Matson, Inc. Goodwill & Intangibles Disclosure
6. | GOODWILL AND INTANGIBLE ASSETS |
Goodwill by segment consists of the following as of December 31, 2025 and 2024:
As of December 31, 2025 |
| As of December 31, 2024 | |||||||||||||||||
Ocean |
| Ocean | |||||||||||||||||
(In millions) | | Transportation | | Logistics | | Total |
| | Transportation | | Logistics | | Total | ||||||
Goodwill | $ | 222.6 | $ | 105.2 | $ | 327.8 | $ | 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, 2025 and 2024:
As of December 31, 2025 |
| As of December 31, 2024 |
| |||||||||||||||||
Gross | Accumulated |
| Gross | Accumulated |
| |||||||||||||||
(In millions) | | Amount | | Amortization | | Net Book Value |
| | Amount | | Amortization | | Net Book Value |
| ||||||
Ocean Transportation - Customer relationships | $ | 140.6 | $ | 71.0 | $ | 69.6 | $ | 140.6 | $ | 64.4 | $ | 76.2 | ||||||||
Logistics: | ||||||||||||||||||||
Customer relationships | 106.6 | 56.9 | 49.7 | 106.2 | 50.3 | 55.9 | ||||||||||||||
Trade name |
| 27.3 | — | 27.3 |
| 27.3 | — | 27.3 | ||||||||||||
Total Logistics |
| 133.9 | 56.9 | 77.0 |
| 133.5 | 50.3 | 83.2 | ||||||||||||
Total | $ | 274.5 | $ | 127.9 | $ | 146.6 | $ | 274.1 | $ | 114.7 | $ | 159.4 | ||||||||
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, 2025, 2024 and 2023, are as follows:
Years Ended December 31, |
| |||||||||
(In millions) | | 2025 | | 2024 | | 2023 |
| |||
Amortization expense | $ | 13.2 | $ | 12.8 | $ | 13.6 | ||||
As of December 31, 2025, estimated amortization expense related to customer relationship intangible assets are as follows:
Customer | ||||
Year (in millions) | Relationships |
| ||
2026 | $ | 12.5 | ||
2027 |
| 12.6 | ||
2028 |
| 12.5 | ||
2029 |
| 12.5 | ||
2030 |
| 10.9 | ||
Thereafter |
| 58.3 | ||
Total | $ | 119.3 | ||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 4, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 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.