Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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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