GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2022

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):

	September 30, 2022						December 31, 2021
	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)	$	104,656	$	(23,000)	$	81,656	$	106,013	$	(14,478)	$	91,535
Tradenames (useful life of 25 years)	166,869		(13,416)		153,453		173,522		(8,818)		164,704
Total	$	271,525	$	(36,416)	235,109		$	279,535	$	(23,296)	256,239
Other intangible assets not subject to amortization
Product formulations					10,700						10,700
Total other intangible assets, net					245,809						266,939
Goodwill					233,578						242,661
Total goodwill and other intangible assets					$	479,387					$	509,600

At September 30, 2022 and December 31, 2021, goodwill at Branded CPG was $230.0 million and $238.9 million, respectively. Goodwill at Flavors & Ingredients was $3.6 million and $3.8 million at September 30, 2022 and December 31, 2021, respectively.

The amortization expense for intangible assets was $4.6 million and $14.0 million for the three and nine months ended September 30, 2022, respectively, and $4.7 million and $13.5 million for the three and nine months ended September 30, 2021, respectively.

Amortization expense relating to amortizable intangible assets as of September 30, 2022 for the next five years is expected to be as follows (in thousands):

Remainder of 2022	$	4,680
2023	18,721
2024	18,721
2025	18,488
2026	18,267
2027	17,040