GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2020

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

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 1 or when impairment indicators arise.

The summary of changes in goodwill follows for the six months ended June 30, 2020 (in millions):

	Flatbed		Specialized		Total
Goodwill balance at December 31, 2019	$	59.3	$	80.6	$	139.9
Foreign currency translation adjustment		—		(0.4)		(0.4)
Goodwill balance at June 30, 2020	$	59.3	$	80.2	$	139.5

Intangible assets consisted of the following as of June 30, 2020 and December 31, 2019 (in millions):

	As of June 30, 2020						As of December 31, 2019
	Intangible		Accumulated		Intangible		Intangible		Accumulated		Intangible
	Assets		Amortization		Assets, net		Assets		Amortization		Assets, net
Non-competition agreements	$	21.7	$	(19.2)	$	2.5	$	21.7	$	(18.4)	$	3.3
Customer relationships		88.9		(45.0)		43.9		88.9		(42.2)		46.7
Trade names		52.9		—		52.9		59.1		—		59.1
Foreign currency translation adjustment		(0.3)		—		(0.3)		—		—		—
Total intangible assets	$	163.2	$	(64.2)	$	99.0	$	169.7	$	(60.6)	$	109.1

For the six months ended June 30, 2020, the Company recorded an impairment charge to intangible assets of $6.2 million for the trade names category of intangible assets. See Note 3 for details.

As of June 30, 2020, non-competition agreements and customer relationships had weighted average remaining useful lives of 2.4 and 9.5 years, respectively.

Amortization expense for intangible assets with definite lives was $1.8 million and $3.9 million for the three months ended June 30, 2020 and 2019, and $3.6 million and $8.2 million for the six months ended June 30, 2020 and 2019 respectively.

Future estimated amortization expense is as follows (in millions):

	Non-competition		Customer
Year ending December 31,	Agreements		Relationships
2020(1)	$	0.5	$	3.0
2021		1.0		5.9
2022		0.9		5.9
2023		0.1		5.9
2024		—		4.1
Thereafter		—		19.1
Total	$	2.5	$	43.9

(1) Six months ending December 31, 2020