GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLES

6. GOODWILL AND INTANGIBLE ASSETS

Goodwill by segment consists of the following as of December 31, 2025 and 2024:

	As of December 31, 2025						As of December 31, 2024
	Ocean						Ocean
(In millions)	Transportation		Logistics		Total		Transportation		Logistics		Total
Goodwill	$	222.6	$	105.2	$	327.8	$	222.6	$	105.2	$	327.8

Ocean Transportation goodwill of $222.6 million includes $221.8 million related to the acquisition of Horizon Lines, Inc. (“Horizon”) in May 2015. Logistics goodwill of $105.2 million includes $78.6 million related to the acquisition of Span Intermediate, LLC (“Span Alaska”) in August 2016 that was allocated to the Span Alaska reporting unit, and $26.6 million of other Logistics acquisitions that were allocated to the Logistics reporting unit.

Intangible assets by segment consist of the following as of December 31, 2025 and 2024:

	As of December 31, 2025						As of December 31, 2024
	Gross		Accumulated				Gross		Accumulated
(In millions)	Amount		Amortization		Net Book Value		Amount		Amortization		Net Book Value
Ocean Transportation - Customer relationships	$	140.6	$	71.0	$	69.6	$	140.6	$	64.4	$	76.2
Logistics:
Customer relationships		106.6		56.9		49.7		106.2		50.3		55.9
Trade name		27.3		—		27.3		27.3		—		27.3
Total Logistics		133.9		56.9		77.0		133.5		50.3		83.2
Total	$	274.5	$	127.9	$	146.6	$	274.1	$	114.7	$	159.4

Ocean Transportation intangible assets of $140.6 million relate to customer relationships acquired as part of the acquisition of Horizon, and are being amortized over 21 years. Logistics intangible assets include $79.3 million of customer relationships which are being amortized over 20 years, and $27.3 million of an indefinite life trade name, both acquired as part of the Span Alaska acquisition. The remaining Logistics customer relationships relate to various acquisitions and are being amortized over a period of 3 to 13 years.

Intangible assets related amortization expense for the years ended December 31, 2025, 2024 and 2023, are as follows:

	Years Ended December 31,
(In millions)	2025		2024		2023
Amortization expense	$	13.2	$	12.8	$	13.6

As of December 31, 2025, estimated amortization expense related to customer relationship intangible assets are as follows:

	Customer
Year (in millions)	Relationships
2026	$	12.5
2027		12.6
2028		12.5
2029		12.5
2030		10.9
Thereafter		58.3
Total	$	119.3