Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

Changes in the carrying amount of goodwill by segment for the six months ended June 30, 2023 were as follows (in thousands):

	Aviation		Fleet		Total
Balance as of December 31, 2022	$	154,072	$	63,190	$	217,262
Acquisitions	4,761		—		4,761
Balance as of June 30, 2023	$	158,833	$	63,190	$	222,023

Goodwill increased during the six months ended June 30, 2023 in connection with the acquisition during the period as discussed in Note (2) "Acquisitions."

Intangible Assets

Intangible assets consisted of the following (in thousands):

	Gross carrying value		Accumulated amortization		Net carrying value
June 30, 2023
Contract and customer-related	$	202,940	$	(120,760)	$	82,180
Trade names	8,670		(8,032)		638
Total	$	211,610	$	(128,792)	$	82,818
December 31, 2022
Contract and customer-related	$	199,140	$	(113,796)	$	85,344
Trade names	8,670		(7,456)		1,214
Total	$	207,810	$	(121,252)	$	86,558

The gross carrying amount of contract and customer-related intangibles increased during the six months ended June 30, 2023 in connection with the acquisition during the period as discussed in Note (2) "Acquisitions."

As of June 30, 2023, the estimated future annual amortization expense related to intangible assets is as follows (in thousands):

Year Ending
Remainder of 2023	$	5,114
2024	9,136
2025	9,074
2026	8,950
2027	7,204
Thereafter	43,340
Total	$	82,818