| Schedule of Components of Goodwill and Other Intangible Assets |
Goodwill and other intangible assets consisted of the following (in thousands):
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December 31, 2021 |
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December 31, 2020 |
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Gross |
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Accumulated
Amortization
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Net |
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Gross |
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Accumulated
Amortization
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Net |
| Other intangible assets subject to amortization |
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Customer relationships (useful life of 5 to 10 years) |
$ |
106,013 |
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$ |
(14,478) |
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$ |
91,535 |
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$ |
50,877 |
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$ |
(3,020) |
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$ |
47,857 |
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Tradenames (useful life of 25 years) |
173,522 |
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(8,818) |
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164,704 |
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128,155 |
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(2,185) |
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125,970 |
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| Total |
$ |
279,535 |
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$ |
(23,296) |
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$ |
256,239 |
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$ |
179,032 |
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$ |
(5,205) |
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$ |
173,827 |
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| Other intangible assets not subject to amortization |
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| Product formulations |
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10,700 |
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10,700 |
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| Total other intangible assets, net |
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266,939 |
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184,527 |
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| Goodwill |
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242,661 |
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153,537 |
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| Total goodwill and other intangible assets |
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$ |
509,600 |
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$ |
338,064 |
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| Schedule of Amortization Expense |
Amortization expense relating to amortizable intangible assets as of December 31, 2021 for the next five years is expected to be as follows (in thousands):
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| 2022 |
$ |
18,717 |
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| 2023 |
18,717 |
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| 2024 |
18,717 |
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| 2025 |
18,483 |
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| 2026 |
18,263 |
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| Schedule of Changes in Carrying Amounts of Goodwill |
The changes in the carrying amounts of goodwill during the years ended December 31, 2021 and December 31, 2020 were as follows (in thousands):
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Branded CPG |
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Flavors & Ingredients |
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Total |
| Balance at December 31, 2019 (Predecessor) |
$ |
88,849 |
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$ |
42,021 |
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$ |
130,870 |
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| Impairment |
(11,100) |
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(6,600) |
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(17,700) |
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| Balance at June 25, 2020 (Predecessor) |
$ |
77,749 |
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$ |
35,421 |
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$ |
113,170 |
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| Purchase accounting adjustments |
40,779 |
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(31,747) |
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9,032 |
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| Balance at June 26, 2020 (Successor) |
$ |
118,528 |
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$ |
3,674 |
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$ |
122,202 |
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| Acquisition of Swerve |
36,003 |
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— |
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36,003 |
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| Currency translation adjustment |
(4,208) |
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(460) |
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(4,668) |
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| Balance at December 31, 2020 (Successor) |
$ |
150,323 |
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$ |
3,214 |
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$ |
153,537 |
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| Purchase accounting adjustments |
2,301 |
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— |
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2,301 |
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| Acquisition of Wholesome |
80,763 |
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— |
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80,763 |
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| Currency translation adjustment |
5,470 |
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|
590 |
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|
6,060 |
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| Balance at December 31, 2021 (Successor) |
$ |
238,857 |
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$ |
3,804 |
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$ |
242,661 |
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