XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | NOTE 6. Goodwill and Other Intangible Assets Due to the change in segments in the first quarter of 2023, consolidated goodwill was reallocated to the two new reporting units based on their relative fair values. The Company performed an evaluation before and after the change and concluded it was not more-likely-than-not that the fair value of our reporting units was less than its carrying value. There were no accumulated impairment losses of goodwill at the beginning of the period. The following table presents the carrying amount of Goodwill by segment (in thousands):
| ITS |  | Logistics |  | Consolidated |
Balance at December 31, 2021 | $ | 371,641 |  | $ | 205,272 |  | $ | 576,913 |
Acquisitions |  | - |  |  | 52,489 |  |  | 52,489 |
Balance at December 31, 2022 | $ | 371,641 |  | $ | 257,761 |  | $ | 629,402 |
Acquisitions |  | - |  |  | 104,293 |  |  | 104,293 |
Balance at December 31, 2023 | $ | 371,641 |  | $ | 362,054 |  | $ | 733,695 |
The components of the "Other intangible assets” are as follows (in thousands):
|  |  |  |  | Net |  |
| Gross |  | Accumulated |  | Carrying |  |
As of December 31, 2023: | Amount |  | Amortization |  | Value |  | Life
Customer relationships | $ | 376,956 |  | $ | 92,827 |  | $ | 284,129 |  | 5-15 years
Carrier network and agent relationships |  | 15,000 |  |  | 8,563 |  |  | 6,437 |  | 4 years
Developed technology |  | 17,223 |  |  | 3,247 |  |  | 13,976 |  | 4-7 years
Trade name |  | 6,200 |  |  | 6,135 |  |  | 65 |  | 18 months
Consolidated Total | $ | 415,379 |  | $ | 110,772 |  | $ | 304,607 |  |
|  |  |  |  | Net |  |
| Gross |  | Accumulated |  | Carrying |  |
As of December 31, 2022: | Amount |  | Amortization |  | Value |  | Life
Customer relationships | $ | 249,223 |  | $ | 72,157 |  | $ | 177,066 |  | 5-15 years
Carrier network and agent relationships |  | 15,000 |  |  | 4,813 |  |  | 10,187 |  | 4 years
Developed technology |  | 10,500 |  |  | 1,449 |  |  | 9,051 |  | 4-7 years
Trade name |  | 6,200 |  |  | 5,118 |  |  | 1,082 |  | 18 months
Consolidated Total | $ | 280,923 |  | $ | 83,537 |  | $ | 197,386 |  |
The above intangible assets are amortized using the straight-line method. Amortization expense was $27.2 million and $26.6 million for the years ended December 31, 2023 and 2022, respectively. The remaining weighted average life of all definite lived intangible assets was 11.32 years and 9.57 years for the years ended December 31, 2023 and 2022, respectively. Amortization expense for the next five years is expected to be as follows (in thousands):
| Total |
Year 1 | $ | 34,448 |
Year 2 |  | 33,345 |
Year 3 |  | 30,645 |
Year 4 |  | 30,287 |
Year 5 |  | 27,385 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration