XML 55 R39.htm IDEA: XBRL DOCUMENT
v3.22.4

SEGMENT INFORMATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Reporting [Abstract] |
Schedule of Segment Information | Information related to net sales, Adjusted EBITDA, depreciation and amortization capital expenditures and assets and of the Company’s operations are summarized below (in thousands):
| Successor |  |  | Predecessor
| Year Ended December 31, 2022 |  | November 9, 2021 Through December 31, 2021 |  |  | January 1, 2021 Through November 8, 2021 |  | Year Ended December 31, 2020
Net sales: |  |  |  |  |  |  |  |
Fire safety | $ | 226,583 |  |  | $ | 7,913 |  |  |  | $ | 253,267 |  |  | $ | 244,968 |
Specialty products | 133,922 |  |  | 13,110 |  |  |  | 88,048 |  |  | 94,609 |
Total | $ | 360,505 |  |  | $ | 21,023 |  |  |  | $ | 341,315 |  |  | $ | 339,577 |
Adjusted EBITDA: |  |  |  |  |  |  |  |
Fire safety | $ | 77,365 |  |  | $ | (3,696) |  |  |  | $ | 121,589 |  |  | $ | 112,034 |
Specialty products | 48,026 |  |  | 1,838 |  |  |  | 21,703 |  |  | 23,977 |
Total segment Adjusted EBITDA | 125,391 |  |  | (1,858) |  |  |  | 143,292 |  |  | 136,011 |
Less: |  |  |  |  |  |  |  |
Depreciation and amortization | 65,795 |  |  | 9,379 |  |  |  | 52,000 |  |  | 58,117 |
Interest and financing expense | 42,585 |  |  | 6,352 |  |  |  | 39,087 |  |  | 42,017 |
Founders advisory fees - related party | (117,302) |  |  | 652,990 |  |  |  | — |  |  | — |
Non-recurring expenses | 6,885 |  |  | 5,580 |  |  |  | 4,845 |  |  | 2,379 |
Share-based compensation expense | 14,649 |  |  | 4,821 |  |  |  | 156 |  |  | — |
Non-cash purchase accounting impact | 24,796 |  |  | 6,125 |  |  |  | — |  |  | — |
(Gain) loss on contingent earn-out | (12,706) |  |  | 198 |  |  |  | 2,965 |  |  | — |
Management fees | — |  |  | — |  |  |  | 1,073 |  |  | 1,281 |
Contingent future payments | — |  |  | — |  |  |  | 4,375 |  |  | 3,125 |
Unrealized foreign currency loss (gain) | 3,462 |  |  | 1,006 |  |  |  | 4,026 |  |  | (5,640) |
Income (loss) before income taxes | $ | 97,227 |  |  | $ | (688,309) |  |  |  | $ | 34,765 |  |  | $ | 34,732 |
Depreciation and amortization: |  |  |  |  |  |  |  |
Fire safety | $ | 51,299 |  |  | $ | 7,418 |  |  |  | $ | 36,994 |  |  | $ | 41,271 |
Specialty products | 14,496 |  |  | 1,961 |  |  |  | 15,006 |  |  | 16,846 |
Total | $ | 65,795 |  |  | $ | 9,379 |  |  |  | $ | 52,000 |  |  | $ | 58,117 |
|  |  |  |  |  | December 31, 2022 |  | December 31, 2021
Assets: |  |  |  |  |  |  |  |
Fire safety |  |  |  |  |  | $ | 1,958,633 |  |  | $ | 2,111,635 |
Specialty products |  |  |  |  |  | 497,983 |  |  | 466,748 |
Total |  |  |  |  |  | $ | 2,456,616 |  |  | $ | 2,578,383 |
Schedule of Net Sales by Geographic Area | Net sales by geographical area is as follows (in thousands):
| Successor |  |  | Predecessor
| Year Ended December 31, 2022 |  | November 9, 2021 Through December 31, 2021 |  |  | January 1, 2021 Through November 8, 2021 |  | Year Ended December 31, 2020
United States | 74 | % |  | 52 | % |  |  | 75 | % |  | 82 | %
International sales (1) | 26 |  |  | 48 |  |  |  | 25 |  |  | 18 |
Total net sales | 100 | % |  | 100 | % |  |  | 100 | % |  | 100 | %
(1)Except for Spain, which represented 11% of sales in the 2021 Successor Period due to the shortened reporting period, the Company had no other operations in any individual international country that represented more than 10% of sales in the year ended December 31, 2022, 2021 Successor Period, 2021 Predecessor Period and 2020 Predecessor Period.
Schedule of Property, Plant and Equipment | Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:
| Years
Buildings | 30–40 years
Furniture and fixtures | 1–8 Years
Machinery and equipment | 1–26 Years
Vehicles | 1–8 Years
Leasehold improvements | Shorter of remaining lease term or estimated useful life
Property, plant and equipment, net by geographical area consisted of the following (in thousands):
| December 31, 2022 |  | December 31, 2021
United States | $ | 37,390 |  |  | $ | 37,159 |
Canada | 2,594 |  |  | 3,512 |
Germany | 14,802 |  |  | 17,199 |
Other foreign jurisdictions | 4,060 |  |  | 4,377 |
Total property, plant and equipment, net | $ | 58,846 |  |  | $ | 62,247 |

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13537-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13531-108611 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 20 -URI https://asc.fasb.org/extlink&oid=99393423&loc=d3e6404-108592 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 16 -URI https://asc.fasb.org/extlink&oid=99393423&loc=d3e6327-108592 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 18 -URI https://asc.fasb.org/extlink&oid=99393423&loc=d3e6351-108592 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=99393423&loc=d3e6442-108592 + Details
Name: | us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration