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Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

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, 2018	$	10,569		$	48,590	$	59,159
Additions	1,223		(a)	—		1,223
Balance at December 31, 2019	$	11,792		$	48,590	$	60,382

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(a)	Represents the acquisition of a wholesale building material distribution location. For additional information, see Note 8, Acquisitions.

At December 31, 2019 and 2018, intangible assets represented the values assigned to trade names and trademarks and customer relationships. The trade names and trademarks have indefinite lives and are not amortized. The weighted-average useful life for customer relationships from the date of purchase is approximately 10 years. Amortization expense is expected to be approximately $1.2 million per year for the next five years.

Intangible assets consisted of the following:



	December 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(thousands)
Trade names and trademarks	$	8,900	$	—		$	8,900
Customer relationships	12,450		(3,553		)	8,897
	$	21,350	$	(3,553	)	$	17,797



	December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(thousands)
Trade names and trademarks	$	8,900	$	—		$	8,900
Customer relationships	10,350		(2,399		)	7,951
	$	19,250	$	(2,399	)	$	16,851