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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 | NOTE 6. Goodwill and Other Intangible Assets Our goodwill is allocated between two reporting units, ITS and Logistics. In accordance with the FASB issued guidance in the Intangibles-Goodwill and Other Topic of the Codification, we completed the required annual impairment assessment, concluding it was not more-likely-than-not that the fair value of either of our reporting units was less than the respective 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, 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 |
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 |  |
The above intangible assets are amortized using the straight-line method. Amortization expense was $33.5 million and $27.2 million for the years ended December 31, 2024 and 2023, respectively. The remaining weighted average life of all definite lived intangible assets was 9.69 years and 11.32 years for the years ended December 31, 2024 and 2023, respectively. 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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- 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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