Intangible Assets And Goodwill

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

4. 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 September 30, 2023 and December 31, 2022, intangible assets consisted of the following:


		September 30, 2023						December 31, 2022
		Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
		(in thousands)						(in thousands)
Licenses and Permits	$	660,716	$	146,739	$	513,977	$	660,716	$	113,800	$	546,916
Trademarks		41,511		12,655		28,856		41,511		10,486		31,025
Customer Relationships		24,438		16,054		8,384		24,438		13,435		11,003
Non-Competition Agreements		2,565		2,360		205		2,565		1,990		575
Total Intangible Assets	$	729,230	$	177,808	$	551,422	$	729,230	$	139,711	$	589,519

The Company recorded amortization expense for the three and nine months ended September 30, 2023 of $12,743 thousand and $38,097 thousand, respectively. The Company recorded amortization for the three and nine months ended September 30, 2022 of $14,823 thousand and $44,862 thousand, respectively.

The following table outlines the estimated annual amortization expense related to intangible assets as of September 30, 2023:


		Estimated Amortization
Year Ending December 31,		(in thousands)
Remainder of 2023	$	12,744
2024		50,392
2025		50,294
2026		47,332
2027		46,803
2028 and Thereafter		343,857
	$	551,422

As of September 30, 2023, the weighted average amortization period remaining for intangible assets was 11.60 years.

(b) Goodwill

At September 30, 2023 and December 31, 2022 the balances of goodwill, by segment, consisted of the following:


		Retail		Consumer Packaged Goods		Total
		(in thousands)
As of December 31, 2022	$	273,802	$	315,889	$	589,691
As of September 30, 2023	$	273,802	$	315,889	$	589,691