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Note 12 - Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
12. | Goodwill and Other Intangible Assets
Total goodwill was $134.0 million and $134.0 million at December 31, 2024 and 2023, respectively. At December 31, 2024, $111.6 million, $13.6 million and $8.8 million of our goodwill was assigned to our FMS, ICS, and JBI business segments, respectively. No impairment losses have been recorded for goodwill as of December 31, 2024. Our intangible assets consisted of those arising from previous business acquisitions within our FMS, ICS, and JBI segments. Identifiable intangible assets consist of the following (in millions):
|  |  |  |  |  |  |  |  |  | Weighted Average |
|  | December 31, |  |  | Amortization |
|  | 2024 |  |  | 2023 |  |  | Period |
Finite-lived intangibles: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 189.8 |  |  | $ | 206.3 |  |  |  | 10.7 |
Non-competition agreements |  |  | 10.6 |  |  |  | 10.8 |  |  |  | 6.0 |
Trade names |  |  | - |  |  |  | 6.5 |  |  |  |  |
Total finite-lived intangibles |  |  | 200.4 |  |  |  | 223.6 |  |  |  |  |
Less accumulated amortization |  |  | (103.4 | ) |  |  | (89.7 | ) |  |  |  |
Total identifiable intangible assets, net |  | $ | 97.0 |  |  | $ | 133.9 |  |  |  |  |
Our finite-lived intangible assets have no assigned residual values. During the years ending December 31, 2024, 2023, and 2022, intangible asset amortization expense was $37.0 million, $20.5 million and $18.2 million, respectively. During the year ending December 31, 2024, we recorded expense of $14.4 million for the impairment of certain customer relationships intangible assets related to the BNSFL acquisition. Estimated amortization expense for our finite-lived intangible assets is expected to be approximately $20.6 million for 2025, $19.8 million for 2026, $15.5 million for 2027, $9.7 million for 2028, and $9.5 million for 2029. 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.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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