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Note 14 - Goodwill and Other Assets

9 Months Ended

Sep. 30, 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 $7.1 million and $5.1 million for the nine months ended September 30, 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 September 30, 2024 and December 31, 2023 is as follows:

(in thousands)	September 30, 2024
	Gross intangible assets		Accumulated amortization			Net intangible assets		Remaining life (months)
Trade name:
Dedicated	$	4,502	$	(2,426	)	$	2,076
Managed Freight		1,089		(906	)		183
Warehousing		999		(885	)		114
Total trade name		6,590		(4,217	)		2,373		101
Non-compete agreement:
Dedicated		4,670		(1,654	)		3,016
Managed Freight		380		(103	)		277
Total non-compete agreement		5,050		(1,757	)		3,293		31
Customer relationships:
Dedicated		60,172		(11,171	)		49,001
Managed Freight		7,312		(1,751	)		5,561
Warehousing		12,436		(6,477	)		5,959
Total customer relationships:		79,920		(19,399	)		60,521		152
Credentialing:
Expedited		32,000		(5,689	)		26,311
Total credentialing		32,000		(5,689	)		26,311		148
Total other intangible assets	$	123,560	$	(31,062	)	$	92,498		144

(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⁾		2,372
2025		9,488
2026		9,488
2027		8,678
2028		8,220
Thereafter		53,752

⁽¹⁾ Excludes the nine months ended September 30, 2024.

The carrying amount of goodwill increased to $78.9 million at September 30, 2024 from $75.7 million at December 31, 2023. A summary of the changes in carrying amount of goodwill is as follows:

(in thousands)	September 30, 2024
	Expedited		Dedicated		Managed Freight			Warehousing
Balance at December 31, 2023	$	15,699	$	27,767	$	10,531		$	21,750
Post-acquisition goodwill adjustments		-		4,808		(1,614	)		-
Goodwill	$	15,699	$	32,575	$	8,917		$	21,750