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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Specialty Products |
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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 |
(17,571) |
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|
(6,005) |
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(23,576) |
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Balance, September 30, 2022 |
$ |
851,874 |
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$ |
167,513 |
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$ |
1,019,387 |
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Intangible assets and related accumulated amortization as of September 30, 2022 and December 31, 2021 are as follows (in thousands):
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September 30, 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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$ |
(5,058) |
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$ |
(11,081) |
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$ |
233,861 |
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Customer lists |
20 |
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761,000 |
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(11,342) |
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(33,829) |
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715,829 |
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Tradenames |
20 |
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101,000 |
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(1,463) |
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(4,490) |
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|
95,047 |
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Balance, September 30, 2022 |
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$ |
1,112,000 |
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|
$ |
(17,863) |
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$ |
(49,400) |
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$ |
1,044,737 |
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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 |
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$ |
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 was $13.7 million and $41.4 million for the three and nine months ended September 30, 2022, respectively, and $13.3 million and $39.8 million for the three and nine months ended September 30, 2021, respectively.
Estimated annual amortization expense of intangible assets for the next five years ended December 31 and thereafter is as follows (in thousands):
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2022 remaining |
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$ |
13,900 |
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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 |
|
55,600 |
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2026 |
|
55,600 |
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Thereafter |
|
808,437 |
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Total |
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$ |
1,044,737 |
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