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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2024
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, 2024 are summarized as follows:
| Expedited Freight |  | Intermodal |  | Omni Logistics |  | Consolidated
Balance as of December 31, 2023 | $ | 141,720 |  |  | $ | 136,986 |  |  | $ | — |  |  | $ | 278,706 |
Acquisition | — |  |  | — |  |  | 1,359,388 |  |  | 1,359,388 |
Impairment | — |  |  | — |  |  | (1,092,714) |  |  | (1,092,714) |
Balance as of June 30, 2024 | $ | 141,720 |  |  | $ | 136,986 |  |  | $ | 266,674 |  |  | $ | 545,380 |
The Company's accumulated impairment loss for the Omni Logistics segment is $1,092,714 as of June 30, 2024. The Company’s accumulated goodwill impairment also includes $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. The Company tests goodwill for impairment, at the reporting unit level, annually as of June 30 and when events or circumstances indicate that fair value of a reporting unit may be below its carrying value. A reporting unit is an operating segment or one level below an operating segment, for example, a component. If the fair value of the reporting unit is below its carrying value, the difference between the total fair value of the reporting unit and the carrying value is recognized as an impairment to the reporting unit's goodwill. The Company’s annual impairment analyses were performed as of June 30, 2024 for all reporting units. For the reporting units in the Expedited Freight and Intermodal reportable segments, we performed a discounted cash flow (DCF) analysis and these reporting units continue to result in an excess of fair value over carrying value. The Omni reporting unit’s fair value was calculated using a DCF model and a guideline public company method, with each method weighted equally. Under the DCF model, the fair value of a reporting unit is the present value of estimated future cash flows and is based on all known or knowable information at the measurement date. Under the guideline public company method, the fair value is based upon market multiples derived from publicly-traded companies with similar operating and investment characteristics of the reporting unit. The inputs to both the DCF and the guideline public company method are Level 3 valuation inputs. Primarily due to a decrease in the market value of the Company’s common stock during the second quarter of 2024, as a result of many factors including, but not limited to, general market factors, credit rating downgrades, and changes in executive leadership, and the inherent uncertainty associated with the combined enterprise, the Omni Logistics reporting unit’s fair value was determined to be less than its carrying value. As a result, the Company recorded a non-cash impairment charge of $1,092,714 during the three and six months ended June 30, 2024. The goodwill impairment expense was recorded in the Impairment of goodwill caption on the Condensed Consolidated Statement of Operations. Additionally, as qualifying measurement-period adjustments are made to the Omni purchase price allocation, which is not yet finalized (See Note 4, Acquisitions), adjustments to the goodwill impairment may be required. Other Intangible Assets Changes in the carrying amount of acquired intangible assets during the six months ended June 30, 2024 are summarized as follows:
|  | Gross Carrying Amount
|  | Customer Relationships 1 |  | Non-Compete Agreements |  | Trade Names |  | Total
Balance as of December 31, 2023 |  | $ | 253,914 |  |  | $ | 6,407 |  |  | $ | 1,500 |  |  | $ | 261,821 |
Acquisition |  | 1,062,729 |  |  | 42,509 |  |  | 42,510 |  |  | 1,147,748 |
Balance as of June 30, 2024 |  | $ | 1,316,643 |  |  | $ | 48,916 |  |  | $ | 44,010 |  |  | $ | 1,409,569 |
|  | Accumulated Amortization
|  | Customer Relationships 1 |  | Non-Compete Agreements |  | Trade Names |  | Total
Balance as of December 31, 2023 |  | $ | 118,993 |  |  | $ | 6,539 |  |  | $ | 1,500 |  |  | $ | 127,032 |
Amortization expense |  | 44,690 |  |  | 3,606 |  |  | 3,542 |  |  | 51,838 |
Balance as of June 30, 2024 |  | $ | 163,683 |  |  | $ | 10,145 |  |  | $ | 5,042 |  |  | $ | 178,870 |
1 Carrying value as of June 30, 2024 and December 31, 2023 is inclusive o f $16,501 of accumulated impairment.

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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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