Goodwill and Intangible Assets

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, 2023	$	44,088	$	126,166	$	170,254
Additions (a)	1,691		—		1,691

Balance at December 31, 2024	$	45,779	$	126,166	$	171,945

___________________________________

(a) Represents goodwill related to acquired assets of a door and millwork operation in Boise, Idaho. For additional information, see Note 6, Acquisitions.

At December 31, 2024 and 2023, 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 trademarks have indefinite lives, are not amortized, and have a carrying amount of $8.9 million. In addition, we have acquired trade names and customer relationships through acquisitions. The weighted-average useful life from the date of purchase for trade names is approximately 15 years. The weighted-average useful life from the date of purchase for customer relationships is approximately 11 years. During the years ended December 31, 2024 and 2023, we recognized $19.8 million and $17.7 million, respectively, of amortization expense for intangible assets. Amortization expense for intangible assets is expected to be approximately $19 million per year for the next five years.

Intangible assets consisted of the following:


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(thousands)
Trade names and trademarks	$	27,600	$	(2,199)	$	25,401
Customer relationships	197,100		(49,474)		147,626
	$	224,700	$	(51,673)	$	173,027


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(thousands)
Trade names and trademarks	$	27,600	$	(1,000)	$	26,600
Customer relationships	195,050		(30,907)		164,143
	$	222,650	$	(31,907)	$	190,743