XML 31 R16.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Goodwill and Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Changes in goodwill for the years ended December 31, 2021 and 2020 are as follows (in thousands):
| Fleet |  | Federal and Defense |  | Aviation |  | Total
Balance as of December 31, 2019 | $ | 63,190 |  |  | $ | 30,883 |  |  | $ | 182,377 |  |  | $ | 276,450 |
Impairment charge | — |  |  | — |  |  | (30,945) |  |  | (30,945) |
Decrease from divestiture | — |  |  | — |  |  | (7,379) |  |  | (7,379) |
Balance as of December 31, 2020 | $ | 63,190 |  |  | $ | 30,883 |  |  | $ | 144,053 |  |  | $ | 238,126 |
Increase from acquisitions | — |  |  | 608 |  |  | 10,019 |  |  | 10,627 |
Balance as of December 31, 2021 | $ | 63,190 |  |  | $ | 31,491 |  |  | $ | 154,072 |  |  | $ | 248,753 |
Goodwill increased during the year ended December 31, 2021 in connection with acquisitions completed during the year. See Note (2) "Acquisitions and Divestitures" for additional details regarding these acquisitions. Based on our annual goodwill impairment test performed in the fourth quarter of 2021, it was determined there was no impairment of goodwill and the fair value of each of the reporting units exceeded their carrying value. During the second quarter of 2020, due to the negative impact of the COVID-19 pandemic on our Aviation reporting unit, we recorded a $30.9 million goodwill interim impairment charge within goodwill and intangible impairment in the consolidated statements of income. Our 2020 annual goodwill impairment test determined no incremental impairment. In 2020, in connection with the sale of our Prime Turbines subsidiary within our Aviation segment, goodwill of $7.4 million was allocated to the disposal group on a relative fair value basis and was written-off upon the completion of the sale. Intangible assets consisted of the following (in thousands):
| Cost |  | Accumulated Amortization |  | Accumulated Impairment Loss |  | Net Intangible Assets
December 31, 2021 |  |  |  |  |  |  |
Contract and customer-related | $ | 221,796 |  |  | $ | (116,385) |  |  | $ | — |  |  | $ | 105,411 |
Acquired technologies | 12,400 |  |  | (11,915) |  |  | — |  |  | 485 |
Trade names | 8,670 |  |  | (6,303) |  |  | — |  |  | 2,367 |
Total | $ | 242,866 |  |  | $ | (134,603) |  |  | $ | — |  |  | $ | 108,263 |
December 31, 2020 |  |  |  |  |  |  |
Contract and customer-related | $ | 213,194 |  |  | $ | (110,917) |  |  | $ | (3,814) |  |  | $ | 98,463 |
Acquired technologies | 12,400 |  |  | (10,787) |  |  | — |  |  | 1,613 |
Trade names | 18,770 |  |  | (15,251) |  |  | — |  |  | 3,519 |
Total | $ | 244,364 |  |  | $ | (136,955) |  |  | $ | (3,814) |  |  | $ | 103,595 |
Intangible assets with a gross carrying value of $20.8 million are no longer reflected in the gross carrying value and accumulated amortization as of December 31, 2021. The increase in the gross carrying amount of contract and customer-related intangibles during the year ended December 31, 2021 relates to customer relationship intangible assets recognized in connection with acquisitions completed during the year, partially offset by the removal of fully amortized assets of $10.7 million. See Note (2) "Acquisitions and Divestitures" for additional details regarding these acquisitions. There were no impairment losses during 2021. During 2020, we recorded an impairment charge of $2.8 million in connection with the sale of all of the inventory of our CT Aerospace subsidiary, which was part of our Aviation segment. The impairment is presented within goodwill and intangible impairment in the consolidated statements of income. Amortization expense for the years ended December 31, 2021, 2020 and 2019 was approximately $18.5 million, $17.5 million and $19.3 million, respectively. Future expected amortization of intangible assets is as follows for the years ending December 31, (in thousands):
2022 | $ | 17,639 |
2023 | 13,639 |
2024 | 10,059 |
2025 | 9,015 |
2026 | 8,190 |
Thereafter | 49,721 |
Total | $ | 108,263 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration