Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

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)	Lawson		TestEquity		Gexpro Services		All Other		Total
Balance at December 31, 2022	$	155,773	$	114,104	$	55,421	$	22,750	$	348,048
Impact of foreign exchange rates	11		—		94		59		164
Balance at March 31, 2023	$	155,784	$	114,104	$	55,515	$	22,809	$	348,212

Intangible Assets

The gross carrying amount and accumulated amortization for definite-lived intangible assets were as follows:

	March 31, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	92,539	$	(19,822)	$	72,717	$	92,286	$	(17,401)	$	74,885
Customer relationships	192,947		(50,863)		142,084		192,934		(44,481)		148,453
Other (1)	7,960		(3,548)		4,412		7,961		(3,305)		4,656
Total	$	293,446	$	(74,233)	$	219,213	$	293,181	$	(65,187)	$	227,994

(1)    Other primarily consists of non-compete agreements.

Amortization expense for definite-lived intangible assets was $9.2 million for the three months ended March 31, 2023 and $5.2 million for the three months ended March 31, 2022. Amortization expense related to intangible assets was recorded in Selling, general and administrative expenses.

The estimated aggregate amortization expense for the remaining year 2023 and each of the next five years are as follows:

(in thousands)	Amortization
Remaining 2023	$	26,139
2024	34,368
2025	30,999
2026	28,338
2027	23,903
2028	20,680
Thereafter	54,786
Total	$	219,213