Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

Changes in the carrying amount of goodwill for the three months ended March 31, 2025 were as follows (in thousands):

	Carrying Amount
Balance as of December 31, 2024	$	428,263
Measurement period adjustments	(4,687)
Balance as of March 31, 2025	$	423,576

Goodwill decreased during the three months ended March 31, 2025 in connection with measurement period adjustments for the Kellstrom 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, 2025
Contract and customer-related	$	271,350	$	(80,327)	$	191,023
December 31, 2024
Contract and customer-related	$	271,350	$	(74,193)	$	197,157
Trade names	8,500		(8,500)		—
Total	$	279,850	$	(82,693)	$	197,157

Intangible assets with a cost of $8.5 million were fully amortized as of December 31, 2024 and are no longer reflected in the intangible asset values as of March 31, 2025.

As of March 31, 2025, the estimated future annual amortization expense related to intangible assets is as follows (in thousands):

Year ending	Amount
Remainder of 2025	$	18,262
2026	24,349
2027	22,602
2028	21,769
2029	21,706
2030	21,266
Thereafter	61,069
Total	$	191,023