v3.25.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2025
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)LawsonTestEquityGexpro ServicesCanada Branch DivisionTotal
Balance at December 31, 2024$192,598 $164,880 $56,342 $48,969 $462,789 
Acquisitions(1)
— — (25)871 846 
Impact of foreign exchange rates(2)— 523 (58)463 
Balance at March 31, 2025$192,596 $164,880 $56,840 $49,782 $464,098 
(1)    Refer to Note 3 – Business and Asset 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:
March 31, 2025December 31, 2024
(in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying ValueGross Carrying AmountAccumulated AmortizationNet Carrying Value
Trade names$140,291 $(47,897)$92,394 $141,654 $(45,386)$96,268 
Customer relationships272,655 (108,480)164,175 272,051 (100,867)171,184 
Other (1)
7,823 (5,712)2,111 8,310 (5,999)2,311 
Total$420,769 $(162,089)$258,680 $422,015 $(152,252)$269,763 
(1)    Other primarily consists of non-compete agreements.

Amortization expense for definite-lived intangible assets is included in Selling, general and administrative expenses in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as follows:

Three Months Ended March 31,
(in thousands)20252024
Amortization expense for intangible assets$11,585 $10,746 

The estimated aggregate amortization expense for the remaining year 2025 and each of the next four years and thereafter are as follows:
(in thousands)Amortization
Remaining 2025$34,789 
202643,264 
202738,224 
202833,952 
202930,355 
Thereafter78,096 
Total$258,680