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, 2025		December 31, 2024
Distribution agreements at cost	$	990,191	$	990,191
Less: Accumulated amortization	222,831		197,939
Distribution agreements, net	$	767,360	$	792,252

Assuming no impairment of distribution agreements, net, amortization expense in future years based upon recorded amounts as of December 31, 2025 will be $24.8 million, on average, for each fiscal year 2026 through 2030.

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, 2025		December 31, 2024
Customer lists at cost	$	25,288	$	25,288
Less: Accumulated amortization	21,031		19,410
Customer lists, net	$	4,257	$	5,878

Assuming no impairment of customer lists, net, amortization expense in future years based upon recorded amounts as of December 31, 2025 will be as follows for each fiscal year 2026 through 2030:


(in thousands)	Amortization expense
2026	$	1,578
2027	1,293
2028	1,002
2029	384
2030	—