GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

The change in carrying amount of goodwill is as follows (in thousands):

	NAST		Global Forwarding		All Other and Corporate		Total
Balance, December 31, 2023	$	1,188,813	$	207,599	$	77,188	$	1,473,600
Foreign currency translation	(4,261)		(1,681)		(640)		(6,582)
Balance, March 31, 2024	$	1,184,552	$	205,918	$	76,548	$	1,467,018

Goodwill is tested at least annually for impairment on November 30, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of our reporting units is less than their respective carrying value (“Step Zero Analysis”). If the Step Zero Analysis indicates it is more likely than not that the fair value of our reporting units is less than their respective carrying value, an additional impairment assessment is performed (“Step One Analysis”). As part of our 2023 annual impairment test, we

determined that the fair value of our reporting units exceeded their respective carrying values and our goodwill balance was not impaired. No changes in circumstances or events in the first quarter of 2024 indicated that an interim impairment test was required as of March 31, 2024.

Identifiable intangible assets consisted of the following (in thousands):

	March 31, 2024						December 31, 2023
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Finite-lived intangibles
Customer relationships	$	92,663	$	(61,136)	$	31,527	$	93,499	$	(58,437)	$	35,062
Indefinite-lived intangibles
Trademarks	8,600		—		8,600		8,600		—		8,600
Total intangibles	$	101,263	$	(61,136)	$	40,127	$	102,099	$	(58,437)	$	43,662

Amortization expense for other intangible assets is as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Amortization expense	$	3,313	$	5,815

Finite-lived intangible assets, by reportable segment, as of March 31, 2024, will be amortized over their remaining lives as follows (in thousands):

	NAST		Global Forwarding		All Other and Corporate		Total
Remainder of 2024	$	5,987	$	2,498	$	814	$	9,299
2025	7,857		2,297		1,086		11,240
2026	7,857		374		743		8,974
2027	1,310		—		497		1,807
2028	—		—		207		207
Total							$	31,527