Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

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, 2022
Goodwill	$	12,948
Accumulated impairment losses		(1,244	)
	$	11,704
Balance at December 31, 2023
Goodwill	$	12,948
Accumulated impairment losses		(1,244	)
	$	11,704

The Company performed an annual Step 0 impairment assessment for its single reporting unit as of December 31, 2023, noting no impairment loss. The Company performed an annual Step 1 impairment assessment for its single reporting unit as of December 31, 2022, noting no impairment loss.

Approximately $1,664 of goodwill is deductible for income tax purposes.

Intangible Assets

The gross carrying amounts and accumulated amortization of intangible assets consisted of the following:

	December 31, 2023							December 31, 2022
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Recipes	$	44	$	(44	)	$	–	$	44	$	(44	)	$	–
Customer lists and other customer related intangibles		4,529		(4,529	)		–		4,529		(4,529	)		–
Customer relationship		3,385		(1,372	)		2,013		3,385		(1,212	)		2,173
Brand names		7,948		(3,063	)		4,885		7,948		(2,683	)		5,265
Formula		438		(438	)		–		438		(438	)		–
Total intangible assets, net	$	16,344	$	(9,446	)	$	6,898	$	16,344	$	(8,906	)	$	7,438

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

Year	Amortization
2024	$	540
2025	$	540
2026	$	540
2027	$	540
2028	$	540

The weighted-average remaining amortization expense period for the customer relationship and brand name intangible assets is 12.6 and 12.9 years, respectively, as of December 31, 2023. The weighted-average remaining amortization expense period for total intangible assets is 12.8 years as of December 31, 2023.