| Changes in the carrying amount of goodwill by segment |
Changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022, by segment, were as follows, in thousands:
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Accumulated |
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Gross Goodwill |
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FX Translation |
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Gross Goodwill |
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Impairment |
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Net Goodwill |
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|
December 31, 2022 |
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Additions/Disposals |
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Adjustment |
|
December 31, 2023 |
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Losses |
|
December 31, 2023 |
Goodwill, by segment: |
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Installation |
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$ |
1,826,979 |
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$ |
74,181 |
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$ |
- |
|
$ |
1,901,160 |
|
$ |
(762,021) |
|
$ |
1,139,139 |
Specialty Distribution |
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|
902,036 |
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- |
|
|
1,393 |
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|
903,429 |
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- |
|
|
903,429 |
Total goodwill |
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$ |
2,729,015 |
|
$ |
74,181 |
|
$ |
1,393 |
|
$ |
2,804,589 |
|
$ |
(762,021) |
|
$ |
2,042,568 |
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Accumulated |
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Gross Goodwill |
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FX Translation |
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Gross Goodwill |
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Impairment |
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Net Goodwill |
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|
December 31, 2021 |
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Additions |
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Adjustment |
|
December 31, 2022 |
|
Losses |
|
December 31, 2022 |
Goodwill, by segment: |
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|
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|
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Installation |
|
$ |
1,818,872 |
|
$ |
8,107 |
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$ |
- |
|
$ |
1,826,979 |
|
$ |
(762,021) |
|
$ |
1,064,958 |
Specialty Distribution |
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|
892,912 |
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|
10,585 |
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(1,461) |
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|
902,036 |
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|
- |
|
|
902,036 |
Total goodwill |
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$ |
2,711,784 |
|
$ |
18,692 |
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$ |
(1,461) |
|
$ |
2,729,015 |
|
$ |
(762,021) |
|
$ |
1,966,994 |
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| Schedule of other intangible assets |
The following table sets forth our other intangible assets, in thousands:
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As of December 31, |
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2023 |
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2022 |
|
2021 |
Gross definite-lived intangible assets |
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$ |
827,793 |
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$ |
782,316 |
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$ |
783,843 |
Accumulated amortization |
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|
(236,735) |
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(167,349) |
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|
(99,634) |
Other intangible assets, net |
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$ |
591,058 |
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$ |
614,967 |
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$ |
684,209 |
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|
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Amortization expense |
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$ |
69,139 |
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$ |
67,620 |
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$ |
36,501 |
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| Schedule of other intangible assets |
The following table sets forth a detail of our intangible assets as of December 31, 2023, in thousands:
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Gross Definite-Lived Intangible Assets |
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Accumulated Amortization |
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Net Definite-Lived Intangible Assets |
Trademarks |
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|
$ |
46,775 |
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$ |
(18,951) |
|
$ |
27,824 |
Customer relationships |
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|
|
|
773,099 |
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(210,029) |
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|
563,070 |
Non-compete |
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|
|
|
7,919 |
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|
(7,755) |
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|
164 |
Total |
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|
|
|
$ |
827,793 |
|
$ |
(236,735) |
|
$ |
591,058 |
The following table sets forth a detail of our intangible assets as of December 31, 2022, in thousands:
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Gross Definite-Lived Intangible Assets |
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Accumulated Amortization |
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Net Definite-Lived Intangible Assets |
Trademarks |
|
|
|
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$ |
44,047 |
|
$ |
(13,513) |
|
$ |
30,534 |
Customer relationships |
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|
730,550 |
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(146,192) |
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|
584,358 |
Non-compete |
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|
|
|
7,719 |
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|
(7,644) |
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|
75 |
Total |
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|
|
|
$ |
782,316 |
|
$ |
(167,349) |
|
$ |
614,967 |
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