Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.24.2.u1
GOODWILL AND OTHER INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2024
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, 2023
 $ 863,889  $ 172,390  $ 1,036,279 
Foreign currency translation (4,826) (1,273) (6,099)
Balance, June 30, 2024
 $ 859,063  $ 171,117  $ 1,030,180 
Intangible assets and related accumulated amortization as of June 30, 2024 and December 31, 2023 are as follows (in thousands):
June 30, 2024
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  $ —  $ (7,762) $ (99,766) $ 653,472 
Technology and patents 20 250,000  (40,738) (3,115) (32,691) 173,456 
Tradenames 20 101,000  —  (1,012) (13,243) 86,745 
Balance, June 30, 2024
 $ 1,112,000  $ (40,738) $ (11,889) $ (145,700) $ 913,673 
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 was no longer recoverable. As a result, during the year ended December 31, 2023, the Company recorded an impairment of $40.7 million.
Amortization expense for definite-lived intangible assets was $13.8 million and $27.6 million for the three and six months ended June 30, 2024, respectively, and $13.7 million and $27.5 million for the three and six months ended June 30, 2023, respectively.
Estimated annual amortization expense of intangible assets for the next five years ended December 31 and thereafter is as follows (in thousands):
Amount
2024 remaining $ 26,675 
2025 53,350 
2026 53,350 
2027 53,350 
2028 53,350 
Thereafter 673,598 
Total $ 913,673