Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2022 are summarized as follows:

Expedited Freight Intermodal Consolidated
Balance as of December 31, 2021 $ 169,288  $ 97,464  $ 266,752 
Acquisition —  17,003  17,003 
Acquisition adjustment —  3,842  3,842 
Balance as of June 30, 2022 $ 169,288  $ 118,309  $ 287,597 

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 June 30, 2022, approximately $208,454 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. The results of the Company’s goodwill impairment analyses conducted as of June 30, 2022 indicated that no reduction in the carrying amount of the goodwill was required.
Other Intangible Assets

Changes in the carrying amount of acquired intangible assets during the six months ended June 30, 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 17,950  465  —  18,415 
Acquisition adjustment (4,254) (701) —  (4,955)
Balance as of June 30, 2022 $ 265,073  $ 8,940  $ 1,500  $ 275,513 

Accumulated Amortization
Customer Relationships1
Non-Compete Agreements Trade Names Total
Balance as of December 31, 2021 $ 99,093  $ 6,743  $ 1,500  $ 107,336 
Amortization expense 7,513  448  —  7,961 
Balance as of June 30, 2022 $ 106,606  $ 7,191  $ 1,500  $ 115,297 
1 Carrying value as of June 30, 2022 and December 31, 2021 is inclusive of $16,501 of accumulated impairment.