GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2017

NOTE 5 – GOODWILL AND INTANGIBLE ASSETS

Goodwill represents the excess of the purchase price of all acquisitions over the estimated fair value of the net assets acquired. The Company performs an impairment test of goodwill annually as of October 31 or when impairment indicators arise. There was no goodwill impairment identified for the three and six months ended June 30, 2017. The preliminary summary of changes in goodwill follows for the six months ended June 30, 2017 (in thousands).


	Flatbed		Specialized		Total
Goodwill balance at December 31, 2016		46,660		42,375		89,035
Preliminary goodwill acquired		—		18,958		18,958
Foreign currency translation adjustment		—		420		420
Goodwill balance at June 30, 2017	$	46,660	$	61,753	$	108,413

Intangible assets consisted of the following at June 30, 2017 and December 31, 2016 (in thousands):


	As of June 30, 2017						As of December 31, 2016
	Intangible		Accumulated		Intangible		Intangible		Accumulated		Intangible
	Assets		Amortization		Assets, net		Assets		Amortization		Assets, net
Non-competition agreements	$	8,350	$	(4,619)	$	3,731	$	8,350	$	(3,929)	$	4,421
Customer relationships		56,210		(21,273)		34,937		56,210		(19,078)		37,132
Trade names		30,100		—		30,100		30,100		—		30,100
Total intangible assets	$	94,660	$	(25,892)	$	68,768	$	94,660	$	(23,007)	$	71,653

As of June 30, 2017, non-competition agreements and customer relationships had weighted average remaining useful lives of 2.23 and 8.02 years, respectively.

Amortization expense for intangible assets with definite lives was $1.4 million and $1.5 million for the three months ended June 30, 2017 and 2016, respectively, and $2.9 million and $3.0 million for the six months ended June 30, 2017 and 2016, respectively. Projected amortization expense for the next five fiscal years ending December 31, 2017, 2018, 2019, 2020 and 2021 will be $5.8 million, $5.8 million, $5.6 million, $4.8 million and $4.4 million, respectively.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details