Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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
Acquisitions	—		49,718		—		—		49,718
Impact of foreign exchange rates	142		—		228		527		897
Balance at June 30, 2023	$	155,915	$	163,822	$	55,649	$	23,277	$	398,663

Intangible Assets

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



	June 30, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	118,123	$	(23,067)	$	95,056	$	92,286	$	(17,401)	$	74,885
Customer relationships	235,218		(56,889)		178,329		192,934		(44,481)		148,453
Other (1)	7,942		(3,790)		4,152		7,961		(3,305)		4,656
Total	$	361,283	$	(83,746)	$	277,537	$	293,181	$	(65,187)	$	227,994

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

Amortization expense for definite-lived intangible assets was $9.4 million and $18.6 million for the three and six months ended June 30, 2023, respectively, and $9.9 million and $15.3 million for the three and six months ended June 30, 2022, respectively. 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	$	20,931
2024	43,022
2025	39,328
2026	36,330
2027	31,446
2028	27,502
Thereafter	78,978
Total	$	277,537