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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2024
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, 2023 and March 31, 2024 |  | $ | 44,088 |  |  | $ | 126,166 |  |  | $ | 170,254 |
At March 31, 2024 and December 31, 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 trade names and trademarks have indefinite lives, are not amortized, and have a carrying amount of $8.9 million. For the three months ended March 31, 2024 and 2023 we recognized $4.9 million and $4.3 million, respectively, of amortization expense for intangible assets. Intangible assets consisted of the following:
|  | March 31, 2024
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
|  | (thousands)
Trade names and trademarks |  | $ | 27,600 |  |  | $ | (1,299) |  |  | $ | 26,301 |
Customer relationships |  | 195,050 |  |  | (35,515) |  |  | 159,535 |
|  | $ | 222,650 |  |  | $ | (36,814) |  |  | $ | 185,836 |
|  | 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 |

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