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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
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
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 |
Foreign currency translation | 3,570 |  |  | 1,249 |  |  | 4,819 |
Balance, December 31, 2023 | $ | 863,889 |  |  | $ | 172,390 |  |  | $ | 1,036,279 |
Intangible assets and related accumulated amortization as of December 31, 2023 and 2022 are as follows (in thousands):
| December 31, 2023
| Estimated Useful Life (in years) |  | Gross Value |  | Impairment |  | Foreign Currency Translation |  | Accumulated Amortization |  | Net Book Value
Definite Lived Intangible Assets: |  |  |  |  |  |  |  |  |  |  |
Customer lists | 20 |  | $ | 761,000 |  |  | $ | — |  |  | $ | (5,294) |  |  | $ | (80,920) |  |  | $ | 674,786 |
Technology and patents | 20 |  | 250,000 |  |  | (40,738) |  |  | (2,096) |  |  | (26,513) |  |  | 180,653 |
Tradenames | 20 |  | 101,000 |  |  | — |  |  | (691) |  |  | (10,741) |  |  | 89,568 |
Balance, December 31, 2023 |  |  | $ | 1,112,000 |  |  | $ | (40,738) |  |  | $ | (8,081) |  |  | $ | (118,174) |  |  | $ | 945,007 |
During the year ended December 31, 2023, due to a downward revision in the revenue forecast related to a contingent earn-out eligible fire retardant product acquired by the Company in May 2020 during the purchase of LaderaTech, Inc. (“LaderaTech”), the Company determined that the $40.7 million in carrying value of the technology underlying the contingent earn-out eligible fire retardant product is no longer recoverable. As a result, during the year ended December 31, 2023 the Company recorded an impairment of $40.7 million in the accompanying condensed consolidated statements of operations and comprehensive income (loss).
| December 31, 2022
| Estimated Useful Life (in years) |  | Gross Value |  | Foreign Currency Translation |  | Accumulated Amortization |  | Net Book Value
Definite Lived Intangible Assets: |  |  |  |  |  |  |  |  |
Customer lists | 20 |  | $ | 761,000 |  |  | $ | (7,451) |  |  | $ | (43,220) |  |  | $ | 710,329 |
Technology and patents | 20 |  | 250,000 |  |  | (3,029) |  |  | (14,153) |  |  | 232,818 |
Tradenames | 20 |  | 101,000 |  |  | (970) |  |  | (5,737) |  |  | 94,293 |
Balance, December 31, 2022 |  |  | $ | 1,112,000 |  |  | $ | (11,450) |  |  | $ | (63,110) |  |  | $ | 1,037,440 |
Amortization expense for definite-lived intangible assets for the years ended December 31, 2023 and 2022, 2021 Successor Period and 2021 Predecessor Period was $55.1 million, $55.1 million, $8.0 million and $45.4 million, respectively. Estimated annual amortization expense of intangible assets for the five years subsequent to December 31, 2023 and thereafter is as follows (in thousands):
Years Ending December 31: |  | Amount
2024 |  | $ | 53,350 |
2025 |  | 53,350 |
2026 |  | 53,350 |
2027 |  | 53,350 |
2028 |  | 53,350 |
Thereafter |  | 678,257 |
Total |  | $ | 945,007 |

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