Note 13 - Goodwill and Other Assets

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 13. 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.

The Landair trade name has a residual value of $0.5 million.

Amortization expense of $0.6 million and $1.2 million for the three months ended March 31, 2022 and 2021, respectively, was included in depreciation and amortization in the condensed consolidated statements of operations.

A summary of other intangible assets as of  March 31, 2022 and  December 31, 2021 is as follows:

(in thousands)	March 31, 2022
	Gross intangible assets		Accumulated amortization			Net intangible assets		Remaining life (months)
Trade name:
Dedicated	$	2,402	$	(2,130	)	$	272
Managed Freight		999		(885	)		114
Warehousing		999		(885	)		114
Total trade name		4,400		(3,900	)		500		-
Customer relationships:
Dedicated		14,072		(4,398	)		9,674
Managed Freight		1,692		(528	)		1,164
Warehousing		12,436		(3,887	)		8,549
Total customer relationships:		28,200		(8,813	)		19,387		99
Total other intangible assets	$	32,600	$	(12,713	)	$	19,887

(in thousands)	December 31, 2021
	Gross intangible assets		Accumulated amortization			Net intangible assets		Remaining life (months)
Trade name:
Dedicated	$	2,402	$	(2,130	)	$	272
Managed Freight		999		(885	)		114
Warehousing		999		(885	)		114
Total trade name		4,400		(3,900	)		500		-
Customer relationships:
Dedicated		14,072		(4,104	)		9,968
Managed Freight		1,692		(494	)		1,198
Warehousing		12,436		(3,627	)		8,809
Total customer relationships:		28,200		(8,225	)		19,975		102
Total other intangible assets	$	32,600	$	(12,125	)	$	20,475

The carrying amount of goodwill increased to $72.0 million at March 31, 2022 from $42.5 million at December 31, 2021, as a result of the AAT acquisition. The carrying amount of goodwill and other intangible assets for 2022 is subject to change upon the completion of the purchase accounting for the AAT acquisition.