Intangible Assets And Goodwill

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

5. INTANGIBLE ASSETS AND GOODWILL

(a) Intangible Assets

Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.

At June 30, 2022 and December 31, 2021, intangible assets consisted of the following:


		June 30, 2022									December 31, 2021
		Gross Carrying Amount			Accumulated Amortization			Net Book Value			Gross Carrying Amount			Accumulated Amortization			Net Book Value
		(in thousands)									(in thousands)
Licenses and Permits	$		670,043	$		92,015	$		578,028	$		655,900	$		69,812	$		586,088
Trademarks			98,936			30,938			67,998			98,936			25,096			73,840
Customer Relationships			24,438			11,690			12,748			24,438			9,944			14,494
Non-Competition Agreements			2,565			1,744			821			2,565			1,496			1,069
Total Intangible Assets	$		795,982	$		136,387	$		659,595	$		781,839	$		106,348	$		675,491

The Company recorded amortization expense for the three and six months ended June 30, 2022 of $15,097 thousand and $30,039 thousand, respectively. The Company recorded amortization for the three and six months ended June 30, 2021 of $9,819 thousand and $20,046 thousand, respectively.

The following table outlines the estimated annual amortization expense related to intangible assets as of June 30, 2022:


		Estimated Amortization
Year Ending December 31,		(in thousands)
Remainder of 2022	$	30,194
2023		60,388
2024		59,807
2025		59,709
2026		51,697
2027 and Thereafter		397,800
	$	659,595

As of June 30, 2022, the weighted average amortization period remaining for intangible assets was 12.33 years.

(b) Goodwill

At June 30, 2022 and December 31, 2021 the balances of goodwill, by segment, consisted of the following:


		Retail		Consumer Package Goods		Total
		(in thousands)
As of December 31, 2021	$	274,811	$	358,038	$	632,849
Acquisition of ILDISP, LLC		7,718		—		7,718
Adjustments to Preliminary Purchase Price Allocations		909		242		1,151
As of June 30, 2022	$	283,438	$	358,280	$	641,718