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Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill.

Goodwill and Intangible Assets

Note 6. Goodwill and Intangible Assets

Goodwill, all of which has been allocated to the GDSO segment, was $421.9 million at both December 31, 2025 and 2024. There were no changes to goodwill during the year ended December 31, 2025.

Intangible assets consisted of the following (in thousands):


		Gross						Net
		Carrying			Accumulated			Intangible			Amortization
		Amount			Amortization			Assets			Period
At December 31, 2025
Intangible assets subject to amortization:
Terminalling services		$	26,365		$	(24,443)		$	1,922		20 years
Customer relationships			52,226			(45,906)			6,320		2-15 years
Supply contracts			97,269			(92,430)			4,839		5-10 years
Other intangible assets			5,995			(5,726)			269		2-20 years
Total intangible assets		$	181,855		$	(168,505)		$	13,350
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

The aggregate amortization expense was $5.3 million, $8.3 million and $8.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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


2026		$	5,151
2027			3,650
2028			921
2029			720
2030			680
Thereafter			2,228
Total intangible assets		$	13,350