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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The following table presents goodwill by segment (in thousands):
| TTS |  | Werner Logistics |  | Total
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 |
Balance as of December 31, 2024 | $ | 46,056 |  |  | $ | 83,048 |  |  | $ | 129,104 |
(1) The purchase accounting adjustments consist of post-closing adjustments related to net assets assumed in the acquisition of ReedTMS. The following table presents acquired intangible assets (in thousands):
| December 31,
| 2024 |  | 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships | $ | 80,200 |  |  | $ | (22,009) |  |  | $ | 58,191 |  |  | $ | 80,200 |  |  | $ | (13,989) |  |  | $ | 66,211 |
Trade names | 24,600 |  |  | (6,384) |  |  | 18,216 |  |  | 24,600 |  |  | (4,334) |  |  | 20,266 |
Total intangible assets | $ | 104,800 |  |  | $ | (28,393) |  |  | $ | 76,407 |  |  | $ | 104,800 |  |  | $ | (18,323) |  |  | $ | 86,477 |
Amortization expense on intangible assets was $10.1 million, $10.3 million, and $6.1 million for the years ended December 31, 2024, 2023, and 2022, respectively, and is reported in depreciation and amortization on the consolidated statements of income. As of December 31, 2024, the estimated future amortization expense for intangible assets by year is as follows (in thousands):
2025 | $ | 10,070 |
2026 | 10,070 |
2027 | 10,070 |
2028 | 10,070 |
2029 | 10,070 |
Thereafter (to 2034) | 26,057 |
Total | $ | 76,407 |

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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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