H. Goodwill and Intangible Assets

The Company has recorded intangible assets with indefinite lives and goodwill for which impairment testing is required at least annually or more frequently if events or circumstances indicate that these assets might be impaired. The Company performs its annual impairment tests and re-evaluates the useful lives of other intangible assets with indefinite lives at the annual impairment test measurement date in the third quarter of each fiscal year or when circumstances arise that indicate a possible impairment or change in useful life might exist.

Goodwill. No impairment of goodwill was recorded in any period.

Intangible assets. The Company's annual impairment testing occurs as of September 1 each year. During fiscal 2023, the Company evaluated the continuing negative trends of the Dogfish Head brand, including slower growth rates resulting from increased competition and updated its long-term financial forecasts for the Dogfish Head brand. These updated forecasts for the brand included reductions in revenues from the continuing negative trends in the brands’ beer products and the overall slowing craft beer industry sector which were partially offset by increases in revenues from the brands’ emerging canned cocktail products. As a result of performing this assessment, the Dogfish Head trademark asset with a carrying value of $71.4 million was written down to its estimated fair value of $55.6 million, resulting in an impairment of $15.8 million which was recorded during the third quarter of 2023. Additionally during the third quarter of 2023, an impairment of $0.6 million was recorded on other intangible assets. During fiscal 2022, an impairment of $27.1 million was recorded to reduce the carrying value of the Dogfish Head trademark asset from $98.5 million to $71.4 million.

Amortization expense was approximately $253,000 in fiscal 2023, 2022, and 2021. The Company expects to record amortization expense as follows over the subsequent years: