Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

v3.20.4
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