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GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2020
GOODWILL AND INTANGIBLE ASSETS |
GOODWILL AND INTANGIBLE ASSETS | NOTE C – GOODWILL AND INTANGIBLE ASSETS ​ Goodwill represents the excess of cost over the fair value of net identifiable tangible and intangible assets acquired. Goodwill by reportable operating segment consisted of $87.7 million and $0.6 million reported in the ArcBest and FleetNet segments, respectively, for both September 30, 2020 and December 31, 2019. ​ Intangible assets consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | September 30, 2020 | ​ | December 31, 2019 |
​ | ​ | Weighted-Average | ​ | ​ | ​ | ​ | Accumulated | ​ | Net | ​ | ​ | ​ | ​ | Accumulated | ​ | Net |
​ |  | Amortization Period |  | Cost |  | Amortization |  | Value |  | ​ | Cost |  | Amortization |  | Value |
​ | ​ | (in years) | ​ | (in thousands) | ​ | (in thousands) |
Finite-lived intangible assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Customer relationships |  | 14 | ​ | $ | 52,721 | ​ | $ | 29,526 | ​ | $ | 23,195 | ​ | $ | 52,721 | ​ | $ | 26,667 | ​ | $ | 26,054 | ​
Other | ​ | 12 | ​ | ​ | 1,420 | ​ | ​ | 899 | ​ | ​ | 521 | ​ | ​ | 1,294 | ​ | ​ | 816 | ​ | ​ | 478 | ​
​ |  | 14 | ​ |  | 54,141 | ​ |  | 30,425 | ​ |  | 23,716 | ​ | ​ | 54,015 | ​ |  | 27,483 | ​ |  | 26,532 | ​
Indefinite-lived intangible assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trade name |  | N/A | ​ |  | 32,300 | ​ |  | N/A | ​ |  | 32,300 | ​ | ​ | 32,300 | ​ |  | N/A | ​ |  | 32,300 | ​
​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total intangible assets |  | N/A | ​ | $ | 86,441 | ​ | $ | 30,425 | ​ | $ | 56,016 | ​ | $ | 86,315 | ​ | $ | 27,483 | ​ | $ | 58,832 | ​
​ ​ The future amortization for intangible assets acquired through business acquisitions as of September 30, 2020 was as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | Amortization of |
​ | ​ | Intangible Assets | ​
​ | ​ | (in thousands) | ​
Remainder of 2020 | ​ | $ | 977 | ​
2021 | ​ |  | 3,871 | ​
2022 | ​ |  | 3,844 | ​
2023 | ​ |  | 3,746 | ​
2024 | ​ | ​ | 3,696 | ​
Thereafter | ​ | ​ | 7,582 | ​
Total amortization | ​ | $ | 23,716 | ​
​ Goodwill and indefinite-lived intangible assets are not amortized, but rather are evaluated for impairment annually or more frequently if indicators of impairment exist. Due to the impact of COVID-19 on business and freight levels, the Company considered several factors to evaluate if it was more likely than not that impairment of these assets existed as of September 30, 2020. In making this analysis, management considered current and forecasted business levels and estimated future cash flows over several years. Management’s assumptions include a continuing economic recovery through the remainder of 2020 and into 2021. Based on the analysis performed, management determined it was more likely than not that goodwill and indefinite-lived intangible assets were not impaired as of September 30, 2020. ​ The evaluation of goodwill impairment requires management’s judgment and the use of estimates and assumptions to determine if indicators of impairment exist at an interim date. Assumptions require considerable judgment because changes in broad economic factors and industry factors can result in variable and volatile fair values. Changes in key estimates and assumptions that impact the fair value of the operations, including the impact of COVID-19 on the reporting units, could materially affect future analyses and result in material impairments of goodwill and indefinite-lived intangible assets.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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