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Note 14 - Goodwill and Other Assets | 3 Months Ended
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Mar. 31, 2024
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 $2.4 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively, was included in depreciation and amortization in the condensed consolidated statements of operations. A summary of other intangible assets as of March 31, 2024 and December 31, 2023 is as follows:
(in thousands) |  | March 31, 2024 |
|  | Gross intangible assets |  |  | Accumulated amortization |  |  | Net intangible assets |  |  | Remaining life (months) |
Trade name: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  | $ | 4,502 |  |  | $ | (2,322 | ) |  | $ | 2,180 |  |  |  |  |
Managed Freight |  |  | 1,089 |  |  |  | (897 | ) |  |  | 192 |  |  |  |  |
Warehousing |  |  | 999 |  |  |  | (885 | ) |  |  | 114 |  |  |  |  |
Total trade name |  |  | 6,590 |  |  |  | (4,104 | ) |  |  | 2,486 |  |  |  | 107 |
Non-compete agreement: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 4,670 |  |  |  | (1,070 | ) |  |  | 3,600 |  |  |  |  |
Managed Freight |  |  | 380 |  |  |  | (55 | ) |  |  | 325 |  |  |  |  |
Total non-compete agreement |  |  | 5,050 |  |  |  | (1,125 | ) |  |  | 3,925 |  |  |  | 37 |
Customer relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 60,172 |  |  |  | (9,229 | ) |  |  | 50,943 |  |  |  |  |
Managed Freight |  |  | 7,312 |  |  |  | (1,279 | ) |  |  | 6,033 |  |  |  |  |
Warehousing |  |  | 12,436 |  |  |  | (5,959 | ) |  |  | 6,477 |  |  |  |  |
Total customer relationships: |  |  | 79,920 |  |  |  | (16,467 | ) |  |  | 63,453 |  |  |  | 156 |
Credentialing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expedited |  |  | 32,000 |  |  |  | (4,622 | ) |  |  | 27,378 |  |  |  | 154 |
Total credentialing |  |  | 32,000 |  |  |  | (4,622 | ) |  |  | 27,378 |  |  |  |  |
Total other intangible assets |  | $ | 123,560 |  |  | $ | (26,318 | ) |  | $ | 97,242 |  |  |  | 149 |
(in thousands) |  | December 31, 2023 |
|  | Gross intangible assets |  |  | Accumulated amortization |  |  | Net intangible assets |  |  | Remaining life (months) |
Trade name: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  | $ | 4,502 |  |  | $ | (2,269 | ) |  | $ | 2,233 |  |  |  |  |
Managed Freight |  |  | 1,089 |  |  |  | (891 | ) |  |  | 198 |  |  |  |  |
Warehousing |  |  | 999 |  |  |  | (885 | ) |  |  | 114 |  |  |  |  |
Total trade name |  |  | 6,590 |  |  |  | (4,045 | ) |  |  | 2,545 |  |  |  | 110 |
Non-compete agreement: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 4,670 |  |  |  | (778 | ) |  |  | 3,892 |  |  |  |  |
Managed Freight |  |  | 380 |  |  |  | (32 | ) |  |  | 348 |  |  |  |  |
Total non-compete agreement |  |  | 5,050 |  |  |  | (810 | ) |  |  | 4,240 |  |  |  | 40 |
Customer relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 60,172 |  |  |  | (8,258 | ) |  |  | 51,914 |  |  |  |  |
Managed Freight |  |  | 7,312 |  |  |  | (1,043 | ) |  |  | 6,269 |  |  |  |  |
Warehousing |  |  | 12,436 |  |  |  | (5,700 | ) |  |  | 6,736 |  |  |  |  |
Total customer relationships: |  |  | 79,920 |  |  |  | (15,001 | ) |  |  | 64,919 |  |  |  | 159 |
Credentialing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expedited |  |  | 32,000 |  |  |  | (4,089 | ) |  |  | 27,911 |  |  |  | 157 |
Total credentialing |  |  | 32,000 |  |  |  | (4,089 | ) |  |  | 27,911 |  |  |  |  |
Total other intangible assets |  | $ | 123,560 |  |  | $ | (23,945 | ) |  | $ | 99,615 |  |  |  | 151 |
The expected amortization of these assets for the next five successive years is as follows:
|  | (in thousands) |
2024 (1) |  |  | 7,116 |
2025 |  |  | 9,488 |
2026 |  |  | 9,488 |
2027 |  |  | 8,678 |
2028 |  |  | 8,220 |
Thereafter |  |  | 53,752 |
(1) Excludes the three months ended March 31, 2024. The carrying amount of goodwill and other intangible assets for 2024 is subject to change upon the completion of the purchase accounting for the Sims acquisition. The carrying amount of goodwill increased to $80.3 million at March 31, 2024 from $75.7 million at December 31, 2023. A summary of the changes in carrying amount of goodwill is as follows:
(in thousands) |  | March 31, 2024 |
|  | Expedited |  |  | Dedicated |  |  | Managed Freight |  |  | Warehousing |
Balance at December 31, 2023 |  | $ | 15,699 |  |  | $ | 27,767 |  |  | $ | 10,531 |  |  | $ | 21,750 |
Post-acquisition goodwill adjustments |  |  | - |  |  |  | 4,556 |  |  |  | - |  |  |  | - |
Goodwill |  | $ | 15,699 |  |  | $ | 32,323 |  |  | $ | 10,531 |  |  | $ | 21,750 |

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