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Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS.

7. INTANGIBLE ASSETS.

 

Intangible assets, including goodwill, consisted of the following (in thousands):

 

   Useful   December 31, 2022   December 31, 2021 
   Life
(Years)		   Gross   Accumulated
Amortization		   Net Book
Value		   Gross   Accumulated
Amortization		   Net Book
Value		 
Non-Amortizing:                            
Goodwill                $5,970   $
          —
   $5,970   $
—
   $
          —
   $
          —
 
Kinergy tradename        2,678    
—
    2,678    2,678    
—
    2,678 
Amortizing:                                   
Customer relationships   12    6,556    (527)   6,029    
—
    
—
    
—
 
Eagle tradename   10    420    (40)   380    
—
    
—
    
—
 
Total goodwill and intangible assets       $15,624   $(567)  $15,057   $2,678   $
—
   $2,678 

 

Goodwill – The Company’s recorded goodwill of $5,970,000 in its Corporate and other segment resulted from the Company’s acquisition of Eagle Alcohol. See Note 2.

 

Kinergy Tradename – The Company recorded tradename of $2,678,000 as part of the Company’s merger with Kinergy in 2006. The Company determined that the tradename has an indefinite life and therefore, rather than being amortized, will be tested annually for impairment. The Company did not record any impairment on its tradename for the years ended December 31, 2022, 2021 and 2020.

 

Customer Relationships – The Company recorded customer relationships of $6,556,000 from the Company’s acquisition of Eagle Alcohol. See Note 2. The Company has established a useful life of twelve years for these customer relationships.

 

Eagle Tradename – The Company recorded tradename of $420,000 from the Company’s acquisition of Eagle Alcohol. See Note 2. The Company has established a useful life of ten years for the tradename.

 

Amortization expense associated with intangible assets totaled $567,000 for the year ended December 31, 2022. The weighted-average unamortized life of the customer relationships and tradename is 10.9 years.

 

The expected amortization expense relating to amortizable intangible assets in each of the five years after December 31, 2022 are (in thousands):

 

Years Ended December 31,  Amount 
2023  $588 
2024   588 
2025   588 
2026   588 
2027   588 
Thereafter   3,469 
Total  $6,409