Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.22.4
GOODWILL AND OTHER INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2022
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
Predecessor
Balance, December 31, 2020
$ 362,767  $ 119,274  $ 482,041 
Business acquired 5,385  —  5,385 
Foreign currency translation 286  (605) (319)
Balance, November 8, 2021 $ 368,438  $ 118,669  $ 487,107 
Successor
Balance, November 9, 2021 $ 871,425  $ 174,470  $ 1,045,895 
Foreign currency translation (3,618) (952) (4,570)
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 
Intangible assets and related accumulated amortization as of December 31, 2022 and 2021 are as follows (in thousands):
December 31, 2022
Estimated
Useful Life
(in years)
Gross Value Foreign
Currency
Translation
Accumulated
Amortization
Net Book
Value
Definite Lived Intangible Assets:
Existing technology and patents 20 $ 250,000  $ (3,029) $ (14,153) $ 232,818 
Customer lists 20 761,000  (7,451) (43,220) 710,329 
Tradenames 20 101,000  (970) (5,737) 94,293 
Balance, December 31, 2022
$ 1,112,000  $ (11,450) $ (63,110) $ 1,037,440 
December 31, 2021
Estimated
Useful Life
(in years)
Gross Value Foreign
Currency
Translation
Accumulated
Amortization
Net Book
Value
Definite Lived Intangible Assets:
Existing technology and patents 20 $ 250,000  $ (836) $ (1,796) $ 247,368 
Customer lists 20 761,000  (2,059) (5,482) 753,459 
Tradenames 20 101,000  (268) (727) 100,005 
Balance, December 31, 2021
$ 1,112,000  $ (3,163) $ (8,005) $ 1,100,832 
Amortization expense for definite-lived intangible assets for the year ended December 31, 2022, 2021 Successor Period, 2021 Predecessor Period and 2020 Predecessor Period was $55.1 million, $8.0 million, $45.4 million and $51.5 million, respectively.
Estimated annual amortization expense of intangible assets for the five years subsequent to December 31, 2022 and thereafter is as follows (in thousands):
Years Ending December 31:
Amount
2023 $ 55,600 
2024 55,600 
2025 55,600 
2026 55,600 
2027 55,600 
Thereafter 759,440 
Total $ 1,037,440