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GOODWILL AND INTANGIBLE ASSETS (Tables)
9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
Goodwill and intangible assets as of September 30, 2024 and December 31, 2023 were comprised of the following:
September 30, 2024
Estimated
Useful Life
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Brand name25 years$952,000 $(180,034)$771,966 
Product formulations15 years136,500 (42,906)93,594 
Customer relationships20 years53,000 (12,530)40,470 
Software
3-15 years
9,054 (3,607)5,447 
Total finite-lived intangibles
1,150,554 (239,077)911,477 
GoodwillIndefinite168,300 — 168,300 
Total goodwill and other intangibles
$1,318,854 $(239,077)$1,079,777 
December 31, 2023
Estimated
Useful Life
Gross Carrying Amount
Accumulated
Amortization
Net Carrying
Amount
Brand name25 years$952,000 $(151,475)$800,525 
Product formulations15 years136,500 (36,082)100,418 
Customer relationships20 years53,000 (10,541)42,459 
Software3 years5,660 (1,348)4,312 
Total finite-lived intangibles
1,147,160 (199,446)947,714 
GoodwillIndefinite168,300 — 168,300 
Total goodwill and other intangibles
$1,315,460 $(199,446)$1,116,014 
Schedule of Finite-Lived Intangible Assets Amortization Expense
Amortization of the Company’s definite-lived intangible assets for the three and nine months ended September 30, 2024 and 2023 was as follows:

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Amortization of patented formulations$2,565 $2,592 $7,054 $6,298 
Amortization expense, brand name and customer relationships$10,183 $10,179 $30,548 $30,547 
Amortization expense, software599 199 2,259 478
Amortization of other intangible assets
$10,782 $10,378 $32,807 $31,025 
Amortization of patented formulations capitalized to inventory$(291)$(315)$(230)$513