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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2022
GOODWILL AND INTANGIBLE ASSETS |
GOODWILL AND INTANGIBLE ASSETS | NOTE E – GOODWILL AND INTANGIBLE ASSETS ​ Goodwill by reportable operating segment consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Total |  | ArcBest |  | FleetNet |
​ | ​ | (in thousands)
Balances at December 31, 2020 | ​ | $ | 88,320 | ​ | $ | 87,690 | ​ | $ | 630 | ​
Goodwill acquired(1) | ​ |  | 213,969 | ​ |  | 213,969 | ​ | ​ | — | ​
Goodwill divested(2) | ​ | ​ | (1,952) | ​ | ​ | (1,952) | ​ | ​ | — | ​
Balances at December 31, 2021 | ​ | $ | 300,337 | ​ | $ | 299,707 | ​ | $ | 630 | ​
Purchase accounting adjustments(3) | ​ | ​ | 5,045 | ​ | ​ | 5,045 | ​ | ​ | — | ​
Balances at December 31, 2022 | ​ | $ | 305,382 | ​ | $ | 304,752 | ​ | $ | 630 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated impairment at December 31, 2022 and 2021 | ​ | $ | (20,000) | ​ | $ | (20,000) | ​ | $ | — | ​
(1) | Goodwill acquired relates to the acquisition of MoLo (see Note D).
(2) | 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.
(3) | As noted in Note D, purchase accounting adjustments related to the MoLo acquisition represent adjustments to the acquired balance of working capital, and goodwill related to the November 1, 2021 acquisition of MoLo.
​ The Company performs the annual impairment evaluation of the goodwill balance of its reporting units, each October 1. As of October 1, 2022, the Company’s assessment of qualitative factors, including performance of the reporting units compared to prior periods, macroeconomic factors, industry considerations, and the Company’s market capitalization, led to a conclusion that goodwill was not impaired. As of October 1, 2022 and 2021, the annual impairment evaluation determined there was no impairment of the goodwill balance. ​ Intangible assets consisted of the following as of December 31: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 2022 | ​ | 2021 |
​ | ​ | 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 |  | 12 | ​ | $ | 100,321 | ​ | $ | 43,627 | ​ | $ | 56,694 | ​ | $ | 100,321 | ​ | $ | 35,072 | ​ | $ | 65,249 | ​
Other | ​ | 8 | ​ | ​ | 30,471 | ​ | ​ | 5,669 | ​ | ​ | 24,802 | ​ | ​ | 30,335 | ​ | ​ | 1,304 | ​ | ​ | 29,031 | ​
​ |  | 11 | ​ |  | 130,792 | ​ |  | 49,296 | ​ |  | 81,496 | ​ | ​ | 130,656 | ​ |  | 36,376 | ​ |  | 94,280 | ​
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 | ​ | $ | 163,092 | ​ | $ | 49,296 | ​ | $ | 113,796 | ​ | $ | 162,956 | ​ | $ | 36,376 | ​ | $ | 126,580 | ​
​ ​ The annual impairment evaluation of indefinite-lived intangible assets was performed as of October 1, 2022 and 2021, and it was determined that there was no impairment of the recorded balances. ​ As of December 31, 2022, the future amortization for intangible assets acquired through business acquisitions were as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | Amortization of |
​ | ​ | Intangible Assets |
​ | ​ | (in thousands) | ​
2023 | ​ | $ | 12,826 | ​
2024 | ​ |  | 12,793 | ​
2025 | ​ |  | 12,778 | ​
2026 | ​ |  | 8,671 | ​
2027 | ​ | ​ | 7,247 | ​
Thereafter | ​ | ​ | 27,181 | ​
Total amortization | ​ | $ | 81,496 | ​
​

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