GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The changes in the carrying amount of goodwill by reportable segment are as follows (in thousands):

	Fire Safety		Specialty Products		Total
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
Foreign currency translation	(11,135)		(2,457)		(13,592)
Business combination(1)	—		11,856		11,856
Balance, December 31, 2024	$	852,754	$	181,789	$	1,034,543

(1) On December 24, 2024, the Company acquired 100% of the shares of IMS DE Holdings, LLC (“IMS”), which is included with the Company’s Specialty Products segment. The acquisition was made to expand the Company’s manufacturing capabilities. Based in Manchester, New Hampshire, IMS is a manufacturer of highly specialized printed circuit boards (PCBs). Consideration paid consisted of $32.8 million in cash, net of cash acquired, and there is no contingent consideration. The Company used the acquisition method of accounting for the transaction and has reflected the preliminary value of the acquired assets and liabilities assumed in the consolidated balance sheet, including accounts receivable, inventories, intangible assets, goodwill, and accounts payable. The preliminary acquisition date fair value of the technology and customer relationships was $7.1 million and $6.0 million, respectively. The Company used an income approach, the multi-period excess earnings method, to calculate the acquisition date fair value of the customer relationship intangible assets and the relief-from-royalty method to calculate the acquisition date fair value of the technology intangible asset. Goodwill of $11.9 million was recognized as a result of expected synergies, assembled workforce, and other intangible benefits, all of which is expected to be deductible for tax purposes. Assumptions made by the Company in determining the preliminary acquisition date fair value related to revenue and gross profit projections, customer attrition rates, contributory asset charges, and the discount rate for the customer relationships, and revenue projections, a technology obsolescence rate, a royalty rate, and a discount rate for the technology. Certain of these inputs are not observable in the market and represent Level 3 measurements. The accounting is provisional as the Company is pending valuation of certain intangible assets and a net working capital settlement that is subject to final adjustment as the Company evaluates information during the measurement period. Acquisition-related costs, primarily consisting of legal and advisory fees, were recognized as an operating expense in the current period and were not material.

Schedule of Definite Lived Intangible Assets

Intangible assets and related accumulated amortization as of December 31, 2024 and 2023 are as follows (in thousands):

	December 31, 2024
	Estimated Useful Life (in years)			Gross Value		Impairment		Foreign Currency Translation		Accumulated Amortization		Net Book Value
Definite Lived Intangible Assets:
Customer lists	10	to	20	$	767,000	$	—	$	(10,659)	$	(118,596)	$	637,745
Technology and patents	10	to	20	257,100		(40,738)		(4,187)		(38,868)		173,307
Tradenames	10	to	20	104,500		—		(1,393)		(15,742)		87,365
Balance, December 31, 2024				$	1,128,600	$	(40,738)	$	(16,239)	$	(173,206)	$	898,417

	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

Schedule of Intangible Asset Future Amortization Expense

Estimated annual amortization expense of intangible assets for the five years subsequent to December 31, 2024 and thereafter is as follows (in thousands):

Years Ending December 31:	Amount
2025	$	55,010
2026	55,010
2027	55,010
2028	55,010
2029	55,010
Thereafter	623,367
Total	$	898,417