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GOODWILL AND INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 by segment are as follows: 
(thousands) Manufacturing Distribution Total
Balance - January 1, 2021 $ 338,045  $ 57,755  $ 395,800 
Acquisitions 136,195  11,697  147,892 
Adjustment to prior year preliminary purchase price allocation 7,666  19  7,685 
Balance - December 31, 2021 481,906  69,471  551,377 
Acquisitions 82,886  240  83,126 
Adjustment to prior year preliminary purchase price allocation (6,430) 1,190  (5,240)
Balance - December 31, 2022 $ 558,362  $ 70,901  $ 629,263 
As of December 31, 2022 and 2021, accumulated impairment of goodwill in the Manufacturing segment was $27.4 million.
Intangible assets, net consist of the following at December 31, 2022 and 2021:  
(thousands) 2022 2021
Customer relationships $ 722,503  $ 617,814 
Non-compete agreements 20,412  21,284 
Patents 69,164  50,038 
Trademarks 195,957  165,897 
1,008,036  855,033 
Less: accumulated amortization (287,806) (214,577)
Intangible assets, net $ 720,230  $ 640,456 
Changes in the carrying value of intangible assets for the years ended December 31, 2022 and 2021 by segment are as follows: 
(thousands) Manufacturing Distribution Total 
Balance - January 1, 2021 $ 373,717  $ 82,559  $ 456,276 
Acquisitions 212,883  32,715  245,598 
Amortization (46,684) (9,645) (56,329)
Adjustment to prior year preliminary purchase price allocation (5,089) —  (5,089)
Balance - December 31, 2021 534,827  105,629  640,456 
Acquisitions 145,204  260  145,464 
Amortization (62,786) (10,443) (73,229)
Adjustment to prior year preliminary purchase price allocation 5,402  2,137  7,539 
Balance - December 31, 2022 $ 622,647  $ 97,583  $ 720,230 
Amortization expense for the next five fiscal years ending December 31 related to finite-lived intangible assets as of December 31, 2022 is estimated to be as follows (in thousands):
2023 $ 77,584 
2024 76,225 
2025 72,467 
2026 66,774 
2027 60,296