Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill represents the excess of the purchase price and related costs over the fair value of the net tangible and intangible assets of businesses acquired.

The carrying amount of our goodwill by segment is as follows:


	Building Materials Distribution		Wood Products		Total
	(thousands)
Balance at December 31, 2023	$	44,088	$	126,166	$	170,254
Additions (a)	1,691		—		1,691

Balance at September 30, 2024	$	45,779	$	126,166	$	171,945

_______________________________

(a) Represents goodwill related to acquired assets of a door and millwork operation in Boise, Idaho. For additional information, see Note 5, Acquisitions.

At September 30, 2024 and December 31, 2023, intangible assets represented the values assigned to trade names and trademarks and customer relationships. We maintain trademarks for our manufactured wood products, particularly EWP. Our key registered trademarks are perpetual in duration as long as we continue to timely file all post registration maintenance documents related thereto. These trade names and trademarks have indefinite lives, are not amortized, and have a carrying amount of $8.9 million. For the three months ended September 30, 2024 and 2023 we recognized $5.0 million and $4.2 million, respectively, of amortization expense for intangible assets. For the nine months ended September 30, 2024 and 2023 we recognized $14.8 million and $12.8 million, respectively, of amortization expense for intangible assets.

Intangible assets consisted of the following:


	September 30, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(thousands)
Trade names and trademarks	$	27,600	$	(1,899)	$	25,701
Customer relationships	196,100		(44,773)		151,327
	$	223,700	$	(46,672)	$	177,028


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(thousands)
Trade names and trademarks	$	27,600	$	(1,000)	$	26,600
Customer relationships	195,050		(30,907)		164,143
	$	222,650	$	(31,907)	$	190,743