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Note 13 - Goodwill and Other Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Text Block]

Note 13.

Goodwill and Other Assets

AAT's results have been included in the consolidated financial statements since the date of acquisition within our Expedited reportable segment.

The Landair Holdings, Inc. ("Landair") trade name has a residual value of $0.5 million.

Amortization expense of $3.2 million and $3.5 million for the nine months ended September 30, 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 September 30, 2022 and December 31, 2021 is as follows:

(in thousands)	September 30, 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		(4,984	)		9,088
Managed Freight		1,692		(600	)		1,092
Warehousing		12,436		(4,404	)		8,032
Total customer relationships:		28,200		(9,988	)		18,212		93
Credentialing:
Expedited		32,000		(1,422	)		30,578		172
Total credentialing		32,000		(1,422	)		30,578
Total other intangible assets	$	64,600	$	(15,310	)	$	49,290		141

(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 expected amortization of these assets for the next five successive years is as follows:

	(in thousands)
2022 ⁽¹⁾		1,121
2023		4,483
2024		4,483
2025		4,483
2026		4,483
Thereafter		29,737

⁽¹⁾ Excludes the nine months ended September 30, 2022.

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. The carrying amount of goodwill was $58.2 million at September 30, 2022 compared to $42.5 million at December 31, 2021, as a result of the AAT acquisition. A summary of the changes in carrying amount of goodwill is as follows:

(in thousands)	September 30, 2022
	Expedited		Dedicated		Managed Freight		Warehousing
Balance at December 31, 2021	$	-	$	15,320	$	5,448	$	21,750
Acquired goodwill for AAT		15,699		-		-		-
Goodwill	$	15,699	$	15,320	$	5,448	$	21,750