Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 6. Goodwill and Intangible Assets

The following table presents changes in goodwill, all of which has been allocated to the GDSO segment (in thousands):

Balance at December 31, 2023	$	429,215
Dispositions (1)		(7,302)
Balance at December 31, 2024	$	421,913

(1) Dispositions represent derecognition of goodwill associated with the sale and disposition of certain assets (see Note 8).

Intangible assets consisted of the following (in thousands):

	Gross				Net
	Carrying		Accumulated		Intangible		Amortization
	Amount		Amortization		Assets		Period
At December 31, 2024
Intangible assets subject to amortization:
Terminalling services	$	26,365	$	(23,108)	$	3,257	20 years
Customer relationships		52,226		(44,605)		7,621	2-15 years
Supply contracts		97,269		(89,733)		7,536	5-10 years
Other intangible assets		5,995		(5,726)		269	2-20 years
Total intangible assets	$	181,855	$	(163,172)	$	18,683
At December 31, 2023
Intangible assets subject to amortization:
Terminalling services	$	26,365	$	(21,772)	$	4,593	20 years
Customer relationships		45,986		(43,370)		2,616	2-15 years
Supply contracts		97,269		(84,029)		13,240	5-10 years
Other intangible assets		5,995		(5,726)		269	2-20 years
Total intangible assets	$	175,615	$	(154,897)	$	20,718

The aggregate amortization expense was approximately $8.3 million, $8.1 million and $8.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The estimated annual intangible asset amortization expense for future years ending December 31 is as follows (in thousands):

2025	$	5,393
2026		5,212
2027		3,527
2028		1,321
2029		720
Thereafter		2,510
Total intangible assets	$	18,683