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Note 11 - Goodwill and Other Assets
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]
Note
11.
Goodwill and Other Assets
 
On
July 3, 2018,
we acquired
100%
of the outstanding stock of Landair Holdings, Inc., a Tennessee corporation (“Landair”). Landair is a dedicated and for-hire truckload carrier, as well as a supplier of transportation management, warehousing and logistics inventory management services. Landair’s results have been included in the consolidated financial statements since the date of acquisition. Landair’s trucking operations’ results are reported within our Truckload segment, while Landair’s logistics operations’ results are reported within our Managed Freight segment.
 
The allocation of the preliminary purchase price is subject to change based on finalization of the valuation of long-lived and intangible assets and self-insurance reserves, as well as our ongoing evaluation of Landair's accounting principles for consistency with ours. The assignment of goodwill and intangible assets to our reportable segments has
not
been completed as of
March 31, 2019
. A summary of the changes in carrying amount of goodwill is as follows:
 
 
(in thousands)
       
         
Balance at December 31, 2018
  $
41,598
 
Post-acquisition goodwill adjustments
   
(868
)
Balance at March 31, 2019
  $
40,730
 
 
A summary of other intangible assets as of 
March 31, 2019
and 
December 31, 2018
is as follows:
 
 
(in thousands)
 
March 31, 2019
 
   
 
 
   
Gross intangible assets
   
Accumulated amortization
   
Net intangible assets
 
 
Life (months)
 
Trade name
  $
4,400
    $
(220
)   $
4,180
 
   
180
 
Non-Compete agreement
   
1,400
    $
(210
)    
1,190
 
   
60
 
Customer relationships
   
28,200
    $
(1,763
)    
26,437
 
   
144
 
Total
  $
34,000
    $
(2,193
)   $
31,807
 
   
 
 
                                 
   
December 31, 2018
   
 
 
   
Gross intangible assets
   
Accumulated amortization
   
Net intangible assets
 
 
Life (months)
 
Trade name   $
4,400
    $
(147
)   $
4,253
 
   
180
 
Non-Compete agreement    
1,400
    $
(140
)    
1,260
 
   
60
 
Customer relationships    
28,200
    $
(1,175
)    
27,025
 
   
144
 
Total   $
34,000
    $
(1,462
)   $
32,538
 
   
 
 
 
The above intangible assets have a weighted average life of
145
months. The expected amortization of these assets for the next
five
successive years is as follows:
 
 
   
(In thousands)
 
2019
  $
2,192
 
2020
   
2,923
 
2021
   
2,923
 
2022
   
2,923
 
2023
   
2,783
 
Thereafter
   
18,063