Perimeter Solutions (PRM) 10-Q 14 Dec 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Dec. 10, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	PRM
Security 12b Title	Ordinary Shares, nominal value of $1.00 per share
Security Exchange Name	NYSE
Entity Registrant Name	Perimeter Solutions, SA
Entity Central Index Key	0001880319
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		157,137,635
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-41027
Entity Bankruptcy Proceedings Reporting Current	true
Entity Incorporation, State or Country Code	N4
Entity Tax Identification Number	98-1632942
Entity Address, Address Line One	12E rue Guillaume Kroll
Entity Address, City or Town	Grand Duchy
Entity Address, Country	LU
Entity Address, Postal Zip Code	1882
City Area Code	352
Local Phone Number	2668 62-1
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 39,581		$ 22,478
Accounts receivable, net of allowance for doubtful accounts of $987 and $1,044 as of September 30, 2021 and December 31, 2020, respectively		97,107		28,896
Inventories	[1]	64,792		58,784
Income tax receivable				11,457
Prepaid expenses and other current assets		7,973		11,406
Total current assets		209,453		133,021
Property, plant, and equipment—net		48,496		48,235
Goodwill		486,375		482,041
Customer lists—net		271,390		304,308
Existing technology and patents—net		126,967		135,928
Other intangible assets—net		33,232		33,464
Other assets		863		1,209
Total assets		1,176,776		1,138,206
Current liabilities:
Current portion of long-term debt, net of unamortized debt issuance costs		5,610		6,723
Accounts payable		22,840		9,869
Deferred revenue		1,117		286
Accrued expenses and other current liabilities		21,296		16,045
Total current liabilities		50,863		32,923
Long-term debt, less current portion, net of unamortized debt issuance costs		679,540		680,548
Deferred income taxes		106,792		112,162
Other liabilities		20,951		21,151
Total liabilities		858,146		846,784
Commitments and contingencies (Note 12)
Shareholders equity:
Common stock, $1 par value per share; 53,045,510 shares authorized as of September 30, 2021 and December 31, 2020; 53,045,510 shares issued and outstanding as of September 30, 2021 and December 31, 2020		53,046		53,046
Additional paid-in capital		289,344		289,344
Accumulated other comprehensive loss		(5,598)		(3,174)
Accumulated deficit		(18,162)		(47,794)
Total shareholders' equity		318,630	$ 268,641	291,422
Total liabilities and shareholders' equity		1,176,776		$ 1,138,206
Perimeter Solutions S A
Current assets:
Cash		36
Total assets		36
Current liabilities:
Total liabilities		0	0
Shareholders equity:
Note receivable from EverArc Holdings Ltd.			(40)
Common stock, $1 par value per share; 53,045,510 shares authorized as of September 30, 2021 and December 31, 2020; 53,045,510 shares issued and outstanding as of September 30, 2021 and December 31, 2020		40	40
Accumulated deficit		(4)
Total shareholders' equity		36
Total liabilities and shareholders' equity		$ 36
[1]	Amounts include $ 542 and $ 2,505 of inventory purchased from the former owners of the original Invictus business as of September 30, 2021 and December 31, 2020, respectively. Please also read Note 15—Related Parties to our condensed consolidated financial statements.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Jun. 30, 2021
Accounts receivable, allowance for doubtful accounts	$ 987	$ 1,044
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	53,045,510	53,045,510
Common stock, shares issued	53,045,510	53,045,510
Common stock, shares outstanding	53,045,510	53,045,510
Related party transaction, purchases from related party	$ 542	$ 2,505
Perimeter Solutions S A
Common stock, par value	$ 1		$ 1
Common stock, shares authorized	40,000		40,000
Common stock, shares issued	40,000		40,000
Common stock, shares outstanding	40,000		40,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net sales	$ 195,414	$ 174,259	$ 316,460	$ 283,758
Cost of goods sold	86,081	76,264	159,895	145,704
Gross profit	109,333	97,995	156,565	138,054
Operating expenses:
Selling, general, and administrative	15,333	8,845	42,544	26,579
Amortization expense	13,276	12,836	39,818	38,264
Other operating expense	313	360	1,066	1,051
Total operating expenses	28,922	22,041	83,428	65,894
Operating income	80,411	75,954	73,137	72,160
Other expense:
Interest expense—net	8,065	9,244	23,951	33,494
Loss on contingent earnout			2,763
Unrealized foreign currency (gain) loss	1,634	(2,615)	3,892	(2,768)
Other (income) expense—net	66	(271)	(252)	(351)
Total other expenses, net	9,765	6,358	30,354	30,375
(Loss) income before income taxes	70,646	69,596	42,783	41,785
Income tax expense	(18,637)	(16,966)	(13,151)	(11,242)
Net income	52,009	52,630	29,632	30,543
Other comprehensive income:
Foreign translation adjustments	(2,020)	2,209	(2,424)	(1,234)
Total comprehensive income	$ 49,989	$ 54,839	$ 27,208	$ 29,309
Net income per share:
Basic	$ 0.98	$ 0.99	$ 0.56	$ 0.58
Diluted	$ 0.98	$ 0.99	$ 0.56	$ 0.58
Weighted-average shares used in computing net income per share:
Basic	53,045,510	53,045,510	53,045,510	53,045,510
Diluted	53,045,510	53,045,510	53,045,510	53,045,510

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ 262,386	$ 53,046	$ 289,344	$ (7,961)	$ (72,043)
Beginning balance, shares at Dec. 31, 2019		53,045,510
Net income	30,543				30,543
Foreign translation adjustments	(1,234)			(1,234)
Ending balance at Sep. 30, 2020	291,695	$ 53,046	289,344	(9,195)	(41,500)
Ending balance, shares at Sep. 30, 2020		53,045,510
Beginning balance at Jun. 30, 2020	236,856	$ 53,046	289,344	(11,404)	(94,130)
Beginning balance, shares at Jun. 30, 2020		53,045,510
Net income	52,630				52,630
Foreign translation adjustments	2,209			2,209
Ending balance at Sep. 30, 2020	291,695	$ 53,046	289,344	(9,195)	(41,500)
Ending balance, shares at Sep. 30, 2020		53,045,510
Beginning balance at Dec. 31, 2020	291,422	$ 53,046	289,344	(3,174)	(47,794)
Beginning balance, shares at Dec. 31, 2020		53,045,510
Net income	29,632				29,632
Foreign translation adjustments	(2,424)			(2,424)
Ending balance at Sep. 30, 2021	318,630	$ 53,046	289,344	(5,598)	(18,162)
Ending balance, shares at Sep. 30, 2021		53,045,510
Beginning balance at Jun. 30, 2021	268,641	$ 53,046	289,344	(3,578)	(70,171)
Beginning balance, shares at Jun. 30, 2021		53,045,510
Net income	52,009				52,009
Foreign translation adjustments	(2,020)			(2,020)
Ending balance at Sep. 30, 2021	$ 318,630	$ 53,046	$ 289,344	$ (5,598)	$ (18,162)
Ending balance, shares at Sep. 30, 2021		53,045,510

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 29,632	$ 30,543
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense	45,593	43,371
Deferred income taxes	(5,195)	(6,884)
Amortization of deferred financing costs	2,432	2,649
Loss on contingent earnout	2,763
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(68,211)	(65,763)
Inventories	(5,554)	15,529
Income tax receivable	11,457	6,528
Prepaid expenses and other current assets	3,104	(2,490)
Other assets	346	592
Accounts payable,	12,971	(1,613)
Deferred revenue	831	831
Accrued expenses and other current liabilities	2,448	7,831
Other liabilities	(200)	576
Net cash provided by operating activities	32,417	31,700
Cash flows from investing activities:
Purchase of property and equipment	(5,149)	(5,695)
Purchase of businesses, net of cash acquired	(7,464)	(1,970)
Net cash used in investing activities	(12,613)	(7,665)
Cash flows from financing activities:
Proceeds from revolving credit facility	19,500	72,100
Repayments of revolving credit facility	(19,500)	(93,700)
Repayment of long-term debt	(4,211)	(4,208)
Net cash used in financing activities	(4,211)	(25,808)
Effect of foreign currency on cash and cash equivalents	1,510	(3,381)
Net change in cash and cash equivalents	17,103	(5,154)
Cash and cash equivalents at the beginning of year	22,478	9,822
Cash and cash equivalents at the end of year	39,581	4,668
Supplemental disclosures of cash flow information:
Cash paid for interest	21,502	37,877
Cash paid for income taxes	$ 7,092	$ 4,885

Overview

Overview	9 Months Ended
	Sep. 30, 2021
Perimeter Solutions S A
Overview	1. Overview General Information Perimeter Solutions SA (the “Company”), was incorporated in Luxemburg on June 21, 2021. Pursuant to a reorganization into a holding company structure, the Company is a holding company with its principal asset being a controlling ownership interest in SK Invictus Intermediate, S.à r.l. (“Invictus”) and its subsidiaries, doing business as Perimeter Solutions (“Perimeter”).

