GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] |
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Summary of Changes in Goodwill |
The changes in the carrying amount of goodwill by reportable segment are as follows (in thousands):
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Fire Safety |
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Oil Additives |
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Total |
Predecessor |
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Balance, December 31, 2019 |
$ |
354,827 |
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|
$ |
118,367 |
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|
$ |
473,194 |
|
Business acquired |
6,906 |
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|
— |
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|
6,906 |
|
Foreign currency translation |
1,034 |
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|
907 |
|
|
1,941 |
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Balance, December 31, 2020 |
362,767 |
|
|
119,274 |
|
|
482,041 |
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Business acquired |
5,385 |
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|
— |
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|
5,385 |
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Foreign currency translation |
286 |
|
|
(605) |
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|
(319) |
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Balance, November 8, 2021 |
$ |
368,438 |
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|
$ |
118,669 |
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|
$ |
487,107 |
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Successor |
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Balance, November 9, 2021 |
$ |
871,425 |
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|
$ |
174,470 |
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|
$ |
1,045,895 |
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Foreign currency translation |
(3,618) |
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|
(952) |
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|
(4,570) |
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Balance, December 31, 2021 |
$ |
867,807 |
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|
$ |
173,518 |
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|
$ |
1,041,325 |
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|
Summary of Definite Lived Intangible Assets |
Intangible assets and related accumulated amortization as of December 31, 2021 and 2020 are as follows (in thousands):
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Successor - December 31, 2021 |
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Estimated Useful Life (in years) |
|
Gross Value |
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Foreign Currency Translation |
|
Accumulated Amortization |
|
Net Book Value |
Definite Lived Intangible Assets: |
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Existing technology and patents |
20 |
|
$ |
250,000 |
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|
$ |
(836) |
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|
$ |
(1,796) |
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|
$ |
247,368 |
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Customer lists |
20 |
|
761,000 |
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|
(2,059) |
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|
(5,482) |
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|
753,459 |
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Tradenames |
20 |
|
101,000 |
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(268) |
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|
(727) |
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|
100,005 |
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Balance, December 31, 2021 |
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|
$ |
1,112,000 |
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|
$ |
(3,163) |
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|
$ |
(8,005) |
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|
$ |
1,100,832 |
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Predecessor - December 31, 2020 |
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Estimated Useful Life (in years) |
|
Gross Value |
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Foreign Currency Translation |
|
Accumulated Amortization |
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Net Book Value |
Definite Lived Intangible Assets: |
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Existing technology |
15 |
|
$ |
158,730 |
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|
$ |
1,747 |
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|
$ |
(25,903) |
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|
$ |
134,574 |
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Customer lists |
10 |
|
419,900 |
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|
96 |
|
|
(115,688) |
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|
304,308 |
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Patents |
7 |
|
1,759 |
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|
136 |
|
|
(541) |
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|
1,354 |
|
Tradenames |
10 |
|
900 |
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|
2 |
|
|
(188) |
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|
714 |
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Indefinite Lived Intangible Assets: |
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Tradenames |
Indefinite |
|
32,700 |
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|
50 |
|
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— |
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|
32,750 |
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Balance, December 31, 2020 |
|
|
$ |
613,989 |
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|
$ |
2,031 |
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|
$ |
(142,320) |
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|
$ |
473,700 |
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Summary of Indefinite-Lived Intangible Assets |
Intangible assets and related accumulated amortization as of December 31, 2021 and 2020 are as follows (in thousands):
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Successor - December 31, 2021 |
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Estimated Useful Life (in years) |
|
Gross Value |
|
Foreign Currency Translation |
|
Accumulated Amortization |
|
Net Book Value |
Definite Lived Intangible Assets: |
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|
|
|
|
|
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|
Existing technology and patents |
20 |
|
$ |
250,000 |
|
|
$ |
(836) |
|
|
$ |
(1,796) |
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|
$ |
247,368 |
|
Customer lists |
20 |
|
761,000 |
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|
(2,059) |
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|
(5,482) |
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|
753,459 |
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Tradenames |
20 |
|
101,000 |
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|
(268) |
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|
(727) |
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|
100,005 |
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Balance, December 31, 2021 |
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|
$ |
1,112,000 |
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|
$ |
(3,163) |
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|
$ |
(8,005) |
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|
$ |
1,100,832 |
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Predecessor - December 31, 2020 |
|
Estimated Useful Life (in years) |
|
Gross Value |
|
Foreign Currency Translation |
|
Accumulated Amortization |
|
Net Book Value |
Definite Lived Intangible Assets: |
|
|
|
|
|
|
|
|
|
Existing technology |
15 |
|
$ |
158,730 |
|
|
$ |
1,747 |
|
|
$ |
(25,903) |
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|
$ |
134,574 |
|
Customer lists |
10 |
|
419,900 |
|
|
96 |
|
|
(115,688) |
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|
304,308 |
|
Patents |
7 |
|
1,759 |
|
|
136 |
|
|
(541) |
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|
1,354 |
|
Tradenames |
10 |
|
900 |
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|
2 |
|
|
(188) |
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|
714 |
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Indefinite Lived Intangible Assets: |
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|
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Tradenames |
Indefinite |
|
32,700 |
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|
50 |
|
|
— |
|
|
32,750 |
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Balance, December 31, 2020 |
|
|
$ |
613,989 |
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|
$ |
2,031 |
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|
$ |
(142,320) |
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|
$ |
473,700 |
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|
Summary of Intangible Asset Future Amortization Expense |
Estimated annual amortization expense of intangible assets for the five years subsequent to December 31, 2021 and thereafter is as follows (in thousands):
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Years Ending December 31: |
|
Amount |
2022 |
|
$ |
55,600 |
|
2023 |
|
55,600 |
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2024 |
|
55,600 |
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2025 |
|
55,600 |
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2026 |
|
55,600 |
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Thereafter |
|
822,832 |
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Total |
|
$ |
1,100,832 |
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