GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2018

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

NOTE D – 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:

	Total		ArcBest		FleetNet
	(in thousands)
Balances December 31, 2016	$	108,875	$	108,245	$	630
Goodwill divested(1)		(661)		(661)		—
Purchase accounting adjustments		106		106		—
Balances December 31, 2018 and 2017(2)	$	108,320	$	107,690	$	630

⁽¹⁾ Goodwill divested due to the sale of certain non-strategic businesses was determined based on the relative fair value of the businesses sold to the total fair value of the reporting unit.

⁽²⁾ Goodwill was not adjusted during the year ended December 31, 2018.

Intangible assets consisted of the following as of December 31:

		2018						2017
	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	14	$	60,431	$	24,130	$	36,301	$	60,431	$	19,745	$	40,686
Other	9		1,032		684		348		1,032		549		483
	13		61,463		24,814		36,649		61,463		20,294		41,169
Indefinite-lived intangible assets
Trade name	N/A		32,300		N/A		32,300		32,300		N/A		32,300
Total intangible assets	N/A	$	93,763	$	24,814	$	68,949	$	93,763	$	20,294	$	73,469

The future amortization for intangible assets and software acquired through business acquisitions as of December 31, 2018 were as follows:

			Intangible		Acquired
	Total		Assets		Software(1)
	(in thousands)
2019	$	5,463	$	4,482	$	981
2020		4,471		4,454		17
2021		4,418		4,412		6
2022		4,385		4,385		—
2023		4,287		4,287		—
Thereafter		14,629		14,629		—
Total amortization	$	37,653	$	36,649	$	1,004

⁽¹⁾ Acquired software is reported in property, plant and equipment.

Annual impairment evaluations of goodwill and indefinite‑lived intangible assets were performed as of October 1, 2018 and 2017, and it was determined that there was no impairment of the recorded balances.