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Note 14 - Goodwill and Other Assets

3 Months Ended

Mar. 31, 2024

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