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ACQUISITION OF LOCKHEED MARTIN COMMERCIAL ENGINE SOLUTIONS (Tables)
 3 Months Ended
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 
Inventory25,947 
Other current assets6,795 
Total current assets43,500 
Property, plant, and equipment72,414 
Leasing equipment5,675 
Other non-current assets10,270 
Total assets131,859 
Fair value of liabilities assumed:
Current Liabilities
Accounts payable7,669 
Accrued liabilities1,692 
Other current liabilities5,130 
Total current liabilities14,491 
Other non-current liabilities 14,347 
Total liabilities28,838 
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 yearsEstimated Fair value
Buildings and improvements
25
$40,953 
Machinery and equipment
2 - 21
30,660 
Other N/A801 
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