| Summary of Changes in Goodwill |
The changes in the carrying amount of goodwill by reportable segment are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire Safety |
|
Specialty Products |
|
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 |
(17,571) |
|
|
(6,005) |
|
|
(23,576) |
|
Balance, September 30, 2022 |
$ |
851,874 |
|
|
$ |
167,513 |
|
|
$ |
1,019,387 |
|
|
| Summary of Definite Lived Intangible Assets |
Intangible assets and related accumulated amortization as of September 30, 2022 and December 31, 2021 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 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 |
|
|
$ |
(5,058) |
|
|
$ |
(11,081) |
|
|
$ |
233,861 |
|
| Customer lists |
20 |
|
761,000 |
|
|
(11,342) |
|
|
(33,829) |
|
|
715,829 |
|
| Tradenames |
20 |
|
101,000 |
|
|
(1,463) |
|
|
(4,490) |
|
|
95,047 |
|
Balance, September 30, 2022 |
|
|
$ |
1,112,000 |
|
|
$ |
(17,863) |
|
|
$ |
(49,400) |
|
|
$ |
1,044,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| Summary of Intangible Asset Future Amortization Expense |
Estimated annual amortization expense of intangible assets for the next five years ended December 31 and thereafter is as follows (in thousands):
|
|
|
|
|
|
|
|
|
| 2022 remaining |
|
$ |
13,900 |
|
| 2023 |
|
55,600 |
|
| 2024 |
|
55,600 |
|
| 2025 |
|
55,600 |
|
| 2026 |
|
55,600 |
|
| Thereafter |
|
808,437 |
|
| Total |
|
$ |
1,044,737 |
|
|