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Note 12 - Goodwill and Other Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Text Block]

Note 12.

Goodwill and Other Assets

AAT's results have been included in the consolidated financial statements since the date of acquisition, February 2022, within our Expedited reportable segment.

The Landair Holdings, Inc. ("Landair") trade name has a residual value of $0.5 million.

Amortization expense of $1.1 million and $0.6 million for the three months ended March 31, 2023 and 2022, respectively, was included in depreciation and amortization in the condensed consolidated statements of operations.

A summary of other intangible assets as of March 31, 2023 and December 31, 2022 is as follows:

(in thousands)	March 31, 2023
	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		(5,570	)		8,502
Managed Freight		1,692		(670	)		1,022
Warehousing		12,436		(4,923	)		7,513
Total customer relationships:		28,200		(11,163	)		17,037		87
Credentialing:
Expedited		32,000		(2,488	)		29,512		166
Total credentialing		32,000		(2,488	)		29,512
Total other intangible assets	$	64,600	$	(17,551	)	$	47,049		136

(in thousands)	December 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		(5,277	)		8,795
Managed Freight		1,692		(635	)		1,057
Warehousing		12,436		(4,663	)		7,773
Total customer relationships:		28,200		(10,575	)		17,625		90
Credentialing:
Expedited		32,000		(1,956	)		30,044		169
Total credentialing		32,000		(1,956	)		30,044
Total other intangible assets	$	64,600	$	(16,431	)	$	48,169		138

The expected amortization of these assets for the next five successive years is as follows:

	(in thousands)
2023 ⁽¹⁾		3,363
2024		4,483
2025		4,483
2026		4,483
2027		4,483
Thereafter		25,254

⁽¹⁾ Excludes the three months ended March 31, 2023.

There were no changes to the carrying amount of goodwill since December 31, 2022.