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GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2021
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 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 September 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 in second quarter 2021 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | September 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 | ​ | $ | 33,329 | ​ | $ | 19,392 | ​ | $ | 52,721 | ​ | $ | 30,477 | ​ | $ | 22,244 | ​
Other | ​ | 13 | ​ | ​ | 1,016 | ​ | ​ | 573 | ​ | ​ | 443 | ​ | ​ | 980 | ​ | ​ | 543 | ​ | ​ | 437 | ​
​ |  | 14 | ​ |  | 53,737 | ​ |  | 33,902 | ​ |  | 19,835 | ​ | ​ | 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 | ​ | $ | 86,037 | ​ | $ | 33,902 | ​ | $ | 52,135 | ​ | $ | 86,001 | ​ | $ | 31,020 | ​ | $ | 54,981 | ​
​ ​ The future amortization for intangible assets acquired through business acquisitions as of September 30, 2021 was as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | Amortization of |
​ | ​ | Intangible Assets |
​ | ​ | (in thousands) | ​
Remainder of 2021 | ​ | $ | 955 | ​
2022 | ​ |  | 3,815 | ​
2023 | ​ |  | 3,722 | ​
2024 | ​ |  | 3,689 | ​
2025 | ​ | ​ | 3,674 | ​
Thereafter | ​ | ​ | 3,980 | ​
Total amortization | ​ | $ | 19,835 | ​
​

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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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