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Goodwill and Intangibles | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangibles | GOODWILL AND INTANGIBLES Goodwill The change in carrying amount of goodwill by reporting segment for the year ended December 31, 2023 was as follows (in millions):
| Installation |  | Other |  | Consolidated
Goodwill (gross) - January 1, 2023 | $ | 355.3 |  |  | $ | 88.3 |  |  | $ | 443.6 |
Business combinations | 20.8 |  |  | — |  |  | 20.8 |
Other adjustments | (0.9) |  |  | 5.3 |  |  | 4.4 |
Goodwill (gross) - December 31, 2023 | 375.2 |  |  | 93.6 |  | 468.8 |
Accumulated impairment losses | (70.0) |  |  | — |  |  | (70.0) |
Goodwill (net) - December 31, 2023 | $ | 305.2 |  |  | $ | 93.6 |  |  | $ | 398.8 |
Other adjustments in the above table for the year ended December 31, 2023 in the Other category primarily include measurement period adjustments associated with a tax election that resulted in a $4.5 million change in purchase price for a 2022 acquisition. The change in carrying amount of goodwill by reporting segment for the year ended December 31, 2024 was as follows (in millions):
| Installation |  | Other |  | Consolidated
Goodwill (gross) - January 1, 2024 | $ | 375.2 |  |  | $ | 93.6 |  |  | $ | 468.8 |
Business combinations | 26.0 |  |  | 7.1 |  |  | 33.1 |
Other adjustments | 0.7 |  |  | — |  |  | 0.7 |
Goodwill (gross) - December 31, 2024 | 401.9 |  |  | 100.7 |  |  | 502.6 |
Accumulated impairment losses | (70.0) |  |  | — |  |  | (70.0) |
Goodwill (net) - December 31, 2024 | $ | 331.9 |  |  | $ | 100.7 |  |  | $ | 432.6 |
Other adjustments presented in the above table primarily include goodwill derived from two insignificant tuck-in acquisitions merged into an existing operation during the year ended December 31, 2024. For additional information regarding changes to goodwill resulting from acquisitions, see Note 18, Business Combinations. On October 1, 2024, our measurement date, we tested goodwill for impairment by reporting unit. We have the option to either assess goodwill for impairment by performing a qualitative assessment to determine whether it is more likely than not that the fair value is less than its carrying value, or to bypass the qualitative evaluation and perform a quantitative assessment. For the Installation and Manufacturing reporting unit, we performed a qualitative assessment in conformity with generally accepted accounting principles and determined that no impairment of goodwill was required. For our Distribution reporting unit, we elected to perform an individual quantitative assessment. The assessment approximated the fair value of the Distribution reporting unit by weighting a discounted cash flow model and a market-related model in consultation with an external valuation expert. Based on this assessment, we determined that no impairment of goodwill was required for our Distribution reporting unit. During the year ended December 31, 2024, we made the determination to wind down one of our branches. The fair value of the impaired goodwill associated with this branch was not material. In addition, no impairment of goodwill was recognized for the years ended December 31, 2023 or 2022. Accumulated impairment losses included within the above table were incurred over multiple periods, with the latest impairment charge being recorded during the year ended December 31, 2010. These accumulated losses were assigned to our Installation reporting unit. Intangibles, net The following table provides the gross carrying amount, accumulated amortization and net book value for each major class of intangibles (in millions):
| As of December 31,
| 2024 |  | 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
Amortized intangibles: |  |  |  |  |  |  |  |  |  |  |
Customer relationships | $ | 386.4 |  |  | $ | 207.6 |  |  | $ | 178.8 |  |  | $ | 357.4 |  |  | $ | 177.8 |  |  | $ | 179.6 |
Covenants not-to-compete | 34.6 |  |  | 27.1 |  |  | 7.5 |  |  | 32.1 |  |  | 23.7 |  |  | 8.4 |
Trademarks and tradenames | 139.5 |  |  | 55.3 |  |  | 84.2 |  |  | 128.0 |  |  | 47.4 |  |  | 80.6 |
Backlog | 21.6 |  |  | 21.6 |  |  | — |  |  | 21.6 |  |  | 21.5 |  |  | 0.1 |
Total intangibles | $ | 582.1 |  |  | $ | 311.6 |  |  | $ | 270.5 |  |  | $ | 539.1 |  |  | $ | 270.4 |  |  | $ | 268.7 |
The gross carrying amount of intangibles i ncreased approximately $43.0 million and $29.8 million during the years ended December 31, 2024 and 2023, respectively. Intangibles associated with business combinations accounted for approximately $49.0 million and $29.7 million of the increases during the years ended December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, we recorded a $4.6 million intangible impairment charge related to the wind down of a single branch. We recorded no intangible asset impairment loss for the years ended December 31, 2023 and 2022. For more information on business combinations and asset impairments, see Note 18, Business Combinations and Note 10, Fair Value Measurements, respectively. Amortization expense on intangible assets totaled approximately $42.5 million, $44.5 million, and $43.8 million during the years ended December 31, 2024, 2023 and 2022, respectively. Remaining estimated aggregate annual amortization expense is as follows (in millions):
2025 | $ | 39.1 |
2026 | 35.1 |
2027 | 30.8 |
2028 | 27.4 |
2029 | 24.7 |
Thereafter | 113.4 |

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