Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023 December 31, 2022
Gross
Accumulated
Amortization
 Net Gross
Accumulated
Amortization
 Net
Other intangible assets subject to amortization
Customer relationships (useful life of 5 to 10 years)
 $ 105,616  $ (38,074) $ 67,542  $ 105,298  $ (26,137) $ 79,161 
Tradenames (useful life of 25 years)
 174,495  (22,801) 151,694  171,013  (15,498) 155,515 
Total $ 280,111  $ (60,875) $ 219,236  $ 276,311  $ (41,635) $ 234,676 
Other intangible assets not subject to amortization
Product formulations 10,700  10,700 
Total other intangible assets, net 229,936  245,376 
Goodwill 193,610  193,139 
Total goodwill and other intangible assets $ 423,546  $ 438,515 
Schedule of Amortization Expense
Amortization expense relating to amortizable intangible assets as of December 31, 2023 for the next five years is expected to be as follows (in thousands):
2024 $ 18,704 
2025 18,460 
2026 18,229 
2027 17,015 
2028 15,024 
Schedule of Changes in Carrying Amounts of Goodwill
The changes in the carrying amounts of goodwill during the years ended December 31, 2023 and December 31, 2022 were as follows (in thousands):
Branded CPG Flavors & Ingredients Total
Balance at December 31, 2021 $ 238,857  $ 3,804  $ 242,661 
Currency translation adjustment (2,870) (152) (3,022)
Gross balance at December 31, 2022 $ 235,987  $ 3,652  $ 239,639 
Accumulated impairment loss at December 31, 2022
 (46,500) —  (46,500)
Balance at December 31, 2022 $ 189,487  $ 3,652  $ 193,139 
Impairment (7,230) —  (7,230)
Currency translation adjustment 7,695  6  7,701 
Balance at December 31, 2023 $ 189,952  $ 3,658  $ 193,610