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Note 13 - Goodwill and Other Assets | 3 Months Ended
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Mar. 31, 2022
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
Note 13. | 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. The Landair trade name has a residual value of $0.5 million. Amortization expense of $0.6 million and $1.2 million for the three months ended March 31, 2022 and 2021, respectively, was included in depreciation and amortization in the condensed consolidated statements of operations. A summary of other intangible assets as of March 31, 2022 and December 31, 2021 is as follows:
(in thousands) |  | March 31, 2022 |
|  | Gross intangible assets |  |  | Accumulated amortization |  |  | Net intangible assets |  |  | Remaining life (months) |
Trade name: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  | $ | 2,402 |  |  | $ | (2,130 | ) |  | $ | 272 |  |  |  |  |
Managed Freight |  |  | 999 |  |  |  | (885 | ) |  |  | 114 |  |  |  |  |
Warehousing |  |  | 999 |  |  |  | (885 | ) |  |  | 114 |  |  |  |  |
Total trade name |  |  | 4,400 |  |  |  | (3,900 | ) |  |  | 500 |  |  |  | - |
Customer relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 14,072 |  |  |  | (4,398 | ) |  |  | 9,674 |  |  |  |  |
Managed Freight |  |  | 1,692 |  |  |  | (528 | ) |  |  | 1,164 |  |  |  |  |
Warehousing |  |  | 12,436 |  |  |  | (3,887 | ) |  |  | 8,549 |  |  |  |  |
Total customer relationships: |  |  | 28,200 |  |  |  | (8,813 | ) |  |  | 19,387 |  |  |  | 99 |
Total other intangible assets |  | $ | 32,600 |  |  | $ | (12,713 | ) |  | $ | 19,887 |  |  |  |  |
(in thousands) |  | December 31, 2021 |
|  | Gross intangible assets |  |  | Accumulated amortization |  |  | Net intangible assets |  |  | Remaining life (months) |
Trade name: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  | $ | 2,402 |  |  | $ | (2,130 | ) |  | $ | 272 |  |  |  |  |
Managed Freight |  |  | 999 |  |  |  | (885 | ) |  |  | 114 |  |  |  |  |
Warehousing |  |  | 999 |  |  |  | (885 | ) |  |  | 114 |  |  |  |  |
Total trade name |  |  | 4,400 |  |  |  | (3,900 | ) |  |  | 500 |  |  |  | - |
Customer relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 14,072 |  |  |  | (4,104 | ) |  |  | 9,968 |  |  |  |  |
Managed Freight |  |  | 1,692 |  |  |  | (494 | ) |  |  | 1,198 |  |  |  |  |
Warehousing |  |  | 12,436 |  |  |  | (3,627 | ) |  |  | 8,809 |  |  |  |  |
Total customer relationships: |  |  | 28,200 |  |  |  | (8,225 | ) |  |  | 19,975 |  |  |  | 102 |
Total other intangible assets |  | $ | 32,600 |  |  | $ | (12,125 | ) |  | $ | 20,475 |  |  |  |  |
The carrying amount of goodwill increased to $72.0 million at March 31, 2022 from $42.5 million at December 31, 2021, as a result of the AAT acquisition. The carrying amount of goodwill and other intangible assets for 2022 is subject to change upon the completion of the purchase accounting for the AAT acquisition.

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