Annual report pursuant to Section 13 and 15(d)

Acquisitions, Goodwill, Intangible Assets and Other Long-Lived Assets (Tables)

v3.20.4
Acquisitions, Goodwill, Intangible Assets and Other Long-Lived Assets (Tables)
 12 Months Ended
Dec. 31, 2020
Intangible Assets [Line Items]  
Schedule of Intangible Assets
The Company amortizes certain acquired identifiable intangible assets on a straight-line basis over their estimated useful lives, which range from 1 to 20 years. The acquired intangible assets have a weighted-average useful life as follows:

Intangible Assets Weighted-Average Useful Life
Customer relationships 15 years
Non-compete agreements 4 years
Trade names 4 years
Changes in Carrying Amount of Acquired Intangible Assets
Changes in the carrying amount of acquired intangible assets during 2020 and 2019 are summarized as follows:
December 31, 2020 December 31, 2019
Carrying Value Accumulated Amortization Net Carrying Value Carrying Value Accumulated Amortization Net Carrying Value
Customer relationships1
$ 228,416  $ (85,930) $ 142,486  $ 196,225  $ (73,868) $ 122,357 
Non-compete agreements 8,125  (5,579) 2,546  6,652  (4,152) 2,500 
Trade names 1,500  (1,500) —  1,500  (1,500) — 
Total $ 238,041  $ (93,009) $ 145,032  $ 204,377  $ (79,520) $ 124,857 
    
1 Carrying value as of December 31, 2020 and 2019 is inclusive of $16,501 of accumulated impairment.
Business Acquisition [Line Items]  
Weighted-Average Assumptions The weighted-average assumptions under the Monte Carlo simulation model were as follows for the year ended December 31, 2020 and 2019:
FSA Earn-Out
December 31, 2020 December 31, 2019
Risk-free rate 1.4% 2.2%
Revenue discount rate 3.2% 4.4%
Revenue volatility 8.0% 5.0%
Purchase Price Allocation Assets acquired and liabilities assumed as of the acquisition date are presented in the following table:
MMT Southwest FSA O.S.T. Linn Star CLW
July 25, 2018 October 28, 2018 April 21, 2019 July 14, 2019 January 12, 2020 October 11, 2020
Tangible assets:
Cash $ —  $ —  $ 202  $ —  $ 1,308  $ — 
Other receivables —  —  1,491  —  —  — 
Prepaid expenses and other current assets —  —  1,182  — 
Property and equipment 81  933  40  10,371  605  — 
Right-of-use lease assets —  —  3,209  1,672  10,011  811 
Total tangible assets 81  933  4,942  12,043  13,106  811 
Intangible assets:
Non-compete agreements 43  650  900  850  450  1,000 
Customer relationships 1,659  9,200  17,900  5,700  29,800  1,500 
Goodwill 1,954  5,467  19,963  2,050  25,234  3,000 
Total intangible assets 3,656  15,317  38,763  8,600  55,484  5,500 
Total assets acquired 3,737  16,250  43,705  20,643  68,590  6,311 
Liabilities assumed:
Current liabilities —  —  8,466  —  1,340  — 
Other liabilities —  —  5,030  —  —  — 
Operating lease liabilities —  —  3,209  1,672  10,011  811 
Finance lease obligations —  —  —  6,971  —  — 
Total liabilities assumed —  —  16,705  8,643  11,351  — 
Net assets acquired $ 3,737  $ 16,250  $ 27,000  $ 12,000  $ 57,239  $ 5,500 
Weighted-Average Useful Life of Acquired Intangible Assets
The weighted-average useful life of acquired intangible assets as of the acquisition date are summarized in the following table:
FSA O.S.T. Linn Star CLW
Customer relationships 15 years 10 years 15 years 7 years
Non-compete agreements 5 years 3 years 1 year 5 years
Goodwill [Line Items]  
Schedule of Goodwill
Changes in the carrying amount of goodwill during the years ended December 31, 2020 and 2019 are summarized as follows:
Expedited Freight Intermodal Consolidated
Balance as of December 31, 2018 $ 117,071  $ 76,615  $ 193,686 
Acquisitions 19,963  2,050  22,013 
Balance as of December 31, 2019 137,034  78,665  215,699 
Acquisitions 28,234  1,049  29,283 
Balance as of December 31, 2020 $ 165,268  $ 79,714  $ 244,982