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Note 10 - Goodwill and Other Assets
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]
Note
10.
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
June 30, 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
   
920
 
Balance at June 30, 2019
  $
42,518
 
 
 
A summary of other intangible assets as of
June 30, 2019
and
December 31, 2018
is as follows:
 
(in thousands)
 
June 30, 2019
   
Gross intangible assets
   
Accumulated amortization
   
Net intangible assets
   
Remaining life (months)
 
Trade name
  $
$ 4,400
    $
$ (293)
)   $
$ 4,107
     
168
 
Non-Compete agreement
   
1,400
    $
$ (280)
)    
1,120
     
48
 
Customer relationships
   
28,200
    $
$ (2,350)
)    
25,850
     
132
 
Total
  $
$ 34,000
    $
$ (2,923)
)   $
$ 31,077
     
 
 
 
   
December 31, 2018
   
Gross intangible assets
   
Accumulated amortization
   
Net intangible assets
   
Remaining life (months)
 
Trade name
  $
4,400
    $
(147
)   $
4,253
     
174
 
Non-Compete agreement
   
1,400
    $
(140
)    
1,260
     
54
 
Customer relationships
   
28,200
    $
(1,175
)    
27,025
     
138
 
Total
  $
34,000
    $
(1,462
)   $
32,538
     
 
 
 
 
The above intangible assets have a weighted average remaining life of
145
months. The expected amortization of these assets for the next
five
successive years is as follows:
 
   
(in thousands)
 
2019
  $
1,462
 
2020
   
2,923
 
2021
   
2,923
 
2022
   
2,923
 
2023
   
2,783
 
Thereafter
   
18,063