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Goodwill and Intangible Assets
9 Months Ended
Sep. 30, 2024
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, 2023$155,915 $164,990 $55,743 $23,277 $399,925 
Acquisitions(1)
37,083 (110)— 30,518 67,491 
Impact of foreign exchange rates(141)— 172 (127)(96)
Balance at September 30, 2024$192,857 $164,880 $55,915 $53,668 $467,320 
(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, 2024December 31, 2023
(in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying ValueGross Carrying AmountAccumulated AmortizationNet Carrying Value
Trade names$141,323 $(41,435)$99,888 $117,881 $(30,093)$87,788 
Customer relationships270,933 (93,577)177,356 233,513 (71,215)162,298 
Other (1)
8,296 (5,768)2,528 8,011 (4,263)3,748 
Total$420,552 $(140,780)$279,772 $359,405 $(105,571)$253,834 
(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 September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Amortization expense for intangible assets$11,972 $11,308 $34,924 $29,865 

The estimated aggregate amortization expense for the remaining year 2024 and each of the next four years and thereafter are as follows:
(in thousands)Amortization
Remaining 2024$12,280 
202545,770 
202642,902 
202737,971 
202833,770 
Thereafter107,079 
Total$279,772