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GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

NOTE D – GOODWILL AND INTANGIBLE ASSETS

Goodwill represents the excess of cost over the fair value of net identifiable tangible and intangible assets acquired. The December 31, 2022 balance has been adjusted to reclassify the $0.6 million of goodwill related to FleetNet to discontinued operations. The remaining goodwill balance of $304.8 million at both September 30, 2023 and December 31, 2022, primarily relates to the Asset-Light segment acquisitions of MoLo and Panther.

Intangible assets consisted of the following:


		September 30, 2023						December 31, 2022
	Weighted-Average			Accumulated		Net				Accumulated		Net
	Amortization Period	Cost		Amortization		Value			Cost	Amortization		Value

	(in years)	(in thousands)						(in thousands)
Finite-lived intangible assets
Customer relationships	12	$	99,579	$	49,251	$	50,328	$	99,579	$	42,933	$	56,646
Other	8		30,092		8,432		21,660		29,914		5,127		24,787
	11		129,671		57,683		71,988		129,493		48,060		81,433
Indefinite-lived intangible assets
Trade name	N/A		32,300		N/A		32,300		32,300		N/A		32,300

Total intangible assets	N/A	$	161,971	$	57,683	$	104,288	$	161,793	$	48,060	$	113,733

As of September 30, 2023, the future amortization of intangible assets was as follows:


	Amortization of
	Intangible Assets
	(in thousands)
Remainder of 2023	$	3,197
2024		12,790
2025		12,790
2026		8,683
2027		7,259
Thereafter		27,269
Total amortization	$	71,988