Schneider National, Inc.SNDR

Schneider National, Inc. Goodwill & Intangibles Disclosure

10-KFiled Feb 20, 20262 min read
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill represents the excess of the purchase price of acquisitions over the fair value of the identifiable net assets acquired. The following table shows changes to our goodwill balances by segment during the years ended December 31, 2025 and 2024.
(in millions)TruckloadLogisticsTotal
Balance on December 31, 2023$317.5 $14.2 $331.7 
Acquisition (see Note 2)46.2 — 46.2 
Balance on December 31, 2024363.7 14.2 377.9 
Acquisition adjustments (see Note 2)(40.5)— (40.5)
Balance on December 31, 2025$323.2 $14.2 $337.4 
During the year ended December 31, 2025, we recorded $18.5 million of customer relationships and $10.5 million of trademarks in connection with the finalization of purchase accounting related to the Cowan acquisition. These identifiable, finite-lived intangible assets are being amortized over their weighted-average amortization period of 15.0 years. Refer to Note 2, Acquisitions, for further details.
As of December 31, 2025 and 2024, our Truckload segment had accumulated goodwill impairment charges of $34.6 million.
Goodwill is tested for impairment at least annually using the discounted cash flow, guideline public company, and guideline transaction methods to calculate the fair values of our reporting units. Key inputs used in the discounted cash flow approach include growth rates for sales and operating profit, perpetuity growth assumptions, and discount rates. Key inputs used in the guideline public company and guideline transaction methods include EBITDA valuation multiples of comparable companies and transactions. If interest rates rise, growth rates decrease, or EBITDA valuation multiples of comparable companies and transactions decline, the calculated fair values of our reporting units will decrease, which could impact the results of our goodwill impairment tests.
During the fourth quarter of 2025 and 2024, annual impairment tests were performed for our reporting units with goodwill as of October 31, our assessment date. No impairments resulted as part of the 2025 or 2024 annual impairment tests.
The identifiable finite lived intangible assets other than goodwill listed below are included in internal use software and other noncurrent assets on the consolidated balance sheets.
December 31, 2025December 31, 2024
(in millions)Gross
Carrying
Amount		Accumulated AmortizationNet
Carrying
Amount		Gross
Carrying
Amount		Accumulated AmortizationNet
Carrying
Amount
Customer relationships$62.0 $9.1 $52.9 $43.5 $4.8 $38.7 
Trademarks21.4 4.1 17.3 10.9 2.4 8.5 
Non-compete agreements5.4 2.6 2.8 5.4 1.5 3.9 
Total intangible assets$88.8 $15.8 $73.0 $59.8 $8.7 $51.1 
Amortization expense for intangible assets was $7.1 million and $5.0 million for the years ended December 31, 2025 and December 31, 2024, respectively.
Estimated future amortization expense related to intangible assets is as follows:
(in millions)December 31, 2025
2026$7.0 
20277.0 
20286.5 
20295.9 
20305.9 
2031 and thereafter40.7 
Total$73.0 

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 21, 2025
2023Feb 23, 2024
2022Feb 17, 2023
2021Feb 18, 2022
2020Feb 19, 2021
2019Feb 19, 2020
2018Feb 26, 2019
2017Feb 27, 2018

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.

Other Available Disclosures

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