| 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, 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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$ |
105,315 |
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$ |
(32,043) |
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$ |
73,272 |
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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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172,213 |
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(19,036) |
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153,177 |
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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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$ |
277,528 |
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$ |
(51,079) |
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226,449 |
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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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237,149 |
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245,376 |
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| Goodwill |
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194,595 |
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193,139 |
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| Total goodwill and other intangible assets |
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$ |
431,744 |
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$ |
438,515 |
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| Schedule of Amortization Expense |
Amortization expense relating to amortizable intangible assets as of June 30, 2023 for the next five years is expected to be as follows (in thousands):
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| Remainder of 2023 |
$ |
9,350 |
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| 2024 |
18,700 |
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| 2025 |
18,457 |
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| 2026 |
18,228 |
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| 2027 |
17,007 |
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| 2028 |
15,012 |
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