Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 5 – Goodwill and Intangible Assets

Goodwill

Goodwill consisted of the following: 

	Total
Balance at December 31, 2021, before accumulated impairment loses	$	12,948
Accumulated impairment losses		(1,244	)
Balance at December 31, 2021	$	11,704
Balance at March 31, 2022	$	11,704

Intangible Assets

Other intangible assets, net consisted of the following:

	March 31, 2022							December 31, 2021
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Intangible assets with finite lives:
Recipes	$	44	$	(44	)	$	–	$	44	$	(44	)	$	–
Customer lists and other customer related intangibles		4,529		(4,529	)		–		4,529		(4,529	)		–
Customer relationship		3,385		(1,092	)		2,293		3,385		(1,052	)		2,333
Brand names		7,948		(2,398	)		5,550		4,248		(2,303	)		1,945
Formula		438		(438	)		–		438		(438	)		–
Total finite lived intangible assets		16,344		(8,501	)		7,843		12,644		(8,366	)		4,278
Intangible assets with indefinite lives:
Brand names (1)		–		–			–		3,700		–			3,700
Total intangible assets	$	12,644	$	(8,501	)	$	7,843	$	16,344	$	(8,366	)	$	7,978

(1) During the fourth quarter of 2021, the Company completed an assessment of the useful life of its one indefinite-lived brand name intangible asset and determined that it should adjust the estimated useful life from an indefinite length to 15 years. The change in accounting estimate was effective January 1, 2022, at which time the Company began amortizing the intangible asset over 15 years. The cost and accumulated amortization is included in Brand Names in the intangible assets with finite lives in the table above as of January 1, 2022. The Company has reclassified the $3,700 net book value as of December 31, 2021 from goodwill to finite lived intangible assets to conform the presentation as of March 31, 2022.

Estimated amortization expense on intangible assets for the next five years is as follows: 

Year	Amortization
Nine months ended December 31, 2022	$	405
2023	$	540
2024	$	540
2025	$	540
2026	$	540