GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2021

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 segment consisted of the following:


	Total		ArcBest		FleetNet

	(in thousands)
Balances at December 31, 2020	$	88,320	$	87,690	$	630
Goodwill divested⁽¹⁾		(1,952)		(1,952)		—
Balances at June 30, 2021	$	86,368	$	85,738	$	630

(1)	Goodwill divested due to the sale of the labor services portion of the ArcBest segment’s moving business was determined based on the relative fair value of the business sold to the total fair value of the reporting unit.

Intangible assets consisted of the following:


		June 30, 2021						December 31, 2020
	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	$	32,380	$	20,341	$	52,721	$	30,477	$	22,244
Other	13		1,010		567		443		980		543		437
	14		53,731		32,947		20,784		53,701		31,020		22,681
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	$	86,031	$	32,947	$	53,084	$	86,001	$	31,020	$	54,981

The future amortization for intangible assets acquired through business acquisitions as of June 30, 2021 was as follows:


	Amortization of
	Intangible Assets
	(in thousands)
Remainder of 2021	$	1,911
2022		3,815
2023		3,722
2024		3,689
2025		3,674
Thereafter		3,973
Total amortization	$	20,784