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Goodwill and intangible assets

12 Months Ended

Dec. 31, 2024

Note 8 – 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 years ended December 31, 2024, 2023 and 2022.

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 December 31, 2024 the Company had $62.3 million of goodwill, of which $14.5 million is attributable to the acquisition of USA Refrigerants on June 6, 2024 and at December 31, 2023 the Company had $47.8 million of goodwill.

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


		December 31, 2024						December 31, 2023
	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		930		876		54		870	$	798		72
Customer relationships	2 – 12		32,680		20,246		12,434		31,560		17,151		14,409
Above market leases	13		567		321		246		567		277		290
Trade name	5		1,540		174		1,366		—		—		—
Total identifiable intangible assets		$	35,717	$	21,617	$	14,100	$	32,997	$	18,226	$	14,771

The amortization of intangible assets for the years ended December 31, 2024, 2023 and 2022, were $3.4 million, $2.8 million and $2.8 million, respectively. Future estimated amortization expense is as follows: 2025 - $3.4 million, 2026- $3.1 million, 2027-$2.8 million, 2028- $2.8 million, 2029-$2.0 million.