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Other Intangible, Net and Goodwill | 9 Months Ended
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Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | Other Intangibles, Net and Goodwill All intangible assets determined to have finite lives are amortized over their estimated useful lives. The useful life of an intangible asset is the period over which the asset is expected to contribute directly or indirectly to future cash flows. As a result of the acquisition of Smith Transport on May 31, 2022, there was a $28.1 million increase in the gross intangible assets made up of $20.1 million finite lived intangible assets and $8.0 million of indefinite lived intangible assets during the nine months ended September 30, 2022. The increase in gross indefinite lived intangible assets is associated with the Smith Transport trade name, while the intangible assets for customer relationships and covenants not to compete have finite lives. As a result of the acquisition of CFI on August 31, 2022, there was a $55.1 million increase in the gross intangible assets made up of $31.6 million finite lived intangible assets and $23.5 million of indefinite lived intangible assets during the three and nine months ended September 30, 2022. The increase in gross indefinite lived intangible assets is associated with the CFI trade name, while the intangible asset for customer relationships is finite lived. Amortization expense of $1.0 million and $0.6 million for the three months ended September 30, 2022 and 2021, respectively, was included in depreciation and amortization in the consolidated statements of comprehensive income. Amortization expense of $2.2 million and $1.8 million for the nine months ended September 30, 2022 and 2021, respectively, was included in depreciation and amortization in the consolidated statements of comprehensive income. Intangible assets subject to amortization consisted of the following at September 30, 2022:
| Amortization period (years) |  | Gross Amount |  | Accumulated Amortization |  | Net finite intangible assets
|  |  | (in thousands)
Customer relationships | 15-20 |  | $ | 74,188 |  |  | $ | 7,260 |  |  | $ | 66,928 |
Trade name | 0.5-6 |  | 12,900 |  |  | 9,580 |  |  | 3,320 |
Covenants not to compete | 1-10 |  | 5,832 |  |  | 4,226 |  |  | 1,606 |
|  |  | $ | 92,920 |  |  | $ | 21,066 |  |  | $ | 71,854 |
Change in carrying amount of goodwill:
Goodwill | (in thousands)
Balance at December 31, 2021 | $ | 168,295 |
Acquisition May 31, 2022 | 42,129 |
Acquisition August 31, 2022 | 106,375 |
Balance at September 30, 2022 | $ | 316,799 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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