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Perimeter Solutions S A
Basis of Presentation	2. Basis of Presentation The accompanying financial statement has been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”). Through September 30, 2021, there have only been nominal activities in this entity, therefore the statements of income, stockholder’s equity and cash flows have been omitted. For the period ended September 30, 2021, the Company incurred a total of $ 4 in bank service fees. There have been no other transactions involving the Company as of September 30, 2021.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Perimeter Solutions S A
Class Of Stock [Line Items]
Stockholders' Equity	3. Stockholders’ Equity On June 21, 2021, the Company issued 40,000 shares of common stock, $ 1.00 par value, all of which are owned by Everarc Holdings Ltd. (“Everarc”). Payment for the shares was received July 20, 2021.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events	16. SUBSEQUENT EVENTS Business Combination On November 9, 2021, the Company consummated the merger pursuant to the Business Combination Agreement, dated June 15, 2021, by and among Perimeter Solutions, SA, a newly-formed public company (“Holdco”), EverArc (BVI) (“Merger Sub”) and EverArc Holdings Limited (“EverArc”). In connection with the Business Combination, among other things, the Sponsor contributed a portion of its ordinary shares to Holdco in exchange for preferred shares of Holdco and sold its remaining ordinary shares to Holdco for cash subject to certain customary adjustments for working capital, transaction expenses, cash and indebtedness. The cash consideration for the Business Combination was funded through cash on hand, proceeds from the sale of Ordinary Shares to the EverArc Subscribers, proceeds from the issuance of senior notes, and proceeds from a draw on a revolving credit facility, as described below. Debt In order to finance a portion of the cash consideration payable in the Business Combination and the costs and expenses incurred in connection therewith, on October 5, 2021, EverArc Escrow S.à r.l. (“Escrow Issuer”), a newly-formed limited liability company governed by the laws of the Grand Duchy of Luxembourg and a wholly owned subsidiary of EverArc, launched a private offering of $ 675,000 principal amount of 5.0 % senior secured notes due 2029 (the “Senior Notes”) pursuant to that certain Indenture dated as of October 22, 2021 between SK Invictus Intermediate II S.à r.l., a private limited liability company governed by the laws of the Grand Duchy of Luxembourg (“Invictus II”), a subsidiary of the Company, and U.S. Bank National Association, as Trustee and Collateral Agent (the “Trustee”). Upon the consummation of the Business Combination, Invictus II assumed the Escrow Issuer’s obligations under the Senior Notes and borrowed $ 40,000 against the Revolving Credit Facility which provides for maximum borrowings of $ 100,000 with an interest rate equal to an applicable margin of 3.5 %, plus, at Invictus II’s option, the prevailing London interbank rate or base rate for monthly interest period. The outstanding $ 40,000 borrowed against the Revolving Credit Facility was repaid in full on December 9, 2021. The Senior Notes will bear interest at an annual rate of 5.0 %. Interest on the Senior Notes will be payable in cash semi-annually in arrears on April 30 and October 30 of each year, commencing on April 30, 2022. The Senior Notes may be issued with original issue discount for U.S. federal income tax purposes. The Senior Notes will be general, secured, senior obligations of Invictus II; will rank equally in right of payment with all existing and future senior indebtedness of Invictus II (including, without limitation, the Revolving Credit Facility); and together with the Revolving Credit Facility, will be effectively senior to all existing and future indebtedness of Invictus II that is not secured by the collateral. The Senior Notes will be effectively subordinated to all existing and future indebtedness of Invictus II that is secured by assets other than the collateral, to the extent of the collateral securing such indebtedness, will be structurally subordinated to all existing and future indebtedness, claims of holders of any preferred stock that may be issued by, and other liabilities of, subsidiaries of Invictus II that do not guarantee the Senior Notes. The Senior Notes will be senior in right of payment to any future subordinated indebtedness of Invictus II and will be initially guaranteed on a senior secured basis by the guarantors and will also be guaranteed in the future by each subsidiary, if any, that guarantees indebtedness under the Revolving Credit Facility.
Perimeter Solutions S A
Subsequent Events	4. Subsequent Events Perimeter Acquisition On November 9, 2021, the Company acquired all of the net assets of Perimeter and its subsidiaries for consideration conveyed of $ 1.39 billion as part of a Business Combination (the “Business Combination”). Perimeter has operations in the United States, Canada, Europe, Mexico, Australia and Israel. The Perimeter acquisition will be accounted for as a business combination under ASC 805 Business Combinations, which requires the allocation of the total consideration to the identifiable assets and liabilities assumed measured at fair value at the acquisition date. This consideration includes payment to SK Invictus Holdings S.à r.l. ("SK Holdings") the sole stockholder of Invictus prior to the closing of the Business Combination as per the Business Combination Agreement, dated June 15, 2021, in the form of $ 1.29 billion in cash and $ 100.0 million in Preferred Equity Contributions. Preferred Equity Contributions were issued to existing Perimeter equity holders at par upon the acquisition. Par value is considered to approximate fair value as this amount is equal to the redemption value as of November 8, 2021 (the “Closing”) . These instruments have been assessed for classification, and it was determined that the instrument should be classified as a liability due to mandatory redemption features. In addition to the consideration conveyed to SK Holdings, $ 702.4 million is being used to pay down existing Perimeter debt. The cash consideration for the Business Combination was funded through cash on hand, proceeds from the sale of Ordinary Shares to the EverArc subscribers, proceeds from the issuance of senior notes, and proceeds from a draw on a revolving credit facility. The preliminary purchase price was allocated among the identified assets to be acquired, based on a preliminary analysis. All valuation procedures were related to Perimeter’s existing assets as no new assets were identified as a result of the procedures performed. Goodwill was recognized as a result of the acquisition, which represents the excess fair value of consideration over the fair value of the underlying net assets, largely arising from the extensive industry expertise that has been established by Perimeter. A deferred tax liability was recorded as part of the purchase price allocation, based on an analysis of the tax impacts of the Business Combination by location and by asset. The estimates of fair value are based upon preliminary valuation assumptions believed to be reasonable but which are inherently uncertain and unpredictable; and, as a result, actual results are expected to differ from estimates. Assets Identified Fair Value Property, Plant, and Equipment $ 57,074 Inventory 90,103 Other intangible assets 100,061 Customer lists 789,000 Existing technology and patents 257,000 Goodwill 1,079,195 Working capital 32,287 Other assets 980 LaderaTech Contingent Earnout (1) ( 22,208 ) Debt ( 690,356 ) Deferred tax liabilities ( 303,216 ) Total Fair Value $ 1,389,920 Value Conveyed Cash to SK Holdings $ 1,289,920 Preferred Equity Contributions 100,000 Total preliminary purchase price consideration $ 1,389,920 (1) Refer to Note 3 to the Unaudited Interim Condensed Consolidated Financial Statements of Perimeter for further information related to the LaderaTech Contingent Earnout. The Company estimated the fair value of its property, plant, and equipment, inventory, intangible assets, and the LaderaTech earnout as of the acquisition date as well as all other identifiable assets and liabilities. Such fair values were determined in accordance with FASB ASC Topic 820, Fair Value Measurement (FASB Topic 820), using unobservable inputs or an income approach, which represents Level 3 inputs under FASB ASC Topic 820. The actual results of operations of the acquisition will be included in the consolidated statements of operations and comprehensive income (loss) from the date of acquisition. Revolving Credit Facility In connection with the consummation of the Business Combination, SK Invictus Intermediate II S.à r.l., a private limited liability company governed by the laws of the Grand Duchy of Luxembourg ("Invictus II"), as borrower, entered into a five-year revolving credit facility (the “ Revolving Credit Facility ”), which provides for a senior secured revolving credit facility in an aggregate principal amount of up to $ 100.0 million. The Revolving Credit Facility matures on November 9, 2026 . The Revolving Credit Facility includes a $ 20.0 million swingline sub-facility and a $ 25.0 million letter of credit sub-facility. The Revolving Credit Facility allows Invictus II to increase commitments under the Revolving Credit Facility up to an aggregate amount not to exceed the greater of (i) $ 143.0 million and (ii) 100.00 % of consolidated EBITDA for the most recent four-quarter period (minus the aggregate outstanding principal amount of certain ratio debt permitted to be incurred thereunder). All borrowings under the Revolving Credit Facility are subject to the satisfaction of customary conditions, including the absence of a default and the accuracy of representations and warranties, subject to certain exceptions. Borrowings under the Revolving Credit Facility bear interest at a rate equal to (i) an applicable margin, plus (ii) at Invictus II’s option, either (x) LIBOR determined by reference to the cost of funds for U.S. dollar deposits for the interest period relevant to such borrowing, adjusted for certain additional costs (but which will not be less than a 0.00 % LIBOR floor) or (y) a base rate determined by reference to the highest of (a) the prime commercial lending rate published by the Wall Street Journal, (b) the federal funds rate plus 0.50 %, (c) the one-month LIBOR rate plus 1.00 % and (d) a minimum floor of 1.00 %. The applicable margin is 3.25 % in the case of LIBOR-based loans and 2.25 % in the case of base rate-based loans, with two step downs of 0.25 % each based upon the achievement of certain leverage ratios. High Yield Offering In order to finance a portion of the cash consideration payable in the Business Combination and the costs and expenses incurred in connection therewith, on October 5, 2021, EverArc Escrow S.à r.l. (“Escrow Issuer”), a newly-formed limited liability company governed by the laws of the Grand Duchy of Luxembourg and a wholly owned subsidiary of EverArc, launched a private offering of $ 675,000 principal amount of 5.0 % senior secured notes due 2029 (the “Senior Notes”) pursuant to that certain Indenture dated as of October 22, 2021 between SK Invictus Intermediate II S.à r.l., a private limited liability company governed by the laws of the Grand Duchy of Luxembourg (“Invictus II”), a subsidiary of Perimeter, and U.S. Bank National Association, as Trustee and Collateral Agent (the “Trustee”). Upon the consummation of the Business Combination, Invictus II became a wholly owned subsidiary of the Company and assumed the Escrow Issuer’s obligations under the Senior Notes. Additionally, upon closing of the Business Combination, Invictus II borrowed $ 40,000 against the Revolving Credit Facility. The outstanding $ 40,000 borrowed against the Revolving Credit Facility was repaid in full by Invictus II on December 9, 2021. Stock Repurchase Program On December 8, 2021, the board of directors of the Company (the “Board”) authorized a stock repurchase program (the “Stock Repurchase Program”). Under the Stock Repurchase Program, the Company is authorized to repurchase up to $100,000 of its issued and outstanding common Stock over a period of 24-months, expiring December 8, 2023. Repurchases under the Stock Repurchase Program may be made, from time to time, in amounts and at prices the Company deems appropriate, subject to market conditions, applicable legal requirements, debt covenants and other considerations.

Description of Organization and

Description of Organization and Nature of Business	9 Months Ended
	Sep. 30, 2021
Disclosure Text Block [Abstract]
Description of Organization and Nature of Business	1. DESCRIPTION OF ORGANIZATION AND NATURE OF BUSINESS Organization SK Invictus Intermediate, S.à r.l. (“Invictus”) and its subsidiaries, doing business as Perimeter Solutions (collectively, the “Company”), is a global solutions provider for the Fire Safety and Oil Additives industries. Invictus is domiciled and organized under laws of Luxembourg, with subsidiaries further domiciled and organized within the respective operating jurisdictions. The Company is headquartered in St. Louis, Missouri (USA) with global operations in North America, Europe, and Asia Pacific. Invictus was formed by SK Capital Partners IV-A, L.P. and SK Capital Partners IV-B, L.P (collectively, the “Sponsor”) on February 12, 2018, which is the same date when operations commenced. Invictus issued 53,045,510 shares of common stock to an indirect subsidiary of the Sponsor and used the proceeds from the Sponsor and issuance of third-party debt to purchase all the assets that form the business operations. The U.S. dollar represents the functional currency for its Luxembourg entities. Nature of Business The Company operates two segments, Fire Safety and Oil Additives. The Fire Safety business is a global producer of fire-fighting chemicals with a broad product offering, including phosphate-based fire retardant, Class A Foam and Class B Foam, across fire retardant and fire suppressant foam applications. Fire retardants are utilized to fight forest fires through aerial and ground applications. Class A Foam is utilized to fight structural fires, and Class B Foam is used to fight flammable liquid fires. Significant end markets are primarily government-related entities and are dependent on concessions, licenses, and permits granted by the respective governments. The Oil Additives business is a producer of Phosphorus Pentasulfide, which is an intermediate commonly used in the production of lubricant additives and essential in the formulation of engine oils. Their main function is to provide anti-wear protection to engine components. In addition, they inhibit oxidation of the oil by scavenging free radicals that initiate oil breakdown and sludge formulation, resulting in better and longer engine function. Significant end markets are primarily producers of engine oil additives. COVID-19 Pandemic In March 2020, the World Health Organization declared that the worldwide spread and severity of a new coronavirus, referred to as COVID-19, was severe enough to be characterized as a pandemic. The spread of COVID-19, in conjunction with related government and other preventative measures taken to mitigate the spread of the virus, has caused severe disruptions in the worldwide economy and the global supply chain for industrial and commercial production, which has in turn disrupted our business. Although our financial condition has not been significantly impacted by the ongoing pandemic, we experienced disruptions to our supply chain, including delays in receipt of products needed to offer our services, during the year ended December 31, 2020 and nine months ended September 30, 2021 as a result of COVID-19. At the current moment, our suppliers are able to operate normally, however we are unable to predict future supply chain disruptions should the pandemic continue. We continue to actively monitor the impact of the global situation on our people, operations, financial condition, liquidity, suppliers, customers, and industry; however, we cannot at this time predict the specific extent, duration, or full impact that the ongoing COVID-19 pandemic will have on our financial condition and operations. The impact of the ongoing COVID-19 pandemic on our financial performance will depend on future developments, including the duration and spread of the pandemic and related governmental advisories and restrictions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated financial statements as of December 31, 2020 were derived from the Company’s annual financial statements for the year ended December 31, 2020, as included in Form S-4/A filed with the SEC on November 4, 2021. Refer to those financial statements for the full list of the Company’s significant accounting policies. The details in those notes have not changed except as discussed below and as a result of normal adjustments in the interim periods. Principles of Consolidation The accompanying interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, for the nine months ended September 30, 2021 and 2020. All intercompany accounts and transactions have been eliminated in consolidation. Basis of Presentation The accompanying interim condensed consolidated financial statements have been prepared using the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Unaudited Interim Condensed Financial Statements The accompanying condensed consolidated financial statements are unaudited. The interim condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2020, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of September 30, 2021, and the condensed results of its operations and comprehensive income for the three and nine months ended September 30, 2021 and 2020, and its cash flows for the nine months ended September 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2021 and 2020 are also unaudited. The condensed results of operations and comprehensive income for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 or any other period, and should be read in conjunction with the December 31, 2020 audited financial statements included in Form S-4/A filed with the SEC on November 4, 2021. Use of Estimates The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management in connection with the preparation of the accompanying interim condensed consolidated financial statements include the fair value of purchase consideration and assets acquired and liabilities assumed in a business combination, the useful lives of long-lived assets, inventory valuations, the allocation of transaction price among various performance obligations, the allowance for doubtful accounts, the fair value of financial assets and liabilities, which includes the contingent earnout liability, valuation of goodwill, indefinite life intangible assets, and realizability of deferred tax assets. Actual results could differ from those estimates. Deferred Financing Fees As of September 30, 2021 and December 31, 2020, unamortized original issue discount and other debt issuance costs of $ 11,332 and $ 13,422 , respectively, for the Company’s term loans are carried as a contra liability and are amortized over the term of the related debt using the effective interest method. As of September 30, 2021 and December 31, 2020, unamortized deferred financing costs of $ 829 and $ 1,170 , respectively, for the Company’s revolving line of credit are carried as a long-term asset and are amortized straight-line into interest expense over the term of the facility. Amortization of deferred financing fees for the revolving line of credit and term loans was $ 228 and $ 1,393 compared to $ 250 and $ 1,516 for the three months ended September 30, 2021 and 2020, respectively, and $ 342 and $ 2,090 compared to $ 375 and $ 2,274 for the nine months ended September 30, 2021 and 2020, respectively, and is presented as a component of interest expense in the consolidated statements of operations and comprehensive income. Concentration of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to credit risk primarily consist of cash and cash equivalents, and accounts receivable. The Company maintains its cash and cash equivalents with high-quality financial institutions with investment-grade ratings. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the consolidated balance sheets. Two of the Company’s customers in the Fire Safety business accounted for 63 % of total sales during the three months ended September 30, 2021 ( 40 % and 23 %, respectively). Two of the Company’s customers in the Fire Safety business accounted for 48 % of total sales during the nine months ended September 30, 2021 ( 33 % and 15 %, respectively). During the three months ended September 30, 2020, two customers within Fire Safety represented 89 % ( 54 % and 35 %, respectively) of total sales. During the nine months ended September 30, 2020, two customers within Fire Safety represented 49 % ( 37 % and 12 %, respectively) of total sales. Three customers within Fire Safety represented 93 % ( 45 %, 31 %, and 17 %, respectively) of the total accounts receivable balance as of September 30, 2021. Two customers within Fire Safety and one within Oil Additives represented 44 % ( 18 %, 15 % and 11 %, respectively) of the total accounts receivable balance as of December 31, 2020. No other customer represented greater than 10 % of the Company’s total sales or total accounts receivable. Inventories Inventories are stated at the lower of cost or net realizable value using the weighted-average cost method. Inventories consisted of the following (in thousands): September 30, 2021 December 31, 2020 Raw material $ 26,814 $ 25,695 Work in process 284 306 Finished goods 37,694 32,783 Total inventories $ 64,792 $ 58,784 The Company evaluates inventories periodically during each reporting period for obsolete, excess, or slow-moving products and will record any adjustment, if necessary, to report these items at an estimated net realizable value. We recorded reserves for obsolete inventory of $ 339 for both periods ending September 30, 2021 and 2020. Recently Issued Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), which simplifies the accounting for income taxes. The ASU’s amendments are based on changes that were suggested by stakeholders as part of the FASB’s simplification initiative. The new standard has been adopted by Company as of January 1, 2021 and the Company’s adoption did not have a material impact on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)-Accounting For Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual and interim periods beginning after December 15, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company has early adopted this as of January 1, 2021, the adoption does not have a material impact on the Company’s consolidated financial statements. Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use (ROU) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The new standard is effective for the Company for annual periods beginning after December 15, 2021. The Company expects to adopt the new standard on January 1, 2022 and continues to assess potential effects of the standard. The FASB issued five ASUs related to ASC 326. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. ASU 2019-11 provides codification updates to ASU 2016-13. In November 2019, the FASB also issued Accounting Standards Update No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842)—Effective Dates, an ASU modifying the effective dates of various previous pronouncements. In May 2019, the FASB issued ASU 2019-05, Financial Instruments— Credit Losses (Topic 326): Targeted Transition Relief. ASU 2019-05 provides entities with an option to irrevocably elect the fair value option for eligible instruments. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments. ASU 2019-04 provides codification updates to ASU 2016-01 and ASU 2016-13. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 seeks to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments, including trade receivables and other commitments to extend credit held by a reporting entity at each reporting date. The amendments require an entity to replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects current expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The new standard is effective for the Company for annual periods beginning after December 15, 2022. The Company expects to adopt the new standard on January 1, 2023 and continues to assess potential effects of the standard. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). ASU 2020-04 provides practical expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by ASU 2020-04 apply only to contracts, hedging relationships and other transactions that reference the LIBOR or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The new standard is effective for the Company as of March 12, 2020 through December 31, 2022. The Company has long-term debt, as described in Note 11 of the Notes to Condensed Consolidated Financial Statements, which rely upon use of LIBOR, federal funds rate or the prime rate. However, the Company has extinguished their current credit agreement and entered into a new one during the latter part of 2021, which will not reference LIBOR, thus the Company anticipates that upon entering into the new credit agreement, this ASU will no longer be applicable to them.

