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Goodwill and Intangibles | 12 Months Ended
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Dec. 31, 2025
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, 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 bolt-on acquisitions merged into an existing operation during the year ended December 31, 2024. The change in carrying amount of goodwill by reporting segment for the year ended December 31, 2025 was as follows (in millions):
| Installation |  | Other |  | Consolidated
Goodwill (gross) - January 1, 2025 | $ | 401.9 |  |  | $ | 100.7 |  |  | $ | 502.6 |
Business combinations | 6.4 |  |  | 10.0 |  |  | 16.4 |
Other adjustments | 1.4 |  |  | 0.0 |  |  | 1.4 |
Goodwill (gross) - December 31, 2025 | 409.7 |  |  | 110.7 |  |  | 520.4 |
Accumulated impairment losses | (70.0) |  |  | — |  |  | (70.0) |
Goodwill (net) - December 31, 2025 | $ | 339.7 |  |  | $ | 110.7 |  |  | $ | 450.4 |
Other adjustments presented in the above table primarily include goodwill derived from four insignificant bolt-on acquisitions merged into existing operations during the year ended December 31, 2025. For additional information regarding changes to goodwill resulting from acquisitions, see Note 18, Business Combinations. On October 1, 2025, 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. We had no material impairment of goodwill for the years ended December 31, 2025, 2024 or 2023. Accumulated impairment losses included within the above table were incurred over multiple periods, with the latest material 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,
| 2025 |  | 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
Amortized intangibles: |  |  |  |  |  |  |  |  |  |  |
Customer relationships | $ | 407.8 |  |  | $ | 235.6 |  |  | $ | 172.2 |  |  | $ | 386.4 |  |  | $ | 207.6 |  |  | $ | 178.8 |
Covenants not-to-compete | 36.0 |  |  | 30.5 |  |  | 5.5 |  |  | 34.6 |  |  | 27.1 |  |  | 7.5 |
Trademarks, tradenames and other | 148.0 |  |  | 64.7 |  |  | 83.3 |  |  | 139.5 |  |  | 55.3 |  |  | 84.2 |
Backlog | 22.4 |  |  | 21.9 |  |  | 0.5 |  |  | 21.6 |  |  | 21.6 |  |  | — |
Total intangibles | $ | 614.2 |  |  | $ | 352.7 |  |  | $ | 261.5 |  |  | $ | 582.1 |  |  | $ | 311.6 |  |  | $ | 270.5 |
The gross carrying amount of intangibles i ncreased approximately $32.1 million and $43.0 million during the years ended December 31, 2025 and 2024, respectively. Intangibles associated with business combinations accounted for approximately $28.0 million and $49.0 million of the increases during the years ended December 31, 2025 and 2024, respective ly. 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. During each of the years ended December 31, 2025 and 2023, we did not record any impairments on intangible assets. 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 $41.1 million, $42.5 million, and $44.5 million during the years ended December 31, 2025, 2024 and 2023, respectively. Remaining estimated aggregate annual amortization expense is as follows (in millions):
2026 | $ | 38.5 |
2027 | 33.6 |
2028 | 30.0 |
2029 | 27.2 |
2030 | 25.9 |
Thereafter | 106.3 |

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