Goodwill and Intangible Assets

9 Months Ended

Sep. 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 $40,365, net of accumulated amortization of $1,035. The distributor relationships have a useful life of 20 years. The amortization expense for the quarter and year to date ended September 30, 2021 was $517 and $1,035, respectively.

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

Remainder of 2021	$	518
2022	2,070
2023	2,070
2024	2,070
2025	2,070
Thereafter	31,567
Total	$	40,365

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	—		224,850		—		224,850
Balance, September 30, 2021	$	—	$	227,588	$	—	$	227,588

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, September 30, 2021	$	—	$	178,990	$	—	$	178,990