Goodwill and Other Intangible Assets

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

4. Goodwill and Other Intangible Assets

The change in the net carrying amount of goodwill for the six months ended June 29, 2024 by segment was as follows (in thousands):


	Steel Mills		Steel Products			Raw Materials			Total
Balance at December 31, 2023	$	675,186	$	2,514,172		$	779,489		$	3,968,847
Acquisitions		-		46,063			(8,166	)		37,897
Translation		-		(6,600	)		-			(6,600	)
Balance at June 29, 2024	$	675,186	$	2,553,635		$	771,323		$	4,000,144

Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of 2023 and concluded that as of such date there was no impairment of goodwill for any of its reporting units.

Intangible assets with estimated useful lives of five to 25 years are amortized on a straight-line or accelerated basis and consisted of the following as of June 29, 2024 and December 31, 2023 (in thousands):


	June 29, 2024				December 31, 2023
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Customer relationships	$	4,247,487	$	1,402,082	$	4,190,156	$	1,295,778
Trademarks and trade names		378,136		180,061		372,153		168,363
Other		109,747		101,748		109,747		99,900
	$	4,735,370	$	1,683,891	$	4,672,056	$	1,564,041

Intangible asset amortization expense in the second quarter of 2024 and 2023 was $61.2 million and $58.4 million, respectively, and $119.9 million and $117.2 million in the first six months of 2024 and 2023, respectively. Annual amortization expense is estimated to be $242.1 million in 2024; $243.8 million in 2025; $240.6 million in 2026; $237.2 million in 2027; and $231.1 million in 2028.