Goodwill and Intangible Assets (Tables)
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12 Months Ended |
Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] |
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Fair Value as of the Measurement Date |
The fair value as of the measurement date, net book value as of the end of the year and related impairment charge for assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the years ended December 31, 2019, 2018 and 2017 were as follows: | | | | | | | | | | | | | | Year Ended December 31, 2019 | | Impairment Charge | | Fair Value Measurement (Level 3) | | Net Book Value | Long-lived assets | $ | 30,613 |
| | $ | 10,794 |
| | $ | 10,794 |
| Goodwill | 167,561 |
| | 97,265 |
| | 97,265 |
| Other intangible assets | 9,535 |
| | — |
| | — |
| Total | $ | 207,709 |
| | $ | 108,059 |
| | $ | 108,059 |
| | | | | | | | Year Ended December 31, 2018 | | Impairment Charge | | Fair Value Measurement (Level 3) | | Net Book Value | Long-lived assets | $ | 1,582 |
| | $ | 2,271 |
| | $ | 2,271 |
| Total | $ | 1,582 |
| | $ | 2,271 |
| | $ | 2,271 |
| | | | | | | | Year Ended December 31, 2017 | | Impairment Charge | | Fair Value Measurement (Level 3) | | Net Book Value | Goodwill | $ | 4,402 |
| | $ | 264,826 |
| | $ | 264,826 |
| Total | $ | 4,402 |
| | $ | 264,826 |
| | $ | 264,826 |
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Sensitivity analysis of reporting units' fair value |
table below shows the estimated fair value impacts related to a 50-basis point increase or decrease in the discount and long-term growth rates used in the valuation as of December 31, 2019. | | | | | | Approximate Percent Change in Estimated Fair Value | | +/- 50 bps Discount Rate | | +/- 50bps Growth Rate | Domestic and International Logistics reporting unit | (1.7%) / 3.4% | | 1.7% / (0.9%) |
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Rollforward of goodwill by reportable segment |
The following is a roll forward of the Company's accumulated goodwill impairment charges as of December 31, 2019 by segment (in thousands): | | | | | | | | | | | | | | | | | | | | | | Ascent TM | | Ascent OD | | LTL | | TL | | Total | Balance as of December 31, 2016 | $ | 42,631 |
| | $ | — |
| | $ | 197,312 |
| | $ | 132,408 |
| | $ | 372,351 |
| Impairment charges in 2017 | 4,402 |
| | — |
| | — |
| | — |
| | 4,402 |
| Impairment charges in 2018 | — |
| | — |
| | — |
| | — |
| | — |
| Impairment charges in 2019 | 74,635 |
| | — |
| | — |
| | 92,926 |
| | 167,561 |
| Balance as of December 31, 2019 | $ | 121,668 |
| | $ | — |
| | $ | 197,312 |
| | $ | 225,334 |
| | $ | 544,314 |
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The following is a roll forward of the Company's goodwill, net of impairment, from December 31, 2016 to December 31, 2019 (in thousands): | | | | | | | | | | | | | | | | | | | | | | Ascent TM | | Ascent OD | | LTL | | TL | | Total | Goodwill balance as of December 31, 2016 | $ | 219,145 |
| | $ | — |
| | $ | — |
| | $ | 93,396 |
| | $ | 312,541 |
| Adjustments to goodwill for purchase accounting | — |
| | — |
| | — |
| | (470 | ) | | (470 | ) | Adjustment to goodwill for sale of Unitrans | (42,843 | ) | | — |
| | — |
| | — |
| | (42,843 | ) | Goodwill impairment charges | (4,402 | ) | | — |
| | — |
| | — |
| | (4,402 | ) | Goodwill balance as of December 31, 2017 | $ | 171,900 |
| | $ | — |
| | $ | — |
| | $ | 92,926 |
| | $ | 264,826 |
| Goodwill balance as of December 31, 2018 | $ | 171,900 |
| | $ | — |
| | $ | — |
| | $ | 92,926 |
| | $ | 264,826 |
| Goodwill impairment charges | (74,635 | ) | | — |
| | — |
| | (92,926 | ) | | (167,561 | ) | Goodwill balance as of December 31, 2019 | $ | 97,265 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 97,265 |
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Intangible assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | 2019 | | 2018 | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Value | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Value | Ascent TM | $ | 27,152 |
| | $ | (19,534 | ) | | $ | 7,618 |
| | $ | 27,152 |
| | $ | (17,248 | ) | | $ | 9,904 |
| Ascent OD | 31,547 |
| | (13,710 | ) | | 17,837 |
| | 31,547 |
| | (11,139 | ) | | 20,408 |
| LTL | 800 |
| | (800 | ) | | — |
| | 2,498 |
| | (1,925 | ) | | 573 |
| TL | 4,508 |
| | (3,980 | ) | | 528 |
| | 23,461 |
| | (11,820 | ) | | 11,641 |
| Total intangible assets | $ | 64,007 |
| | $ | (38,024 | ) | | $ | 25,983 |
| | $ | 84,658 |
| | $ | (42,132 | ) | | $ | 42,526 |
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Estimated amortization expense |
Estimated amortization expense for each of the next five years based on intangible assets as of December 31, 2019 is as follows (in thousands): | | | | | | Year Ending: | | | 2020 | | $ | 4,706 |
| 2021 | | 4,561 |
| 2022 | | 4,229 |
| 2023 | | 4,061 |
| 2024 | | 3,444 |
| Thereafter | | 4,982 |
| Total | | $ | 25,983 |
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