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Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
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