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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Definite-Lived Intangible Assets. The Company acquired definite-lived intangible asset in connection with various acquisitions of businesses. The distributor relationships have a carrying value of $58,716, net of accumulated amortization of $6,384. The distributor relationships have a useful life of 20 years. The amortization expense for the years ended December 31, 2023 and 2022 was $2,761 and $2,070, respectively. The weighted average amortization period at December 31, 2023 for definite-lived intangible assets is 18.1 years As of December 31, 2023, the expected future amortization expense related to definite-lived intangibles assets are as follows:
2024 | $ | 3,255 |
2025 | 3,255 |
2026 | 3,255 |
2027 | 3,255 |
2028 | 3,255 |
Thereafter | 42,441 |
Total | $ | 58,716 |
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 at December 31, 2022 | $ | — |  |  | $ | 226,294 |  |  | $ | — |  |  | $ | 226,294 |
Acquisitions | — |  |  | 95,250 |  |  | — |  |  | 95,250 |
Balance at December 31, 2023 | $ | — |  |  | $ | 321,544 |  |  | $ | — |  |  | $ | 321,544 |
Changes in carrying amount of trade names by business segment were as follows:
| Distilling Solutions |  | Branded Spirits |  | Ingredient Solutions |  | Total
Balance at December 31, 2022 | $ | — |  |  | $ | 178,990 |  |  | $ | — |  |  | $ | 178,990 |
Acquisitions | — |  |  | 34,000 |  |  | — |  |  | 34,000 |
Balance at December 31, 2023 | $ | — |  |  | $ | 212,990 |  |  | $ | — |  |  | $ | 212,990 |

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