GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2022

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 segment consisted of the following:


	Total		ArcBest		FleetNet

	(in thousands)
Balances at December 31, 2021	$	300,337	$	299,707	$	630
Purchase accounting adjustments⁽¹⁾		(1,262)		(1,262)		—
Balances at June 30, 2022	$	299,075	$	298,445	$	630

(1)	Purchase accounting adjustments related to the MoLo acquisition represent adjustments to the acquired balance of working capital. As noted in Note C, goodwill related to the November 1, 2021 acquisition of MoLo is based on preliminary information as of June 30, 2022.

Intangible assets consisted of the following:


		June 30, 2022						December 31, 2021
	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	12	$	100,321	$	39,352	$	60,969	$	100,321	$	35,072	$	65,249
Other	8		30,363		3,487		26,876		30,335		1,304		29,031
	11		130,684		42,839		87,845		130,656		36,376		94,280
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	$	162,984	$	42,839	$	120,145	$	162,956	$	36,376	$	126,580

The future amortization for intangible assets acquired through business acquisitions as of June 30, 2022 was as follows:


	Amortization of
	Intangible Assets
	(in thousands)
Remainder of 2022	$	6,458
2023		12,826
2024		12,793
2025		12,778
2026		8,671
Thereafter		34,319
Total amortization	$	87,845