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ACQUISITION OF LOCKHEED MARTIN COMMERCIAL ENGINE SOLUTIONS (Tables) | 6 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed | The following table summarizes the allocation of the net assets acquired:
| September 9, 2024
Fair value of assets acquired: |
Current Assets |
Accounts receivable | $ | 10,758 |
Inventory | 25,498 |
Other current assets | 6,795 |
Total current assets | 43,051 |
Property, plant, and equipment | 72,151 |
Leasing equipment | 5,675 |
Other non-current assets | 10,633 |
Total assets | 131,510 |
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) | 71,040 |
Net assets acquired (2) | $ | 173,712 |
________________________________________________________ (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.
Schedule of Property Plant And Equipment Acquired as Part of Business Combination | The following table presents 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 |  | 30,397 |
Other | N/A |  | 801 |
Total |  |  | $ | 72,151 |
Schedule of Business Combination, 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 | Six Months Ended
| June 30, 2024 | June 30, 2024
Total revenue | $ | 466,007 |  | $ | 804,283 |
Net income attributable to shareholders | $ | (225,945) |  | $ | (193,843) |

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