Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Changes in goodwill for the years ended December 31, 2021 and 2020 are as follows (in thousands):

	Fleet		Federal and Defense		Aviation		Total
Balance as of December 31, 2019	$	63,190	$	30,883	$	182,377	$	276,450
Impairment charge	—		—		(30,945)		(30,945)
Decrease from divestiture	—		—		(7,379)		(7,379)
Balance as of December 31, 2020	$	63,190	$	30,883	$	144,053	$	238,126
Increase from acquisitions	—		608		10,019		10,627
Balance as of December 31, 2021	$	63,190	$	31,491	$	154,072	$	248,753

Goodwill increased during the year ended December 31, 2021 in connection with acquisitions completed during the year. See Note (2) "Acquisitions and Divestitures" for additional details regarding these acquisitions.

Based on our annual goodwill impairment test performed in the fourth quarter of 2021, it was determined there was no impairment of goodwill and the fair value of each of the reporting units exceeded their carrying value.

During the second quarter of 2020, due to the negative impact of the COVID-19 pandemic on our Aviation reporting unit, we recorded a $30.9 million goodwill interim impairment charge within goodwill and intangible impairment in the consolidated statements of income. Our 2020 annual goodwill impairment test determined no incremental impairment.

In 2020, in connection with the sale of our Prime Turbines subsidiary within our Aviation segment, goodwill of $7.4 million was allocated to the disposal group on a relative fair value basis and was written-off upon the completion of the sale.

Intangible assets consisted of the following (in thousands):

	Cost		Accumulated Amortization		Accumulated Impairment Loss		Net Intangible Assets
December 31, 2021
Contract and customer-related	$	221,796	$	(116,385)	$	—	$	105,411
Acquired technologies	12,400		(11,915)		—		485
Trade names	8,670		(6,303)		—		2,367
Total	$	242,866	$	(134,603)	$	—	$	108,263
December 31, 2020
Contract and customer-related	$	213,194	$	(110,917)	$	(3,814)	$	98,463
Acquired technologies	12,400		(10,787)		—		1,613
Trade names	18,770		(15,251)		—		3,519
Total	$	244,364	$	(136,955)	$	(3,814)	$	103,595

Intangible assets with a gross carrying value of $20.8 million are no longer reflected in the gross carrying value and accumulated amortization as of December 31, 2021. The increase in the gross carrying amount of contract and customer-related intangibles during the year ended December 31, 2021 relates to customer relationship intangible assets recognized in connection with acquisitions completed during the year, partially offset by the removal of fully amortized assets of $10.7 million. See Note (2) "Acquisitions and Divestitures" for additional details regarding these acquisitions. There were no impairment losses during 2021.

During 2020, we recorded an impairment charge of $2.8 million in connection with the sale of all of the inventory of our CT Aerospace subsidiary, which was part of our Aviation segment. The impairment is presented within goodwill and intangible impairment in the consolidated statements of income.

Amortization expense for the years ended December 31, 2021, 2020 and 2019 was approximately $18.5 million, $17.5 million and $19.3 million, respectively.

Future expected amortization of intangible assets is as follows for the years ending December 31, (in thousands):

2022	$	17,639
2023	13,639
2024	10,059
2025	9,015
2026	8,190
Thereafter	49,721
Total	$	108,263