INTANGIBLE ASSETS AND GOODWILL

9 Months Ended

Sep. 30, 2019

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL

NOTE 6 – INTANGIBLE ASSETS AND GOODWILL

The following tables summarizes intangible assets and amortization expense as of and for the period ended September 30, 2019:

	September 30, 2019
	Amortization
	period	Gross		Accumulated		Net intangible
	(years)	Amount		Amortization		assets
	(in thousands)
Trade name	indefinite	$	5,000	$	—	$	5,000
Non-compete agreement	2		140		54		86
Customer relationships	10		12,900		1,193		11,707
Total intangible assets		$	18,040	$	1,247	$	16,793

Changes in carrying amount of goodwill by reportable segment is as follows:

	Trucking		USAT Logistics
	(in thousands)
Balance at December 31, 2018	$	4,926	$	—
Working capital adjustment		305		—
Balance at September 30, 2019	$	5,231	$	—

The above intangible assets have a weighted average remaining life of 108 months.  The expected remaining amortization of these assets for the next five successive years and thereafter is as follows:

	(in thousands)
2019 (remaining)	$	315
2020		1,346
2021		1,288
2022		1,288
2023		1,288
2024		1,288
Thereafter		4,980
Total	$	11,793