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INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

9. INTANGIBLE ASSETS

The Company’s indefinite-lived intangible assets as recorded in the Consolidated Balance Sheets were as follows:


	December 31, 2021		December 31, 2020

	(Dollars in thousands)
Indefinite-lived intangibles:
Goodwill	$	12,317	$	11,112
Trademarks		34,768		32,868
Total	$	47,085	$	43,980

The additional goodwill and trademarks in 2021 resulted from the Forsake acquisition. Goodwill resulting from the Forsake acquisition has been allocated to the Company’s wholesale and retail segments as of the acquisition date. Changes in the carrying amount of the Company’s goodwill by reportable segment for the year ended December 31, 2021, were as follows:


	Wholesale		Retail		Total

	(Dollars in thousands)
Balance, December 31, 2020	$	11,112	$	—	$	11,112
Acquisition of business		361		844		1,205
Balance, December 31, 2021	$	11,473	$	844	$	12,317

The Company evaluates goodwill for impairment annually as of December 31 or more frequently when an event occurs or circumstances change that indicates the carrying value may not be recoverable. In 2021, the Company completed a qualitative assessment noting no indicators of impairment. In 2020, the Company performed a quantitative analysis which indicated a premium compared to the carrying value of net assets, including goodwill, at the reporting unit level. The impairment assessment included comparing the carrying amount of net assets, including goodwill, of each reporting unit to its respective fair value as of the date of the assessment. Fair value was estimated based upon an evaluation of the reporting unit’s estimated future discounted cash flows as well as the valuation multiples for comparable companies. The Company did not record impairment charges for any of its reporting units in 2021 or 2020.

In evaluating trademarks, the Company completed a qualitative assessment in 2021 noting no indicators of impairment. In 2020, a quantitative analysis was used, in which estimated fair values were determined using discounted cash flows and implied royalty rates. Based on the results of the trademark assessments, the Company concluded that the fair values of the trademarks substantially exceeded their respective carrying values. Therefore, no impairment was recorded on the Company’s trademarks in 2021 or 2020.

The Company’s amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following:


			December 31, 2021						December 31, 2020
	Weighted		Gross						Gross
	Average		Carrying		Accumulated				Carrying		Accumulated
	Life (Years)		Amount		Amortization		Net		Amount		Amortization		Net

			(Dollars in thousands)						(Dollars in thousands)
Amortizable intangible assets
Customer relationships		15	$	3,500	$	(2,528)	$	972	$	3,500	$	(2,294)	$	1,206
Total amortizable intangible assets			$	3,500	$	(2,528)	$	972	$	3,500	$	(2,294)	$	1,206

The amortizable intangible assets are included within other assets in the Consolidated Balance Sheets. See Note 10.

The Company recorded amortization expense for intangible assets of approximately $233,000 in 2021 and in 2020, respectively. Excluding the impact of any future acquisitions, the Company anticipates future amortization expense will be approximately $233,000 in each of the years 2022 through 2025, and approximately $40,000 thereafter.