Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

4. Goodwill and Intangible Assets

Goodwill. We identified no indicators of goodwill impairment during the years ended December 31, 2025, 2024, and 2023.

The following table presents the changes in the carrying value of our goodwill (in millions of dollars):

	As of December 31,
	2025			2024
Gross carrying value1	$	57.7		$	57.7
Accumulated impairment loss1		(38.9	)		(38.9	)
Net carrying value	$	18.8		$	18.8

1.The gross carrying value and accumulated impairment loss excludes $25.2 million of goodwill recorded in conjunction with our acquisition of IMT.

Intangible Assets. The following table presents the gross carrying amount and accumulated amortization of our intangible assets by major intangible asset class (in millions of dollars):

	Gross Amount		Accumulated Amortization			Intangible Assets, Net
As of December 31, 2025
Customer relationships	$	68.1	$	(34.5	)	$	33.6
Trade name		2.4		(1.7	)		0.7
Favorable lease contracts		7.0		(0.3	)		6.7
Total	$	77.5	$	(36.5	)	$	41.0
As of December 31, 2024
Customer relationships	$	68.1	$	(30.3	)	$	37.8
Trade name		2.4		(1.5	)		0.9
Non-compete agreement		5.4		(5.4	)		—
Favorable lease contracts		7.0		(0.2	)		6.8
Total	$	82.9	$	(37.4	)	$	45.5

We identified no indicators of impairment associated with our intangible assets during the years ended December 31, 2025, 2024, and 2023.

Amortization expense relating to definite-lived intangible assets was $4.5 million, $4.5 million and $5.3 million for 2025, 2024, and 2023, respectively. The following table presents the expected amortization of intangible assets for each of the next five calendar years and thereafter as of December 31, 2025 (in millions of dollars):

2026	$	4.5
2027		4.5
2028		4.4
2029		4.1
2030		4.1
Thereafter		19.4
Total	$	41.0