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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Definite-Lived Intangible Assets. The Company acquired definite-lived intangible assets in connection with various acquisitions of businesses. The distributor relationships have a carrying value of $58,750, net of accumulated amortization of $4,750. The distributor relationships have a useful life of 20 years. The amortization expense for the quarter and year to date ended June 30, 2023 was $610 and $1,128, respectively. The amortization expense for the quarter and year to date ended June 30, 2022 was $517 and $1,035, respectively. As of June 30, 2023, the expected future amortization expense related to definite-lived intangible assets is as follows:
Remainder of 2023 | $ | 1,587 |
2024 | 3,175 |
2025 | 3,175 |
2026 | 3,175 |
2027 | 3,175 |
Thereafter | 44,463 |
Total | $ | 58,750 |
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:
| Distilling Solutions |  | Branded Spirits |  | Ingredient Solutions |  | Total
Balance, December 31, 2022 | $ | — |  |  | $ | 226,294 |  |  | $ | — |  |  | $ | 226,294 |
Acquisitions | — |  |  | 99,419 |  |  | — |  |  | 99,419 |
Balance, June 30, 2023 | $ | — |  |  | $ | 325,713 |  |  | $ | — |  |  | $ | 325,713 |
Changes in carrying amount of trade name intangible assets by business segment were as follows:
| Distilling Solutions |  | Branded Spirits |  | Ingredient Solutions |  | Total
Balance, December 31, 2022 | $ | — |  |  | $ | 178,990 |  |  | $ | — |  |  | $ | 178,990 |
Acquisitions | — |  |  | 33,700 |  |  | — |  |  | 33,700 |
Balance, June 30, 2023 | $ | — |  |  | $ | 212,690 |  |  | $ | — |  |  | $ | 212,690 |

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