Business Acquisitions

Business Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combination And Asset Acquisition [Abstract]
Business Acquisitions	3. BUSINESS ACQUISITIONS LaderaTech Acquisition On May 7, 2020, the Company used proceeds from general business operations to purchase all of the outstanding shares of LaderaTech, Inc. (the “LaderaTech acquisition”). The LaderaTech acquisition expands the Company’s access to the long-term retardant market and is expected to generate synergies within the Fire Safety service industry. Under the equity purchase agreement, the fair value of the consideration transferred was $21,832, which included an initial cash payment of $2,016 and $19,816 in estimated fair value of contingent future payments. The future payments are contingent upon the acquired technology being listed on the U.S. Forest Service’s Qualified Product List (QPL) valued at $2,813 and an earn-out based on achieving certain thresholds of revenues through December 31, 2026 with an estimated fair value at $17,003. As of September 30, 2021, the estimated fair value of the QPL listing payment is $2,952 and the estimated fair value of contingent consideration was $19,627. Based on the purchase price allocation, the assets acquired principally comprise $20,200 of an identifiable intangible asset, $6,906 of goodwill, $46 of cash, $5,282 of deferred tax liability, and a net liability for other working capital items of $38. The identifiable intangible asset (in-process research and development) relates to a proprietary technology being used to develop its base product, and the Company expects immaterial remaining costs to achieve QPL approval and make the product ready for distribution within the year ending December 31, 2021. The amount allocated to goodwill for the acquisitions is not deductible for income tax purposes. The goodwill is attributable primarily to strategic and synergistic opportunities, the assembled workforces acquired and other factors. The fair value of the contingent consideration was estimated using the Monte Carlo valuation approach. See Note 13—Fair Value Measurements for additional information related to the fair value measurement of the contingent consideration. For segment reporting purposes, the results of operations and assets from the LaderaTech acquisition has been included in the Company’s Fire Safety segment since the acquisition date. For the three and nine months ended September 30, 2021, sales related to the LaderaTech acquisition were $444 and $727, respectively. Sales for the three and nine months ended September 30, 2020 related to LaderaTech were not material. Direct costs of the acquisition were not material and were expensed as incurred and are included in Other Operating Expenses in the consolidated statement of income and comprehensive income during the three and nine months ended September 30, 2021 and 2020. Budenheim Acquisition On March 2, 2021, the Company used proceeds from general business operations to purchase all of the wildfire retardant and foam assets of Budenheim Iberica, S.L.U. The asset purchase agreement provided for approximately $3,607 in cash to be paid at closing. The Budenheim acquisition expands the Company’s access to new markets and is expected to result in additional revenue within the Fire Safety segment. The Company has performed a preliminary purchase price allocation, where the Company allocated $3,214 to goodwill. Other amounts allocated to the individual assets and liabilities included within the balance sheet were not material. PC Australasia Acquisition On April 1, 2021, the Company used proceeds from general business operations to purchase all of the wildfire retardant and foam assets of PC Australasia Pty Ltd. The asset purchase agreement provided for approximately $2,657 in cash to be paid at closing. The PC Australasia acquisition provides the Company direct access to existing markets within the Fire Safety service industry. The Company has performed a preliminary purchase price allocation, where the Company allocated $971 to goodwill. Other amounts allocated to the individual assets and liabilities included within the balance sheet were not material. Magnum Acquisition On July 1, 2021, the Company used proceeds from general business operations to purchase all of the assets of Magnum Fire & Safety Systems. The asset purchase agreement provided for approximately $1,200 in cash to be paid at closing. The Magnum acquisition expands the Company’s access to new markets and is expected to result in additional revenue in firefighting foam equipment and systems within the Fire Safety service industry. The Company has performed a preliminary purchase price allocation, where the Company allocated $1,200 to goodwill. Individual assets and liabilities included within the balance sheet were not material. For segment reporting purposes, the results of operations and assets from these acquisitions have been included in the Company’s Fire Safety segment since the respective acquisition dates. For the three and nine months ended September 30, 2021, sales, earnings related to the operations consisting of the assets and liabilities and direct costs related to Budenheim, PC Australia and Magnum were not material. Pro forma financial information has not been presented for these acquisitions as the net effects were neither significant nor material to the Company’s results of operations or financial position. Business Combination – Perimeter Solutions On June 15, 2021, the Company’s Sponsor entered into a definitive Business Combination Agreement with Everarc Holdings Limited to acquire Perimeter Solutions in a transaction valued at approximately $2 billion, such amount of which includes the proceeds from the issuance of the senior secured notes. As a result of the transaction, Perimeter Solutions has been determined to be the predecessor of the Post-Combination Company. The transaction financing is fully committed and is not subject to shareholder approval. The transaction closed on November 8, 2021.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue Recognition	4. REVENUE RECOGNITION Disaggregation of revenues Amounts recognized at a point in time primarily relate to products sold whereas amounts recognized over time primarily relate to services associated with the full-service retardant contracts. Revenues for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues from products $ 173,364 $ 155,506 $ 290,935 $ 261,152 Revenues from services 21,462 18,463 24,630 20,930 Other revenues 588 290 895 1,676 Total revenue $ 195,414 $ 174,259 $ 316,460 $ 283,758 Cost to obtain contract Incremental costs of obtaining a contract include only those costs that are directly related to the acquisition of contracts, including sales commissions, and that would not have been incurred if the contract had not been obtained. The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it is expected that the economic benefit and amortization period will be longer than one year. Costs to obtain contracts were not material in the periods presented. Deferred Revenue Deferred revenue represents billings under noncancelable contracts before the related product or service is transferred to the customer. The portion of deferred revenue that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded as deferred revenue and the remaining portion is recorded as deferred revenue, noncurrent. The contracts entered by the Company have duration of one year or more. Any billings made to the customer during the financial year for which the related product or service is yet to be delivered on cutoff date, i.e., December 31, is recognized as deferred revenue. Deferred revenue was $ 1,117 and $ 286 as of September 30, 2021 and December 31, 2020, respectively. For full-service fire retardant contracts, the Company identifies the fire retardant product and the services, as separate units of account. The Company allocates the transaction price to each performance obligation on a relative standalone selling price basis. Due to the timing of performance obligations being satisfied during the year, the Company has accrued $ 1,117 for contract obligations related to full-service fire retardant contracts in deferred revenue as of September 30, 2021.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	5. GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2021 are as follows (in thousands): Fire Safety Oil Additives Total Balance as of December 31, 2020 $ 362,767 $ 119,274 $ 482,041 Business acquired 5,385 — 5,385 Foreign currency translation ( 472 ) ( 579 ) ( 1,051 ) Balance as of September 30, 2021 $ 367,680 $ 118,695 $ 486,375 Intangible assets and related accumulated amortization as of September 30, 2021 and December 31, 2020 are as follows (in thousands): September 30, 2021 Estimated Useful Life Gross Value Foreign Currency Translation Accumulated Amortization (1) Net Book Value Definite lived intangible assets: Existing technology 15 $ 158,730 $ 950 $ ( 33,793 ) $ 125,887 Customer lists 10 419,900 ( 2,078 ) ( 146,432 ) 271,390 Patents 7 1,759 21 ( 699 ) 1,081 Tradenames 10 900 ( 13 ) ( 244 ) 643 Total definite-lived intangible assets 581,289 ( 1,120 ) ( 181,168 ) 399,001 Indefinite-lived intangible assets Tradenames Indefinite 32,700 ( 111 ) — 32,589 Total intangible assets $ 32,700 $ ( 111 ) $ — $ 32,589 December 31, 2020 Estimated Useful Life Gross Value Foreign Currency Translation Accumulated Amortization (1) Net Book Value Definite lived intangible assets: Existing technology 15 $ 158,730 $ 1,747 $ ( 25,903 ) $ 134,574 Customer lists 10 419,900 96 ( 115,688 ) 304,308 Patents 7 1,759 136 ( 541 ) 1,354 Tradenames 10 900 2 ( 188 ) 714 Total definite-lived intangible assets 581,289 1,981 ( 142,320 ) 440,950 Indefinite-lived intangible assets Tradenames Indefinite 32,700 50 — 32,750 Total intangible assets $ 32,700 $ 50 $ — $ 32,750 (1) Amounts include the effect of foreign exchange. On May 7, 2020, the Company recorded an in-process research and development intangible asset associated with the LaderaTech acquisition. The intangible asset was completed prior to December 31, 2020 and thus transferred out from indefinite-life intangible assets and into intangible assets subject to amortization. For this reason, the LaderaTech technology was presented as “Existing technology” as of December 31, 2020 along with accumulated amortization. Amortization expense for definite-lived intangible assets for the three and nine months ended September 30, 2021 was $ 13,276 and $ 39,818 , respectively, compared to $ 12,836 and $ 38,264 for the three and nine months ended September 30, 2020, respectively. Estimated annual amortization expense of intangible assets for the five years subsequent to September 30, 2021 and thereafter is as follows (in thousands): Amount Years Ending December 31: Remainder of 2021 $ 13,226 2022 52,903 2023 52,903 2024 52,903 2025 52,903 Thereafter 174,163 Total $ 399,001

Property, Plant and Equipment,

Property, Plant and Equipment, Net	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Abstract]
Property, Plant and Equipment, Net	6. PROPERTY, PLANT, AND EQUIPMENT, NET Property, plant, and equipment, net as of September 30, 2021 and December 31, 2020 consists of the following (in thousands): September 30, 2021 December 31, 2020 Buildings $ 6,639 $ 6,768 Leasehold improvements 1,154 1,146 Furniture and fixtures 420 416 Machinery and equipment 54,296 51,286 Vehicles 4,862 4,311 Construction in progress 7,249 5,069 Total property, plant and equipment, gross 74,620 68,996 Accumulated depreciation ( 26,124 ) ( 20,761 ) Total property, plant and equipment, net $ 48,496 $ 48,235 For the three and nine months ended September 30, 2021, depreciation expense was $ 1,935 and $ 5,363 , respectively, compared to $ 1,756 and $ 5,107 for the three and nine months ended September 30, 2020, respectively, of which substantially all was presented in cost of goods sold in the condensed consolidated statements of operations and comprehensive income.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	7. INCOME TAXES For the three and nine months ended September 30, 2021, income tax expense was $ 18,637 and $ 13,151 , respectively, compared to $ 16,966 and $ 11,242 for the three and nine months ended September 30, 2020, respectively. The effective tax rate was approximately 26.4 % and 30.7 % for the three and nine months ended September 30, 2021, respectively, compared to 24.4 % and 26.9 % for the three and nine months ended September 30, 2020, respectively. The effective tax rate for the three and nine months ended September 30, 2021 and September 30, 2020 are different from the statutory tax rate primarily due to losses not expected to be benefited in certain jurisdictions which have a valuation allowance. In March 2020, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes to interest expense deductibility, and prior and future utilization of net operating losses. The CARES Act did not have a material impact on the Company’s consolidated financial statements. The Company had no unrecognized tax benefits as of September 30, 2021 and December 31, 2020. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in income tax expense (benefit). The Company does not expect the balance of unrecognized tax benefits will change significantly over the next twelve months. The Company has no t accrued interest or penalties related to uncertain tax positions as of September 30, 2021 and December 31, 2020 .

