| GOODWILL AND INTANGIBLE ASSETS |
NOTE C – GOODWILL AND INTANGIBLE ASSETS Goodwill represents the excess of cost over the fair value of net identifiable tangible and intangible assets acquired. The goodwill balance of $304.8 million at both June 30, 2025 and December 31, 2024 relates to the Asset-Light segment. Intangible assets consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | | Weighted-Average | | | | | Accumulated | | Net | | | | | Accumulated | | Net | | | | Amortization Period | | Cost | | Amortization | | Value | | | Cost | | Amortization | | Value | | | | | (in years) | | (in thousands) | | (in thousands) | | Finite-lived intangible assets | | | | | | | | | | | | | | | | | | | | | | Customer relationships | | 12 | | $ | 99,579 | | $ | 63,994 | | $ | 35,585 | | $ | 99,579 | | $ | 59,782 | | $ | 39,797 | | Other | | 9 | | | 30,672 | | | 16,108 | | | 14,564 | | | 30,438 | | | 13,920 | | | 16,518 | | | | 11 | | | 130,251 | | | 80,102 | | | 50,149 | | | 130,017 | | | 73,702 | | | 56,315 | | Indefinite-lived intangible asset | | | | | | | | | | | | | | | | | | | | | | Trade name | | N/A | | | 32,300 | | | N/A | | | 32,300 | | | 32,300 | | | N/A | | | 32,300 | | | | | | | | | | | | | | | | | | | | | | | | Total intangible assets | | N/A | | $ | 162,551 | | $ | 80,102 | | $ | 82,449 | | $ | 162,317 | | $ | 73,702 | | $ | 88,615 | |
As of June 30, 2025, the future amortization for intangible assets acquired through business acquisitions was as follows: | | | | | | | Amortization of | | | | Intangible Assets | | | | (in thousands) | | Remainder of 2025 | | $ | 6,400 | | 2026 | | | 8,693 | | 2027 | | | 7,269 | | 2028 | | | 7,269 | | 2029 | | | 7,223 | | Thereafter | | | 13,295 | | Total amortization | | $ | 50,149 | |
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