Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024 were as follows (in thousands):

	Aviation		Fleet		Total
Balance as of December 31, 2023	$	288,591	$	63,190	$	351,781
Measurement period adjustment	(669)		—		(669)
Balance as of March 31, 2024	$	287,922	$	63,190	$	351,112

Goodwill decreased during the three months ended March 31, 2024 in connection with a measurement period adjustment for the Desser Aerospace acquisition discussed in Note (2) "Acquisitions."

Intangible Assets

Intangible assets consisted of the following (in thousands):

	Cost		Accumulated Amortization		Net Intangible Assets
March 31, 2024
Contract and customer-related	$	171,690	$	(60,941)	$	110,749
Trade names	8,670		(8,670)		—
Total	$	180,360	$	(69,611)	$	110,749
December 31, 2023
Contract and customer-related	$	241,090	$	(127,022)	$	114,068
Trade names	8,670		(8,608)		62
Total	$	249,760	$	(135,630)	$	114,130

Intangible assets with a cost of $69.4 million were fully amortized and are no longer reflected in the intangible asset values as of March 31, 2024.

As of March 31, 2024, the estimated future annual amortization expense related to intangible assets is as follows (in thousands):

Year Ending	Amount
Remainder of 2024	$	9,958
2025	13,278
2026	13,154
2027	11,407
2028	10,574
Thereafter	52,378
Total	$	110,749