Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

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GOODWILL AND OTHER INTANGIBLE ASSETS
 3 Months Ended
Jun. 30, 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):
June 30, 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)
 $ 105,315  $ (32,043) $ 73,272  $ 105,298  $ (26,137) $ 79,161 
Tradenames (useful life of 25 years)
 172,213  (19,036) 153,177  171,013  (15,498) 155,515 
Total $ 277,528  $ (51,079) 226,449  $ 276,311  $ (41,635) 234,676 
Other intangible assets not subject to amortization
Product formulations 10,700  10,700 
Total other intangible assets, net 237,149  245,376 
Goodwill 194,595  193,139 
Total goodwill and other intangible assets $ 431,744  $ 438,515 
At June 30, 2023 and December 31, 2022, goodwill at Branded CPG was $191.0 million and $189.5 million, respectively. At June 30, 2023 and December 31, 2022, goodwill at Flavors & Ingredients was $3.6 million and $3.7 million, respectively. The change in the goodwill balances is due to fluctuations in foreign exchange rates.
The amortization expense for intangible assets was $4.7 million and $9.3 million for the three and six months ended June 30, 2023, respectively, and $4.7 million and $9.4 million for the three and six months ended June 30, 2022, respectively.
Amortization expense relating to amortizable intangible assets as of June 30, 2023 for the next five years is expected to be as follows (in thousands):
Remainder of 2023 $ 9,350 
2024 18,700 
2025 18,457 
2026 18,228 
2027 17,007 
2028 15,012