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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023 |  | Year Ended December 31, 2022 |  | November 9, 2021 Through December 31, 2021 |  |  | January 1, 2021 Through November 8, 2021
Net sales: |  |  |  |  |  |  |  |
Fire safety | $ | 225,554 |  |  | $ | 226,583 |  |  | $ | 7,913 |  |  |  | $ | 253,267 |
Specialty products | 96,554 |  |  | 133,922 |  |  | 13,110 |  |  |  | 88,048 |
Total | $ | 322,108 |  |  | $ | 360,505 |  |  | $ | 21,023 |  |  |  | $ | 341,315 |
Adjusted EBITDA: |  |  |  |  |  |  |  |
Fire safety | $ | 76,214 |  |  | $ | 77,365 |  |  | $ | (3,696) |  |  |  | $ | 121,589 |
Specialty products | 20,573 |  |  | 48,026 |  |  | 1,838 |  |  |  | 21,703 |
Total segment Adjusted EBITDA | 96,787 |  |  | 125,391 |  |  | (1,858) |  |  |  | 143,292 |
Less: |  |  |  |  |  |  |  |
Depreciation and amortization | 64,855 |  |  | 65,795 |  |  | 9,379 |  |  |  | 52,000 |
Interest and financing expense | 41,378 |  |  | 42,585 |  |  | 6,352 |  |  |  | 39,087 |
Founders advisory fees - related party | (108,481) |  |  | (117,302) |  |  | 652,990 |  |  |  | — |
Intangible impairment | 40,738 |  |  | — |  |  | — |  |  |  | — |
Non-recurring expenses | 4,046 |  |  | 6,885 |  |  | 5,580 |  |  |  | 4,845 |
Share-based compensation expense | 1,596 |  |  | 14,649 |  |  | 4,821 |  |  |  | 156 |
Non-cash purchase accounting impact | — |  |  | 24,796 |  |  | 6,125 |  |  |  | — |
(Gain) loss on contingent earn-out | (7,273) |  |  | (12,706) |  |  | 198 |  |  |  | 2,965 |
Management fees | — |  |  | — |  |  | — |  |  |  | 1,073 |
Contingent future payments | — |  |  | — |  |  | — |  |  |  | 4,375 |
Unrealized foreign currency (gain) loss | (1,655) |  |  | 3,462 |  |  | 1,006 |  |  |  | 4,026 |
Income (loss) before income taxes | $ | 61,583 |  |  | $ | 97,227 |  |  | $ | (688,309) |  |  |  | $ | 34,765 |
Depreciation and amortization: |  |  |  |  |  |  |  |
Fire safety | $ | 51,178 |  |  | $ | 51,299 |  |  | $ | 7,418 |  |  |  | $ | 36,994 |
Specialty products | 13,677 |  |  | 14,496 |  |  | 1,961 |  |  |  | 15,006 |
Total | $ | 64,855 |  |  | $ | 65,795 |  |  | $ | 9,379 |  |  |  | $ | 52,000 |
|  |  |  |  | December 31, 2023 |  |  | December 31, 2022
Assets: |  |  |  |  |  |  |  |
Fire safety |  |  |  |  | $ | 1,837,146 |  |  |  | $ | 1,958,633 |
Specialty products |  |  |  |  | 478,276 |  |  |  | 497,983 |
Total |  |  |  |  | $ | 2,315,422 |  |  |  | $ | 2,456,616 |
Schedule of Net Sales by Geographic Area | Net sales by geographical area is as follows (in thousands):
| Successor |  |  | Predecessor
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | November 9, 2021 Through December 31, 2021 |  |  | January 1, 2021 Through November 8, 2021
United States | 65 | % |  | 74 | % |  | 52 | % |  |  | 75 | %
Canada | 14 |  |  | 5 |  |  | 1 |  |  |  | 7 |
Other international sales (1) | 21 |  |  | 21 |  |  | 47 |  |  |  | 18 |
Total net sales | 100 | % |  | 100 | % |  | 100 | % |  |  | 100 | %
(1) In the 2021 Successor Period, Spain represented 11% of sales due to the shortened reporting period. Except for Canada, the Company had no other operations in any individual international country that represented more than 10% of sales in the years ended December 31, 2023 and 2022, 2021 Successor Period and 2021 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, 2023 |  | December 31, 2022
United States | $ | 38,709 |  |  | $ | 37,390 |
Canada | 2,303 |  |  | 2,594 |
Germany | 14,376 |  |  | 14,802 |
Other foreign jurisdictions | 4,014 |  |  | 4,060 |
Total property, plant and equipment, net | $ | 59,402 |  |  | $ | 58,846 |

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