GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2021

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

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 $87.7 million and $0.6 million reported in the ArcBest and FleetNet segments, respectively, at both March 31, 2021 and December 31, 2020.

Intangible assets consisted of the following:

		March 31, 2021						December 31, 2020
	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	$	52,721	$	31,429	$	21,292	$	52,721	$	30,477	$	22,244
Other	13		994		558		436		980		543		437
	14		53,715		31,987		21,728		53,701		31,020		22,681
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	$	86,015	$	31,987	$	54,028	$	86,001	$	31,020	$	54,981

The future amortization for intangible assets acquired through business acquisitions as of March 31, 2021 was as follows:

	Amortization of
	Intangible Assets
	(in thousands)
Remainder of 2021	$	2,870
2022		3,815
2023		3,722
2024		3,689
2025		3,674
Thereafter		3,958
Total amortization	$	21,728