Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Changes in the carrying amount of goodwill by segment for the six months ended June 30, 2024 were as follows (in thousands):


	Aviation		Fleet		Total
Balance as of December 31, 2023	$	288,591	$	63,190	$	351,781
Acquisitions	40,093		—		40,093
Measurement period adjustment	(1,739)		—		(1,739)
Balance as of June 30, 2024	$	326,945	$	63,190	$	390,135

Goodwill increased during the six months ended June 30, 2024 in connection with the acquisition of TCI during the period, offset by a decrease in connection with a measurement period adjustment for the Desser Aerospace acquisition. See Note (2) "Acquisitions" for further information on these acquisitions.

Intangible Assets

Intangible assets consisted of the following (in thousands):


	Cost		Accumulated Amortization		Net Intangible Assets
June 30, 2024
Contract and customer-related	$	230,690	$	(65,301)	$	165,389
Trade names	8,670		(8,670)		—
Total	$	239,360	$	(73,971)	$	165,389

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

The gross carrying amount of contract and customer-related intangibles decreased during the six months ended June 30, 2024 due to intangible assets with a cost of $69.4 million being fully amortized and no longer reflected in the intangible asset values as of June 30, 2024, partially offset by an increase in connection with the acquisition during the period as discussed in Note (2) "Acquisitions."

As of June 30, 2024, the estimated future annual amortization expense related to intangible assets is as follows (in thousands):


Year Ending	Amount
Remainder of 2024	$	9,618
2025	19,235
2026	19,111
2027	17,365
2028	16,531
Thereafter	83,529
Total	$	165,389