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Prepaid Expenses and Other Current Assets | 12 Months Ended
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Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract] |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following:
| December 31,
(in thousands) | 2022 |  | 2021
Prepaid expenses | $ | 29,640 |  |  | $ | 15,610 |
Other current assets | 2,877 |  |  | 5,870 |
Land held for sale | — |  |  | 8,465 |
Total prepaid expenses and other current assets | $ | 32,517 |  |  | $ | 29,945 |
Land held for sale represents a parcel of land previously acquired to support the Company's program to stimulate development of certain brands. In October 2021, the Company committed to a plan to market the land for sale and executed a purchase and sale agreement. As a result, the land was deemed to meet held for sale classification during the fourth quarter of 2021, and the Company recognized a $0.3 million charge, reflected within Impairment of long-lived assets on the consolidated statements of income, for the carrying value in excess of fair value less costs to sell. The agreed upon transaction price in the purchase and sale agreement was determined to approximate fair value under a market valuation approach. The impairment of the land is included in the Corporate & Other segment in Note 20. The land was subsequently sold on January 18, 2022.

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