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Note 14 - Goodwill and Other Assets

6 Months Ended

Jun. 30, 2023

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