Note 13 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

13. Goodwill and Other Intangible Assets

As discussed in Note 12, Acquisitions, in 2020, we recorded additional goodwill totaling approximately $9.1 million and additional finite-lived intangible assets of approximately $14.0 million. We recorded additional goodwill of approximately $56.2 million in 2019. Total goodwill was $105.4 million, $96.3 million, and $40.1 million at December 31, 2020, 2019, and 2018 respectively. All goodwill is assigned to our FMS business segment. No impairment losses have been recorded for goodwill as of December 31, 2020. Prior to the Mass Movement acquisition, our intangible assets consisted of those arising from previous business acquisitions and our purchased local distribution center (LDC) network access, both within our FMS segment. Identifiable intangible assets consist of the following (in millions):

							Weighted Average
	December 31,						Amortization
	2020			2019			Period
Finite-lived intangibles:
Customer relationships	$	131.7		$	118.6			11.0
Non-competition agreements		7.9			6.9			6.6
Trade names		3.8			3.8			2.0
LDC Network		10.5			10.5			10.0
Total finite-lived intangibles		153.9			139.8
Less accumulated amortization		(47.1	)		(33.3	)
Total identifiable intangible assets, net	$	106.8		$	106.5

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

During the years ending December 31, 2020, 2019, and 2018, intangible asset amortization expense was $13.8 million, $12.4 million and $8.6 million, respectively. Estimated amortization expense for our finite-lived intangible assets is expected to be approximately $14.0 million for 2021 and $13.7 million for 2022 through 2024, and $13.6 million for 2025. 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.