Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

Changes in goodwill for the years ended December 31, 2023 and 2022 by operating segment were as follows (in thousands):

	Fleet		Aviation		Total
Balance as of December 31, 2021	$	63,190	$	154,072	$	217,262
Balance as of December 31, 2022	$	63,190	$	154,072	$	217,262
Goodwill acquired	—		134,519		134,519
Balance as of December 31, 2023	$	63,190	$	288,591	$	351,781

Goodwill increased during the year ended December 31, 2023 in connection with acquisitions completed during the period as discussed in Note (2) "Acquisitions." There were no impairments of goodwill during the years ended December 31, 2023, 2022 and 2021.

Intangible Assets

Intangible assets consisted of the following (in thousands):

	Cost		Accumulated Amortization		Net Intangible Assets
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
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 increase in the gross carrying amount of contract and customer-related intangibles during the year ended December 31, 2023 relates to customer relationship intangible assets recognized in connection with acquisitions completed during the year as discussed in Note (2) "Acquisitions." There were no impairment losses during the years ended December 31, 2023, 2022 and 2021. The weighted-average useful life for all intangible assets of December 31, 2023 is 13.9 years.

The estimated future annual amortization expense related to intangible assets are as follows (in thousands):

Year Ending December 31,
2024	$	13,313
2025	13,278
2026	13,154
2027	11,407
2028	10,574
Thereafter	52,404
Total	$	114,130