GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Successor) |
|
|
(Predecessor) |
|
December 31, 2020 |
|
|
December 31, 2019 |
|
Gross |
|
Accumulated
Amortization
|
|
Net |
|
|
Gross |
|
Accumulated
Amortization
|
|
Net |
Other intangible assets subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships (useful life of 5 to 10 years) |
$ |
50,877 |
|
|
$ |
(3,020) |
|
|
$ |
47,857 |
|
|
|
$ |
105,000 |
|
|
$ |
(38,731) |
|
|
$ |
66,269 |
|
Tradenames (useful life of 25 years) |
128,155 |
|
|
(2,185) |
|
|
125,970 |
|
|
|
95,055 |
|
|
(19,939) |
|
|
75,116 |
|
Total |
$ |
179,032 |
|
|
$ |
(5,205) |
|
|
$ |
173,827 |
|
|
|
$ |
200,055 |
|
|
$ |
(58,670) |
|
|
$ |
141,385 |
|
Other intangible assets not subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
Product formulations |
|
|
|
|
10,700 |
|
|
|
|
|
|
|
109,858 |
|
Total other intangible assets, net |
|
|
|
|
184,527 |
|
|
|
|
|
|
|
251,243 |
|
Goodwill |
|
|
|
|
153,537 |
|
|
|
|
|
|
|
130,870 |
|
Total goodwill and other intangible assets |
|
|
|
|
$ |
338,064 |
|
|
|
|
|
|
|
$ |
382,113 |
|
|
Schedule of Amortization Expense |
Amortization expense relating to amortizable intangible assets as of December 31, 2020 for the next five years is expected to be as follows (in thousands):
|
|
|
|
|
|
2021 |
$ |
11,195 |
|
2022 |
11,195 |
|
2023 |
11,195 |
|
2024 |
11,195 |
|
2025 |
10,961 |
|
|
Schedule of Changes in Carrying Amounts of Goodwill |
The changes in the carrying amounts of goodwill during the years ended December 31, 2020 and December 31, 2019 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branded CPG |
|
Flavors & Ingredients |
|
Total |
Balance as of December 31, 2019 and 2018 (Predecessor) |
$ |
88,849 |
|
|
$ |
42,021 |
|
|
$ |
130,870 |
|
Impairment |
(11,100) |
|
|
(6,600) |
|
|
(17,700) |
|
Balance at June 25, 2020 (Predecessor) |
$ |
77,749 |
|
|
$ |
35,421 |
|
|
$ |
113,170 |
|
Purchase accounting adjustments |
40,779 |
|
|
(31,747) |
|
|
9,032 |
|
Balance at June 26, 2020 (Successor) |
$ |
118,528 |
|
|
$ |
3,674 |
|
|
$ |
122,202 |
|
Acquisition of Swerve |
36,003 |
|
|
— |
|
|
36,003 |
|
Currency translation adjustment |
(4,208) |
|
|
(460) |
|
|
(4,668) |
|
Balance at December 31, 2020 (Successor) |
$ |
150,323 |
|
|
$ |
3,214 |
|
|
$ |
153,537 |
|
|