Note 12 - Goodwill and Other Assets

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 12. 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 Dedicated reportable segment, while Landair’s logistics operations’ results are reported within our Managed Freight and Warehousing reportable segments.

There was no change to the gross amount of identifiable intangible assets during the three-months ended March 31, 2021. At the end of its useful life, the Landair trade name will have a residual value of $0.5 million. Amortization expense of $1.2 million and $0.7 million for the three-months ended March 31, 2021 and 2020, respectively, was included in depreciation and amortization in the condensed consolidated statements of operations.

A summary of other intangible assets as of  March 31, 2021 and  December 31, 2020 is as follows:

(in thousands)	March 31, 2021
	Gross intangible assets		Accumulated amortization			Net intangible assets		Remaining life (months)
Trade name:
Dedicated	$	2,402	$	(1,512	)	$	890
Managed Freight		999		(629	)		370
Warehousing		999		(629	)		370
Total trade name		4,400		(2,770	)		1,630		6
Non-Compete agreement:
Dedicated		914		(914	)		-
Managed Freight		130		(130	)		-
Warehousing		356		(356	)		-
Total non-compete agreement		1,400		(1,400	)		0		-
Customer relationships:
Dedicated		14,072		(3,225	)		10,847
Managed Freight		1,692		(389	)		1,303
Warehousing		12,436		(2,850	)		9,586
Total customer relationships:		28,200		(6,464	)		21,736		111
Total other intangible assets	$	34,000	$	(10,634	)	$	23,366

The carrying amount of goodwill was $42.5 million at March 31, 2021 and December 31, 2020, respectively.