Quarterly report pursuant to Section 13 or 15(d)

Acquisitions and Long-Lived Assets (Tables)

v3.20.2
Acquisitions and Long-Lived Assets (Tables)
 9 Months Ended
Sep. 30, 2020
Goodwill [Line Items]  
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]
The initial weighted average assumptions used in the Monte Carlo simulation are summarized in the following table:
FSA Earn-out
April 21, 2019 December 31, 2019 September 30, 2020
Risk-free rate 2.9% 2.2% 2.0%
Revenue discount rate 4.4% 4.4% 3.2%
Revenue volatility 3.0% 5.0% 7.0%
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
The following table presents the allocations of the previously discussed acquisition purchase prices to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands):
FSA OST Linn Star
April 21, 2019 July 14, 2019 January 12, 2020
Tangible assets:
Cash $ 202  $ —  $ 1,308 
Other receivables 1,491  —  — 
Prepaid expenses and other current assets —  —  1,182 
Property and equipment 40  10,371  605 
Operating lease right-of-use assets 3,209  1,672  10,011 
Total tangible assets 4,942  12,043  13,106 
Intangible assets:
Non-compete agreements 900  850  450 
Customer relationships 17,900  5,700  29,800 
Goodwill 19,963  2,050  25,234 
Total intangible assets 38,763  8,600  55,484 
Total assets acquired 43,705  20,643  68,590 
Liabilities assumed:
Current liabilities 8,466  —  1,340 
Other liabilities 5,030  —  — 
Debt and finance lease obligations —  6,971  — 
Operating lease obligations 3,209  1,672  10,011 
Total liabilities assumed 16,705  8,643  11,351 
Net assets acquired $ 27,000  $ 12,000  $ 57,239 
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
FSA OST Linn Star
Non-compete agreements 5 years 3 years 1 year
Customer relationships 15 years 10 years 15 years
Schedule of Goodwill [Table Text Block]
The following is a summary of the Company's goodwill as of September 30, 2020. Approximately $161,789 of goodwill is deductible for tax purposes.
Beginning balance, December 31, 2019 Linn Star Acquisition Ending balance, September 30, 2020
Expedited LTL
Goodwill $ 97,593  $ —  $ 97,593 
Accumulated Impairment —  —  — 
Truckload
Goodwill 45,164  —  45,164 
Accumulated Impairment (25,686) —  (25,686)
Final Mile
Goodwill 19,963  25,234  45,197 
Accumulated Impairment —  —  — 
Intermodal
Goodwill 78,665  —  78,665 
Accumulated Impairment —  —  — 
Total
Goodwill 241,385  25,234  266,619 
Accumulated Impairment (25,686) —  (25,686)
$ 215,699  $ 25,234  $ 240,933