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Note 11 - Goodwill, Intangibles, and Other Assets | 6 Months Ended
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Jun. 30, 2025
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
Note 11. | Goodwill, Intangibles, and Other Assets
During the six months ended June 30, 2025 we acquired an $11.2 million customer relationship for the Dedicated reportable segment through the Asset Acquisition. The Landair Holdings, Inc. ("Landair") trade name has a residual value of $0.5 million. Amortization expense of $5.1 million and $4.7 million for the six months ended June 30, 2025 and 2024, respectively, was included in depreciation and amortization in the condensed consolidated statements of operations. A summary of other intangible assets as of June 30, 2025 and December 31, 2024 is as follows:
(in thousands) |  | June 30, 2025 |
|  | Gross intangible assets |  |  | Accumulated amortization |  |  | Net intangible assets |  |  | Remaining life (months) |
Trade name: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  | $ | 4,502 |  |  | $ | (2,584 | ) |  | $ | 1,918 |  |  |  |  |
Managed Freight |  |  | 1,089 |  |  |  | (919 | ) |  |  | 170 |  |  |  |  |
Warehousing |  |  | 999 |  |  |  | (885 | ) |  |  | 114 |  |  |  |  |
Total trade name |  |  | 6,590 |  |  |  | (4,388 | ) |  |  | 2,202 |  |  |  | 92 |
Non-compete agreement: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 4,670 |  |  |  | (2,530 | ) |  |  | 2,140 |  |  |  |  |
Managed Freight |  |  | 380 |  |  |  | (174 | ) |  |  | 206 |  |  |  |  |
Total non-compete agreement |  |  | 5,050 |  |  |  | (2,704 | ) |  |  | 2,346 |  |  |  | 22 |
Customer relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 71,369 |  |  |  | (14,457 | ) |  |  | 56,912 |  |  |  |  |
Managed Freight |  |  | 7,312 |  |  |  | (2,459 | ) |  |  | 4,853 |  |  |  |  |
Warehousing |  |  | 12,436 |  |  |  | (7,254 | ) |  |  | 5,182 |  |  |  |  |
Total customer relationships: |  |  | 91,117 |  |  |  | (24,170 | ) |  |  | 66,947 |  |  |  | 140 |
Credentialing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expedited |  |  | 32,000 |  |  |  | (7,289 | ) |  |  | 24,711 |  |  |  |  |
Total credentialing |  |  | 32,000 |  |  |  | (7,289 | ) |  |  | 24,711 |  |  |  | 139 |
Total other intangible assets |  | $ | 134,757 |  |  | $ | (38,551 | ) |  | $ | 96,206 |  |  |  | 135 |
(in thousands) |  | December 31, 2024 |
|  | Gross intangible assets |  |  | Accumulated amortization |  |  | Net intangible assets |  |  | Remaining life (months) |
Trade name: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  | $ | 4,502 |  |  | $ | (2,479 | ) |  | $ | 2,023 |  |  |  |  |
Managed Freight |  |  | 1,089 |  |  |  | (910 | ) |  |  | 179 |  |  |  |  |
Warehousing |  |  | 999 |  |  |  | (885 | ) |  |  | 114 |  |  |  |  |
Total trade name |  |  | 6,590 |  |  |  | (4,274 | ) |  |  | 2,316 |  |  |  | 98 |
Non-compete agreement: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 4,670 |  |  |  | (1,946 | ) |  |  | 2,724 |  |  |  |  |
Managed Freight |  |  | 380 |  |  |  | (127 | ) |  |  | 253 |  |  |  |  |
Total non-compete agreement |  |  | 5,050 |  |  |  | (2,073 | ) |  |  | 2,977 |  |  |  | 28 |
Customer relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dedicated |  |  | 60,172 |  |  |  | (12,142 | ) |  |  | 48,030 |  |  |  |  |
Managed Freight |  |  | 7,312 |  |  |  | (1,987 | ) |  |  | 5,325 |  |  |  |  |
Warehousing |  |  | 12,436 |  |  |  | (6,736 | ) |  |  | 5,700 |  |  |  |  |
Total customer relationships: |  |  | 79,920 |  |  |  | (20,865 | ) |  |  | 59,055 |  |  |  | 149 |
Credentialing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expedited |  |  | 32,000 |  |  |  | (6,222 | ) |  |  | 25,778 |  |  |  |  |
Total credentialing |  |  | 32,000 |  |  |  | (6,222 | ) |  |  | 25,778 |  |  |  | 145 |
Total other intangible assets |  | $ | 123,560 |  |  | $ | (33,434 | ) |  | $ | 90,126 |  |  |  | 142 |
The expected amortization of these assets for the next five successive years is as follows:
|  | (in thousands) |
2025 (1) |  |  | 5,304 |
2026 |  |  | 10,608 |
2027 |  |  | 9,798 |
2028 |  |  | 9,340 |
2029 |  |  | 9,328 |
Thereafter |  |  | 51,328 |
(1) Excludes the six months ended June 30, 2025. There were no changes to the carrying amount of goodwill from $78.9 million at December 31, 2024. A summary of the carrying amount of goodwill is as follows:
(in thousands) |  |  |
|  | Expedited |  |  | Dedicated |  |  | Managed Freight |  |  | Warehousing |
Balance at June 30, 2025 |  | $ | 15,699 |  |  | $ | 32,575 |  |  | $ | 8,917 |  |  | $ | 21,750 |
At June 30, 2025, our insurance program involves self-insurance to certain risk retention levels. We accrue claims above our self-insured retention and record a corresponding receivable for the amounts we expect to collect from insurers upon settlement of such claims. We have $17.9 million and $0.6 million as other long-term receivables and as a corresponding accrual in the long-term portion of insurance and claims accruals on our condensed consolidated balance sheet for claims above our self-insured retention for which we believe it is reasonably assured that the insurers will pay their portion of such claims at June 30, 2025 and December 31, 2024, respectively.

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