Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.22.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill

Changes in the carrying amount of goodwill during the three months ended March 31, 2022 are summarized as follows:
Expedited Freight Intermodal Consolidated
Balance as of December 31, 2021 $ 169,288  $ 97,464  $ 266,752 
Acquisition adjustment —  (1,113) (1,113)
Balance as of March 31, 2022 $ 169,288  $ 96,351  $ 265,639 

The Company’s accumulated goodwill impairment is $25,686 related to impairment charges the Company recorded during 2016 pertaining to its TLS reporting unit. The TLS reporting unit operates within the Expedited Freight reportable segment. As of March 31, 2022, approximately $186,495 of goodwill is deductible for tax purposes.

Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist. The Company conducts its annual impairment analyses as of June 30 each year. There have been no indicators of impairment during the three months ended March 31, 2022.

Other Intangible Assets

Changes in the carrying amount of acquired intangible assets during the three months ended March 31, 2022 are summarized as follows:

Gross Carrying Amount
Customer Relationships1
Non-Compete Agreements Trade Names Total
Balance as of December 31, 2021 $ 251,377  $ 9,176  $ 1,500  $ 262,053 
Acquisition —  —  —  — 
Balance as of March 31, 2022 $ 251,377  $ 9,176  $ 1,500  $ 262,053 

Accumulated Amortization
Customer Relationships1
Non-Compete Agreements Trade Names Total
Balance as of December 31, 2021 $ 99,094  $ 6,743  $ 1,500  $ 107,337 
Amortization expense 3,782  296  —  4,078 
Balance as of March 31, 2022 $ 102,876  $ 7,039  $ 1,500  $ 111,415 
1 Carrying value as of March 31, 2022 and December 31, 2021 is inclusive of $16,501 of accumulated impairment.