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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The change in the carrying amount of goodwill is as follows (in thousands):
| NAST |  | Global Forwarding |  | All Other and Corporate |  | Total
December 31, 2022 balance | $ | 1,188,076 |  |  | $ | 206,189 |  |  | $ | 76,548 |  |  | $ | 1,470,813 |
Foreign currency translation | 737 |  |  | 1,410 |  |  | 640 |  |  | 2,787 |
December 31, 2023 balance | 1,188,813 |  |  | 207,599 |  |  | 77,188 |  |  | 1,473,600 |
Foreign currency translation | (9,369) |  |  | (5,101) |  |  | (1,571) |  |  | (16,041) |
December 31, 2024 balance(1) | $ | 1,179,444 |  |  | $ | 202,498 |  |  | $ | 75,617 |  |  | $ | 1,457,559 |
_________________________________________ (1) Includes $28.6 million of goodwill for the Europe Surface Transportation disposal group, which is presented within assets held for sale on the condensed consolidated balance sheets. Refer to Note 15, Divestitures, for further discussion related to the sale of our Europe Surface Transportation business. Goodwill is tested at least annually for impairment on November 30, or more frequently if events or changes in circumstances indicate the asset might be impaired. We first perform a qualitative assessment to determine whether it is more likely than not 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 the fair value of our reporting units is less than their respective carrying value, an additional impairment assessment is performed (“Step One Analysis”). On July 27, 2024, we entered into an agreement to sell our Europe Surface Transportation business. The sale included all assets and liabilities of the Europe Surface Transportation business other than its proprietary technology platform (the “disposal group”). As a result of the divestiture, the Europe Surface Transportation disposal group was classified as held for sale as of December 31, 2024. We have tested the goodwill of the Europe Surface Transportation reporting unit as of December 31, 2024, by performing a Step One Analysis, before measuring the fair value of the disposal group to be presented as held for sale and determined that the $28.6 million goodwill balance was not impaired. Our Europe Surface Transportation Step One Analysis was completed using a combination of the market approach and a discounted cash flow analysis. The market approach was completed to determine the fair value of the Europe Surface Transportation business, excluding its proprietary technology platform, and was equal to the agreed-upon sale price of the business. As the sale does not include a technology platform necessary to run the business, a discounted cash flow analysis was completed to determine the fair value of the Europe Surface Transportation proprietary technology platform. The computed fair value of the reporting unit exceeded its carrying value. As noted in Note 15, Divestitures, the sale of the Europe Surface Transportation disposal group was completed with an effective date of February 1, 2025. As part of our annual Step Zero Analysis performed in 2024 for all other reporting units, there were no factors identified suggesting that it was more likely than not that the fair value was less than their respective carrying value. As such, a Step One Analysis was not completed for any other reporting units and no goodwill or intangible asset impairment has been recorded in any previous or current period presented. Identifiable intangible assets consisted of the following as of December 31 (in thousands):
| 2024 |  | 2023
| Cost |  | Accumulated Amortization |  | Net |  | Cost |  | Accumulated Amortization |  | Net
Finite-lived intangibles |  |  |  |  |  |  |  |  |  |  |
Customer relationships(1) | $ | 78,280 |  |  | $ | (55,984) |  |  | $ | 22,296 |  |  | $ | 93,499 |  |  | $ | (58,437) |  |  | $ | 35,062 |
Indefinite-lived intangibles |  |  |  |  |  |  |  |  |  |  |
Trademarks | 8,600 |  |  | — |  |  | 8,600 |  |  | 8,600 |  |  | — |  |  | 8,600 |
Total intangibles(1) | $ | 86,880 |  |  | $ | (55,984) |  |  | $ | 30,896 |  |  | $ | 102,099 |  |  | $ | (58,437) |  |  | $ | 43,662 |
_________________________________________ (1) Amounts as of December 31, 2024, include $2.7 million of net intangible assets for the Europe Surface Transportation disposal group, which is presented within assets held for sale on the condensed consolidated balance sheets. Refer to Note 15, Divestitures, for further discussion related to the sale of our Europe Surface Transportation business. Amortization expense for other intangible assets was (in thousands):
2024 | $ | 12,161 |
2023 | 20,613 |
2022 | 23,445 |
Finite-lived intangible assets, by reportable segment, as of December 31, 2024, will be amortized over their remaining lives as follows (in thousands):
| NAST |  | Global Forwarding |  |  |  | Total
2025 | $ | 7,857 |  |  | $ | 2,210 |  |  |  |  | $ | 10,067 |
2026 | 7,857 |  |  | 360 |  |  |  |  | 8,217 |
2027 | 1,310 |  |  | — |  |  |  |  | 1,310 |
Total |  |  |  |  |  |  | $ | 19,594 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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