Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Definite-Lived Intangible Assets

The Company has a definite-lived intangible asset which was acquired as a result of the Merger. The distributor relationships have a carrying value of $40,882, net of accumulated amortization of $518. The distributor relationships have a useful life of 20 years. The amortization expense for the quarter and year to date ended June 30, 2021 was $518.

As of June 30, 2021, the expected future amortization expense related to definite-lived intangibles assets are as follows:

Remainder of 2021	$	1,035
2022	2,070
2023	2,070
2024	2,070
2025	2,070
Thereafter	31,567
Total	$	40,882

Goodwill and Indefinite-Lived Intangible Assets

The Company records goodwill and indefinite-lived intangible assets in connection with various acquisitions of businesses and allocates the goodwill and indefinite-lived intangible assets to its respective reporting units.

Changes in carrying amount of goodwill by business segment were as follows:

	Distillery Products		Branded Spirits		Ingredient Solutions		Total
Balance, December 31, 2020	$	—	$	2,738	$	—	$	2,738
Acquisitions	—		225,505		—		225,505
Balance, June 30, 2021	$	—	$	228,243	$	—	$	228,243

Changes in carrying amount of trade name intangible assets by business segment were as follows:

	Distillery Products		Branded Spirits		Ingredient Solutions		Total
Balance, December 31, 2020	$	—	$	890	$	—	$	890
Acquisitions	—		178,100		—		178,100
Balance, June 30, 2021	$	—	$	178,990	$	—	$	178,990