Goodwill and Intangible Assets

9 Months Ended

Sep. 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 nine months ended September 30, 2023 were as follows (in thousands):

	Aviation		Fleet		Total
Balance as of December 31, 2022	$	154,072	$	63,190	$	217,262
Acquisitions	128,464		—		128,464
Balance as of September 30, 2023	$	282,536	$	63,190	$	345,726

Goodwill increased during the nine months ended September 30, 2023 in connection with the acquisitions 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
September 30, 2023
Contract and customer-related	$	242,190	$	(123,675)	$	118,515
Trade names	8,670		(8,320)		350
Total	$	250,860	$	(131,995)	$	118,865
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 nine months ended September 30, 2023 in connection with the acquisitions during the period as discussed in Note (2) "Acquisitions."

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

Year Ending	Amount
Remainder of 2023	$	3,654
2024	13,450
2025	13,388
2026	13,264
2027	11,517
Thereafter	63,592
Total	$	118,865