Quarterly report [Sections 13 or 15(d)]

Goodwill and Intangible Assets

v3.25.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2025 were as follows (in thousands):
Carrying Amount
Balance as of December 31, 2024 $ 428,263 
Acquisitions 13,342 
Measurement period adjustments (12,940)
Balance as of June 30, 2025 $ 428,665 

Goodwill increased during the six months ended June 30, 2025 in connection with the acquisition of Turbine Weld during the three months ended June 30, 2025, offset by measurement period adjustments for the Kellstrom Aerospace acquisition. See Note (2) "Acquisitions" for further information.

Intangible Assets

Intangible assets consisted of the following (in thousands):
Cost
Accumulated Amortization
Net Intangible Assets
June 30, 2025
Customer-related
 $ 295,350  $ (86,814) $ 208,536 
December 31, 2024      
Customer-related
 $ 271,350  $ (74,193) $ 197,157 
Trade names 8,500  (8,500) — 
Total $ 279,850  $ (82,693) $ 197,157 

The gross carrying amount of customer-related intangibles increased during the six months ended June 30, 2025, in connection with the acquisition of Turbine Weld during the period as discussed in Note (2) "Acquisitions." The increase was offset by intangible assets with a cost of $8.5 million which were fully amortized as of December 31, 2024, and are no longer being reflected in the intangible asset values as of June 30, 2025. The weighted-average useful life for all intangible assets as of June 30, 2025 is 12.2 years.

As of June 30, 2025, the estimated future annual amortization expense related to intangible assets is as follows (in thousands):
Year ending
 Amount
Remainder of 2025 $ 13,374 
2026 26,749 
2027 25,002 
2028 24,169 
2029 24,106 
2030 23,666 
Thereafter 71,470 
Total $ 208,536