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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The following table summarizes changes in the carrying amount of goodwill by segment for the years ended December 31, 2023 and 2022 (in thousands):
| TTS |  | Werner Logistics |  | Total
Balance as of December 31, 2021 | $ | 38,084 |  |  | $ | 36,534 |  |  | $ | 74,618 |
Goodwill recorded in acquisition of ReedTMS | 10,341 |  |  | 42,500 |  |  | 52,841 |
Goodwill recorded in acquisition of Baylor | 5,472 |  |  | — |  |  | 5,472 |
Purchase accounting adjustments (1) | — |  |  | (214) |  |  | (214) |
Balance as of December 31, 2022 | 53,897 |  |  | 78,820 |  |  | 132,717 |
Purchase accounting adjustments (1) | (7,841) |  |  | $ | 4,228 |  |  | (3,613) |
Balance as of December 31, 2023 | $ | 46,056 |  |  | $ | 83,048 |  |  | $ | 129,104 |
(1) The purchase accounting adjustments consist of post-closing adjustments related to net assets assumed in the acquisitions of NEHDS and ReedTMS for the years ended December 31, 2022 and 2023, respectively. For additional information regarding the ReedTMS purchase accounting adjustments, see Note 2 – Business Acquisitions. The following table presents acquired intangible assets (in thousands):
| December 31,
| 2023 |  | 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships | $ | 80,200 |  |  | $ | (13,989) |  |  | $ | 66,211 |  |  | $ | 64,900 |  |  | $ | (5,714) |  |  | $ | 59,186 |
Trade names | 24,600 |  |  | (4,334) |  |  | 20,266 |  |  | 24,600 |  |  | (2,284) |  |  | 22,316 |
Total intangible assets | $ | 104,800 |  |  | $ | (18,323) |  |  | $ | 86,477 |  |  | $ | 89,500 |  |  | $ | (7,998) |  |  | $ | 81,502 |
Amortization expense on intangible assets was $10.3 million, $6.1 million, and $1.9 million for the years ended December 31, 2023, 2022, and 2021, respectively, and is reported in depreciation and amortization on the consolidated statements of income. As of December 31, 2023, the estimated future amortization expense for intangible assets by year is as follows (in thousands):
2024 | $ | 10,070 |
2025 | 10,070 |
2026 | 10,070 |
2027 | 10,070 |
2028 | 10,070 |
Thereafter (to 2034) | 36,127 |
Total | $ | 86,477 |

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- 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
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