Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.22.2.2
GOODWILL AND OTHER INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS
NOTE 4: GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and other intangible assets consisted of the following (in thousands):
September 30, 2022
December 31, 2021
Gross
Amount		 Accumulated
Amortization		 Net
Amount		 Gross
Amount		 Accumulated
Amortization		 Net
Amount
Other intangible assets subject to amortization
Customer relationships (useful life of 5 to 10 years)
 $ 104,656  $ (23,000) $ 81,656  $ 106,013  $ (14,478) $ 91,535 
Tradenames (useful life of 25 years)
 166,869  (13,416) 153,453  173,522  (8,818) 164,704 
Total $ 271,525  $ (36,416) 235,109  $ 279,535  $ (23,296) 256,239 
Other intangible assets not subject to amortization
Product formulations 10,700  10,700 
Total other intangible assets, net 245,809  266,939 
Goodwill 233,578  242,661 
Total goodwill and other intangible assets $ 479,387  $ 509,600 
At September 30, 2022 and December 31, 2021, goodwill at Branded CPG was $230.0 million and $238.9 million, respectively. Goodwill at Flavors & Ingredients was $3.6 million and $3.8 million at September 30, 2022 and December 31, 2021, respectively.
The amortization expense for intangible assets was $4.6 million and $14.0 million for the three and nine months ended September 30, 2022, respectively, and $4.7 million and $13.5 million for the three and nine months ended September 30, 2021, respectively.
Amortization expense relating to amortizable intangible assets as of September 30, 2022 for the next five years is expected to be as follows (in thousands):
Remainder of 2022 $ 4,680 
2023 18,721 
2024 18,721 
2025 18,488 
2026 18,267 
2027 17,040