GLOBAL PARTNERS LP Goodwill & Intangibles Disclosure
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 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 5, 2021 | |
| 2019 | Mar 6, 2020 | |
| 2018 | Mar 8, 2019 | |
| 2017 | Mar 9, 2018 | |
| 2016 | Mar 10, 2017 | |
| 2015 | Feb 29, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.