Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.22.1
GOODWILL AND OTHER INTANGIBLE ASSETS
3 Months Ended
Mar. 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 Oil Additives Total
Balance, December 31, 2021
$ 867,807  $ 173,518  $ 1,041,325 
Purchase price adjustment under Business Combination Agreement 1,638  —  1,638 
Foreign currency translation 156  (839) (683)
Balance, March 31, 2022
$ 869,601  $ 172,679  $ 1,042,280 
Intangible assets and related accumulated amortization as of March 31, 2022 and December 31, 2021 are as follows (in thousands):
March 31, 2022
Estimated
Useful Life
(in years)
Gross Value Foreign
Currency
Translation
Accumulated
Amortization
Net Book
Value
Definite Lived Intangible Assets:
Technology and patents 20 $ 250,000  $ (1,084) $ (4,908) $ 244,008 
Customer lists 20 761,000  (2,132) (14,966) 743,902 
Tradenames 20 101,000  (270) (1,986) 98,744 
Balance, March 31, 2022
$ 1,112,000  $ (3,486) $ (21,860) $ 1,086,654 
December 31, 2021
Estimated
Useful Life
(in years)
Gross Value Foreign
Currency
Translation
Accumulated
Amortization
Net Book
Value
Definite Lived Intangible Assets:
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 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):
2022 remaining $ 41,700 
2023 55,600 
2024 55,600 
2025 55,600 
2026 55,600 
Thereafter 822,554 
Total $ 1,086,654