GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2023

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

NOTE D – GOODWILL AND INTANGIBLE ASSETS

Goodwill represents the excess of cost over the fair value of net identifiable tangible and intangible assets acquired. The December 31, 2022 balance has been adjusted to reclassify the goodwill portion related to FleetNet of $0.6 million to discontinued operations. The remaining goodwill balance of $304.8 million at both March 31, 2023 and December 31, 2022, primarily relates to the Asset-Light segment acquisitions of MoLo and Panther.

Intangible assets consisted of the following:

		March 31, 2023						December 31, 2022(1)
	Weighted-Average			Accumulated		Net				Accumulated		Net
	Amortization Period	Cost		Amortization		Value			Cost	Amortization		Value
	(in years)	(in thousands)						(in thousands)
Finite-lived intangible assets
Customer relationships	12	$	99,579	$	45,040	$	54,539	$	99,579	$	42,933	$	56,646
Other	8		29,998		6,215		23,783		29,914		5,127		24,787
	11		129,577		51,255		78,322		129,493		48,060		81,433
Indefinite-lived intangible assets
Trade name	N/A		32,300		N/A		32,300		32,300		N/A		32,300
Total intangible assets	N/A	$	161,877	$	51,255	$	110,622	$	161,793	$	48,060	$	113,733

(1) The December 31, 2022 balances reflect the reclassification of intangibles of FleetNet to discontinued operations.

The future amortization for intangible assets as of March 31, 2023, was as follows:

	Amortization of
	Intangible Assets
	(in thousands)
Remainder of 2023	$	9,586
2024		12,778
2025		12,778
2026		8,671
2027		7,247
Thereafter		27,262
Total amortization	$	78,322