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Goodwill and intangible assets

9 Months Ended

Sep. 30, 2024

Note 6 - Goodwill and intangible assets

Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting.

There were no goodwill impairment losses recognized for the nine-month period ended September 30, 2024, and year ended December 31, 2023.

Based on the results of the impairment assessments of goodwill and intangible assets performed, management concluded that the fair value of the Company’s goodwill exceeds the carrying value and that there are no impairment indicators related to intangible assets.

At September 30, 2024 the Company had $62.4 million of goodwill, of which $14.6 million is attributable to the acquisition of USA Refrigerants on June 6, 2024.

The Company’s other intangible assets consist of the following:


		September 30, 2024						December 31, 2023
		(unaudited)
	Amortization	Gross						Gross
	Period	Carrying		Accumulated				Carrying		Accumulated
(in thousands)	(in years)	Amount		Amortization		Net		Amount		Amortization		Net
Intangible assets with determinable lives
Covenant not to compete	5 – 10		920		866		54		870	$	798		72
Customer relationships	2 – 12		32,670		19,327		13,343		31,560		17,151		14,409
Above market leases	13		567		310		257		567		277		290
Trade name	5		1,420		92		1,328		—		—		—
Total identifiable intangible assets		$	35,577	$	20,595	$	14,982	$	32,997	$	18,226	$	14,771

Amortization expense for the nine months ended September 30, 2024 and 2023 was $2.4 million and $2.1 million, respectively. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable.