Note 13 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

13. Goodwill and Other Intangible Assets

As discussed in Note 12, Acquisitions, in 2019, we recorded additional goodwill of approximately $56.3 million and additional finite-lived intangible assets of approximately $53.9 million in connection with the Cory and RDI acquisitions. Total goodwill was $96.3 million and $40.1 million at December 31, 2019 and 2018, respectively. All goodwill is assigned to our Dedicated Contract Services business segment. No impairment losses have been recorded for goodwill as of December 31, 2019. Prior to the Cory and RDI acquisitions, 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):

	December 31,						Weighted Average Amortization
	2019			2018			Period
Finite-lived intangibles:
Customer relationships	$	118.6		$	75.3			11.5
Non-competition agreements		6.9			0.2			6.8
Trade names		3.8			-			2.0
LDC Network		10.5			10.5			10.0
Total finite-lived intangibles		139.8			86.0
Less accumulated amortization		(33.3	)		(20.9	)
Total identifiable intangible assets, net	$	106.5		$	65.1

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

During the years ending December 31, 2019, 2018, and 2017, intangible asset amortization expense was $12.4 million, $8.6 million and $4.2 million, respectively. Estimated amortization expense for our finite-lived intangible assets is expected to be approximately $13.6 million for 2020 and $11.9 million for 2021, and $11.7 million for 2022 through 2024. 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.