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)

6 Months Ended

Jun. 30, 2019

Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]

The weighted average assumptions used in the Monte Carlo simulation are summarized in the following table:



	FSA Earn-out
Risk-free rate	2.4%
Revenue discount rate	8.5%
Revenue volatility	9.0%

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

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



	FSA
	April 21, 2019
Tangible assets:
Cash	$	202
Other receivables	1,491
Property and equipment	40
Total tangible assets	1,733
Intangible assets:
Non-compete agreements	900
Customer relationships	17,100
Goodwill	19,281
Total intangible assets	37,281
Total assets acquired	39,014

Liabilities assumed:
Current liabilities	7,664
Other liabilities	4,350
Total liabilities assumed	12,014
Net assets acquired	$	27,000

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

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



	FSA Useful Lives
Non-compete agreements	5 years
Customer relationships	15 years

Schedule of Goodwill [Table Text Block]

The following is a summary of the Company's goodwill as of June 30, 2019. Approximately $139,229 of goodwill is deductible for tax purposes.



	Beginning balance, December 31, 2018			FSA Acquisition		Ending balance, June 30, 2019
Expedited LTL
Goodwill	$	97,593		$	19,281	$	116,874
Accumulated Impairment	—			—		—

Intermodal
Goodwill	76,615			—		76,615
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		)

Total	$	199,092		$	19,281	$	218,373