Forward Air Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Acquisitions and Goodwill (Tables)

Acquisitions and Goodwill (Tables)

9 Months Ended

Sep. 30, 2017

Schedule of Purchase Price Allocation [Table Text Block]

The following table presents the allocations of the Atlantic, Triumph and Ace purchase prices to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands):



	Atlantic		Triumph & Ace
	May 7, 2017		2016
Tangible assets:
Property and equipment	$	1,821	$	1,294
Total tangible assets	1,821		1,294
Intangible assets:
Non-compete agreements	1,150		139
Customer relationships	13,400		5,335
Goodwill	6,860		6,282
Total intangible assets	21,410		11,756
Total assets acquired	23,231		13,050

Liabilities assumed:
Other liabilities	590		1,250
Debt and capital lease obligations	141		—
Total liabilities assumed	731		1,250
Net assets acquired	$	22,500	$	11,800

Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]

The acquired definite-lived intangible assets have the following useful lives:



	Useful Lives
	Atlantic	Triumph & Ace
Customer relationships	15 years	15 years
Non-compete agreements	5 years	5 years

Business Acquisition, Pro Forma Information [Table Text Block]

Schedule of Goodwill [Table Text Block]

The following is a summary of the changes to goodwill for the nine months ended September 30, 2017. Approximately $112,391 of goodwill is deductible for tax purposes.



	Expedited LTL				TLS					Pool Distribution					Intermodal				Total
			Accumulated				Accumulated					Accumulated					Accumulated
	Goodwill		Impairment		Goodwill		Impairment			Goodwill		Impairment			Goodwill		Impairment		Net
Beginning balance, December 31, 2016	$	97,593	$	—	$	45,164	$	(25,686	)	$	12,359	$	(6,953	)	$	62,198	$	—	$	184,675
Atlantic Acquisition	—		—		—		—			—		—			6,860		—		6,860
Ending balance, September 30, 2017	$	97,593	$	—	$	45,164	$	(25,686	)	$	12,359	$	(6,953	)	$	69,058	$	—	$	191,535