INTANGIBLE ASSETS, NET |
INTANGIBLE ASSETS, NET Intangible assets, net comprised the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | Gross Carrying Amount | | Accumulated Amortization | | Net Book Value | | Gross Carrying Amount | | Accumulated Amortization | | Net Book Value | Finite-lived intangible assets: | | | | | | | | | | | | Computer software | $ | 8,995 | | | $ | (8,688) | | | $ | 307 | | | $ | 8,982 | | | $ | (8,625) | | | $ | 357 | | Customer relationships | 99,806 | | | (41,066) | | | 58,740 | | | 99,806 | | | (39,230) | | | 60,576 | | Technology, formulations and recipes | 110,381 | | | (35,727) | | | 74,654 | | | 110,381 | | | (33,401) | | | 76,980 | | Trade names and trademarks | 131,492 | | | (25,106) | | | 106,386 | | | 131,492 | | | (23,432) | | | 108,060 | | Other | 4,717 | | | (4,526) | | | 191 | | | 4,716 | | | (4,488) | | | 228 | | Total finite-lived intangible assets, net | 355,391 | | | (115,113) | | | 240,278 | | | 355,377 | | | (109,176) | | | 246,201 | | Indefinite-lived intangible asset: | | | | | | | | | | | | Trade name | 2,801 | | | — | | | 2,801 | | | 2,801 | | | — | | | 2,801 | | Total Intangible assets, net | $ | 358,192 | | | $ | (115,113) | | | $ | 243,079 | | | $ | 358,178 | | | $ | (109,176) | | | $ | 249,002 | |
Amortization expense related to intangible assets was $5,933 and $6,084 for the three months ended March 31, 2025 and 2024, respectively. The following are the estimated useful lives and the weighted-average amortization period remaining as of March 31, 2025, for the major classes of finite-lived intangible assets: | | | | | | | | | | | | | Useful lives | | Weighted-average amortization period remaining | Computer software | 3 to 5 years | | 1 year | Customer relationships | 7 to 18 years | | 9 years | Technology, formulations and recipes | 8 to 12 years | | 8 years | Trade names and trademarks | 15 to 20 years | | 16 years |
The estimated aggregate future amortization expense for intangible assets subject to amortization as of March 31, 2025, is summarized below: | | | | | | | Estimated Future Amortization Expense | For the period of April 1, 2025 to December 31, 2025 | $ | 17,801 | | Year ending December 31, | | 2026 | 23,532 | | 2027 | 23,359 | | 2028 | 22,713 | | 2029 | 21,582 | | 2030 | 21,394 | | Thereafter | 109,897 | | Total | $ | 240,278 | |
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