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Note 14 - Goodwill and Other Assets | 6 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
Note 14. | Goodwill and Other Assets
The Landair Holdings, Inc. ("Landair") trade name has a residual value of $0.5 million. Amortization expense of $2.9 million and $2.1 million for the six months ended June 30, 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 June 30, 2023 and December 31, 2022 is as follows:
(in thousands) |  | June 30, 2023 |
|  | Gross intangible assets |  |  | Accumulated amortization |  |  | Net intangible assets |  |  | Remaining life (months) |
Trade name: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  | $ | 4,502 |  |  | $ | (2,165 | ) |  | $ | 2,337 |  |  |  |  |
Managed Freight |  |  | 999 |  |  |  | (885 | ) |  |  | 114 |  |  |  |  |
Warehousing |  |  | 999 |  |  |  | (885 | ) |  |  | 114 |  |  |  |  |
Total trade name |  |  | 6,500 |  |  |  | (3,935 | ) |  |  | 2,565 |  |  |  | 118 |
Non-Compete agreement: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 4,670 |  |  |  | (195 | ) |  |  | 4,475 |  |  |  |  |
Total non-compete agreement |  |  | 4,670 |  |  |  | (195 | ) |  |  | 4,475 |  |  |  | 46 |
Customer relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 60,172 |  |  |  | (6,315 | ) |  |  | 53,857 |  |  |  |  |
Managed Freight |  |  | 1,692 |  |  |  | (705 | ) |  |  | 987 |  |  |  |  |
Warehousing |  |  | 12,436 |  |  |  | (5,182 | ) |  |  | 7,254 |  |  |  |  |
Total customer relationships: |  |  | 74,300 |  |  |  | (12,202 | ) |  |  | 62,098 |  |  |  | 171 |
Credentialing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expedited |  |  | 32,000 |  |  |  | (3,022 | ) |  |  | 28,978 |  |  |  | 163 |
Total credentialing |  |  | 32,000 |  |  |  | (3,022 | ) |  |  | 28,978 |  |  |  |  |
Total other intangible assets |  | $ | 117,470 |  |  | $ | (19,354 | ) |  | $ | 98,116 |  |  |  | 161 |
(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) |  |  | 4,286 |
2024 |  |  | 8,573 |
2025 |  |  | 8,573 |
2026 |  |  | 8,573 |
2027 |  |  | 7,794 |
Thereafter |  |  | 59,817 |
(1) Excludes the six months ended June 30, 2023. The carrying amount of goodwill and other intangible assets for 2023 is subject to change upon the completion of the purchase accounting for the LTST acquisition. The carrying amount of goodwill increased to $68.9 million at June 30, 2023 from $58.2 million at December 31, 2022. A summary of the changes in carrying amount of goodwill is as follows:
(in thousands) |  | June 30, 2023 |
|  | Expedited |  |  | Dedicated |  |  | Managed Freight |  |  | Warehousing |
Balance at December 31, 2022 |  | $ | 15,699 |  |  | $ | 15,320 |  |  | $ | 5,448 |  |  | $ | 21,750 |
Acquired goodwill for LTST |  |  | - |  |  |  | 10,729 |  |  |  | - |  |  |  | - |
Goodwill |  | $ | 15,699 |  |  | $ | 26,049 |  |  | $ | 5,448 |  |  | $ | 21,750 |

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