Note 12 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

12. Goodwill and Other Intangible Assets

Total goodwill was $134.0 million, $120.4 million, and $100.5 million at December 31, 2023, 2022, and 2021 respectively. At December 31, 2023, $111.6 million, $13.6 million and $8.8 million of our goodwill was assigned to our FMS, ICS, and JBI business segments, respectively. No impairment losses have been recorded for goodwill as of December 31, 2023. Prior to the BNSFL acquisition, our intangible assets consisted of those arising from previous business acquisitions within our FMS and JBI segments. Identifiable intangible assets consist of the following (in millions):

							Weighted Average
	December 31,						Amortization
	2023			2022			Period
Finite-lived intangibles:
Customer relationships	$	206.3		$	169.0			10.7
Non-competition agreements		10.8			9.6			6.0
Trade names		6.5			6.4			2.1
Total finite-lived intangibles		223.6			185.0
Less accumulated amortization		(89.7	)		(69.1	)
Total identifiable intangible assets, net	$	133.9		$	115.9

Our finite-lived intangible assets have no assigned residual values.

During the years ending December 31, 2023, 2022, and 2021, intangible asset amortization expense was $20.5 million, $18.2 million and $14.3 million, respectively. Estimated amortization expense for our finite-lived intangible assets is expected to be approximately $22.6 million for 2024, $22.3 million for 2025, $21.3 million for 2026, $17.3 million for 2027, and $11.4 million for 2028. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, impairment or accelerated amortization of intangible assets, and other events.