Other Liabilities

Other Liabilities	9 Months Ended
	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
Other Liabilities	8. OTHER LIABILITIES Other non-current liabilities consist of the following as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 LaderaTech contingent earn out $ 19,627 $ 19,816 Other 1,324 1,335 Total $ 20,951 $ 21,151

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	9. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets as of September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, 2021 December 31, 2020 Advance to vendors $ 4,877 $ 7,343 Other 3,096 4,063 Total prepaid expenses and other current assets $ 7,973 $ 11,406

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2021
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities as of September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, 2021 December 31, 2020 Accrued bonus $ 2,498 $ 4,653 Accrued salaries 2,285 2,779 Accrued employee benefits 494 511 Accrued interest 90 79 Accrued purchases 7,039 2,347 Accrued taxes 2,394 2,905 Accrued construction 1,299 1,319 Contingent earnout payable 2,952 — Other 2,245 1,452 Total accrued expenses and other current liabilities $ 21,296 $ 16,045

Revolving Line of Credit and Lo

Revolving Line of Credit and Long-term Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Revolving Line of Credit and Long-term Debt	11. REVOLVING LINE OF CREDIT AND LONG-TERM DEBT (a) First and Second Lien Term Loans On March 28, 2018, Invictus U.S., LLC and SK Invictus Intermediate II, S.à r.l., two wholly owned subsidiaries of Invictus, entered into credit agreements providing for committed credit facilities of $ 815,000 , a substantial portion of which was used to fund the initial acquisition of the Company. The First Lien Credit Facility (the First Lien) consists of a $ 545,000 U.S. dollar term loan, a multicurrency revolving credit facility (the Revolver), and a $ 16,000 extension on the original term loan. The First Lien was issued with an original issue discount (OID) of 0.30 %, to which net of amortization was $ 1,000 as of December 31, 2020. Principal and interest payments are due on a monthly basis. The First Lien matures on March 28, 2025 , and any outstanding borrowings can be repaid without penalty. The First Lien is secured by substantially all of the assets to the Company. Interest is based on a floating rate indexed to either LIBOR plus an applicable margin, federal funds rate plus an applicable margin, or the prime rate plus an applicable margin. The average effective interest rate during the three and nine months ended September 30, 2021 was 3.14 % and 3.15 %, respectively, compared to 3.74 % and 4.49 % for the three and nine months ended September 30, 2020, respectively. The First Lien contains a series of restrictive financial and nonfinancial covenants which, among other things, limit the ability of the Company to: i) incur additional indebtedness, ii) create liens, iii) make investments or make other restricted payments, iv) sell assets, v) substantially change the nature of the Company, and vi) enter into certain transactions with affiliates. On November 23, 2018, the Company executed the First Amendment to the First Lien (the Amendment) for an incremental term loan in the amount of $ 16,000 . The liability was recorded when cash was received on February 13, 2019. Significant terms of this amendment (including maturity, principal payment frequency, interest rate, and covenants) are identical to the First Lien. The Second Lien Credit Facility (the Second Lien) consists of a $ 155,000 U.S. dollar term loan with a maturity of March 28, 2026 . There are no required principal payments on the Second Lien until maturity with interest payments due quarterly. The Second Lien is secured by substantially all of the assets of the Company and can be repaid without penalty. The Company made a principal payment of $ 15,000 during 2020. Interest is based on a floating rate indexed to either LIBOR plus an applicable margin, federal funds rate plus an applicable margin, or the prime rate plus an applicable margin. The average effective interest rate during the three and nine months ended September 30, 2021 was 6.95 % and 6.96 %, respectively, compared to 7.54 % and 8.29 %, for the three and nine months ended September 30, 2020, respectively. The Second Lien contains a series of similar restrictive financial and nonfinancial covenants as the First Lien. (b) Revolving Credit Facility The Revolver provides for maximum borrowings of $ 100,000 . Interest is based on the same terms as the First Lien. The Company had no balance outstanding on the Revolver at September 30, 2021 or December 31, 2020. Available borrowings under the Revolver were $ 100,000 at both September 30, 2021 and December 31, 2020. The Revolver matures on March 28, 2023 and has a 0.5 % unused commitment fee. The Revolver also contains a $ 10,000 standby letter of credit sub-facility and a $ 10,000 swing line sub-facility. At both September 30, 2021 and December 31, 2020, no letters of credit were outstanding, and no balance was outstanding on the swing line. The Revolver contains a series of restrictive financial and nonfinancial covenants similar to those of the First Lien plus a debt to EBITDA leverage ratio that is only applicable when the aggregate outstanding amount of the Revolver, any swing line loans, and letters of credit is greater than 35.0 %, as of the last day of the fiscal quarter, of the commitment under the Revolver. As of September 30, 2021, the Company was in compliance with all covenants. The Company’s long-term debt was as follows as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 First Lien due in quarterly installments of $ 1,402.5 and a final 523,250 at March 28, 2025 $ 541,482 $ 545,693 Second Lien due with final payment of $ 155,000 March 28, 2026 155,000 155,000 Revolver — — Less: unamortized debt issuance costs ( 11,332 ) ( 13,422 ) 685,150 687,271 Less: current maturities ( 5,610 ) ( 6,723 ) Long-term debt, less current maturities $ 679,540 $ 680,548 In accordance with the provisions of the First Lien, Second Lien, and the Revolver, the Company is required to make an annual mandatory principal prepayment on the term loans to the extent the Company realizes consolidated excess cash flow, as defined, in a given fiscal year. This requirement commenced in 2020 and an excess cash payment of $ 932 was made on May 7, 2021 . As of September 30, 2021, the scheduled maturities, without consideration of potential mandatory prepayments, of the long-term debt were as follows (in thousands): Amount Years Ending December 31: Remainder of 2021 $ 1,403 2022 5,610 2023 5,610 2024 5,610 2025 523,250 Thereafter 154,999 Total $ 696,482

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. COMMITMENTS AND CONTINGENCIES (a) Commitments The Company has a supply agreement to purchase elemental phosphorus (P4) from a supplier through 2023. The contract price is tied to the contract year cost times a multiplier, subject to a market-driven benchmark price adjustment, which is generally settled once per year. The Company did not purchase the anticipated minimum pounds of P4 during the nine months ended September 30, 2021 and 2020. Further, the Company has no obligation to record, as there is no financial penalty owed to the vendor. Costs incurred under this supply agreement were $ 9,712 and $ 26,859 respectively, during the three and nine months ended September 30, 2021 compared to $ 1,798 and $ 18,455 during the three and nine months ended September 30, 2020, respectively. (b) Leases The Company leases facilities and other machinery and equipment under long-term noncancelable operating leases through August 31, 2037. As of September 30, 2021, the future minimum rental payments required by the long-term noncancelable operating leases are as follows (in thousands): Amount Years Ending December 31: Remainder of 2021 $ 784 2022 2,898 2023 2,603 2024 1,824 2025 1,616 Thereafter 4,106 Total $ 13,831 Minimum rental payments under operating leases are recognized on a straight-line basis over the term of the lease including any periods of free rent. Rent expense for operating leases for the nine months ended September 30, 2021 and 2020 was $ 2,295 and $ 1,836 , respectively, of which, $ 1,901 and $ 1,554 was presented in cost of goods sold and $ 394 and $ 282 was presented in selling, general, and administrative in the condensed consolidated statements of operations and comprehensive income for the nine months ended September 30, 2021 and 2020, respectively. Rent expense for operating leases for the three months ended September 30, 2021 and 2020 was $ 463 and $ 267 , respectively, of which, $ 299 and $ 150 was presented in cost of goods sold and $ 165 and $ 177 was presented in selling, general, and administrative in the condensed consolidated statements of operations and comprehensive income for the three months ended September 30, 2021 and 2020, respectively. (c) Legal Proceedings The Company is involved in various claims, actions, and legal proceedings arising in the ordinary course of business, including a number of matters related to the aqueous film forming foam litigation consolidated in the District of South Carolina multi-district litigation and other similar matters pending in other jurisdictions in the United States. The Company’s exposure to losses, if any, is not considered probable or reasonably estimable at this time.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	13. FAIR VALUE MEASUREMENTS The carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current liabilities approximates fair value due to the short-term nature of their maturities. The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or a liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:  Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.  Level 2 inputs: Other than quoted prices in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.  Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The following tables set forth the Company’ liabilities that were measured at fair value on a recurring basis during the period, by level, within the fair value hierarchy (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Fair Value Liabilities: — — $ 2,952 $ 2,952 LaderaTech contingent earnout included in accrued — — $ 19,627 $ 19,627 LaderaTech contingent earnout included in other — — $ 22,579 $ 22,579 December 31, 2020 Level 1 Level 2 Level 3 Fair Value Liabilities: LaderaTech contingent earnout included in other — — $ 19,816 $ 19,816 The fair value of the contingent consideration for LaderaTech was $ 19,627 and $ 19,816 (see Note 3) as of September 30, 2021 and December 31, 2020, respectively. This consists of a Qualified Product List (QPL) payment and an earn out payment. These were both measured on a recurring basis using Level 3 fair value inputs. The QPL payment is contingent upon the acquired technology being listed on the U.S. Forest Service’s QPL and was valued using a scenario-based method with inputs based upon the probability and timing of achieving the QPL listing. This was valued at $ 2,952 and $ 2,813 as of September 30, 2021 and December 31, 2020, respectively. The earn-out is based on 20 % of gross profits upon achieving a revenue threshold exceeding $ 5,000 through December 31, 2026 and was valued using a Monte Carlo simulation with inputs based upon future projected revenues, projected gross margins and a discount rate of 9.5 % as of September 30, 2021 and 10 % as of December 31, 2020. The earn-out had an estimated fair value of $ 19,627 and $ 17,003 as of September 30, 2021 and December 31, 2020, respectively. Significant changes in the projected revenue, projected gross margin, or discount rate would have a material impact on the fair value of the contingent consideration. A roll forward of Level 3 liabilities measured at fair value on a recurring basis is as follows (in thousands): Nine Months Ended September 30, 2021 2020 Balance, at beginning of period $ 19,816 $ — Acquired — 19,816 Total losses included in earnings (1) 2,763 — Balance, at end of period $ 22,579 $ 19,816 (1) There were no material adjustments to the Company’s estimated fair value of contingent consideration as of September 30, 2020 as post-acquisition activity remained in line with the Company’s initial projections for developing the technology and progressing the product’s registration on the QPL.

