| 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, 2024 |
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December 31, 2023 |
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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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$ |
105,356 |
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$ |
(40,923) |
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$ |
64,433 |
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$ |
105,616 |
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$ |
(38,074) |
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$ |
67,542 |
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Tradenames (useful life of 25 years) |
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171,829 |
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(24,141) |
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147,688 |
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174,495 |
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(22,801) |
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151,694 |
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| Total |
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$ |
277,185 |
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$ |
(65,064) |
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212,121 |
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$ |
280,111 |
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$ |
(60,875) |
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219,236 |
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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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222,821 |
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229,936 |
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| Goodwill |
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186,479 |
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193,610 |
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| Total goodwill and other intangible assets |
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$ |
409,300 |
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$ |
423,546 |
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| Schedule of Amortization Expense |
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):
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| Remainder of 2024 |
$ |
14,051 |
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| 2025 |
18,488 |
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| 2026 |
18,256 |
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| 2027 |
17,044 |
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| 2028 |
15,056 |
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| 2029 |
14,260 |
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