GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill represents the excess of cost over the fair value of net identifiable tangible and intangible assets acquired. Goodwill by reportable operating segment consisted of the following:



	Total		Household Goods Moving Services		Premium Logistics & Expedited Freight Services
					(in thousands)

Balances December 31, 2011	$	3,660	$	3,660	$	—
Goodwill acquired - Panther	69,529		—		69,529
Balances December 31, 2012	73,189		3,660		69,529
Purchase accounting adjustments	1,567		—		1,567
Goodwill acquired	1,692		1,692		—
Balances December 31, 2013	$	76,448	$	5,352	$	71,096

Goodwill of the Premium Logistics & Expedited Freight Services segment associated with the Panther acquisition was attributable primarily to intangible assets that do not qualify for separate recognition, an assembled workforce, and the recognition of deferred tax liabilities for the acquired intangible assets, including software, which are not deductible for income tax purposes. A substantial portion of the Panther goodwill is not deductible for income tax purposes. Purchase accounting adjustments reflect changes in the provisional measurements of accrued expenses and deferred taxes. Goodwill of $1.7 million related to the May 31, 2013 acquisition of a privately‑owned logistics company included in the Household Goods Moving Services segment (see Note D) is expected to be fully deductible for tax purposes.

Intangible assets consisted of the following for the years ended December 31:



				2013				2012
	Weighted‑Average Amortization Period	Cost		Accumulated Amortization		Net Value		Accumulated Amortization		Net Value
	(in years)			(in thousands)				(in thousands)

Finite‑lived intangible assets
Customer relationships	14	$	43,500	$	4,790	$	38,710	$	1,683	$	41,817
Driver network	3	3,200		1,645		1,555		578		2,622
	13	46,700		6,435		40,265		2,261		44,439
Indefinite‑lived intangible assets
Trade name	N/A	32,300		N/A		32,300		N/A		32,300
Other	N/A	2,822		N/A		2,822		N/A		2,822
		35,122		N/A		35,122		N/A		35,122
Total intangible assets	N/A	$	81,822	$	6,435	$	75,387	$	2,261	$	79,561

Intangible assets, except for the $2.8 million of other indefinite‑lived assets, were acquired in conjunction with the June 2012 acquisition of Panther. Intangible amortization expense totaled $4.2 million and $2.3 million (all of which pertained to the intangibles acquired in the Panther acquisition) for the year ended December 31, 2013 and 2012, respectively. Amortization expense on intangible assets (excluding acquired software which is reported within property, plant and equipment) is anticipated to range between $3 million and $4 million per year for the years ended December 31, 2014 through 2018. Acquired software is being amortized on a straight‑line basis over seven years, which resulted in $4.5 million and $2.5 million of amortization expense in 2013 and 2012, respectively, and is expected to result in $4.5 million of annual amortization expense for the years ended December 31, 2014 through 2018.

Annual impairment evaluations of goodwill and indefinite‑lived intangible assets were performed as of October 1, 2013 and 2012, and it was determined that there was no impairment of the recorded balances.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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