Goodwill and Intangible Assets

9 Months Ended

Sep. 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(1)	—		49,941		—		—		49,941
Impact of foreign exchange rates	(11)		—		(174)		(42)		(227)
Balance at September 30, 2023	$	155,762	$	164,045	$	55,247	$	22,708	$	397,762

(1)Refer to Note 3 – Business Acquisitions for information related to measurement period adjustments.

Intangible Assets

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



	September 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	$	117,780	$	(26,498)	$	91,282	$	92,286	$	(17,401)	$	74,885
Customer relationships	234,346		(64,276)		170,070		192,934		(44,481)		148,453
Other (1)	7,974		(4,007)		3,967		7,961		(3,305)		4,656
Total	$	360,100	$	(94,781)	$	265,319	$	293,181	$	(65,187)	$	227,994

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

Amortization expense for definite-lived intangible assets was $11.3 million and $29.9 million for the three and nine months ended September 30, 2023, respectively, and $5.6 million and $20.9 million for the three and nine months ended September 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	$	8,952
2024	42,856
2025	39,191
2026	36,217
2027	31,409
2028	27,537
Thereafter	79,157
Total	$	265,319