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Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 5 – Goodwill and Intangible Assets

 

Goodwill

 

Goodwill consisted of the following:

    
   Total
Balance at December 31, 2023     
Goodwill  $12,948 
Accumulated impairment losses   (1,244)
   $11,704 

 

Balance at September 30, 2024   
Goodwill  $12,948 
Accumulated impairment losses   (1,244)
   $11,704 

 

Intangible Assets

 

Other intangible assets, net consisted of the following:

                  
   September 30, 2024  December 31, 2023
   Gross     Net  Gross     Net
   Carrying  Accumulated  Carrying  Carrying  Accumulated  Carrying
   Amount  Amortization  Amount  Amount  Amortization  Amount
                   
Recipes  $44   $(44)  $–   $44   $(44)  $– 
Customer lists and other customer related intangibles   4,529    (4,529)   –    4,529    (4,529)   – 
Customer relationships   3,385    (1,492)   1,893    3,385    (1,372)   2,013 
Brand names   7,948    (3,348)   4,600    7,948    (3,063)   4,885 
Formula   438    (438)   –    438    (438)   – 
Total intangible assets, net  $16,344   $(9,851)  $6,493   $16,344   $(9,446)  $6,898 

 

Estimated amortization expense on intangible assets for the next five years is as follows:

   
Year  Amortization
Three months ended December 31, 2024  $135 
2025  $540 
2026  $540 
2027  $540 
2028  $540 

 

The weighted-average remaining amortization expense period for the customer relationship and brand name intangible assets is 11.8 and 12.1 years, respectively, as of September 30, 2024. The weighted-average remaining amortization expense period for total intangible assets is 12.0 years as of September 30, 2024.