| Changes in the carrying amount of goodwill by segment |
Changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023, by segment, were as follows, in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
Gross Goodwill |
|
|
|
FX Translation |
|
Gross Goodwill |
|
Impairment |
|
Net Goodwill |
|
|
December 31, 2023 |
|
Additions |
|
Adjustment |
|
December 31, 2024 |
|
Losses |
|
December 31, 2024 |
Goodwill, by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Installation |
|
$ |
1,901,160 |
|
$ |
45,087 |
|
$ |
- |
|
$ |
1,946,247 |
|
$ |
(762,021) |
|
$ |
1,184,226 |
Specialty Distribution |
|
|
903,429 |
|
|
29,760 |
|
|
(5,156) |
|
|
928,033 |
|
|
- |
|
|
928,033 |
Total goodwill |
|
$ |
2,804,589 |
|
$ |
74,847 |
|
$ |
(5,156) |
|
$ |
2,874,280 |
|
$ |
(762,021) |
|
$ |
2,112,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
Gross Goodwill |
|
|
|
FX Translation |
|
Gross Goodwill |
|
Impairment |
|
Net Goodwill |
|
|
December 31, 2022 |
|
Additions |
|
Adjustment |
|
December 31, 2023 |
|
Losses |
|
December 31, 2023 |
Goodwill, by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Installation |
|
$ |
1,826,979 |
|
$ |
74,181 |
|
$ |
- |
|
$ |
1,901,160 |
|
$ |
(762,021) |
|
$ |
1,139,139 |
Specialty Distribution |
|
|
902,036 |
|
|
- |
|
|
1,393 |
|
|
903,429 |
|
|
- |
|
|
903,429 |
Total goodwill |
|
$ |
2,729,015 |
|
$ |
74,181 |
|
$ |
1,393 |
|
$ |
2,804,589 |
|
$ |
(762,021) |
|
$ |
2,042,568 |
|
| Schedule of other intangible assets |
The following table sets forth our other intangible assets, in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
2024 |
|
2023 |
|
2022 |
Gross definite-lived intangible assets |
|
$ |
864,693 |
|
$ |
827,793 |
|
$ |
782,316 |
Accumulated amortization |
|
|
(307,004) |
|
|
(236,735) |
|
|
(167,349) |
Other intangible assets, net |
|
$ |
557,689 |
|
$ |
591,058 |
|
$ |
614,967 |
|
|
|
|
|
|
|
|
|
|
Amortization expense |
|
$ |
72,082 |
|
$ |
69,139 |
|
$ |
67,620 |
|
| Schedule of other intangible assets |
The following table sets forth a detail of our intangible assets as of December 31, 2024, in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Definite-Lived Intangible Assets |
|
Accumulated Amortization |
|
Net Definite-Lived Intangible Assets |
Trademarks |
|
|
|
|
$ |
46,590 |
|
$ |
(20,623) |
|
$ |
25,967 |
Customer relationships |
|
|
|
|
|
810,184 |
|
|
(278,586) |
|
|
531,598 |
Non-compete |
|
|
|
|
|
7,919 |
|
|
(7,795) |
|
|
124 |
Total |
|
|
|
|
$ |
864,693 |
|
$ |
(307,004) |
|
$ |
557,689 |
The following table sets forth a detail of our intangible assets as of December 31, 2023, in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Definite-Lived Intangible Assets |
|
Accumulated Amortization |
|
Net Definite-Lived Intangible Assets |
Trademarks |
|
|
|
|
$ |
46,775 |
|
$ |
(18,951) |
|
$ |
27,824 |
Customer relationships |
|
|
|
|
|
773,099 |
|
|
(210,029) |
|
|
563,070 |
Non-compete |
|
|
|
|
|
7,919 |
|
|
(7,755) |
|
|
164 |
Total |
|
|
|
|
$ |
827,793 |
|
$ |
(236,735) |
|
$ |
591,058 |
|