| 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):
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|
Fire Safety |
|
Specialty Products |
|
Total |
Balance, December 31, 2022 |
$ |
860,319 |
|
|
$ |
171,141 |
|
|
$ |
1,031,460 |
|
| Foreign currency translation |
1,689 |
|
|
493 |
|
|
2,182 |
|
Balance, June 30, 2023 |
$ |
862,008 |
|
|
$ |
171,634 |
|
|
$ |
1,033,642 |
|
Intangible assets and related accumulated amortization as of June 30, 2023 and December 31, 2022 are as follows (in thousands):
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June 30, 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 |
|
|
$ |
(5,964) |
|
|
$ |
(62,071) |
|
|
$ |
692,965 |
|
| Technology and patents |
20 |
|
250,000 |
|
|
(2,498) |
|
|
(20,333) |
|
|
227,169 |
|
| Tradenames |
20 |
|
101,000 |
|
|
(775) |
|
|
(8,239) |
|
|
91,986 |
|
Balance, June 30, 2023 |
|
|
$ |
1,112,000 |
|
|
$ |
(9,237) |
|
|
$ |
(90,643) |
|
|
$ |
1,012,120 |
|
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|
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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) |
|
|
(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 was $13.7 million and $27.5 million for the three and six months ended June 30, 2023, respectively, and $13.8 million and $27.7 million for the three and six months ended June 30, 2022, respectively.
Estimated annual amortization expense of intangible assets for the next five years ending December 31 and thereafter is as follows (in thousands):
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|
|
|
|
|
|
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| 2023 remaining |
|
$ |
27,800 |
|
| 2024 |
|
55,600 |
|
| 2025 |
|
55,600 |
|
| 2026 |
|
55,600 |
|
| 2027 |
|
55,600 |
|
| Thereafter |
|
761,920 |
|
| Total |
|
$ |
1,012,120 |
|
|