Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

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GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 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, 2021
 $ 867,807  $ 173,518  $ 1,041,325 
Purchase price adjustment under Business Combination Agreement 2,356  —  2,356 
Foreign currency translation (9,844) (2,377) (12,221)
Balance, December 31, 2022
 $ 860,319  $ 171,141  $ 1,031,460 
Foreign currency translation 3,570  1,249  4,819 
Balance, December 31, 2023
 $ 863,889  $ 172,390  $ 1,036,279 
Intangible assets and related accumulated amortization as of December 31, 2023 and 2022 are as follows (in thousands):
December 31, 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  $ —  $ (5,294) $ (80,920) $ 674,786 
Technology and patents 20 250,000  (40,738) (2,096) (26,513) 180,653 
Tradenames 20 101,000  —  (691) (10,741) 89,568 
Balance, December 31, 2023
 $ 1,112,000  $ (40,738) $ (8,081) $ (118,174) $ 945,007 
During the year ended December 31, 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 year ended December 31, 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 for the years ended December 31, 2023 and 2022, 2021 Successor Period and 2021 Predecessor Period was $55.1 million, $55.1 million, $8.0 million and $45.4 million, respectively.
Estimated annual amortization expense of intangible assets for the five years subsequent to December 31, 2023 and thereafter is as follows (in thousands):
Years Ending December 31:
 Amount
2024 $ 53,350 
2025 53,350 
2026 53,350 
2027 53,350 
2028 53,350 
Thereafter 678,257 
Total $ 945,007