Distribution agreements, net, which are amortized on a straight-line basis and have estimated useful lives of 20 to 40 years, consisted of the following:


(in thousands)	December 31, 2024		December 31, 2023
Distribution agreements at cost	$	990,191	$	990,191
Less: Accumulated amortization	197,939		173,048
Distribution agreements, net	$	792,252	$	817,143

Assuming no impairment of distribution agreements, net, amortization expense in future years based upon recorded amounts as of December 31, 2024 will be $24.9 million for each fiscal year 2025 through 2029.

Customer lists, net, which are amortized on a straight-line basis and have estimated useful lives of five to 12 years, consisted of the following:


(in thousands)	December 31, 2024		December 31, 2023
Customer lists at cost	$	25,288	$	25,288
Less: Accumulated amortization	19,410		17,789
Customer lists, net	$	5,878	$	7,499

Assuming no impairment of customer lists, net, amortization expense in future years based upon recorded amounts as of December 31, 2024 will be as follows for each fiscal year 2025 through 2029:


(in thousands)	Amortization expense
2025	$	1,621
2026	1,578
2027	1,293
2028	1,002
2029	384