GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

NOTE 12—GOODWILL AND INTANGIBLE ASSETS:

All of the Company’s intangible indefinite-lived assets are trademarks.

The changes in the carrying amount of trademarks for 2025 and 2024 were as follows:

	2025		2024
Original cost	$	193,767	$	193,767
Accumulated impairment losses as of January 1		(18,743)		(18,743)
Balance at January 1	$	175,024	$	175,024
Current year impairment losses		—		—
Balance at December 31	$	175,024	$	175,024
Accumulated impairment losses as of December 31	$	(18,743)	$	(18,743)

The fair value of indefinite-lived intangible assets was primarily assessed using the present value of estimated future cash flows and relief-from-royalty method.

The Company has no accumulated impairment losses of goodwill.