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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER 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 $39,848, net of accumulated amortization of $1,552. The distributor relationships have a useful life of 20 years. The amortization expense for the year ended December 31, 2021 was $1,552. As of December 31, 2021, the expected future amortization expense related to definite-lived intangibles assets are as follows:
2022 | $ | 2,070 |
2023 | 2,070 |
2024 | 2,070 |
2025 | 2,070 |
2026 | 2,070 |
Thereafter | 29,498 |
Total | $ | 39,848 |
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 at December 31, 2020 | $ | — |  |  | $ | 2,738 |  |  | $ | — |  |  | $ | 2,738 |
Acquisitions | — |  |  | 223,556 |  |  | — |  |  | 223,556 |
Balance at December 31, 2021 | $ | — |  |  | $ | 226,294 |  |  | $ | — |  |  | $ | 226,294 |
Changes in carrying amount of indefinite-lived intangible assets by business segment were as follows:
| Distillery Products |  | Branded Spirits |  | Ingredient Solutions |  | Total
Balance at December 31, 2020 | $ | — |  |  | $ | 890 |  |  | $ | — |  |  | $ | 890 |
Acquisitions | — |  |  | 178,100 |  |  | — |  |  | 178,100 |
Balance at December 31, 2021 | $ | — |  |  | $ | 178,990 |  |  | $ | — |  |  | $ | 178,990 |

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- Definition The entire disclosure for goodwill. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2144439 + Details
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