Quarterly report [Sections 13 or 15(d)]

Goodwill and Intangible Assets

v3.25.1
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