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, 2018

Schedule of Purchase Price Allocation [Table Text Block]

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



	Atlantic		KCL		MMT
	May 7, 2017		October 22, 2017		July 25, 2018
Tangible assets:
Property and equipment	$	1,821	$	223	$	81
Total tangible assets	1,821		223		81
Intangible assets:
Non-compete agreements	1,150		6		43
Customer relationships	13,400		234		1,659
Goodwill	6,719		277		1,954
Total intangible assets	21,269		517		3,656
Total assets acquired	23,090		740		3,737

Liabilities assumed:
Current liabilities	590		100		—
Total liabilities assumed	590		100		—
Net assets acquired	$	22,500	$	640	$	3,737

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	KCL	MMT
Customer relationships	15 years	15 years	15 years
Non-compete agreements	5 years	2 years	5 years

Schedule of Significant Assumptions Used [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, 2018. Approximately $114,481 of goodwill is deductible for tax purposes.



	Beginning balance, December 31, 2017			MMT Acquisition		Ending balance, September 30, 2018
Expedited LTL
Goodwill	$	97,593		$	—	$	97,593
Accumulated Impairment	—			—		—

TLS
Goodwill	45,164			—		45,164
Accumulated Impairment	(25,686		)	—		(25,686		)

Pool Distribution
Goodwill	12,359			—		12,359
Accumulated Impairment	(6,953		)	—		(6,953		)

Intermodal
Goodwill	69,194			1,954		71,148
Accumulated Impairment	—			—		—

Total	$	191,671		$	1,954	$	193,625