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Note 11 - Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Text Block]

11.

Goodwill and Other Intangible Assets

As discussed in Note 10, Acquisitions, in first quarter 2022, we recorded additional goodwill of approximately $12.4 million and additional finite-lived intangible assets of approximately $41.9 million in connection with the Zenith acquisition. Total goodwill was $112.9 million and $100.5 million at March 31, 2022, and December 31, 2021, respectively. All goodwill is assigned to our Final Mile Services business segment and no impairment losses have been recorded for goodwill as of March 31, 2022. Prior to the Zenith acquisition, our intangible assets consisted of those arising from previous business acquisitions and our purchased LDC network access, both within our Final Mile Services business segment. Identifiable intangible assets consist of the following (in millions):

							Weighted Average
							Amortization
	March 31, 2022			December 31, 2021			Period
Finite-lived intangibles:
Customer relationships	$	169.6		$	129.9			10.9
Non-competition agreements		7.5			7.3			6.7
Trade names		6.2			4.2			2.1
LDC Network		10.5			10.5			10.0
Total finite-lived intangibles		193.8			151.9
Less accumulated amortization		(65.1	)		(61.3	)
Total identifiable intangible assets, net	$	128.7		$	90.6

Our finite-lived intangible assets have no assigned residual values.

Intangible asset amortization expense was $3.8 million and $3.7 million for the first quarter 2022 and 2021, respectively. Estimated amortization expense for our finite-lived intangible assets is expected to be approximately $17.6 million for 2022, $18.4 million for 2023, $17.6 for 2024, $17.1 million for 2025, and $16.3 million for 2026. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, impairment or accelerated amortization of intangible assets, and other events.