Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 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, 2021	$	—	$	70,112	$	34,099	$	—	$	104,211
Acquisitions	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
Acquisitions(1)	—		50,886		—		—		50,886

Impact of foreign exchange rates	142		—		322		527		991
Balance at December 31, 2023	$	155,915	$	164,990	$	55,743	$	23,277	$	399,925

(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, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	117,881	$	(30,093)	$	87,788	$	92,286	$	(17,401)	$	74,885
Customer relationships	233,513		(71,215)		162,298		192,934		(44,481)		148,453
Other (1)	8,011		(4,263)		3,748		7,961		(3,305)		4,656
Total	$	359,405	$	(105,571)	$	253,834	$	293,181	$	(65,187)	$	227,994

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

Amortization expense for definite-lived intangible assets was $40.3 million in 2023 and $29.1 million in 2022. 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, 2023 was 3.9 years for trade names and 4.8 years for customer relationships.

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


(in thousands)	Amortization
2024	$	42,875
2025	39,180
2026	36,167
2027	31,305
2028	27,192
Thereafter	77,115
Total	$	253,834