Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill represents the excess of the purchase price and related costs over the fair value of the net tangible and intangible assets of businesses acquired.

The carrying amount of our goodwill by segment is as follows:


	Building Materials Distribution		Wood Products		Total
	(thousands)



Balance at December 31, 2022 and June 30, 2023	$	11,792	$	126,166	$	137,958

At June 30, 2023 and December 31, 2022, intangible assets represented the values assigned to trade names and trademarks and customer relationships. We maintain trademarks for our manufactured wood products, particularly EWP. Our key registered trademarks are perpetual in duration as long as we continue to timely file all post registration maintenance documents related thereto. These trade names and trademarks have indefinite lives, are not amortized, and have a carrying amount of $8.9 million. In 2022, we acquired a trade name and customer relationships. The acquired trade name has a useful life of one year. The weighted-average useful life for customer relationships from the date of purchase is approximately 10 years. For the three months ended June 30, 2023 and 2022 we recognized $4.3 million and $0.3 million, respectively, of amortization expense for intangible assets. For the six months ended June 30, 2023 and 2022 we recognized $8.6 million and $0.6 million, respectively, of amortization expense for intangible assets.

Intangible assets consisted of the following:


	June 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(thousands)
Trade names and trademarks	$	9,600	$	(642)	$	8,958
Customer relationships	166,050		(22,174)		143,876
	$	175,650	$	(22,816)	$	152,834


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(thousands)
Trade names and trademarks	$	9,600	$	(292)	$	9,308
Customer relationships	166,050		(13,925)		152,125
	$	175,650	$	(14,217)	$	161,433