GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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