INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net comprised the following:


	September 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	$	9,329	$	(8,590)	$	739	$	9,325	$	(8,357)	$	968
Customer relationships	99,805		(37,393)		62,412		99,805		(31,883)		67,922
Technology, formulations and recipes	110,381		(31,074)		79,307		114,181		(25,124)		89,057
Trade names and trademarks	131,493		(21,759)		109,734		131,493		(16,740)		114,753
Other	4,782		(4,517)		265		4,802		(4,422)		380
Total finite-lived intangible assets, net	355,790		(103,333)		252,457		359,606		(86,526)		273,080
Indefinite-lived intangible asset:
Trade name	2,801		—		2,801		2,801		—		2,801
Total Intangible assets, net	$	358,591	$	(103,333)	$	255,258	$	362,407	$	(86,526)	$	275,881

Amortization expense related to intangible assets was $5,942 and $18,062 for the three and nine months ended September 30, 2024, respectively. Amortization expense related to intangible assets was $6,180 and $18,272 for the three and nine months ended September 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 September 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	9 years
Technology, formulations and recipes	8 to 12 years	9 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 September 30, 2024, is summarized below:


	Estimated Future Amortization Expense
For the period of October 1, 2024 to December 31, 2024	$	5,971
Year ending December 31,
2025	23,859
2026	23,576
2027	23,432
2028	22,710
2029 and thereafter	152,909
Total	$	252,457