Segments

Segments	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segments	14. SEGMENTS The Company’s products and operations are managed and reported in two operating segments: Fire Safety and Oil Additives. The Company’s Fire Safety segment produces a range of firefighting products, and offers a range of associated equipment and services, across fire retardant and firefighting foam applications. The Company’s Oil Additives segment develops, manufactures, blends, markets and supplies a range of high-quality lubricant additives used in the production of organophosphate insecticides, flotation chemicals, pharmaceutical cleaning applications and developing battery technology. Interest income, interest expense, other income (expense) and certain corporate operating expenses are neither allocated to the segments nor included in the measures of segment performance by the chief operating decision-maker (“CODM”). The corporate category is not considered to be a segment. The CODM is the Chief Executive Officer (“CEO”). The Company’s CODM uses net sales and adjusted EBITDA to assess the ongoing performance of the Company’s business segments and to allocate resources. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, as adjusted on a consistent basis for certain non-recurring or unusual items in a balanced manner and on a segment basis. These non-recurring or unusual items may include acquisition and integration related costs, management fees and other non-recurring items. In addition, management uses adjusted EBITDA for business planning purposes and as a significant component in the calculation of performance-based compensation for management and other employees. The Company has reported adjusted EBITDA because management believes it provides transparency to investors and enables period-to-period comparability of financial performance. Adjusted EBITDA is a financial measure that is not required by, or presented in accordance with, U.S. GAAP. Adjusted EBITDA should not be considered as an alternative to net income (loss), the most directly comparable financial measure calculated and reported in accordance with U.S. GAAP, or any other financial measure reported in accordance with U.S. GAAP. The following table presents net sales and Adjusted EBITDA for each reportable segment for the three months and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Segment Net Sales by Product Line: Fire safety $ 172,445 $ 151,083 $ 237,256 $ 213,916 Oil additives 22,969 23,176 79,204 69,842 Total net sales as reported $ 195,414 $ 174,259 $ 316,460 $ 283,758 Adjusted EBITDA: Fire Safety $ 97,854 $ 86,640 $ 116,680 $ 102,805 Oil additives 2,496 5,591 17,919 17,236 Total adjusted EBITDA $ 100,350 $ 92,231 $ 134,599 $ 120,041 See below for a reconciliation of total reportable segment profit (loss), to consolidated net income (loss) before income taxes (in thousands): Three Months Ended September 30, 2021 Fire Safety Oil Additives Total Operating income (loss) $ 82,413 $ ( 2,002 ) $ 80,411 Other income (expense) ( 8,415 ) ( 1,350 ) ( 9,765 ) Net income (loss) before income taxes $ 73,998 $ ( 3,352 ) $ 70,646 Three Months Ended September 30, 2020 Fire Safety Oil Additives Total Operating income (loss) $ 74,818 $ 1,136 $ 75,954 Other income (expense) ( 7,879 ) 1,521 ( 6,358 ) Net income (loss) before income taxes $ 66,939 $ 2,657 $ 69,596 Nine Months Ended September 30, 2021 Fire Safety Oil Additives Total Operating income (loss) $ 68,568 $ 4,569 $ 73,137 Other income (expense) ( 26,130 ) ( 4,224 ) ( 30,354 ) Net income (loss) before income taxes $ 42,438 $ 345 $ 42,783 Nine Months Ended September 30, 2020 Fire Safety Oil Additives Total Operating income (loss) $ 67,711 $ 4,449 $ 72,160 Other income (expense) ( 30,178 ) ( 197 ) ( 30,375 ) Net income (loss) before income taxes $ 37,533 $ 4,252 $ 41,785 See below for a reconciliation of adjusted EBITDA, the non-GAAP financial measure, from net income (loss), the most directly comparable financial measure calculated and reported in accordance with U.S. GAAP (in thousands): Three Months Ended September 30, 2021 Fire Safety Oil Additives Total Net income (loss) $ 53,819 $ ( 1,810 ) $ 52,009 Income tax (benefit) expense 20,179 ( 1,542 ) 18,637 (Loss) income before income taxes 73,998 ( 3,352 ) 70,646 Depreciation and amortization 10,754 4,458 15,212 Interest and financing expense 7,795 270 8,065 Restructuring charges 3,855 — 3,855 Loss on contingent earnout — — — Management fees 313 — 313 Deferred future payments 625 — 625 Unrealized foreign currency loss 514 1,120 1,634 Adjusted EBITDA $ 97,854 $ 2,496 $ 100,350 Three Months Ended September 30, 2020 Fire Safety Oil Additives Total Net income (loss) $ 51,453 $ 1,177 $ 52,630 Income tax expense 15,486 1,480 16,966 Income before income taxes 66,939 2,657 69,596 Depreciation and amortization 10,263 4,329 14,592 Interest and financing expense 8,363 881 9,244 Restructuring charges 418 27 445 Management fees 344 — 344 Deferred future payments 625 — 625 Unrealized foreign currency gain ( 312 ) ( 2,303 ) ( 2,615 ) Adjusted EBITDA $ 86,640 $ 5,591 $ 92,231 Nine Months Ended September 30, 2021 Fire Safety Oil Additives Total Net income (loss) $ 30,402 $ ( 770 ) $ 29,632 Income tax expense 12,036 1,115 13,151 Income before income taxes 42,438 345 42,783 Depreciation and amortization 32,283 13,310 45,593 Interest and financing expense 22,368 1,583 23,951 Restructuring charges 12,805 — 12,805 Loss on contingent earnout 2,763 — 2,763 Management fees 937 — 937 Deferred future payments 1,875 — 1,875 Unrealized foreign currency loss 1,211 2,681 3,892 Adjusted EBITDA $ 116,680 $ 17,919 $ 134,599 Nine Months Ended September 30, 2020 Fire Safety Oil Additives Total Net income $ 27,771 $ 2,772 $ 30,543 Income tax expense 9,762 1,480 11,242 Income before income taxes 37,533 4,252 41,785 Depreciation and amortization 30,673 12,698 43,371 Interest and financing expense 30,982 2,512 33,494 Restructuring charges 651 39 690 Management fees 969 — 969 Deferred future payments 2,500 — 2,500 Unrealized foreign currency gain ( 503 ) ( 2,265 ) ( 2,768 ) Adjusted EBITDA $ 102,805 $ 17,236 $ 120,041 Net Sales by geographical region is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 United States $ 154,896 $ 156,692 $ 251,999 $ 246,675 Canada 18,124 2,879 21,800 5,551 Germany 5,889 5,427 18,802 13,922 Other foreign countries 16,505 9,261 23,859 17,610 Total net sales $ 195,414 $ 174,259 $ 316,460 $ 283,758 Property, plant and equipment, net by geographical area consisted of the following (in thousands): September 30, 2021 December 31, 2020 United States $ 29,761 $ 29,155 Canada 3,271 3,403 Germany 11,781 13,487 Other foreign countries 3,683 2,190 Total property, plant and equipment, net $ 48,496 $ 48,235

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Parties	15. RELATED PARTIES The Company has had a purchase and sales agreement with the former owners of the original Invictus business (the Sellers) for specific raw materials. During the three and nine months ended September 30, 2021, the Company had raw material purchases of $ 133 and $ 563 , respectively, from the Sellers as compared to $ 326 and $ 1,866 for the three and nine months ended September 30, 2020, respectively, in the ordinary course of business. Additionally, during the three and nine months ended September 30, 2021, the Company sold raw materials at cost of $ 2,836 and $ 6,250 , respectively, to the Sellers as compared to $ 1,795 and $ 5,490 for the three and nine months ended September 30, 2020 , respectively. Sales of raw materials are recorded net as “the agent” since the Company does not have the following: a) primary responsibility for fulfilling the promise to provide the specified good, b) inventory risk before the specified good is transferred to the customer, or c) discretion in establishing the prices for the specified good. This related party transaction is not at arm’s length. The Sponsor provides board oversight, operational and strategic support, and assistance with business development in return for a quarterly management fee. Total management consulting fees and expenses were $ 313 and $ 937 for both the three and nine months ended September 30, 2021 and 2020, respectively, and are presented in other operating expenses in the condensed consolidated statements of operations and comprehensive income. The Company entered into multiple lease arrangements for real property with the sellers of the Ironman acquisition in 2019 that the Company continued to occupy post-acquisition. The Company paid $ 294 in rent and related expenses during both the nine months ended September 30, 2021 and 2020 and $ 98 in rent and related expenses during both the three months ended September 30, 2021 and 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, for the nine months ended September 30, 2021 and 2020. All intercompany accounts and transactions have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation The accompanying interim condensed consolidated financial statements have been prepared using the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations.
Unaudited Interim Condensed Financial Statements	Unaudited Interim Condensed Financial Statements The accompanying condensed consolidated financial statements are unaudited. The interim condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2020, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of September 30, 2021, and the condensed results of its operations and comprehensive income for the three and nine months ended September 30, 2021 and 2020, and its cash flows for the nine months ended September 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2021 and 2020 are also unaudited. The condensed results of operations and comprehensive income for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 or any other period, and should be read in conjunction with the December 31, 2020 audited financial statements included in Form S-4/A filed with the SEC on November 4, 2021.
Use of Estimates	Use of Estimates The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management in connection with the preparation of the accompanying interim condensed consolidated financial statements include the fair value of purchase consideration and assets acquired and liabilities assumed in a business combination, the useful lives of long-lived assets, inventory valuations, the allocation of transaction price among various performance obligations, the allowance for doubtful accounts, the fair value of financial assets and liabilities, which includes the contingent earnout liability, valuation of goodwill, indefinite life intangible assets, and realizability of deferred tax assets. Actual results could differ from those estimates.
Deferred Financing Fees	Deferred Financing Fees As of September 30, 2021 and December 31, 2020, unamortized original issue discount and other debt issuance costs of $ 11,332 and $ 13,422 , respectively, for the Company’s term loans are carried as a contra liability and are amortized over the term of the related debt using the effective interest method. As of September 30, 2021 and December 31, 2020, unamortized deferred financing costs of $ 829 and $ 1,170 , respectively, for the Company’s revolving line of credit are carried as a long-term asset and are amortized straight-line into interest expense over the term of the facility. Amortization of deferred financing fees for the revolving line of credit and term loans was $ 228 and $ 1,393 compared to $ 250 and $ 1,516 for the three months ended September 30, 2021 and 2020, respectively, and $ 342 and $ 2,090 compared to $ 375 and $ 2,274 for the nine months ended September 30, 2021 and 2020, respectively, and is presented as a component of interest expense in the consolidated statements of operations and comprehensive income.
Concentration of Credit Risk and Significant Customers	Concentration of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to credit risk primarily consist of cash and cash equivalents, and accounts receivable. The Company maintains its cash and cash equivalents with high-quality financial institutions with investment-grade ratings. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the consolidated balance sheets. Two of the Company’s customers in the Fire Safety business accounted for 63 % of total sales during the three months ended September 30, 2021 ( 40 % and 23 %, respectively). Two of the Company’s customers in the Fire Safety business accounted for 48 % of total sales during the nine months ended September 30, 2021 ( 33 % and 15 %, respectively). During the three months ended September 30, 2020, two customers within Fire Safety represented 89 % ( 54 % and 35 %, respectively) of total sales. During the nine months ended September 30, 2020, two customers within Fire Safety represented 49 % ( 37 % and 12 %, respectively) of total sales. Three customers within Fire Safety represented 93 % ( 45 %, 31 %, and 17 %, respectively) of the total accounts receivable balance as of September 30, 2021. Two customers within Fire Safety and one within Oil Additives represented 44 % ( 18 %, 15 % and 11 %, respectively) of the total accounts receivable balance as of December 31, 2020. No other customer represented greater than 10 % of the Company’s total sales or total accounts receivable.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value using the weighted-average cost method. Inventories consisted of the following (in thousands): September 30, 2021 December 31, 2020 Raw material $ 26,814 $ 25,695 Work in process 284 306 Finished goods 37,694 32,783 Total inventories $ 64,792 $ 58,784 The Company evaluates inventories periodically during each reporting period for obsolete, excess, or slow-moving products and will record any adjustment, if necessary, to report these items at an estimated net realizable value. We recorded reserves for obsolete inventory of $ 339 for both periods ending September 30, 2021 and 2020.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), which simplifies the accounting for income taxes. The ASU’s amendments are based on changes that were suggested by stakeholders as part of the FASB’s simplification initiative. The new standard has been adopted by Company as of January 1, 2021 and the Company’s adoption did not have a material impact on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)-Accounting For Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual and interim periods beginning after December 15, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company has early adopted this as of January 1, 2021, the adoption does not have a material impact on the Company’s consolidated financial statements.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use (ROU) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The new standard is effective for the Company for annual periods beginning after December 15, 2021. The Company expects to adopt the new standard on January 1, 2022 and continues to assess potential effects of the standard. The FASB issued five ASUs related to ASC 326. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. ASU 2019-11 provides codification updates to ASU 2016-13. In November 2019, the FASB also issued Accounting Standards Update No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842)—Effective Dates, an ASU modifying the effective dates of various previous pronouncements. In May 2019, the FASB issued ASU 2019-05, Financial Instruments— Credit Losses (Topic 326): Targeted Transition Relief. ASU 2019-05 provides entities with an option to irrevocably elect the fair value option for eligible instruments. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments. ASU 2019-04 provides codification updates to ASU 2016-01 and ASU 2016-13. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 seeks to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments, including trade receivables and other commitments to extend credit held by a reporting entity at each reporting date. The amendments require an entity to replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects current expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The new standard is effective for the Company for annual periods beginning after December 15, 2022. The Company expects to adopt the new standard on January 1, 2023 and continues to assess potential effects of the standard. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). ASU 2020-04 provides practical expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by ASU 2020-04 apply only to contracts, hedging relationships and other transactions that reference the LIBOR or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The new standard is effective for the Company as of March 12, 2020 through December 31, 2022. The Company has long-term debt, as described in Note 11 of the Notes to Condensed Consolidated Financial Statements, which rely upon use of LIBOR, federal funds rate or the prime rate. However, the Company has extinguished their current credit agreement and entered into a new one during the latter part of 2021, which will not reference LIBOR, thus the Company anticipates that upon entering into the new credit agreement, this ASU will no longer be applicable to them.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule Of Inventory	Inventories are stated at the lower of cost or net realizable value using the weighted-average cost method. Inventories consisted of the following (in thousands): September 30, 2021 December 31, 2020 Raw material $ 26,814 $ 25,695 Work in process 284 306 Finished goods 37,694 32,783 Total inventories $ 64,792 $ 58,784

