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Note 15 - Goodwill and Other Assets

9 Months Ended

Sep. 30, 2023

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