Note 12 - Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

12. Goodwill and Other Intangible Assets

As discussed in Note 11, Acquisitions, during the six months ended June 30, 2019, we recorded additional goodwill of approximately $48.2 million and additional finite-lived intangible assets of approximately $45.8 million in connection with the Cory acquisition. Total goodwill was $88.3 million and $40.1 million at June 30, 2019, and December 31, 2018, respectively. All goodwill is assigned to our Dedicated Contract Services® business segment and no impairment losses have been recorded for goodwill as of June 30, 2019. Prior to the Cory acquisition, our intangible assets consisted of those arising from a previous business acquisition and our purchased LDC network access, both within our Dedicated Contract Services® segment. Identifiable intangible assets consist of the following (in millions):

							Weighted Average
							Amortization
	June 30, 2019			December 31, 2018			Period
Finite-lived intangibles:
Non-competition agreements	$	6.4		$	0.2			6.9
Customer relationships		111.0			75.3			11.6
Trade names		3.9			-			2.0
LDC Network		10.5			10.5			10.0
Total finite-lived intangibles		131.8			86.0
Less accumulated amortization		(26.7	)		(20.9	)
Total identifiable intangible assets, net	$	105.1		$	65.1

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

Intangible asset amortization expense was $3.5 million during the second quarter 2019, compared to $2.2 million during second quarter 2018. During the six months ended June 30, 2019 and 2018, intangible asset amortization expense was $5.7 million and $4.3 million, respectively. Estimated amortization expense for our finite-lived intangible assets is expected to be approximately $12.1 million for 2019, $12.7 million for 2020, $11.2 million for 2021 and $10.8 million for 2022 and 2023. 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.