Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.22.2
GOODWILL AND OTHER INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
The changes in the carrying amount of goodwill by reportable segment are as follows (in thousands):
Fire Safety Specialty Products Total
Balance, December 31, 2021
$ 867,807  $ 173,518  $ 1,041,325 
Purchase price adjustment under Business Combination Agreement 1,638  —  1,638 
Foreign currency translation (8,224) (3,520) (11,744)
Balance, June 30, 2022
$ 861,221  $ 169,998  $ 1,031,219 
Intangible assets and related accumulated amortization as of June 30, 2022 and December 31, 2021 are as follows (in thousands):
June 30, 2022
Estimated
Useful Life
(in years)
Gross Value Foreign
Currency
Translation
Accumulated
Amortization
Net Book
Value
Definite Lived Intangible Assets:
Technology and patents 20 $ 250,000  $ (2,953) $ (8,004) $ 239,043 
Customer lists 20 761,000  (6,244) (24,417) 730,339 
Tradenames 20 101,000  (799) (3,241) 96,960 
Balance, June 30, 2022
$ 1,112,000  $ (9,996) $ (35,662) $ 1,066,342 
December 31, 2021
Estimated
Useful Life
(in years)
Gross Value Foreign
Currency
Translation
Accumulated
Amortization
Net Book
Value
Definite Lived Intangible Assets:
Technology and patents 20 $ 250,000  $ (836) $ (1,796) $ 247,368 
Customer lists 20 761,000  (2,059) (5,482) 753,459 
Tradenames 20 101,000  (268) (727) 100,005 
Balance, December 31, 2021
$ 1,112,000  $ (3,163) $ (8,005) $ 1,100,832 
Amortization expense for definite-lived intangible assets was $13.8 million and $27.7 million for the three and six months ended June 30, 2022, respectively, and $13.3 million and $26.5 million for the three and six months ended June 30, 2021, respectively.
Estimated annual amortization expense of intangible assets for the next five years ended December 31 and thereafter is as follows (in thousands):
2022 remaining $ 27,800 
2023 55,600 
2024 55,600 
2025 55,600 
2026 55,600 
Thereafter 816,142 
Total $ 1,066,342