Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2024
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 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