Note 11 - Goodwill, Intangibles, and Other Assets

6 Months Ended

Jun. 30, 2026

Notes to Financial Statements

Intangible Asset and Goodwill [Text Block]

Note 11.

Goodwill, Intangibles, and Other Assets

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

Amortization expense of $6.0 million and $5.1 million for the six months ended June 30, 2026 and 2025, respectively, was included in depreciation and amortization in the condensed consolidated statements of operations.

A summary of other intangible assets as of June 30, 2026 and December 31, 2025 is as follows:

(in thousands)		June 30, 2026
		Gross intangible assets				Accumulated amortization				Net intangible assets				Remaining life (months)
Trade name:
Dedicated		$	4,502			$	(2,795	)		$	1,707
Managed Freight			1,089				(936	)			153
Warehousing			999				(885	)			114
Total trade name			6,590				(4,616	)			1,974				81
Non-compete agreement:
Dedicated			4,670				(3,697	)			973
Managed Freight			630				(316	)			314
Total non-compete agreement			5,300				(4,013	)			1,287				15
Customer relationships:
Dedicated			71,374				(19,462	)			51,912
Managed Freight			22,112				(4,400	)			17,712
Warehousing			12,436				(8,291	)			4,145
Total customer relationships:			105,922				(32,153	)			73,769				130
Credentialing:
Expedited			32,000				(9,422	)			22,578
Total credentialing			32,000				(9,422	)			22,578				127
Total other intangible assets		$	149,812			$	(50,204	)		$	99,608				127

(in thousands)		December 31, 2025
		Gross intangible assets				Accumulated amortization				Net intangible assets				Remaining life (months)
Trade name:
Dedicated		$	4,502			$	(2,689	)		$	1,813
Managed Freight			1,089				(927	)			162
Warehousing			999				(885	)			114
Total trade name			6,590				(4,501	)			2,089				86
Non-compete agreement:
Dedicated			4,670				(3,113	)			1,557
Managed Freight			630				(238	)			392
Total non-compete agreement			5,300				(3,351	)			1,949				15
Customer relationships:
Dedicated			71,374				(16,959	)			54,415
Managed Freight			22,112				(3,264	)			18,848
Warehousing			12,436				(7,772	)			4,664
Total customer relationships:			105,922				(27,995	)			77,927				131
Credentialing:
Expedited			32,000				(8,356	)			23,644
Total credentialing			32,000				(8,356	)			23,644				133
Total other intangible assets		$	149,812			$	(44,203	)		$	105,609				128

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

		(in thousands)
2026⁽¹⁾			6,001
2027			11,191
2028			10,733
2029			10,705
2030			9,216
Thereafter			51,262

⁽¹⁾ Excludes the six months ended June 30, 2026.

The assignment of goodwill and intangible assets to our reportable segments was not complete as of June 30, 2026 due to the October 2025 Star Acquisition. The carrying amount of goodwill was $80.6 million at June 30, 2026 and $80.5 million at December 31, 2025. A summary of the changes in the carrying amount of goodwill by reportable segment is as follows:

(in thousands)
		Expedited				Dedicated				Managed Freight				Warehousing				Total
Balance at December 31, 2025		$	15,699			$	21,877			$	21,151			$	21,750			$	80,477
Post-acquisition goodwill adjustments			-				-				123				-				123
Balance at June 30, 2026		$	15,699			$	21,877			$	21,274			$	21,750			$	80,600

At June 30, 2026, our insurance program involves self-insurance to certain risk retention levels. We accrue claims above our self-insured retention and record a corresponding receivable for the amounts we expect to collect from insurers upon settlement of such claims. We have $3.4 million and $14.6 million at June 30, 2026 and December 31, 2025, respectively, included in other long-term receivables and as a corresponding accrual in the long-term portion of insurance and claims accruals on our condensed consolidated balance sheet for claims above our self-insured retention for which we believe it is reasonably assured that the insurers will pay their portion of such claims.