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GOODWILL & INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL & INTANGIBLE ASSETS | GOODWILL & INTANGIBLE ASSETS The Company has one reporting unit for goodwill which is evaluated for impairment annually in the fourth quarter of each fiscal year. Intangible assets, net consisted of the following (in thousands):
| June 30, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Indefinite-lived intangible assets: |  |  |  |  |
Trade names | $ | 223,925 |  |  | $ | — |  |  | $ | 223,925 |
Intangible subject to amortization: |  |  |  |  |
Recipes | 56,117 |  |  | (28,650) |  |  | 27,467 |
| $ | 280,042 |  |  | $ | (28,650) |  |  | $ | 251,392 |
| December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  |  |  | Net Carrying Amount
Indefinite-lived intangible assets: |  |  |  |  |  |  |
Trade names | $ | 223,925 |  |  | $ | — |  |  |  |  | $ | 223,925 |
Intangible subject to amortization: |  |  |  |  |  |  |
Recipes | 56,117 |  |  | (27,206) |  |  |  |  | 28,911 |
| $ | 280,042 |  |  | $ | (27,206) |  |  |  |  | $ | 252,836 |
Amortization expense was $0.7 million and $1.4 million for the quarter and two quarters ended June 30, 2024, respectively, and $0.7 million and $1.4 million for the quarter and two quarters ended June 25, 2023, respectively, and is included in depreciation and amortization in the condensed consolidated statements of operations. The estimated aggregate amortization expense related to intangible assets held at June 30, 2024 for the remainder of this year and the succeeding five years and thereafter is as follows (in thousands):
| Estimated Amortization
2024 (excluding the two quarters ended June 30, 2024) | $ | 1,369 |
2025 | 2,707 |
2026 | 2,707 |
2027 | 2,707 |
2028 | 2,707 |
2029 | 2,150 |
2030 and thereafter | 13,120 |
| $ | 27,467 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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