| Schedule of Components of Goodwill and Other Intangible Assets |
Goodwill and other intangible assets consisted of the following (in thousands):
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June 30, 2022 |
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December 31, 2021 |
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Gross
Amount |
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Accumulated
Amortization |
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Net
Amount |
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Gross
Amount |
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Accumulated
Amortization |
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Net
Amount |
| Other intangible assets subject to amortization |
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Customer relationships (useful life of 5 to 10 years) |
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$ |
105,265 |
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$ |
(20,232) |
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|
$ |
85,033 |
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$ |
106,013 |
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$ |
(14,478) |
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$ |
91,535 |
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Tradenames (useful life of 25 years) |
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169,727 |
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(11,976) |
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157,751 |
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173,522 |
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(8,818) |
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164,704 |
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| Total |
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$ |
274,992 |
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$ |
(32,208) |
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242,784 |
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$ |
279,535 |
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$ |
(23,296) |
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256,239 |
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| Other intangible assets not subject to amortization |
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| Product formulations |
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10,700 |
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10,700 |
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| Total other intangible assets, net |
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253,484 |
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266,939 |
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| Goodwill |
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237,238 |
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242,661 |
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| Total goodwill and other intangible assets |
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$ |
490,722 |
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$ |
509,600 |
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| Schedule of Amortization Expense |
Amortization expense relating to amortizable intangible assets as of June 30, 2022 for the next five years is expected to be as follows (in thousands):
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| Remainder of 2022 |
$ |
9,361 |
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| 2023 |
18,721 |
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| 2024 |
18,721 |
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| 2025 |
18,488 |
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| 2026 |
18,267 |
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| 2027 |
17,040 |
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