Subsequent Events (Table)

Subsequent Events (Table)	9 Months Ended
	Sep. 30, 2021
Perimeter Solutions S A
Schedule of Estimate Fair Value of Identified Assets Acquired and Liabilities Assumed	The estimates of fair value are based upon preliminary valuation assumptions believed to be reasonable but which are inherently uncertain and unpredictable; and, as a result, actual results are expected to differ from estimates. Assets Identified Fair Value Property, Plant, and Equipment $ 57,074 Inventory 90,103 Other intangible assets 100,061 Customer lists 789,000 Existing technology and patents 257,000 Goodwill 1,079,195 Working capital 32,287 Other assets 980 LaderaTech Contingent Earnout (1) ( 22,208 ) Debt ( 690,356 ) Deferred tax liabilities ( 303,216 ) Total Fair Value $ 1,389,920 Value Conveyed Cash to SK Holdings $ 1,289,920 Preferred Equity Contributions 100,000 Total preliminary purchase price consideration $ 1,389,920 (1) Refer to Note 3 to the Unaudited Interim Condensed Consolidated Financial Statements of Perimeter for further information related to the LaderaTech Contingent Earnout.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenue	Amounts recognized at a point in time primarily relate to products sold whereas amounts recognized over time primarily relate to services associated with the full-service retardant contracts. Revenues for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues from products $ 173,364 $ 155,506 $ 290,935 $ 261,152 Revenues from services 21,462 18,463 24,630 20,930 Other revenues 588 290 895 1,676 Total revenue $ 195,414 $ 174,259 $ 316,460 $ 283,758

Goodwill And Other Intangible_2

Goodwill And Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2021 are as follows (in thousands): Fire Safety Oil Additives Total Balance as of December 31, 2020 $ 362,767 $ 119,274 $ 482,041 Business acquired 5,385 — 5,385 Foreign currency translation ( 472 ) ( 579 ) ( 1,051 ) Balance as of September 30, 2021 $ 367,680 $ 118,695 $ 486,375
Schedule of Intangible Assets Amortization Expense	Intangible assets and related accumulated amortization as of September 30, 2021 and December 31, 2020 are as follows (in thousands): September 30, 2021 Estimated Useful Life Gross Value Foreign Currency Translation Accumulated Amortization (1) Net Book Value Definite lived intangible assets: Existing technology 15 $ 158,730 $ 950 $ ( 33,793 ) $ 125,887 Customer lists 10 419,900 ( 2,078 ) ( 146,432 ) 271,390 Patents 7 1,759 21 ( 699 ) 1,081 Tradenames 10 900 ( 13 ) ( 244 ) 643 Total definite-lived intangible assets 581,289 ( 1,120 ) ( 181,168 ) 399,001 Indefinite-lived intangible assets Tradenames Indefinite 32,700 ( 111 ) — 32,589 Total intangible assets $ 32,700 $ ( 111 ) $ — $ 32,589 December 31, 2020 Estimated Useful Life Gross Value Foreign Currency Translation Accumulated Amortization (1) Net Book Value Definite lived intangible assets: Existing technology 15 $ 158,730 $ 1,747 $ ( 25,903 ) $ 134,574 Customer lists 10 419,900 96 ( 115,688 ) 304,308 Patents 7 1,759 136 ( 541 ) 1,354 Tradenames 10 900 2 ( 188 ) 714 Total definite-lived intangible assets 581,289 1,981 ( 142,320 ) 440,950 Indefinite-lived intangible assets Tradenames Indefinite 32,700 50 — 32,750 Total intangible assets $ 32,700 $ 50 $ — $ 32,750 (1) Amounts include the effect of foreign exchange.
Schedule of Intangible Assets, Future Amortization Expense	Estimated annual amortization expense of intangible assets for the five years subsequent to September 30, 2021 and thereafter is as follows (in thousands): Amount Years Ending December 31: Remainder of 2021 $ 13,226 2022 52,903 2023 52,903 2024 52,903 2025 52,903 Thereafter 174,163 Total $ 399,001

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Table)	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant, and equipment, net as of September 30, 2021 and December 31, 2020 consists of the following (in thousands): September 30, 2021 December 31, 2020 Buildings $ 6,639 $ 6,768 Leasehold improvements 1,154 1,146 Furniture and fixtures 420 416 Machinery and equipment 54,296 51,286 Vehicles 4,862 4,311 Construction in progress 7,249 5,069 Total property, plant and equipment, gross 74,620 68,996 Accumulated depreciation ( 26,124 ) ( 20,761 ) Total property, plant and equipment, net $ 48,496 $ 48,235

Other Liabilities (Table)

Other Liabilities (Table)	9 Months Ended
	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
Schedule of Other Noncurrent Liabilities	Other non-current liabilities consist of the following as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 LaderaTech contingent earn out $ 19,627 $ 19,816 Other 1,324 1,335 Total $ 20,951 $ 21,151

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Table)	9 Months Ended
	Sep. 30, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets as of September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, 2021 December 31, 2020 Advance to vendors $ 4,877 $ 7,343 Other 3,096 4,063 Total prepaid expenses and other current assets $ 7,973 $ 11,406

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Table)	9 Months Ended
	Sep. 30, 2021
Payables And Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of September 30, 2021 and December 31, 2020 consisted of the following (in thousands): September 30, 2021 December 31, 2020 Accrued bonus $ 2,498 $ 4,653 Accrued salaries 2,285 2,779 Accrued employee benefits 494 511 Accrued interest 90 79 Accrued purchases 7,039 2,347 Accrued taxes 2,394 2,905 Accrued construction 1,299 1,319 Contingent earnout payable 2,952 — Other 2,245 1,452 Total accrued expenses and other current liabilities $ 21,296 $ 16,045

Revolving Line of Credit and _2

Revolving Line of Credit and Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The Company’s long-term debt was as follows as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 First Lien due in quarterly installments of $ 1,402.5 and a final 523,250 at March 28, 2025 $ 541,482 $ 545,693 Second Lien due with final payment of $ 155,000 March 28, 2026 155,000 155,000 Revolver — — Less: unamortized debt issuance costs ( 11,332 ) ( 13,422 ) 685,150 687,271 Less: current maturities ( 5,610 ) ( 6,723 ) Long-term debt, less current maturities $ 679,540 $ 680,548
Schedule of Maturities of Long-term Debt	As of September 30, 2021, the scheduled maturities, without consideration of potential mandatory prepayments, of the long-term debt were as follows (in thousands): Amount Years Ending December 31: Remainder of 2021 $ 1,403 2022 5,610 2023 5,610 2024 5,610 2025 523,250 Thereafter 154,999 Total $ 696,482

Commitments and Contingencies (

Commitments and Contingencies (Table)	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments	As of September 30, 2021, the future minimum rental payments required by the long-term noncancelable operating leases are as follows (in thousands): Amount Years Ending December 31: Remainder of 2021 $ 784 2022 2,898 2023 2,603 2024 1,824 2025 1,616 Thereafter 4,106 Total $ 13,831

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Liabilities Measured at Fair Value on Recurring Basis	The following tables set forth the Company’ liabilities that were measured at fair value on a recurring basis during the period, by level, within the fair value hierarchy (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Fair Value Liabilities: — — $ 2,952 $ 2,952 LaderaTech contingent earnout included in accrued — — $ 19,627 $ 19,627 LaderaTech contingent earnout included in other — — $ 22,579 $ 22,579 December 31, 2020 Level 1 Level 2 Level 3 Fair Value Liabilities: LaderaTech contingent earnout included in other — — $ 19,816 $ 19,816
Derivative instruments measured at fair value on a recurring basis	A roll forward of Level 3 liabilities measured at fair value on a recurring basis is as follows (in thousands): Nine Months Ended September 30, 2021 2020 Balance, at beginning of period $ 19,816 $ — Acquired — 19,816 Total losses included in earnings (1) 2,763 — Balance, at end of period $ 22,579 $ 19,816 (1) There were no material adjustments to the Company’s estimated fair value of contingent consideration as of September 30, 2020 as post-acquisition activity remained in line with the Company’s initial projections for developing the technology and progressing the product’s registration on the QPL.

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Net Sales and Adjusted EBITDA of Reportable Segments	The following table presents net sales and Adjusted EBITDA for each reportable segment for the three months and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Segment Net Sales by Product Line: Fire safety $ 172,445 $ 151,083 $ 237,256 $ 213,916 Oil additives 22,969 23,176 79,204 69,842 Total net sales as reported $ 195,414 $ 174,259 $ 316,460 $ 283,758 Adjusted EBITDA: Fire Safety $ 97,854 $ 86,640 $ 116,680 $ 102,805 Oil additives 2,496 5,591 17,919 17,236 Total adjusted EBITDA $ 100,350 $ 92,231 $ 134,599 $ 120,041 See below for a reconciliation of total reportable segment profit (loss), to consolidated net income (loss) before income taxes (in thousands): Three Months Ended September 30, 2021 Fire Safety Oil Additives Total Operating income (loss) $ 82,413 $ ( 2,002 ) $ 80,411 Other income (expense) ( 8,415 ) ( 1,350 ) ( 9,765 ) Net income (loss) before income taxes $ 73,998 $ ( 3,352 ) $ 70,646 Three Months Ended September 30, 2020 Fire Safety Oil Additives Total Operating income (loss) $ 74,818 $ 1,136 $ 75,954 Other income (expense) ( 7,879 ) 1,521 ( 6,358 ) Net income (loss) before income taxes $ 66,939 $ 2,657 $ 69,596 Nine Months Ended September 30, 2021 Fire Safety Oil Additives Total Operating income (loss) $ 68,568 $ 4,569 $ 73,137 Other income (expense) ( 26,130 ) ( 4,224 ) ( 30,354 ) Net income (loss) before income taxes $ 42,438 $ 345 $ 42,783 Nine Months Ended September 30, 2020 Fire Safety Oil Additives Total Operating income (loss) $ 67,711 $ 4,449 $ 72,160 Other income (expense) ( 30,178 ) ( 197 ) ( 30,375 ) Net income (loss) before income taxes $ 37,533 $ 4,252 $ 41,785 See below for a reconciliation of adjusted EBITDA, the non-GAAP financial measure, from net income (loss), the most directly comparable financial measure calculated and reported in accordance with U.S. GAAP (in thousands): Three Months Ended September 30, 2021 Fire Safety Oil Additives Total Net income (loss) $ 53,819 $ ( 1,810 ) $ 52,009 Income tax (benefit) expense 20,179 ( 1,542 ) 18,637 (Loss) income before income taxes 73,998 ( 3,352 ) 70,646 Depreciation and amortization 10,754 4,458 15,212 Interest and financing expense 7,795 270 8,065 Restructuring charges 3,855 — 3,855 Loss on contingent earnout — — — Management fees 313 — 313 Deferred future payments 625 — 625 Unrealized foreign currency loss 514 1,120 1,634 Adjusted EBITDA $ 97,854 $ 2,496 $ 100,350 Three Months Ended September 30, 2020 Fire Safety Oil Additives Total Net income (loss) $ 51,453 $ 1,177 $ 52,630 Income tax expense 15,486 1,480 16,966 Income before income taxes 66,939 2,657 69,596 Depreciation and amortization 10,263 4,329 14,592 Interest and financing expense 8,363 881 9,244 Restructuring charges 418 27 445 Management fees 344 — 344 Deferred future payments 625 — 625 Unrealized foreign currency gain ( 312 ) ( 2,303 ) ( 2,615 ) Adjusted EBITDA $ 86,640 $ 5,591 $ 92,231 Nine Months Ended September 30, 2021 Fire Safety Oil Additives Total Net income (loss) $ 30,402 $ ( 770 ) $ 29,632 Income tax expense 12,036 1,115 13,151 Income before income taxes 42,438 345 42,783 Depreciation and amortization 32,283 13,310 45,593 Interest and financing expense 22,368 1,583 23,951 Restructuring charges 12,805 — 12,805 Loss on contingent earnout 2,763 — 2,763 Management fees 937 — 937 Deferred future payments 1,875 — 1,875 Unrealized foreign currency loss 1,211 2,681 3,892 Adjusted EBITDA $ 116,680 $ 17,919 $ 134,599 Nine Months Ended September 30, 2020 Fire Safety Oil Additives Total Net income $ 27,771 $ 2,772 $ 30,543 Income tax expense 9,762 1,480 11,242 Income before income taxes 37,533 4,252 41,785 Depreciation and amortization 30,673 12,698 43,371 Interest and financing expense 30,982 2,512 33,494 Restructuring charges 651 39 690 Management fees 969 — 969 Deferred future payments 2,500 — 2,500 Unrealized foreign currency gain ( 503 ) ( 2,265 ) ( 2,768 ) Adjusted EBITDA $ 102,805 $ 17,236 $ 120,041
Schedule of Net Sales by Geographical Region	Net Sales by geographical region is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 United States $ 154,896 $ 156,692 $ 251,999 $ 246,675 Canada 18,124 2,879 21,800 5,551 Germany 5,889 5,427 18,802 13,922 Other foreign countries 16,505 9,261 23,859 17,610 Total net sales $ 195,414 $ 174,259 $ 316,460 $ 283,758
Schedule of Property Plant and Equipment, Net by Geographical Area	Property, plant and equipment, net by geographical area consisted of the following (in thousands): September 30, 2021 December 31, 2020 United States $ 29,761 $ 29,155 Canada 3,271 3,403 Germany 11,781 13,487 Other foreign countries 3,683 2,190 Total property, plant and equipment, net $ 48,496 $ 48,235

