Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.23.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2023
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, 2023 are summarized as follows:
Expedited Freight Intermodal Consolidated
Balance as of December 31, 2022 $ 169,288  $ 136,896  $ 306,184 
Acquisition 50,443  136  50,579 
Balance as of June 30, 2023 $ 219,731  $ 137,032  $ 356,763 

The Company’s accumulated goodwill impairment is $25,686 related to impairment charges the Company recorded during 2016 pertaining to its Truckload Services reporting unit. The Truckload Services reporting unit operates within the Expedited Freight reportable segment. As of June 30, 2023, approximately $277,619 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, 2023 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, 2023 are summarized as follows:

Gross Carrying Amount
Customer Relationships1
Non-Compete Agreements Trade Names Total
Balance as of December 31, 2022 $ 267,870  $ 8,756  $ 1,500  $ 278,126 
Acquisition 4,513  873  —  5,386 
Balance as of June 30, 2023 $ 272,383  $ 9,629  $ 1,500  $ 283,512 

Accumulated Amortization
Customer Relationships1
Non-Compete Agreements Trade Names Total
Balance as of December 31, 2022 $ 114,380  $ 7,445  $ 1,500  $ 123,325 
Amortization expense 8,643  326  —  8,969 
Balance as of June 30, 2023 $ 123,023  $ 7,771  $ 1,500  $ 132,294 
1 Carrying value as of June 30, 2023 and December 31, 2022 is inclusive of $16,501 of accumulated impairment.