Annual report pursuant to Section 13 and 15(d)

SEGMENT INFORMATION (Tables)

v3.22.1
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Summary of Segment Information
Information related to net sales, Adjusted EBITDA, depreciation and amortization, assets and capital expenditures of the Company’s operations are summarized below (in thousands):
Successor Predecessor
For the Period
November 9, 2021
Through
December 31, 2021
 For the Period
January 1, 2021
Through
November 8, 2021		 Year Ended December 31,
2020 2019
Net sales:
Fire safety $ 7,913  $ 253,267  $ 244,968  $ 151,161 
Oil additives 13,110  88,048  94,609  88,149 
Total $ 21,023  $ 341,315  $ 339,577  $ 239,310 
Adjusted EBITDA:
Fire safety $ (3,696) $ 121,589  $ 112,034  $ 44,748 
Oil additives 1,838  21,703  23,977  16,841 
Total segment Adjusted EBITDA (1,858) 143,292  136,011  61,589 
Income tax benefit (expense) 4,675  (14,136) (10,483) 17,674 
Depreciation and amortization 9,379  52,000  58,117  58,025 
Interest and financing expense 6,352  39,087  42,017  51,655 
Founders advisory fees - related party 652,990  —  —  — 
Transaction expenses 5,580  4,845  2,379  3,821 
Share-based compensation expense 4,821  156  —  — 
Non-cash purchase accounting impact 2,948  —  —  — 
Loss on contingent earn-out 198  2,965  —  — 
Management fees —  1,073  1,281  1,366 
Contingent future payments —  4,375  3,125  3,749 
Unrealized foreign currency loss (gain) 1,006  4,026  (5,640) 2,684 
Net (loss) income $ (680,457) $ 20,629  $ 24,249  $ (42,037)
Depreciation and amortization:
Fire safety $ 7,418  $ 36,994  $ 41,271  $ 40,761 
Oil additives 1,961  15,006  16,846  17,264 
Total $ 9,379  $ 52,000  $ 58,117  $ 58,025 
Capital expenditures:
Fire safety $ 529  $ 4,122  $ 1,288  $ 3,287 
Oil additives 939  4,160  6,209  5,572 
Total $ 1,468  $ 8,282  $ 7,497  $ 8,859 
Successor Predecessor
December 31, 2021 December 31, 2020
Assets:
Fire safety $ 2,114,812  $ 793,040 
Oil additives 466,748  345,166 
Total $ 2,581,560  $ 1,138,206 
Summary of Net Sales by Geographic Area
Net sales by geographical area is as follows (in thousands):
Successor Predecessor
For the Period
November 9, 2021
Through
December 31, 2021
 For the Period
January 1, 2021
Through
November 8, 2021		 Year Ended December 31,
2020 2019
United States 52  % 75  % 82  % 65  %
International sales (1)
48  25  18  35 
Total net sales 100  % 100  % 100  % 100  %
(1)Except for Spain, which represented 11% of sales in the Successor Period due to the shortened reporting period, the Company had no other operations in any individual international country that represented more than 10% of sales in the Successor Period, 2021 Predecessor Period, 2020 Predecessor Period and 2019 Predecessor Period.
Summary of Property, Plant and Equipment
Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:
Years
Buildings
30–40 years
Furniture and fixtures
1–8 Years
Machinery and equipment
1–26 Years
Vehicles
1–8 Years
Leasehold improvements Shorter of remaining lease term or estimated useful life
Property, plant and equipment, net by geographical area consisted of the following (in thousands):
Successor Predecessor
December 31, 2021 December 31, 2020
United States $ 37,159  $ 29,155 
Canada 3,512  3,403 
Germany 17,199  13,487 
Other foreign jurisdictions 4,377  2,190 
Total property, plant and equipment, net $ 62,247  $ 48,235