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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 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, 2021 |  | $ | 11,792 |  |  | $ | 48,590 |  |  | $ | 60,382 |
Additions (a) |  | — |  |  | 77,576 |  |  | 77,576 |
Balance at December 31, 2022 |  | $ | 11,792 |  |  | $ | 126,166 |  |  | $ | 137,958 |
___________________________________ (a) Represents the acquisition of two Coastal Plywood facilities. For additional information, see Note 7, Acquisition. At December 31, 2022 and 2021, 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 trade names and trademarks have indefinite lives, are not amortized, and have a carrying amount of $8.9 million. In addition, in 2022, we acquired a trade name and customer relationships as discussed in Note 7, Acquisition. This acquired trade name has a useful life of one year. The weighted-average useful life for customer relationships from the date of purchase is approximately 10 years. During the years ended December 31, 2022 and 2021, we recognized $8.2 million and $1.2 million, respectively, of amortization expense for intangible assets. Amortization expense is expected to be approximately $16.3 million per year for the next five years. Intangible assets consisted of the following:
|  | December 31, 2022
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
|  | (thousands)
Trade names and trademarks |  | $ | 9,600 |  |  | $ | (292) |  |  | $ | 9,308 |
Customer relationships |  | 166,050 |  |  | (13,925) |  |  | 152,125 |
|  | $ | 175,650 |  |  | $ | (14,217) |  |  | $ | 161,433 |
|  | December 31, 2021
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
|  | (thousands)
Trade names and trademarks |  | $ | 8,900 |  |  | $ | — |  |  | $ | 8,900 |
Customer relationships |  | 12,450 |  |  | (5,999) |  |  | 6,451 |
|  | $ | 21,350 |  |  | $ | (5,999) |  |  | $ | 15,351 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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