Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

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GOODWILL AND OTHER INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS
NOTE 4: GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and other intangible assets consisted of the following (in thousands):
March 31, 2024
December 31, 2023
Gross
Amount		 Accumulated
Amortization		 Net
Amount		 Gross
Amount		 Accumulated
Amortization		 Net
Amount
Other intangible assets subject to amortization
Customer relationships (useful life of 5 to 10 years)
 $ 105,356  $ (40,923) $ 64,433  $ 105,616  $ (38,074) $ 67,542 
Tradenames (useful life of 25 years)
 171,829  (24,141) 147,688  174,495  (22,801) 151,694 
Total $ 277,185  $ (65,064) 212,121  $ 280,111  $ (60,875) 219,236 
Other intangible assets not subject to amortization
Product formulations 10,700  10,700 
Total other intangible assets, net 222,821  229,936 
Goodwill 186,479  193,610 
Total goodwill and other intangible assets $ 409,300  $ 423,546 
At March 31, 2024 and December 31, 2023, goodwill at Branded CPG was $182.8 million and $190.0 million, respectively. At March 31, 2024 and December 31, 2023, goodwill at Flavors & Ingredients was $3.6 million and $3.7 million, respectively. The change in the goodwill balances is due to fluctuations in foreign exchange rates.
The amortization expense for intangible assets was $4.7 million for both the three months ended March 31, 2024 and 2023.
Amortization expense relating to amortizable intangible assets as of March 31, 2024 for the next five years is expected to be as follows (in thousands):
Remainder of 2024 $ 14,051 
2025 18,488 
2026 18,256 
2027 17,044 
2028 15,056 
2029 14,260