Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

v3.22.4
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Components of Goodwill and Other Intangible Assets
Goodwill and other intangible assets consisted of the following (in thousands):
December 31, 2022 December 31, 2021
Gross
Accumulated
Amortization
Net Gross
Accumulated
Amortization
Net
Other intangible assets subject to amortization
Customer relationships (useful life of 5 to 10 years)
$ 105,298  $ (26,137) $ 79,161  $ 106,013  $ (14,478) $ 91,535 
Tradenames (useful life of 25 years)
171,013  (15,498) 155,515  173,522  (8,818) 164,704 
Total $ 276,311  $ (41,635) $ 234,676  $ 279,535  $ (23,296) $ 256,239 
Other intangible assets not subject to amortization
Product formulations 10,700  10,700 
Total other intangible assets, net 245,376  266,939 
Goodwill 193,139  242,661 
Total goodwill and other intangible assets $ 438,515  $ 509,600 
Schedule of Amortization Expense
Amortization expense relating to amortizable intangible assets as of December 31, 2022 for the next five years is expected to be as follows (in thousands):
2023 $ 18,612 
2024 18,612 
2025 18,373 
2026 18,147 
2027 16,924 
Schedule of Changes in Carrying Amounts of Goodwill
The changes in the carrying amounts of goodwill during the years ended December 31, 2022 and December 31, 2021 were as follows (in thousands):
Branded CPG Flavors & Ingredients Total
Balance at December 31, 2020 $ 150,323  $ 3,214  $ 153,537 
Purchase accounting adjustments 2,301  —  2,301 
Acquisition of Wholesome 80,763  —  80,763 
Currency translation adjustment 5,470  590  6,060 
Balance at December 31, 2021 $ 238,857  $ 3,804  $ 242,661 
Impairment (46,500) —  (46,500)
Currency translation adjustment (2,870) (152) (3,022)
Balance at December 31, 2022 $ 189,487  $ 3,652  $ 193,139