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Note 12 - Goodwill and Other Assets | 3 Months Ended
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Mar. 31, 2021
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
Note 12. | 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 Dedicated reportable segment, while Landair’s logistics operations’ results are reported within our Managed Freight and Warehousing reportable segments. There was no change to the gross amount of identifiable intangible assets during the three-months ended March 31, 2021. At the end of its useful life, the Landair trade name will have a residual value of $0.5 million. Amortization expense of $1.2 million and $0.7 million for the three-months ended March 31, 2021 and 2020, respectively, was included in depreciation and amortization in the condensed consolidated statements of operations. A summary of other intangible assets as of March 31, 2021 and December 31, 2020 is as follows:
(in thousands) |  | March 31, 2021 |
|  | Gross intangible assets |  |  | Accumulated amortization |  |  | Net intangible assets |  |  | Remaining life (months) |
Trade name: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  | $ | 2,402 |  |  | $ | (1,512 | ) |  | $ | 890 |  |  |  |  |
Managed Freight |  |  | 999 |  |  |  | (629 | ) |  |  | 370 |  |  |  |  |
Warehousing |  |  | 999 |  |  |  | (629 | ) |  |  | 370 |  |  |  |  |
Total trade name |  |  | 4,400 |  |  |  | (2,770 | ) |  |  | 1,630 |  |  |  | 6 |
Non-Compete agreement: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 914 |  |  |  | (914 | ) |  |  | - |  |  |  |  |
Managed Freight |  |  | 130 |  |  |  | (130 | ) |  |  | - |  |  |  |  |
Warehousing |  |  | 356 |  |  |  | (356 | ) |  |  | - |  |  |  |  |
Total non-compete agreement |  |  | 1,400 |  |  |  | (1,400 | ) |  |  | 0 |  |  |  | - |
Customer relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 14,072 |  |  |  | (3,225 | ) |  |  | 10,847 |  |  |  |  |
Managed Freight |  |  | 1,692 |  |  |  | (389 | ) |  |  | 1,303 |  |  |  |  |
Warehousing |  |  | 12,436 |  |  |  | (2,850 | ) |  |  | 9,586 |  |  |  |  |
Total customer relationships: |  |  | 28,200 |  |  |  | (6,464 | ) |  |  | 21,736 |  |  |  | 111 |
Total other intangible assets |  | $ | 34,000 |  |  | $ | (10,634 | ) |  | $ | 23,366 |  |  |  |  |
The carrying amount of goodwill was $42.5 million at March 31, 2021 and December 31, 2020, respectively.

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