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ACQUISITION OF LOCKHEED MARTIN COMMERCIAL ENGINE SOLUTIONS (Tables) | 3 Months Ended
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Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the net assets acquired:
| September 9, 2024
Fair value of assets acquired: |
Current Assets |
Accounts receivable | $ | 10,758 |
Inventory | 25,947 |
Other current assets | 6,795 |
Total current assets | 43,500 |
Property, plant, and equipment | 72,414 |
Leasing equipment | 5,675 |
Other non-current assets | 10,270 |
Total assets | 131,859 |
Fair value of liabilities assumed: |
Current Liabilities |
Accounts payable | 7,669 |
Accrued liabilities | 1,692 |
Other current liabilities | 5,130 |
Total current liabilities | 14,491 |
Other non-current liabilities | 14,347 |
Total liabilities | 28,838 |
Goodwill (1) | 56,476 |
Net assets acquired (2) | $ | 159,497 |
________________________________________________________ (1) Goodwill is primarily attributable to the assembled workforce of FTAIC and the synergies expected to be achieved. This goodwill is assigned to the Aerospace Products segment and is deductible for income tax purposes. (2) Total consideration is calculated as cash paid, adjusted for the settlement of pre-existing relationships. Cash consideration is also preliminary, as it is subject to net working capital adjustments.
Schedule of Property Plant And Equipment Acquired as Part of Business Combination | The following table presents preliminary fair values of the components of property, plant and equipment acquired and their estimated useful lives:
| Estimated useful life in years |  | Estimated Fair value
Buildings and improvements | 25 |  | $ | 40,953 |
Machinery and equipment | 2 - 21 |  | 30,660 |
Other | N/A |  | 801 |
Total |  |  | $ | 72,414 |
Schedule of Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2024.
| Three Months Ended March 31, 2024
Total revenue | $ | 338,276 |
Net income attributable to shareholders | $ | 32,102 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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