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ACQUISITIONS | 3 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
ACQUISITIONS | ACQUISITIONS Prime Distribution Services On March 2, 2020, we acquired all of the outstanding shares of Prime Distribution Services (“Prime Distribution”), a leading provider of retail consolidation services in North America, for $222.7 million in cash. This acquisition adds scale and value-added warehouse capabilities to our retail consolidation platform, adding to our global suite of services. The following is a summary of the allocation of purchase consideration to the estimated fair value of net assets for the acquisition of Prime Distribution.
Current assets | $ | 8,879 |
Property and equipment | 7,356 |
Right-of-use lease assets | 35,017 |
Other intangible assets | 55,000 |
Goodwill | 176,727 |
Total assets | 282,979 |
Current liabilities | 12,243 |
Lease liabilities | 35,017 |
Deferred tax liabilities | 13,001 |
Net assets acquired | $ | 222,718 |
Identifiable intangible assets and estimated useful lives are as follows (dollars in thousands):
| Estimated Life (years) |  |
Customer relationships | 7 |  | $ | 55,000 |
There was $176.7 million of goodwill recorded related to the acquisition of Prime Distribution. The Prime Distribution goodwill is a result of acquiring and retaining the Prime Distribution workforce and expected synergies from integrating its business into ours. Purchase accounting is considered complete. The goodwill will not be deductible for tax purposes. The acquisition was effective as of February 29, 2020, and therefore the results of operations of Prime Distribution have been included as part of the North American Surface Transportation segment in our consolidated financial statements since March 1, 2020.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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