Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.23.1
GOODWILL AND OTHER INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2023
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, 2022
$ 860,319  $ 171,141  $ 1,031,460 
Foreign currency translation 700  642  1,342 
Balance, March 31, 2023
$ 861,019  $ 171,783  $ 1,032,802 
Intangible assets and related accumulated amortization as of March 31, 2023 and December 31, 2022 are as follows (in thousands):
March 31, 2023
Estimated
Useful Life
(in years)
Gross Value Foreign
Currency
Translation
Accumulated
Amortization
Net Book
Value
Definite Lived Intangible Assets:
Customer lists 20 761,000  (6,768) (52,642) 701,590 
Technology and patents 20 $ 250,000  $ (2,681) $ (17,241) $ 230,078 
Tradenames 20 101,000  (884) (6,988) 93,128 
Balance, March 31, 2023
$ 1,112,000  $ (10,333) $ (76,871) $ 1,024,796 
December 31, 2022
Estimated
Useful Life
(in years)
Gross Value Foreign
Currency
Translation
Accumulated
Amortization
Net Book
Value
Definite Lived Intangible Assets:
Customer lists 20 761,000  (7,451) (43,220) 710,329 
Technology and patents 20 $ 250,000  $ (3,029) $ (14,153) $ 232,818 
Tradenames 20 101,000  (970) (5,737) 94,293 
Balance, December 31, 2022
$ 1,112,000  $ (11,450) $ (63,110) $ 1,037,440 
Amortization expense for definite-lived intangible assets for the three months ended March 31, 2023 and 2022 was $13.8 million and $13.9 million, respectively.
Estimated annual amortization expense of intangible assets for the next five years ended December 31 and thereafter is as follows (in thousands):
Amount
2023 remaining $ 41,700 
2024 55,600 
2025 55,600 
2026 55,600 
2027 55,600 
Thereafter 760,696 
Total $ 1,024,796