GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 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 $0.6 million of goodwill related to FleetNet to discontinued operations. The remaining goodwill balance of $304.8 million at both June 30, 2023 and December 31, 2022, primarily relates to the Asset-Light segment acquisitions of MoLo and Panther.

Intangible assets consisted of the following:

		June 30, 2023						December 31, 2022
	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	$	47,146	$	52,433	$	99,579	$	42,933	$	56,646
Other	8		30,038		7,304		22,734		29,914		5,127		24,787
	11		129,617		54,450		75,167		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	$	161,917	$	54,450	$	107,467	$	161,793	$	48,060	$	113,733

As of June 30, 2023, the future amortization of intangible assets was as follows:

	Amortization of
	Intangible Assets
	(in thousands)
Remainder of 2023	$	6,394
2024		12,778
2025		12,778
2026		8,671
2027		7,247
Thereafter		27,299
Total amortization	$	75,167