Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 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 three months ended March 31, 2024 were as follows (in thousands):
Aviation Fleet Total
Balance as of December 31, 2023 $ 288,591  $ 63,190  $ 351,781 
Measurement period adjustment (669) —  (669)
Balance as of March 31, 2024 $ 287,922  $ 63,190  $ 351,112 

Goodwill decreased during the three months ended March 31, 2024 in connection with a measurement period adjustment for the Desser 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, 2024
Contract and customer-related $ 171,690  $ (60,941) $ 110,749 
Trade names 8,670  (8,670) — 
Total $ 180,360  $ (69,611) $ 110,749 
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 

Intangible assets with a cost of $69.4 million were fully amortized and are no longer reflected in the intangible asset values as of March 31, 2024.

As of March 31, 2024, the estimated future annual amortization expense related to intangible assets is as follows (in thousands):
Year Ending Amount
Remainder of 2024 $ 9,958 
2025 13,278 
2026 13,154 
2027 11,407 
2028 10,574 
Thereafter 52,378 
Total $ 110,749