Other Intangible, Net and Goodwill

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Other Intangibles, Net and Goodwill

All intangible assets determined to have finite lives are amortized over their estimated useful lives. The useful life of an intangible asset is the period over which the asset is expected to contribute directly or indirectly to future cash flows. There was a $15.3 million change in the gross amount of identifiable intangible assets during the three and nine months ended September 30, 2019, related to the acquisition of Millis Transfer. Amortization expense of $0.7 million and $0.6 million for the three months ended September 30, 2019 and 2018, respectively, was included in depreciation and amortization in the consolidated statements of comprehensive income. Amortization expense of $1.9 million and $1.9 million for the nine months ended September 30, 2019 and 2018, respectively, was included in depreciation and amortization in the consolidated statements of comprehensive income. Intangible assets subject to amortization consisted of the following at September 30, 2019:

	Amortization period (years)	Gross Amount		Accumulated Amortization		Net intangible assets
		(in thousands)
Customer relationships	15-20	$	23,000	$	2,894	$	20,106
Tradename	0.5-10	12,900		7,986		4,914
Covenants not to compete	1-10	5,300		2,434		2,866
		$	41,200	$	13,314	$	27,886

Changes in carrying amount of goodwill were as follows:

	(in thousands)
Balance at December 31, 2018	$	132,410
Acquisition	32,611
Balance at September 30, 2019	$	165,021