NOTE C – GOODWILL AND INTANGIBLE ASSETS

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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, 2026 and December 31, 2025 relates to the Asset-Light segment.

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The Company’s simplified brand structure, as described in Note A, included the discontinuation of the Panther^® and MoLo^® brands. The Company determined that the discontinuation of the Panther brand was an indicator of impairment and performed an interim impairment test on the indefinite-lived Panther trade name. As future cash flows attributable to the Panther trade name are expected to be minimal, the Company determined that the fair value of the trade name was zero and recorded a non-cash impairment charge of $25.7 million to write off the remaining carrying value of the Panther trade name. The impairment charge represented the remaining carrying value of the Panther trade name as of December 31, 2025 after a previous $6.6 million impairment charge recorded during the fourth quarter of 2025.

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Finite-lived intangible assets consisted of the following:

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