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INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

9. INTANGIBLE ASSETS

Our indefinite-lived intangible assets as recorded in the Consolidated Balance Sheets were as follows:


	December 31,		December 31,
	2022		2021

	(Dollars in thousands)
Indefinite-lived intangibles:
Goodwill	$	12,317	$	12,317
Trademarks		33,618		34,768
Total	$	45,935	$	47,085

We evaluate 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 2022 and 2021, we completed a qualitative assessment noting no indicators of impairment. Accordingly, we did not record goodwill impairment charges for any of our reporting units in 2022 or 2021.

During 2022, we wrote-down the Forsake contingent consideration liability (see Note 12). We determined that the circumstances surrounding this write-down constituted a triggering event such that impairment assessments were performed for the Forsake trademark during the third and fourth quarters of 2022. The impairment assessments indicated that the carrying value of the Forsake trademark exceeded its fair value, primarily due to decreases in Forsake's sales projections. Accordingly, we wrote down the carrying value of the Forsake trademark from its original value of $1.9 million to its estimated fair value of $750,000 as of December 31, 2022. The related impairment charges, totaling $1.2 million in 2022, were recorded within selling and administrative expenses in the Consolidated Statements of Earnings. In evaluating our other trademarks, we completed qualitative assessments as of December 31, 2022 and 2021 noting no indicators of impairment. Therefore, no impairment charges were recorded on our other trademarks in 2022 and 2021.

Our amortizable intangible assets, which were included within other assets in the Consolidated Balance Sheets, consisted of the following:


			December 31, 2022						December 31, 2021
	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	$	(2,761)	$	739	$	3,500	$	(2,528)	$	972
Total amortizable intangible assets			$	3,500	$	(2,761)	$	739	$	3,500	$	(2,528)	$	972

Amortization expense related to the intangible assets was $233,000 in both 2022 and 2021. Excluding the impact of any future acquisitions, we anticipate future amortization expense will be $233,000 in each of the years 2023 through 2025, and $40,000 in 2026.