XML 27 R14.htm IDEA: XBRL DOCUMENT v3.22.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Note 6 – Goodwill and Intangible Assets

Goodwill

Changes in the carrying amount of goodwill by segment were as follows:
(in thousands)LawsonTestEquityGexpro ServicesAll OtherTotal
Balance at December 31, 2020$— $62,867 $30,136 $— $93,003 
Acquisitions(1)
— 7,245 3,963 — 11,208 
Balance at December 31, 2021— 70,112 34,099 — 104,211 
Acquisitions(1)
156,133 43,992 21,849 24,887 246,861 
Impact of foreign exchange rates(360)— (527)(2,137)(3,024)
Balance at December 31, 2022$155,773 $114,104 $55,421 $22,750 $348,048 
(1)    Refer to Note 3 – Business Acquisitions for information related to measurement period adjustments.
Intangible Assets

The gross carrying and accumulated amortization for definite-lived intangible assets were as follows:
December 31, 2022December 31, 2021
(in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying ValueGross Carrying AmountAccumulated AmortizationNet Carrying Value
Trade names$92,286 $(17,401)$74,885 $36,345 $(8,356)$27,989 
Customer relationships192,934 (44,481)148,453 89,062 (25,423)63,639 
Other (1)
7,961 (3,305)4,656 7,370 (2,390)4,980 
Total$293,181 $(65,187)$227,994 $132,777 $(36,169)$96,608 
(1)    Other primarily consists of non-compete agreements.

Amortization expense for definite-lived intangible assets was $29.1 million in 2022 and $10.4 million in 2021. Amortization expense related to intangible assets was recorded in Selling, general and administrative expenses. The remaining weighted-average useful lives of intangible assets as of December 31, 2022 was 4.2 years for trade names and 4.9 years for customer relationships.

The estimated aggregate amortization expense for each of the next five years and thereafter are as follows:
(in thousands)Amortization
2023$35,061 
202434,560 
202531,173 
202628,487 
202724,031 
Thereafter74,682 
Total$227,994