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