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):
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Fire Safety |
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Oil Additives |
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Total |
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 |
1,638 |
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— |
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|
1,638 |
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Foreign currency translation |
156 |
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(839) |
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(683) |
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Balance, March 31, 2022 |
$ |
869,601 |
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$ |
172,679 |
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$ |
1,042,280 |
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Intangible assets and related accumulated amortization as of March 31, 2022 and December 31, 2021 are as follows (in thousands):
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March 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 |
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Net Book Value |
Definite Lived Intangible Assets: |
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Technology and patents |
20 |
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$ |
250,000 |
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$ |
(1,084) |
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$ |
(4,908) |
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$ |
244,008 |
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Customer lists |
20 |
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761,000 |
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(2,132) |
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(14,966) |
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|
743,902 |
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Tradenames |
20 |
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101,000 |
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(270) |
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(1,986) |
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|
98,744 |
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Balance, March 31, 2022 |
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$ |
1,112,000 |
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|
$ |
(3,486) |
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|
$ |
(21,860) |
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$ |
1,086,654 |
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December 31, 2021 |
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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 |
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Net Book Value |
Definite Lived Intangible Assets: |
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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 |
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761,000 |
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(2,059) |
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(5,482) |
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|
753,459 |
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Tradenames |
20 |
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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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Amortization expense for definite-lived intangible assets for the three months ended March 31, 2022 and 2021 was $13.9 million and $13.2 million, respectively.
Estimated annual amortization expense of intangible assets for the next five years ended December 31 and thereafter is as follows (in thousands):
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2022 remaining |
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$ |
41,700 |
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2023 |
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55,600 |
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2024 |
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55,600 |
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2025 |
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55,600 |
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2026 |
|
55,600 |
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Thereafter |
|
822,554 |
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Total |
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$ |
1,086,654 |
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