GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2016

NOTE C – GOODWILL AND INTANGIBLE ASSETS

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:


					ABF				ABF
	Total		Panther		Logistics		FleetNet		Moving
	(in thousands)
Balances at December 31, 2015	$	96,465	$	71,096	$	19,387	$	630	$	5,352
Goodwill acquired(1)		13,584		—		13,584		—		—
Purchase accounting adjustments		438		—		438		—		—
Balances September 30, 2016	$	110,487	$	71,096	$	33,409	$	630	$	5,352

⁽¹⁾

Goodwill related to the September 2, 2016 acquisition of LDS is based on preliminary information as of September 30, 2016.

Intangible assets consisted of the following:


		September 30, 2016						December 31, 2015
	Weighted-Average			Accumulated		Net				Accumulated		Net
	Amortization Period	Cost		Amortization		Value			Cost	Amortization		Value
	(in years)	(in thousands)						(in thousands)
Finite-lived intangible assets
Customer relationships(1)	14	$	60,021	$	14,248	$	45,773	$	52,221	$	11,331	$	40,890
Driver network	3		3,200		3,200		—		3,200		3,200		—
Other	6		1,572		399		1,173		1,032		257		775
	13		64,793		17,847		46,946		56,453		14,788		41,665
Indefinite-lived intangible assets
Trade name	N/A		32,300		N/A		32,300		32,300		N/A		32,300
Other	N/A		2,822		N/A		2,822		2,822		N/A		2,822
			35,122				35,122		35,122				35,122
Total intangible assets	N/A	$	99,915	$	17,847	$	82,068	$	91,575	$	14,788	$	76,787

⁽¹⁾

Customer relationships of $7.3 million related to the September 2, 2016 acquisition of LDS is based on preliminary information as of September 30, 2016.

Amortization expense on intangible assets totaled $1.1 million and $3.1 million for the three and nine months ended September 30, 2016, respectively, and $0.9 million and $3.1 million for the three and nine months ended September 30, 2015. As of September 30, 2016, amortization expense on intangible assets (excluding acquired software which is reported within property, plant and equipment) is anticipated to range between $4.3 million and $4.9 million per year for the years ended December 31, 2016 through 2020.

- 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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