abstract]  
GOODWILL AND LONG-LIVED ASSET IMPAIRMENT
3. GOODWILL AND LONG-LIVED ASSET IMPAIRMENT
During 2023, the Company was exploring market interest in sales of two of our businesses, Electronic Chemicals (“EC”) and a small, industrial specialty chemicals business, both within our Materials Solutions (“MS”) segment. As a result, the Company had triggering events and evaluated goodwill and long-lived assets for impairment.

Goodwill
In 2023, the Company compared the reporting units’ fair value to the carrying amounts, including goodwill. As the reporting units’ carrying amount, including goodwill exceeded fair value, the Company recorded goodwill impairment charges of $115.2 million in 2023. The impairment is classified as goodwill impairment in the Company’s consolidated statement of operations. The goodwill impairment is not deductible for tax purposes. The fair value of the reporting unit was determined using a market and income-based approach. We consider this a Level 3 measurement in the fair value hierarchy. There was no goodwill impairment charge recorded during 2024 or 2025.
Long-lived assets, including finite-lived intangible assets
The Company compared the estimated undiscounted future cash flows generated by the asset groups to the carrying amount of the asset groups for the reporting units and determined that the undiscounted cash flows were expected to exceed the carrying value on a held and used basis for the EC business but did not for the small, industrial specialty chemical business. As a result, the Company recorded an impairment of $30.5 million in 2023 and $13.0 million in 2024 related to the industrial specialty chemical business. The impairment is classified as selling, general and administrative expenses in the Company’s consolidated statements of operations. The fair value of the reporting unit was determined using a market-based approach. We consider this a Level 3 measurement in the fair value hierarchy. The small, industrial specialty chemical business was sold during the fourth fiscal quarter of 2025; see Note 4 for further discussion.

During 2025, the Company recorded an impairment charges of $11.7 million related to long-lived assets as a result of restructuring initiatives that took place during the year. See Note 15 for further discussion.