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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 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 $59,530, net of accumulated amortization of $5,570. The distributor relationships have a useful life of 20 years. The amortization expense for the quarter and year to date ended September 30, 2023 was $820 and $1,948, respectively. The amortization expense for the quarter and year to date ended September 30, 2022 was $518 and $1,553, respectively. As of September 30, 2023, the expected future amortization expense related to definite-lived intangible assets is as follows:
Remainder of 2023 | $ | 813 |
2024 | 3,255 |
2025 | 3,255 |
2026 | 3,255 |
2027 | 3,255 |
Thereafter | 45,697 |
Total | $ | 59,530 |
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 | — |  |  | 95,250 |  |  | — |  |  | 95,250 |
Balance, September 30, 2023 | $ | — |  |  | $ | 321,544 |  |  | $ | — |  |  | $ | 321,544 |
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 | — |  |  | 34,000 |  |  | — |  |  | 34,000 |
Balance, September 30, 2023 | $ | — |  |  | $ | 212,990 |  |  | $ | — |  |  | $ | 212,990 |

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