Note 11 - Goodwill, Intangibles, and Other Assets

9 Months Ended

Sep. 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 $3.0 million and $2.7 million for the three months ended September 30, 2026 and 2025, respectively, and $9.0 million and $7.8 million for the nine months ended September 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 September 30, 2026 and December 31, 2025 is as follows:

(in thousands)		September 30, 2026
		Gross intangible assets				Accumulated amortization				Net intangible assets				Remaining life (months)
Trade name:
Dedicated		$	4,502			$	(2,847	)		$	1,655
Managed Freight			1,089				(941	)			148
Warehousing			999				(885	)			114
Total trade name			6,590				(4,673	)			1,917				78
Non-compete agreement:
Dedicated			4,670				(3,989	)			681
Managed Freight			630				(355	)			275
Total non-compete agreement			5,300				(4,344	)			956				13
Customer relationships:
Dedicated			71,374				(20,713	)			50,661
Managed Freight			22,112				(4,968	)			17,144
Warehousing			12,436				(8,550	)			3,886
Total customer relationships:			105,922				(34,231	)			71,691				128
Credentialing:
Expedited			32,000				(9,956	)			22,044
Total credentialing			32,000				(9,956	)			22,044				124
Total other intangible assets		$	149,812			$	(53,204	)		$	96,608				124

(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⁾			3,000
2027			11,191
2028			10,733
2029			10,705
2030			9,216
Thereafter			51,263

⁽¹⁾ Excludes the nine months ended September 30, 2026.

The carrying amount of goodwill was $81.1 million at September 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			-				-				589				-				589
Balance at September 30, 2026		$	15,699			$	21,877			$	21,740			$	21,750			$	81,066

At September 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 $2.0 million and $14.6 million at September 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.