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GOODWILL AND INTANGIBLES | 12 Months Ended
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Dec. 31, 2024
GOODWILL AND INTANGIBLES |
GOODWILL AND INTANGIBLES |
6. | GOODWILL AND INTANGIBLE ASSETS
​ Goodwill by segment consists of the following as of December 31, 2024 and 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Ocean | ​ | ​ | ​ | ​ | ​ | ​
(In millions) |  | Transportation |  | Logistics |  | Total
Goodwill | ​ | $ | 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, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2024 |  | ​ | As of December 31, 2023 |
​ | ​ | Gross | ​ | Accumulated | ​ | ​ | ​ |  | ​ | Gross | ​ | Accumulated | ​ | ​ | ​ |
(In millions) |  | Amount |  | Amortization |  | Net Book Value |  |  | Amount |  | Amortization |  | Net Book Value |
Ocean Transportation - Customer relationships | ​ | $ | 140.6 | ​ | $ | 64.4 | ​ | $ | 76.2 | ​ | ​ | $ | 140.6 | ​ | $ | 57.9 | ​ | $ | 82.7 | ​
Logistics: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Customer relationships | ​ | ​ | 106.2 | ​ | ​ | 50.3 | ​ | ​ | 55.9 | ​ | ​ | ​ | 110.4 | ​ | ​ | 44.0 | ​ | ​ | 66.4 | ​
Trade name | ​ |  | 27.3 | ​ | ​ | — | ​ | ​ | 27.3 | ​ | ​ |  | 27.3 | ​ | ​ | — | ​ | ​ | 27.3 | ​
Total Logistics | ​ |  | 133.5 | ​ | ​ | 50.3 | ​ | ​ | 83.2 | ​ | ​ |  | 137.7 | ​ | ​ | 44.0 | ​ | ​ | 93.7 | ​
Total | ​ | $ | 274.1 | ​ | $ | 114.7 | ​ | $ | 159.4 | ​ | ​ | $ | 278.3 | ​ | $ | 101.9 | ​ | $ | 176.4 | ​
​ In February 2023, the Company completed an asset acquisition consisting of customer relationship intangible assets for $16.5 million, which are being amortized over seven years. ​ 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, 2024, 2023 and 2022, are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
(In millions) |  | 2024 |  | 2023 |  | 2022 |
Amortization expense | ​ | $ | 12.8 | ​ | $ | 13.6 | ​ | $ | 11.4 | ​
​ As of December 31, 2024, estimated amortization expense related to customer relationship intangible assets during the next five years and thereafter are as follows:
​ | ​ | ​ | ​ | ​
​ | ​ | Customer | ​
Year (in millions) | ​ | Relationships |
2025 | ​ | $ | 13.0 | ​
2026 | ​ |  | 12.5 | ​
2027 | ​ |  | 12.6 | ​
2028 | ​ |  | 12.5 | ​
2029 | ​ |  | 12.5 | ​
Thereafter | ​ |  | 69.0 | ​
Total | ​ | $ | 132.1 | ​
​

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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