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Note 13 - Goodwill and Other Assets | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
Note 13. | Goodwill and Other Assets
AAT's results have been included in the consolidated financial statements since the date of acquisition within our Expedited reportable segment. The Landair Holdings, Inc. ("Landair") trade name has a residual value of $0.5 million. Amortization expense of $3.2 million and $3.5 million for the nine months ended September 30, 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 September 30, 2022 and December 31, 2021 is as follows:
(in thousands) |  | September 30, 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 |  |  |  | (4,984 | ) |  |  | 9,088 |  |  |  |  |
Managed Freight |  |  | 1,692 |  |  |  | (600 | ) |  |  | 1,092 |  |  |  |  |
Warehousing |  |  | 12,436 |  |  |  | (4,404 | ) |  |  | 8,032 |  |  |  |  |
Total customer relationships: |  |  | 28,200 |  |  |  | (9,988 | ) |  |  | 18,212 |  |  |  | 93 |
Credentialing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expedited |  |  | 32,000 |  |  |  | (1,422 | ) |  |  | 30,578 |  |  |  | 172 |
Total credentialing |  |  | 32,000 |  |  |  | (1,422 | ) |  |  | 30,578 |  |  |  |  |
Total other intangible assets |  | $ | 64,600 |  |  | $ | (15,310 | ) |  | $ | 49,290 |  |  |  | 141 |
(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 expected amortization of these assets for the next five successive years is as follows:
|  | (in thousands) |
2022 (1) |  |  | 1,121 |
2023 |  |  | 4,483 |
2024 |  |  | 4,483 |
2025 |  |  | 4,483 |
2026 |  |  | 4,483 |
Thereafter |  |  | 29,737 |
(1) Excludes the nine months ended September 30, 2022. 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. The carrying amount of goodwill was $58.2 million at September 30, 2022 compared to $42.5 million at December 31, 2021, as a result of the AAT acquisition. A summary of the changes in carrying amount of goodwill is as follows:
(in thousands) |  | September 30, 2022 |
|  | Expedited |  |  | Dedicated |  |  | Managed Freight |  |  | Warehousing |
Balance at December 31, 2021 |  | $ | - |  |  | $ | 15,320 |  |  | $ | 5,448 |  |  | $ | 21,750 |
Acquired goodwill for AAT |  |  | 15,699 |  |  |  | - |  |  |  | - |  |  |  | - |
Goodwill |  | $ | 15,699 |  |  | $ | 15,320 |  |  | $ | 5,448 |  |  | $ | 21,750 |

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