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)

3 Months Ended

Mar. 31, 2016

Schedule of Purchase Price Allocation [Table Text Block]

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



	Ace		Towne
	January 25, 2016		March 9, 2015
Tangible assets:
Accounts receivable	$	—	$	24,068
Prepaid expenses and other current assets	—		2,916
Property and equipment	—		2,095
Other assets	—		614
Total tangible assets	—		29,693
Intangible assets:
Non-compete agreements	20		—
Customer relationships	772		66,000
Goodwill	908		61,197
Total intangible assets	1,700		127,197
Total assets acquired	1,700		156,890

Liabilities assumed:
Current liabilities	—		28,920
Other liabilities	—		3,886
Debt and capital lease obligations	—		59,544
Deferred income taxes	—		2,662
Total liabilities assumed	—		95,012
Net assets acquired	$	1,700	$	61,878

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

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



	Useful Lives
	Ace	Towne
Customer relationships	15 years	20 years
Non-compete agreements	5 years	-

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited pro forma information presents a summary of the Company's consolidated results of operations as if the Towne acquisition occurred as of January 1, 2015 (in thousands, except per share data).



	Three months ended
	March 31, 2016		March 31, 2015
Operating revenue	$	229,549	$	240,145
Income from operations	21,405		5,942
Net income	13,099		2,358
Net income per share
Basic	$	0.43	$	0.08
Diluted	$	0.43	$	0.08

Schedule of Goodwill [Table Text Block]

The following is a summary of the changes in goodwill for the three months ended March 31, 2016. Approximately $100,156 of goodwill, not including the goodwill acquired with the Towne acquisition, is deductible for tax purposes.



	Expedited LTL				Truckload Expedited				Pool Distribution					Intermodal				Total
			Accumulated				Accumulated				Accumulated					Accumulated
	Goodwill		Impairment		Goodwill		Impairment		Goodwill		Impairment			Goodwill		Impairment		Net
Beginning balance, December 31, 2015	$	99,123	$	—	$	45,164	$	—	$	12,359	$	(6,953	)	$	55,916	$	—	$	205,609
Ace Acquisition	—		—		—		—		—		—			908		—		908
Ending balance, March 31, 2016	$	99,123	$	—	$	45,164	$	—	$	12,359	$	(6,953	)	$	56,824	$	—	$	206,517