INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net comprised the following:


	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Finite-lived intangible assets:
Computer software	$	9,325	$	(8,518)	$	807	$	9,325	$	(8,357)	$	968
Customer relationships	99,805		(35,557)		64,248		99,805		(31,883)		67,922
Technology, formulations and recipes	110,381		(28,749)		81,632		114,181		(25,124)		89,057
Trade names and trademarks	131,493		(20,086)		111,407		131,493		(16,740)		114,753
Other	4,769		(4,463)		306		4,802		(4,422)		380
Total finite-lived intangible assets, net	355,773		(97,373)		258,400		359,606		(86,526)		273,080
Indefinite-lived intangible asset:
Trade name	2,801		—		2,801		2,801		—		2,801
Total Intangible assets, net	$	358,574	$	(97,373)	$	261,201	$	362,407	$	(86,526)	$	275,881

Amortization expense related to intangible assets was $6,036 and $12,120 for the three and six months ended June 30, 2024, respectively. Amortization expense related to intangible assets was $6,047 and $12,092 for the three and six months ended June 30, 2023, respectively.

In conjunction with the Asset Sale, the Company disposed of technology intangible assets with a net book value of $2,573. Refer to Note 3 – Restructuring and Asset Dispositions for further details.

The following are the estimated useful lives and the weighted-average amortization period remaining as of June 30, 2024, for the major classes of finite-lived intangible assets:


	Useful lives	Weighted-average amortization period remaining
Computer software	3 to 5 years	2 years
Customer relationships	7 to 18 years	10 years
Technology, formulations and recipes	8 to 12 years	9 years
Trade names and trademarks	15 to 20 years	17 years

The estimated aggregate future amortization expense for intangible assets subject to amortization as of June 30, 2024, is summarized below:


	Estimated Future Amortization Expense
For the period of July 1, 2024 to December 31, 2024	$	11,941
Year ending December 31,
2025	23,859
2026	23,591
2027	23,403
2028	22,710
2029 and thereafter	152,896
Total	$	258,400