Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

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GOODWILL AND OTHER INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 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 (2,078) (580) (2,658)
Balance, September 30, 2023
 $ 858,241  $ 170,561  $ 1,028,802 
Intangible assets and related accumulated amortization as of September 30, 2023 and December 31, 2022 are as follows (in thousands):
September 30, 2023
Estimated
Useful Life
(in years)		 Gross Value Impairment Foreign
Currency
Translation		 Accumulated
Amortization		 Net Book
Value
Definite Lived Intangible Assets:
Customer lists 20 $ 761,000  $ —  $ (7,987) $ (71,504) $ 681,509 
Technology and patents 20 250,000  (40,738) (3,317) (23,427) 182,518 
Tradenames 20 101,000  —  (1,038) (9,491) 90,471 
Balance, September 30, 2023
 $ 1,112,000  $ (40,738) $ (12,342) $ (104,422) $ 954,498 
As of September 30, 2023, due to a downward revision in the revenue forecast related to a contingent earn-out eligible fire retardant product acquired by the Company in May 2020 during the purchase of LaderaTech, Inc. (“LaderaTech”), the Company determined that the $40.7 million in carrying value of the technology underlying the contingent earn-out eligible fire retardant product is no longer recoverable. As a result, during the three months ended September 30, 2023 the Company recorded an impairment of $40.7 million in the accompanying condensed consolidated statements of operations and comprehensive income (loss).
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 $13.8 million and $41.3 million for the three and nine months ended September 30, 2023, respectively, and $13.7 million and $41.4 million for the three and nine months ended September 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):
2023 remaining $ 13,338 
2024 53,350 
2025 53,350 
2026 53,350 
2027 53,350 
Thereafter 727,760 
Total $ 954,498