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Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2022 | $ | 371,641 |  | $ | 257,761 |  | $ | 629,402 |
Acquisitions |  | - |  |  | 104,293 |  |  | 104,293 |
Balance at December 31, 2023 | $ | 371,641 |  | $ | 362,054 |  | $ | 733,695 |
Acquisitions |  | 43,398 |  |  | 38,510 |  |  | 81,908 |
Currency translation adjustment |  | (1,295 | ) |  | - |  |  | (1,295 | )
Balance at December 31, 2024 | $ | 413,744 |  | $ | 400,564 |  | $ | 814,309 |
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, 2024: | Amount |  | Amortization |  | Value |  | Life
Customer relationships | $ | 372,690 |  | $ | 119,146 |  | $ | 253,544 |  | 10-15 years
Carrier network and independent contractor relationships |  | 15,000 |  |  | 12,300 |  |  | 2,700 |  | 4 years
Developed technology |  | 12,700 |  |  | 6,531 |  |  | 6,169 |  | 2-7 years
Trade name |  | 11,200 |  |  | 6,256 |  |  | 4,944 |  | 18 months to 15 years
Consolidated Total | $ | 411,590 |  | $ | 144,233 |  | $ | 267,357 |  |
|  |  |  |  | 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 independent contractor 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 |  |
Schedule of Amortization Expense | Amortization expense for the next five years is expected to be as follows (in thousands):
| Total |
Year 1 | $ | 34,260 |
Year 2 |  | 30,985 |
Year 3 |  | 30,697 |
Year 4 |  | 29,406 |
Year 5 |  | 22,696 |

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