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Note 11 - Goodwill, Intangibles, and Other Assets

6 Months Ended

Jun. 30, 2025

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.