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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 | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and Related Annual Impairment Assessments As of December 31, 2024, goodwill allocated to the Transportation Solutions (“TS”) and Parts & Services (“P&S”) segments was approximately $120.5 million and $67.9 million, respectively. For the 2024 annual goodwill impairment test conducted as of October 1 st, 2024, the Company chose to use a quantitative assessment to determine if it was more likely than not that the fair value of the TS and P&S reporting units were less than their respective carrying amounts. In accordance with the relevant accounting guidance, in order to perform the quantitative assessment, the Company considered many factors including, but not limited to, general economic conditions, industry and market conditions, financial performance and key business drivers, and future operating plans. Based on the analysis of the factors and considerations described above, the Company concluded that it was more likely than not that the fair value of each reporting unit continued to be greater than the respective carrying value. Therefore, no impairment charges were recorded. During the fourth quarters of 2023 and 2022, the Company completed its annual goodwill impairment test using the qualitative assessment. Based on all assessments performed, the Company believed it was more likely than not that the fair value of its reporting units were greater than their carrying amount and no additional impairment of goodwill was recognized. For the years ended December 31, 2024, 2023, and 2022, the changes in the carrying amounts of goodwill were as follows (in thousands):
| Transportation Solutions |  | Parts & Services |  |  |  | Total
Balance at December 31, 2022 |  |  |  |  |  |  |
Goodwill | $ | 188,759 |  |  | $ | 108,075 |  |  |  |  | $ | 296,834 |
Accumulated impairment losses | (68,257) |  |  | (40,143) |  |  |  |  | (108,400) |
Net balance at December 31, 2022 | 120,502 |  |  | 67,932 |  |  |  |  | 188,434 |
Effects of foreign currency | (16) |  |  | (9) |  |  |  |  | (25) |
Balance at December 31, 2023 |  |  |  |  |  |  |
Goodwill | 188,743 |  |  | 108,066 |  |  |  |  | 296,809 |
Accumulated impairment losses | (68,257) |  |  | (40,143) |  |  |  |  | (108,400) |
Net balance as of December 31, 2023 | 120,486 |  |  | 67,923 |  |  |  |  | 188,409 |
Effects of foreign currency | 20 |  |  | 12 |  |  |  |  | 32 |
Balance as of December 31, 2024 |  |  |  |  |  |  |
Goodwill | 188,763 |  |  | 108,078 |  |  |  |  | 296,841 |
Accumulated impairment losses | (68,257) |  |  | (40,143) |  |  |  |  | (108,400) |
Net balance as of December 31, 2024 | $ | 120,506 |  |  | $ | 67,935 |  |  |  |  | $ | 188,441 |
Intangible Assets Intangible asset amortization expense was $12.0 million, $12.8 million, and $15.2 million for 2024, 2023, and 2022, respectively. Annual intangible asset amortization expense for the next 5 fiscal years is estimated to be $11.2 million in 2025; $10.7 million in 2026; $10.1 million in 2027; $9.7 million in 2028; and $9.3 million in 2029. As of December 31, 2024, the balances of intangible assets, other than goodwill, were as follows (in thousands):
| Weighted Average Amortization Period |  | Gross Intangible Assets |  | Accumulated Amortization |  | Net Intangible Assets
Customer relationships | 13 years |  | $ | 270,016 |  |  | $ | (195,571) |  |  | $ | 74,445 |
Technology | 12 years |  | 11,708 |  |  | (11,708) |  |  | — |
Total |  |  | $ | 281,724 |  |  | $ | (207,279) |  |  | $ | 74,445 |
As of December 31, 2023, the balances of intangible assets, other than goodwill, were as follows (in thousands):
| Weighted Average Amortization Period |  | Gross Intangible Assets |  | Accumulated Amortization |  | Net Intangible Assets
Customer relationships | 13 years |  | $ | 270,016 |  |  | $ | (183,923) |  |  | $ | 86,093 |
Technology | 12 years |  | 11,708 |  |  | (11,383) |  |  | 325 |
Total |  |  | $ | 281,724 |  |  | $ | (195,306) |  |  | $ | 86,418 |

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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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