Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Note 8—Goodwill and Other Intangible Assets

Goodwill

During the six months ended June 30, 2022, the Company’s goodwill increased $0.7 million due to a measurement period adjustment pertaining to the prior year acquisition of a regional dining operator. As of June 30, 2022, the Company has finalized its acquisition accounting for this transaction.

Intangible Assets

The Company’s other intangible assets consist of customer relationships, trade names, patents, and non-compete agreements which were obtained through acquisitions and are recorded at their fair values at the date of acquisition. Intangible assets with determinable lives are amortized on a straight-line basis over their estimated useful lives. The weighted-average amortization period of customer relationships, trade names, patents, and non-compete agreements are approximately 10 years, 13 years, 8 years, and 4 years, respectively.

The following table sets forth the estimated amortization expense for intangibles subject to amortization for the remainder of 2022, the following five fiscal years and thereafter:


Period/Year	Total Amortization Expense
	(in thousands)
July 1 to December 31, 2022	$	2,426
2023	$	3,819
2024	$	2,685
2025	$	2,685
2026	$	2,666
2027	$	1,196
Thereafter	$	2,894

Amortization expense for the three months ended June 30, 2022 and 2021 was $1.2 million and $1.1 million, respectively. Amortization expense for the six months ended June 30, 2022 and 2021 was $2.4 million and $2.1 million, respectively.