Note 10 - Goodwill and Other Assets

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 10. Goodwill and Other Assets

 

On

July 3, 2018,

we acquired

100%

of the outstanding stock of Landair Holdings, Inc., a Tennessee corporation (“Landair”). Landair is a dedicated and for-hire truckload carrier, as well as a supplier of transportation management, warehousing and logistics inventory management services. Landair’s results have been included in the consolidated financial statements since the date of acquisition. Landair’s trucking operations’ results are reported within our Truckload segment, while Landair’s logistics operations’ results are reported within our Managed Freight segment.

As of

March 31, 2020

and

December 31, 2019,

we had goodwill of

$42.5

million.

A summary of other intangible assets as of 

March 31, 2020

and 

December 31, 2019

is as follows:

(in thousands)	March 31, 2020
	Gross intangible assets		Accumulated amortization			Net intangible assets		Remaining life (months)
Trade name:
Dedicated	$	2,402	$	(280	)	$	2,122
Managed Freight		1,998		(233	)		1,765
Total trade name		4,400		(513	)		3,887		159
Non-Compete agreement:
Dedicated		914		(321	)		593
Managed Freight		486		(170	)		316
Total non-compete agreement		1,400		(491	)		909		39
Customer relationships:
Dedicated		14,072		(2,052	)		12,020
Managed Freight		14,128		(2,060	)		12,068
Total customer relationships:		28,200		(4,112	)		24,088		123
Total other intangible assets	$	34,000	$	(5,116	)	$	28,884

(in thousands)	December 31, 2019
	Gross intangible assets		Accumulated amortization			Net intangible assets		Remaining life (months)
Trade name:
Dedicated	$	2,402	$	(240	)	$	2,162
Managed Freight		1,998		(200	)		1,798
Total trade name		4,400		(440	)		3,960		162
Non-Compete agreement:
Dedicated		914		(274	)		640
Managed Freight		486		(146	)		340
Total non-compete agreement		1,400		(420	)		980		42
Customer relationships:
Dedicated		14,072		(1,759	)		12,313
Managed Freight		14,128		(1,766	)		12,362
Total customer relationships:		28,200		(3,525	)		24,675		126
Total other intangible assets	$	34,000	$	(4,385	)	$	29,615

The above intangible assets have a weighted average remaining life of

125

 months as of

March 31, 2020

. The expected amortization of these assets for the next

five

successive years is as follows:

	(in thousands)
2020	$	2,192
2021		2,923
2022		2,923
2023		2,783
2024		2,643
Thereafter		15,420

(

1

) Excludes the

three

months ended

March 31, 2020

.