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Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill

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

 
Components of Other Intangible Assets

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

 

 

 
Schedule of Amortization Expense 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