Basis of Presentation (Addition

Basis of Presentation (Additional Information) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Disclosure Text Block [Abstract]
Bank service fees	$ 4

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - $ / shares	Sep. 30, 2021	Jun. 30, 2021	Jun. 21, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Common stock, shares issued	53,045,510			53,045,510
Common stock, par value	$ 1			$ 1
Everarc Holdings Ltd.
Class Of Stock [Line Items]
Common stock, shares issued			40,000
Common stock, par value			$ 1
Perimeter Solutions S A
Class Of Stock [Line Items]
Common stock, shares issued	40,000	40,000
Common stock, par value	$ 1	$ 1

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	Dec. 09, 2021USD ($)	Nov. 09, 2021USD ($)	Oct. 05, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Mar. 28, 2018USD ($)
Subsequent Event [Line Items]
Debt instrument maximum borrowing capacity						$ 815,000,000
Proceeds from revolving credit facility				$ 19,500,000	$ 72,100,000
Repayment Of revolving credit facility				$ 19,500,000	$ 93,700,000
Revolving Credit Facility
Subsequent Event [Line Items]
Maturity date				Mar. 28, 2023
Debt instrument maximum borrowing capacity				$ 100,000,000
Revolving Credit Facility | Standby Letters of Credit
Subsequent Event [Line Items]
Line of Credit				10,000,000
Revolving Credit Facility | Swing Line Sub Facility
Subsequent Event [Line Items]
Line of Credit				$ 10,000,000
Subsequent Event
Subsequent Event [Line Items]
Debt instrument interest rate			5.00%
Debt instrument maximum borrowing capacity			$ 100,000,000
Senior Notes			675,000,000
Proceeds from revolving credit facility			$ 40,000,000
Repayment Of revolving credit facility	$ 40,000,000
Applicable margin interest rate			3.50%
Perimeter Acquisition | Subsequent Event
Subsequent Event [Line Items]
Consideration paid in cash		$ 1,289,920,000
Perimeter Solutions S A | Subsequent Event
Subsequent Event [Line Items]
Debt instrument, aggregate principal amount			$ 143,000,000
Senior Notes			675,000,000
Perimeter Solutions S A | Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Debt instrument, aggregate principal amount			$ 100,000,000
Debt instrument, term			5 years
Maturity date			Nov. 9, 2026
Interest rate on borrowings outstanding			100.00%
Debt Instrument, Leverage Ratio			0.0025
Proceeds from revolving credit facility			$ 40,000,000
Perimeter Solutions S A | Subsequent Event | Revolving Credit Facility | Federal Funds Rate
Subsequent Event [Line Items]
Debt instrument interest rate			0.50%
Perimeter Solutions S A | Subsequent Event | Revolving Credit Facility | LIBOR Rate
Subsequent Event [Line Items]
Debt instrument interest rate			1.00%
Perimeter Solutions S A | Subsequent Event | Revolving Credit Facility | LIBOR Rate | Maximum
Subsequent Event [Line Items]
Debt instrument interest rate			0.00%
Perimeter Solutions S A | Subsequent Event | Revolving Credit Facility | Minimum Floor Rate
Subsequent Event [Line Items]
Debt instrument interest rate			1.00%
Perimeter Solutions S A | Subsequent Event | Revolving Credit Facility | LIBOR-based loans Rate
Subsequent Event [Line Items]
Debt instrument interest rate			3.25%
Perimeter Solutions S A | Subsequent Event | Revolving Credit Facility | Base Rate
Subsequent Event [Line Items]
Debt instrument interest rate			2.25%
Perimeter Solutions S A | Subsequent Event | Revolving Credit Facility | Standby Letters of Credit
Subsequent Event [Line Items]
Line of Credit			$ 20,000,000
Perimeter Solutions S A | Subsequent Event | Revolving Credit Facility | Swing Line Sub Facility
Subsequent Event [Line Items]
Line of Credit			$ 25,000
Perimeter Solutions S A | Subsequent Event | Senior Notes
Subsequent Event [Line Items]
Debt instrument interest rate			5.00%
Perimeter Solutions S A | Perimeter Acquisition | Subsequent Event
Subsequent Event [Line Items]
Total preliminary purchase price consideration		1,390,000,000
Consideration paid in cash		1,290,000,000
Consideration paid in preferred equity		100,000,000
Consideration liabilities incurred		$ 702,400,000

Subsequent Events - Schedule of

Subsequent Events - Schedule of Estimate Fair Value of Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		Nov. 09, 2021	Sep. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Goodwill			$ 486,375	$ 482,041
Perimeter Acquisition | Subsequent Event
Subsequent Event [Line Items]
Cash to SK Holdings		$ 1,289,920
Perimeter Solutions S A | Perimeter Acquisition | Subsequent Event
Subsequent Event [Line Items]
Property, Plant, and Equipment		57,074
Inventory		90,103
Other intangible assets		100,061
Customer lists		789,000
Existing technology and patents		257,000
Goodwill		1,079,195
Working capital		32,287
Other assets		980
LaderaTech Contingent Earnout	[1]	(22,208)
Debt		(690,356)
Deferred tax liabilities		(303,216)
Total Fair Value		1,389,920
Cash to SK Holdings		1,290,000
Preferred Equity Contributions		100,000
Total preliminary purchase price consideration		$ 1,389,920
[1]	Refer to Note 3 to the Unaudited Interim Condensed Consolidated Financial Statements of Perimeter for further information related to the LaderaTech Contingent Earnout.

Description of Organization a_2

Description of Organization and Nature of Business - Additional Information (Details) - shares	Sep. 30, 2021	Dec. 31, 2020
Disclosure Text Block [Abstract]
Common stock, shares issued	53,045,510	53,045,510

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)Customer	Sep. 30, 2020USD ($)Customer	Sep. 30, 2021USD ($)Customer	Sep. 30, 2020USD ($)Customer	Dec. 31, 2020USD ($)Customer
Accounting Policies [Line Items]
Unamortized original issue discount and other debt issuance costs	$ 11,332		$ 11,332		$ 13,422
Amortization expense	13,276	$ 12,836	39,818	$ 38,264
Inventory Valuation Reserves	339	$ 339	339	$ 339
Goodwill	$ 486,375		$ 486,375		$ 482,041
Accounts Receivable [Member]
Accounting Policies [Line Items]
Accounts Receivable Percentage	10.00%		10.00%
Accounts Receivable [Member] | Customer Two | Customer Concentration Risk
Accounting Policies [Line Items]
Concentration Risk, Percentage					44.00%
Fire Safety | Revenue Benchmark [Member] | Customer Concentration Risk
Accounting Policies [Line Items]
Concentration Risk, Percentage	63.00%	89.00%	48.00%	49.00%
Number of customers | Customer	2	2	2	2
Fire Safety | Revenue Benchmark [Member] | Customer One | Customer Concentration Risk
Accounting Policies [Line Items]
Concentration Risk, Percentage	40.00%	54.00%	33.00%	37.00%
Fire Safety | Revenue Benchmark [Member] | Customer Two | Customer Concentration Risk
Accounting Policies [Line Items]
Concentration Risk, Percentage	23.00%	35.00%	15.00%	12.00%
Fire Safety | Accounts Receivable [Member] | Customer Concentration Risk
Accounting Policies [Line Items]
Concentration Risk, Percentage			93.00%
Number of customers | Customer			3		2
Fire Safety | Accounts Receivable [Member] | Customer One | Customer Concentration Risk
Accounting Policies [Line Items]
Concentration Risk, Percentage			45.00%		18.00%
Fire Safety | Accounts Receivable [Member] | Customer Two | Customer Concentration Risk
Accounting Policies [Line Items]
Concentration Risk, Percentage			31.00%		15.00%
Fire Safety | Accounts Receivable [Member] | Customer Three | Customer Concentration Risk
Accounting Policies [Line Items]
Concentration Risk, Percentage			17.00%
Oil Additives | Accounts Receivable [Member] | Customer Concentration Risk
Accounting Policies [Line Items]
Number of customers | Customer					1
Oil Additives | Accounts Receivable [Member] | Customer Three | Customer Concentration Risk
Accounting Policies [Line Items]
Concentration Risk, Percentage					11.00%
Term Loan
Accounting Policies [Line Items]
Amortization expense	$ 1,393	$ 1,516	$ 2,090	$ 2,274
Revolving Credit Facility
Accounting Policies [Line Items]
Unamortized deferred financing costs	829		829		$ 1,170
Amortization expense	$ 228	$ 250	$ 342	$ 375

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Inventory (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Raw material		$ 26,814	$ 25,695
Work in Process		284	306
Finished goods		37,694	32,783
Total inventories	[1]	$ 64,792	$ 58,784
[1]	Amounts include $ 542 and $ 2,505 of inventory purchased from the former owners of the original Invictus business as of September 30, 2021 and December 31, 2020, respectively. Please also read Note 15—Related Parties to our condensed consolidated financial statements.

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information 1 (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 486,375	$ 482,041

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenue	$ 195,414	$ 174,259	$ 316,460	$ 283,758
Product
Disaggregation Of Revenue [Line Items]
Total revenue	173,364	155,506	290,935	261,152
Service
Disaggregation Of Revenue [Line Items]
Total revenue	21,462	18,463	24,630	20,930
Other
Disaggregation Of Revenue [Line Items]
Total revenue	$ 588	$ 290	$ 895	$ 1,676

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Deferred revenue recognized	$ 1,117	$ 286
Accrued contract obligations	$ 1,117

Goodwill And Other Intangible_3

Goodwill And Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 482,041
Business acquired	5,385
Foreign currency translation	(1,051)
Ending balance	486,375
Fire Safety
Goodwill [Roll Forward]
Beginning balance	362,767
Business acquired	5,385
Foreign currency translation	(472)
Ending balance	367,680
Oil Additives
Goodwill [Roll Forward]
Beginning balance	119,274
Foreign currency translation	(579)
Ending balance	$ 118,695

Goodwill And Other Intangible_4

Goodwill And Other Intangible Assets - Schedule of Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Goodwill [Line Items]
Net Book Value, definite-lived Intangible Assets	$ 399,001
Definite Lived Intangible Assets [Member]
Goodwill [Line Items]
Gross Value	581,289	$ 581,289
Foreign Currency Translation	(1,120)	1,981
Accumulated Amortization	(181,168)	(142,320)	[1]
Net Book Value, definite-lived Intangible Assets	$ 399,001	$ 440,950
Definite Lived Intangible Assets [Member] | Existing Technology [Member]
Goodwill [Line Items]
Estimated Useful Life (in years)	15 years	15 years
Gross Value	$ 158,730	$ 158,730
Foreign Currency Translation	950	1,747
Accumulated Amortization	(33,793)	(25,903)	[1]
Net Book Value, definite-lived Intangible Assets	$ 125,887	$ 134,574
Definite Lived Intangible Assets [Member] | Customer Lists [Member]
Goodwill [Line Items]
Estimated Useful Life (in years)	10 years	10 years
Gross Value	$ 419,900	$ 419,900
Foreign Currency Translation	(2,078)	96
Accumulated Amortization	(146,432)	(115,688)	[1]
Net Book Value, definite-lived Intangible Assets	$ 271,390	$ 304,308
Definite Lived Intangible Assets [Member] | Patents [Member]
Goodwill [Line Items]
Estimated Useful Life (in years)	7 years	7 years
Gross Value	$ 1,759	$ 1,759
Foreign Currency Translation	21	136
Accumulated Amortization	(699)	(541)	[1]
Net Book Value, definite-lived Intangible Assets	$ 1,081	$ 1,354
Definite Lived Intangible Assets [Member] | Trade Names [Member]
Goodwill [Line Items]
Estimated Useful Life (in years)	10 years	10 years
Gross Value	$ 900	$ 900
Foreign Currency Translation	(13)	2
Accumulated Amortization	(244)	(188)	[1]
Net Book Value, definite-lived Intangible Assets	643	714
Indefinite-lived Intangible Assets [Member]
Goodwill [Line Items]
Gross Value	32,700	32,700
Foreign Currency Translation	(111)	50
Net Book value, Indefinite-lived Intangible Assets	32,589	32,750
Indefinite-lived Intangible Assets [Member] | Trade Names [Member]
Goodwill [Line Items]
Gross Value	32,700	32,700
Foreign Currency Translation	(111)	50
Net Book value, Indefinite-lived Intangible Assets	$ 32,589	$ 32,750
[1]	Amounts include the effect of foreign exchange.

