XML 36 R24.htm IDEA: XBRL DOCUMENT
v3.23.3

Note 15 - Goodwill and Other Assets | 9 Months Ended
--- | ---
Sep. 30, 2023
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
Note 15. | Goodwill and Other Assets
The Landair Holdings, Inc. ("Landair") trade name has a residual value of $0.5 million. Amortization expense of $5.1 million and $3.2 million for the nine months ended September 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 September 30, 2023 and December 31, 2022 is as follows:
(in thousands) |  | September 30, 2023 |
|  | Gross intangible assets |  |  | Accumulated amortization |  |  | Net intangible assets |  |  | Remaining life (months) |
Trade name: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  | $ | 4,502 |  |  | $ | (2,216 | ) |  | $ | 2,286 |  |  |  |  |
Managed Freight |  |  | 1,089 |  |  |  | (887 | ) |  |  | 202 |  |  |  |  |
Warehousing |  |  | 999 |  |  |  | (885 | ) |  |  | 114 |  |  |  |  |
Total trade name |  |  | 6,590 |  |  |  | (3,988 | ) |  |  | 2,602 |  |  |  | 113 |
Non-Compete agreement: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 4,670 |  |  |  | (486 | ) |  |  | 4,184 |  |  |  |  |
Managed Freight |  |  | 380 |  |  |  | (8 | ) |  |  | 372 |  |  |  |  |
Total non-compete agreement |  |  | 5,050 |  |  |  | (494 | ) |  |  | 4,556 |  |  |  | 43 |
Customer relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 60,172 |  |  |  | (7,287 | ) |  |  | 52,885 |  |  |  |  |
Managed Freight |  |  | 7,312 |  |  |  | (807 | ) |  |  | 6,505 |  |  |  |  |
Warehousing |  |  | 12,436 |  |  |  | (5,441 | ) |  |  | 6,995 |  |  |  |  |
Total customer relationships: |  |  | 79,920 |  |  |  | (13,535 | ) |  |  | 66,385 |  |  |  | 161 |
Credentialing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expedited |  |  | 32,000 |  |  |  | (3,556 | ) |  |  | 28,444 |  |  |  | 160 |
Total credentialing |  |  | 32,000 |  |  |  | (3,556 | ) |  |  | 28,444 |  |  |  |  |
Total other intangible assets |  | $ | 123,560 |  |  | $ | (21,573 | ) |  | $ | 101,987 |  |  |  | 154 |
(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) |  |  | 2,372 |
2024 |  |  | 9,488 |
2025 |  |  | 9,488 |
2026 |  |  | 9,488 |
2027 |  |  | 8,679 |
Thereafter |  |  | 61,972 |
(1) Excludes the nine months ended September 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 and Sims acquisitions. The carrying amount of goodwill increased to $73.2 million at September 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) |  | September 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 |  |  |  | - |  |  |  | - |
Acquired goodwill for Sims |  |  | - |  |  |  | - |  |  |  | 5,071 |  |  |  | - |
Post-acquisition goodwill adjustments |  |  | - |  |  |  | (863 | ) |  |  | - |  |  |  | - |
Goodwill |  | $ | 15,699 |  |  | $ | 25,186 |  |  | $ | 10,519 |  |  | $ | 21,750 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration