GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
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Schedule of Changes in Goodwill |
The changes in the carrying amount of goodwill by reportable segment are as follows (in thousands):
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Fire Safety |
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Specialty Products |
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Total |
Predecessor |
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Balance, December 31, 2020 |
$ |
362,767 |
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|
$ |
119,274 |
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|
$ |
482,041 |
|
Business acquired |
5,385 |
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|
— |
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|
5,385 |
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Foreign currency translation |
286 |
|
|
(605) |
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|
(319) |
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Balance, November 8, 2021 |
$ |
368,438 |
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|
$ |
118,669 |
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|
$ |
487,107 |
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Successor |
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Balance, November 9, 2021 |
$ |
871,425 |
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|
$ |
174,470 |
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|
$ |
1,045,895 |
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Foreign currency translation |
(3,618) |
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|
(952) |
|
|
(4,570) |
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Balance, December 31, 2021 |
867,807 |
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|
173,518 |
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|
1,041,325 |
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Purchase price adjustment under Business Combination Agreement |
2,356 |
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|
— |
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|
2,356 |
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Foreign currency translation |
(9,844) |
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|
(2,377) |
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|
(12,221) |
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Balance, December 31, 2022 |
$ |
860,319 |
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|
$ |
171,141 |
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|
$ |
1,031,460 |
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Schedule of Definite Lived Intangible Assets |
Intangible assets and related accumulated amortization as of December 31, 2022 and 2021 are as follows (in thousands):
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December 31, 2022 |
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Estimated Useful Life (in years) |
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Gross Value |
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Foreign Currency Translation |
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Accumulated Amortization |
|
Net Book Value |
Definite Lived Intangible Assets: |
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Existing technology and patents |
20 |
|
$ |
250,000 |
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|
$ |
(3,029) |
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|
$ |
(14,153) |
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|
$ |
232,818 |
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Customer lists |
20 |
|
761,000 |
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|
(7,451) |
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|
(43,220) |
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|
710,329 |
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Tradenames |
20 |
|
101,000 |
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|
(970) |
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|
(5,737) |
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|
94,293 |
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Balance, December 31, 2022 |
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|
$ |
1,112,000 |
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|
$ |
(11,450) |
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|
$ |
(63,110) |
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|
$ |
1,037,440 |
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December 31, 2021 |
|
Estimated Useful Life (in years) |
|
Gross Value |
|
Foreign Currency Translation |
|
Accumulated Amortization |
|
Net Book Value |
Definite Lived Intangible Assets: |
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|
|
|
|
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Existing technology and patents |
20 |
|
$ |
250,000 |
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|
$ |
(836) |
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|
$ |
(1,796) |
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|
$ |
247,368 |
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Customer lists |
20 |
|
761,000 |
|
|
(2,059) |
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|
(5,482) |
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|
753,459 |
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Tradenames |
20 |
|
101,000 |
|
|
(268) |
|
|
(727) |
|
|
100,005 |
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Balance, December 31, 2021 |
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|
$ |
1,112,000 |
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|
$ |
(3,163) |
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|
$ |
(8,005) |
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|
$ |
1,100,832 |
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Schedule of Indefinite-Lived Intangible Assets |
Intangible assets and related accumulated amortization as of December 31, 2022 and 2021 are as follows (in thousands):
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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: |
|
|
|
|
|
|
|
|
|
Existing technology and patents |
20 |
|
$ |
250,000 |
|
|
$ |
(3,029) |
|
|
$ |
(14,153) |
|
|
$ |
232,818 |
|
Customer lists |
20 |
|
761,000 |
|
|
(7,451) |
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|
(43,220) |
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|
710,329 |
|
Tradenames |
20 |
|
101,000 |
|
|
(970) |
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|
(5,737) |
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|
94,293 |
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Balance, December 31, 2022 |
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|
$ |
1,112,000 |
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|
$ |
(11,450) |
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|
$ |
(63,110) |
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|
$ |
1,037,440 |
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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) |
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|
(5,482) |
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|
753,459 |
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Tradenames |
20 |
|
101,000 |
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|
(268) |
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|
(727) |
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|
100,005 |
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Balance, December 31, 2021 |
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|
$ |
1,112,000 |
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|
$ |
(3,163) |
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|
$ |
(8,005) |
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|
$ |
1,100,832 |
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Schedule of Intangible Asset Future Amortization Expense |
Estimated annual amortization expense of intangible assets for the five years subsequent to December 31, 2022 and thereafter is as follows (in thousands):
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Years Ending December 31: |
|
Amount |
2023 |
|
$ |
55,600 |
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2024 |
|
55,600 |
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2025 |
|
55,600 |
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2026 |
|
55,600 |
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2027 |
|
55,600 |
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Thereafter |
|
759,440 |
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Total |
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$ |
1,037,440 |
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