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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 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 |  | Specialty Products |  | Total
Predecessor |  |  |  |  |
Balance, December 31, 2020 | $ | 362,767 |  |  | $ | 119,274 |  |  | $ | 482,041 |
Business acquired | 5,385 |  |  | — |  |  | 5,385 |
Foreign currency translation | 286 |  |  | (605) |  |  | (319) |
Balance, November 8, 2021 | $ | 368,438 |  |  | $ | 118,669 |  |  | $ | 487,107 |
Successor |  |  |  |  |
Balance, November 9, 2021 | $ | 871,425 |  |  | $ | 174,470 |  |  | $ | 1,045,895 |
Foreign currency translation | (3,618) |  |  | (952) |  |  | (4,570) |
Balance, December 31, 2021 | 867,807 |  |  | 173,518 |  |  | 1,041,325 |
Purchase price adjustment under Business Combination Agreement | 2,356 |  |  | — |  |  | 2,356 |
Foreign currency translation | (9,844) |  |  | (2,377) |  |  | (12,221) |
Balance, December 31, 2022 | $ | 860,319 |  |  | $ | 171,141 |  |  | $ | 1,031,460 |
Intangible assets and related accumulated amortization as of December 31, 2022 and 2021 are as follows (in thousands):
| December 31, 2022
| Estimated Useful Life (in years) |  | Gross Value |  | Foreign Currency Translation |  | Accumulated Amortization |  | Net Book Value
Definite Lived Intangible Assets: |  |  |  |  |  |  |  |  |
Existing technology and patents | 20 |  | $ | 250,000 |  |  | $ | (3,029) |  |  | $ | (14,153) |  |  | $ | 232,818 |
Customer lists | 20 |  | 761,000 |  |  | (7,451) |  |  | (43,220) |  |  | 710,329 |
Tradenames | 20 |  | 101,000 |  |  | (970) |  |  | (5,737) |  |  | 94,293 |
Balance, December 31, 2022 |  |  | $ | 1,112,000 |  |  | $ | (11,450) |  |  | $ | (63,110) |  |  | $ | 1,037,440 |
| December 31, 2021
| Estimated Useful Life (in years) |  | Gross Value |  | Foreign Currency Translation |  | Accumulated Amortization |  | Net Book Value
Definite Lived Intangible Assets: |  |  |  |  |  |  |  |  |
Existing 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 year ended December 31, 2022, 2021 Successor Period, 2021 Predecessor Period and 2020 Predecessor Period was $55.1 million, $8.0 million, $45.4 million and $51.5 million, respectively. Estimated annual amortization expense of intangible assets for the five years subsequent to December 31, 2022 and thereafter is as follows (in thousands):
Years Ending December 31: |  | Amount
2023 |  | $ | 55,600 |
2024 |  | 55,600 |
2025 |  | 55,600 |
2026 |  | 55,600 |
2027 |  | 55,600 |
Thereafter |  | 759,440 |
Total |  | $ | 1,037,440 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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