GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

NOTE F – GOODWILL AND INTANGIBLE ASSETS

December 31, 2022 and 2021 goodwill balances have been adjusted to reclassify $0.6 million of goodwill related to FleetNet to discontinued operations. The remaining goodwill balance of $304.8 million at both December 31, 2023 and 2022, primarily relates to the Asset-Light segment acquisitions of MoLo and Panther.

Goodwill balances were as follows:

	Goodwill
	(in thousands)
Balances at December 31, 2021	$	299,708
Purchase accounting adjustments(1)		5,045
Balances at December 31, 2023 and 2022	$	304,753
Accumulated impairment at December 31, 2023 and 2022	$	(20,000)

(1) Measurement period purchase accounting adjustments represent adjustments to the acquired balance of working capital and goodwill related to the November 1, 2021 acquisition of MoLo.

The annual impairment evaluation of the goodwill balance of the Asset-Light reporting unit was performed as of October 1, 2023, and it was determined that there was no impairment to the recorded balance. In making this analysis, management considered current and forecasted business levels and estimated future cash flows over several years. Furthermore, as of December 31, 2023, no indicators of impairment were identified. Goodwill was assessed for impairment qualitatively as of October 1, 2022, and the evaluation determined there was no impairment of the goodwill balance.

Intangible assets consisted of the following:

		December 31, 2023						December 31, 2022
	Weighted-Average			Accumulated		Net				Accumulated		Net
	Amortization Period	Cost		Amortization		Value			Cost	Amortization		Value
	(in years)	(in thousands)						(in thousands)
Finite-lived intangible assets
Customer relationships	12	$	99,579	$	51,357	$	48,222	$	99,579	$	42,933	$	56,646
Other	8		30,151		9,523		20,628		29,914		5,127		24,787
	11		129,730		60,880		68,850		129,493		48,060		81,433
Indefinite-lived intangible asset
Trade name	N/A		32,300		N/A		32,300		32,300		N/A		32,300
Total intangible assets	N/A	$	162,030	$	60,880	$	101,150	$	161,793	$	48,060	$	113,733

The annual impairment evaluation of the indefinite-lived intangible asset was performed as of October 1, 2023 and 2022, and it was determined that there was no impairment of the recorded balance.

As of December 31, 2023, the future amortization for intangible assets acquired through business acquisitions were as follows:

	Amortization of
	Intangible Assets
	(in thousands)
2024	$	12,790
2025		12,790
2026		8,683
2027		7,258
2028		7,259
Thereafter		20,070
Total amortization	$	68,850