Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.23.1
GOODWILL AND OTHER INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2023
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):
March 31, 2023
December 31, 2022
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)
 $ 105,497  $ (29,164) $ 76,333  $ 105,298  $ (26,137) $ 79,161 
Tradenames (useful life of 25 years)
 172,204  (17,314) 154,890  171,013  (15,498) 155,515 
Total $ 277,701  $ (46,478) 231,223  $ 276,311  $ (41,635) 234,676 
Other intangible assets not subject to amortization
Product formulations 10,700  10,700 
Total other intangible assets, net 241,923  245,376 
Goodwill 194,521  193,139 
Total goodwill and other intangible assets $ 436,444  $ 438,515 
At March 31, 2023 and December 31, 2022, goodwill at Branded CPG was $190.8 million and $189.5 million, respectively. Goodwill at Flavors & Ingredients was $3.7 million at both March 31, 2023 and December 31, 2022.
The amortization expense for intangible assets was $4.7 million for both the three months ended March 31, 2023 and 2022.
Amortization expense relating to amortizable intangible assets as of March 31, 2023 for the next five years is expected to be as follows (in thousands):
Remainder of 2023 $ 14,000 
2024 18,667 
2025 18,425 
2026 18,196 
2027 16,974 
2028 14,976