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Acquisitions (Notes)
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3 Months Ended |
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Mar. 31, 2015
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| Business Combinations [Abstract] | |
| Acquisitions | Acquisitions 2015 Acquisitions In February 2015, the Company acquired Xpress Solutions, Inc. ("Xpress"), a non-asset based truckload and less-than-truckload transportation brokerage based in Frankfort, Illinois, and the results of Xpress have been included in the unaudited consolidated financial statements since the acquisition date. The Company agreed to purchase the assets and assume certain liabilities of Xpress for $6,170,761 in cash payable at closing and an additional $3,000,000 in contingent consideration that may become payable upon the achievement of certain performance measures on or prior to January 31, 2019. As a result of the purchase accounting for the acquisition, the Company recorded $4,199,312 of goodwill, $1,500,000 as the estimated opening balance sheet fair-value of the contingent consideration obligation, and $3,000,000 of customer relationship intangible assets. This allocation is subject to change as the Company finalizes the purchase accounting. The Company is in the process of finalizing the valuation of certain acquired accounts receivable, accounts payable and intangible assets. The amount of goodwill deductible for U.S. income tax purposes is $2,699,312, which excludes the opening balance sheet fair-value of the contingent consideration obligation. As of March 31, 2015, the fair-value of the contingent consideration has not changed from its opening balance sheet fair-value of $1,500,000. The Company will continue to reassess the fair-value of the contingent consideration obligation each quarter. The amounts of revenue and net income of Xpress included in the Company's consolidated statement of income from the acquisition date for the three months ended March 31, 2015 are $2.2 million and $0.1 million, respectively. |