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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets were comprised of the following:
| December 31, 2024
| Estimated Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Brand name | 25 years |  | $ | 952,000 |  |  | $ | (189,556) |  |  | $ | 762,444 |
Product formulations | 15 years |  | 136,500 |  |  | (45,182) |  |  | 91,318 |
Customer relationships | 20 years |  | 53,000 |  |  | (13,191) |  |  | 39,809 |
Software | 3-15 years |  | 10,264 |  |  | (4,286) |  |  | 5,978 |
Total finite-lived intangibles |  |  | 1,151,764 |  |  | (252,215) |  |  | 899,549 |
Goodwill | Indefinite |  | 168,300 |  |  | — |  |  | 168,300 |
Total goodwill and other intangibles |  |  | $ | 1,320,064 |  |  | $ | (252,215) |  |  | $ | 1,067,849 |
| December 31, 2023
| Estimated Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Brand name | 25 years |  | $ | 952,000 |  |  | $ | (151,475) |  |  | $ | 800,525 |
Product formulations | 15 years |  | 136,500 |  |  | (36,082) |  |  | 100,418 |
Customer relationships | 20 years |  | 53,000 |  |  | (10,541) |  |  | 42,459 |
Software | 3 years |  | 5,660 |  |  | (1,348) |  |  | 4,312 |
Total finite-lived intangibles |  |  | 1,147,160 |  |  | (199,446) |  |  | 947,714 |
Goodwill | Indefinite |  | 168,300 |  |  | — |  |  | 168,300 |
Total goodwill and other intangibles |  |  | $ | 1,315,460 |  |  | $ | (199,446) |  |  | $ | 1,116,014 |
The amortization of the Company’s brand name, customer relationships and software is recorded to Amortization of other intangible assets in the Consolidated Statements of Operations and Comprehensive Income. A portion of Amortization of patented formulations is capitalized to Inventory in the Consolidated Balance Sheets, and the remainder is recorded to Amortization of patented formulations in the Consolidated Statements of Operations and Comprehensive Income. Amortization of the Company’s definite-lived intangible assets for the years ended December 31, 2024, 2023 and 2022 was as follows:
|  |  | For the Year Ended
|  |  |  |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Amortization of patented formulations |  |  |  |  | $ | 9,342 |  |  | $ | 8,345 |  |  | $ | 7,500 |
Amortization expense, brand name and customer relationships |  |  |  |  | $ | 40,731 |  |  | $ | 40,730 |  |  | $ | 40,730 |
Amortization expense, software |  |  |  |  | 2,938 |  |  | 738 |  |  | 552 |
Amortization of other intangible assets |  |  |  |  | $ | 43,669 |  |  | $ | 41,468 |  |  | $ | 41,282 |
Amortization of patented formulations capitalized to inventory |  |  |  |  | $ | (242) |  |  | $ | 739 |  |  | $ | 1,566 |
The estimated future amortization expense related to the finite-lived intangible assets as of December 31, 2024 was as follows:
Year ending December 31, |  |
2025 |  | $ | 52,700 |
2026 |  | 51,535 |
2027 |  | 50,564 |
2028 |  | 49,890 |
2029 |  | 49,890 |
Thereafter |  | 644,970 |
Total |  | $ | 899,549 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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