Goodwill And Other Intangible_5

Goodwill And Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense for definite-lived intangible assets	$ 13,276	$ 12,836	$ 39,818	$ 38,264

Goodwill And Other Intangible_6

Goodwill And Other Intangible Assets - Schedule of Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2021USD ($)
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
Remainder of 2021	$ 13,226
2022	52,903
2023	52,903
2024	52,903
2025	52,903
Thereafter	174,163
Net Book Value	$ 399,001

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	$ 74,620	$ 68,996
Accumulated depreciation	(26,124)	(20,761)
Total property, plant and equipment, net	48,496	48,235
Building [Member]
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	6,639	6,768
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	1,154	1,146
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	420	416
Machinery and Equipment [Member]
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	54,296	51,286
Vehicles [Member]
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	4,862	4,311
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Total property, plant and equipment, gross	$ 7,249	$ 5,069

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 1,935	$ 1,756	$ 5,363	$ 5,107

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 18,637	$ 16,966	$ 13,151	$ 11,242
Effective tax rate	26.40%	24.40%	30.70%	26.90%
Unrecognized tax benefits	$ 0		$ 0		$ 0
Accrued Penalties	$ 0		$ 0		$ 0

Other Liabilities - Schedule of

Other Liabilities - Schedule of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Other	$ 1,324	$ 1,335
Total	20,951	21,151
Ladera Tech Inc [Member]
Restructuring Cost and Reserve [Line Items]
Contingent earn out	$ 19,627	$ 19,816

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Advance to vendors	$ 4,877	$ 7,343
Other	3,096	4,063
Total prepaid expenses and other current assets	$ 7,973	$ 11,406

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued bonus	$ 2,498	$ 4,653
Accrued salaries	2,285	2,779
Accrued employee benefits	494	511
Accrued interest	90	79
Accrued purchases	7,039	2,347
Accrued taxes	2,394	2,905
Accrued construction	1,299	1,319
Contingent earnout payable	2,952
Other	2,245	1,452
Total accrued expenses and other current liabilities	$ 21,296	$ 16,045

Revolving Line of Credit and _3

Revolving Line of Credit and Long-term Debt - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Nov. 23, 2018	Mar. 28, 2018
Line Of Credit Facility [Line Items]
Debt instrument maximum borrowing capacity							$ 815,000,000
Line of credit facility excess cash payment			$ 932,000
Line of credit facility initiation date			May 7, 2021
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Debt instrument maximum borrowing capacity	$ 100,000,000		$ 100,000,000
Term loan	100,000,000		100,000,000		$ 100,000,000
Amount outstanding	0		0		0
Available borrowings	100,000,000		$ 100,000,000		100,000,000
Maturity date			Mar. 28, 2023
Unused commitment fee			0.50%
Letters of credit outstanding	0		$ 0		0
Revolving Credit Facility | Standby Letters of Credit
Line Of Credit Facility [Line Items]
Line of Credit	10,000,000		10,000,000
Revolving Credit Facility | Swing Line Sub Facility
Line Of Credit Facility [Line Items]
Line of Credit	10,000,000		10,000,000
Short term borrowings outstanding	0		0		0
First Lien
Line Of Credit Facility [Line Items]
Debt instrument amount	$ 541,482,000		541,482,000		$ 545,693,000
Extension of original term loan			$ 16,000,000
Debt instrument original issue discount percentage					0.30%
Amortization of debt discount					$ 1,000,000
Average effective interest rate	3.14%	3.74%	3.15%	4.49%
Maturity date			Mar. 28, 2025		Mar. 28, 2025
First Lien | Term Loan
Line Of Credit Facility [Line Items]
Debt instrument amount	$ 545,000,000		$ 545,000,000
First Lien | Revolving Credit Facility
Line Of Credit Facility [Line Items]
Interest rate on borrowings outstanding	35.00%		35.00%
First Lien Amendment | Term Loan
Line Of Credit Facility [Line Items]
Debt instrument amount						$ 16,000,000
Second Lien
Line Of Credit Facility [Line Items]
Debt instrument amount	$ 155,000,000		$ 155,000,000		$ 155,000,000
Average effective interest rate	6.95%	7.54%	6.96%	8.29%
Principal payments			$ 0
Annual principal payment					$ 15,000,000
Maturity date			Mar. 28, 2026
Second Lien | Term Loan
Line Of Credit Facility [Line Items]
Debt instrument amount	$ 155,000,000		$ 155,000,000

Revolving Line of Credit and _4

Revolving Line of Credit and Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Less: unamortized debt issuance costs	$ (11,332)	$ (13,422)
Total	685,150	687,271
Less: current maturities	(5,610)	(6,723)
Long-term debt, less current maturities	679,540	680,548
First Lien
Line Of Credit Facility [Line Items]
Debt instrument amount	541,482	545,693
Second Lien
Line Of Credit Facility [Line Items]
Debt instrument amount	155,000	155,000
Revolver
Line Of Credit Facility [Line Items]
Debt instrument amount	$ 0	$ 0

Revolving Line of Credit and _5

Revolving Line of Credit and Long-term Debt - Schedule of Long-term Debt (Parenthetical) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
First Lien
Line Of Credit Facility [Line Items]
Quarterly installments	$ 1,402,500
Final payment	$ 523,250,000
Maturity date	Mar. 28, 2025	Mar. 28, 2025
Second Lien
Line Of Credit Facility [Line Items]
Final payment	$ 155,000,000
Maturity date	Mar. 28, 2026

Revolving Line of Credit and _6

Revolving Line of Credit and Long-term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Sep. 30, 2021USD ($)
Debt Disclosure [Abstract]
Remainder of 2021	$ 1,403
2022	5,610
2023	5,610
2024	5,610
2025	523,250
Thereafter	154,999
Total	$ 696,482

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Rent expense	$ 463	$ 267	$ 2,295	$ 1,836
Cost of Goods Sold
Rent expense	299	150	1,901	1,554
Selling, General and Administrative
Rent expense	165	177	394	282
Supply Agreement
Incurred cost	$ 9,712	$ 1,798	$ 26,859	$ 18,455

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Rental Payments (Details) $ in Thousands	Sep. 30, 2021USD ($)
Operating Lease Liabilities Payments Due [Abstract]
Remainder of 2021	$ 784
2022	2,898
2023	2,603
2024	1,824
2025	1,616
Thereafter	4,106
Total	$ 13,831

Fair Value Measurements - Liabi

Fair Value Measurements - Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent earnout payable	$ 2,952
Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
LaderaTech contingent earnout included in other liabilities, non-current	22,579	$ 19,816
Contingent earnout accrued expenses and other current liabilities	19,627
Contingent earnout payable	2,952
Fair Value, Recurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
LaderaTech contingent earnout included in other liabilities, non-current	22,579	$ 19,816
Contingent earnout accrued expenses and other current liabilities	19,627
Contingent earnout payable	$ 2,952

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - Ladera Tech $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimated fair value of contingent consideration	$ 19,627	$ 19,816
Qualified Product List Listing Value	$ 2,952	$ 2,813
Earn out percentage	0.20
Revenue Threshold	$ 5,000,000
Gross margins and discount rate	9.50%	10.00%
Earn-out estimated fair value	$ 19,627	$ 17,003

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative instruments measured at fair value on a recurring basis (Details) - Fair Value, Recurring - Level 3 - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance, at beginning of period		$ 19,816
Acquired			$ 19,816
QPL milestone		(2,763)
Total losses included in earnings	[1]	$ 22,579	$ 19,816
[1]	There were no material adjustments to the Company’s estimated fair value of contingent consideration as of September 30, 2020 as post-acquisition activity remained in line with the Company’s initial projections for developing the technology and progressing the product’s registration on the QPL.

Segments - Additional Informati

Segments - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021Segments
Segment Reporting Disclosure Of Other Information About Entitys Reportable Segments [Abstract]
Number of operating segments	2

Segments - Schedule of Net Sale

Segments - Schedule of Net Sales and Adjusted EBITDA of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Net sales	$ 195,414	$ 174,259	$ 316,460	$ 283,758
Adjusted EBITDA	100,350	92,231	134,599	120,041
Net income (loss)	52,009	52,630	29,632	30,543
Income tax (benefit) expense	18,637	16,966	13,151	11,242
(Loss) income before income taxes	70,646	69,596	42,783	41,785
Depreciation and amortization expense	15,212	14,592	45,593	43,371
Interest and financing expense	8,065	9,244	23,951	33,494
Restructuring charges	3,855	445	12,805	690
Loss on contingent earnout			2,763
Management fees	313	344	937	969
Deferred future payments	625	625	1,875	2,500
Unrealized foreign currency (gain) loss	1,634	(2,615)	3,892	(2,768)
Adjusted EBITDA	100,350	92,231	134,599	120,041
Operating income (loss)	80,411	75,954	73,137	72,160
Other income (expense)	(9,765)	(6,358)	(30,354)	(30,375)
Net income (loss) before income taxes	70,646	69,596	42,783	41,785
Fire Safety
Segment Reporting Information [Line Items]
Net sales	172,445	151,083	237,256	213,916
Adjusted EBITDA	97,854	86,640	116,680	102,805
Net income (loss)	53,819	51,453	30,402	27,771
Income tax (benefit) expense	20,179	15,486	12,036	9,762
(Loss) income before income taxes	73,998	66,939	42,438	37,533
Depreciation and amortization expense	10,754	10,263	32,283	30,673
Interest and financing expense	7,795	8,363	22,368	30,982
Restructuring charges	3,855	418	12,805	651
Loss on contingent earnout			2,763
Management fees	313	344	937	969
Deferred future payments	625	625	1,875	2,500
Unrealized foreign currency (gain) loss	514	(312)	1,211	(503)
Adjusted EBITDA	97,854	86,640	116,680	102,805
Operating income (loss)	82,413	74,818	68,568	67,711
Other income (expense)	(8,415)	(7,879)	(26,130)	(30,178)
Net income (loss) before income taxes	73,998	66,939	42,438	37,533
Oil Additives
Segment Reporting Information [Line Items]
Net sales	22,969	23,176	79,204	69,842
Adjusted EBITDA	2,496	5,591	17,919	17,236
Net income (loss)	(1,810)	1,177	(770)	2,772
Income tax (benefit) expense	(1,542)	1,480	1,115	1,480
(Loss) income before income taxes	(3,352)	2,657	345	4,252
Depreciation and amortization expense	4,458	4,329	13,310	12,698
Interest and financing expense	270	881	1,583	2,512
Restructuring charges		27		39
Unrealized foreign currency (gain) loss	1,120	(2,303)	2,681	(2,265)
Adjusted EBITDA	2,496	5,591	17,919	17,236
Operating income (loss)	(2,002)	1,136	4,569	4,449
Other income (expense)	(1,350)	1,521	(4,224)	(197)
Net income (loss) before income taxes	$ (3,352)	$ 2,657	$ 345	$ 4,252

Segments - Schedule of Net Sa_2

Segments - Schedule of Net Sales by Geographical Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total net sales	$ 195,414	$ 174,259	$ 316,460	$ 283,758
United States
Segment Reporting Information [Line Items]
Total net sales	154,896	156,692	251,999	246,675
Canada
Segment Reporting Information [Line Items]
Total net sales	18,124	2,879	21,800	5,551
Germany
Segment Reporting Information [Line Items]
Total net sales	5,889	5,427	18,802	13,922
Other Foreign Countries
Segment Reporting Information [Line Items]
Total net sales	$ 16,505	$ 9,261	$ 23,859	$ 17,610

Segments - Schedule of Property

Segments - Schedule of Property Plant and Equipment, Net by Geographical Area (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	$ 48,496	$ 48,235
United States
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	29,761	29,155
Canada
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	3,271	3,403
Germany
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	11,781	13,487
Other Foreign Countries
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	$ 3,683	$ 2,190

Related Parties - Additional In

Related Parties - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Related party transaction, purchases from related party				$ 542		$ 2,505
Rent and related expenses	$ 98		$ 98	294	$ 294
Management Fees and Expenses
Related Party Transaction [Line Items]
Other operating expense		$ 313	937	313	937
Raw Materials
Related Party Transaction [Line Items]
Related party transaction, purchases from related party	133		326	563	1,866
Proceeds from sale of related party	$ 2,836		$ 1,795	$ 6,250	$ 5,490