| Schedule of Components of Goodwill and Other Intangible Assets |
Goodwill and other intangible assets consisted of the following (in thousands):
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March 31, 2023 |
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December 31, 2022 |
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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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$ |
105,497 |
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$ |
(29,164) |
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$ |
76,333 |
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$ |
105,298 |
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$ |
(26,137) |
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$ |
79,161 |
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Tradenames (useful life of 25 years) |
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172,204 |
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(17,314) |
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154,890 |
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171,013 |
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(15,498) |
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155,515 |
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| Total |
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$ |
277,701 |
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$ |
(46,478) |
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231,223 |
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$ |
276,311 |
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$ |
(41,635) |
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234,676 |
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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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241,923 |
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245,376 |
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| Goodwill |
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194,521 |
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193,139 |
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| Total goodwill and other intangible assets |
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$ |
436,444 |
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$ |
438,515 |
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| Schedule of Amortization Expense |
Amortization expense relating to amortizable intangible assets as of March 31, 2023 for the next five years is expected to be as follows (in thousands):
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| Remainder of 2023 |
$ |
14,000 |
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| 2024 |
18,667 |
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| 2025 |
18,425 |
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| 2026 |
18,196 |
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| 2027 |
16,974 |
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| 2028 |
14,976 |
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