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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 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 nine months ended September 30, 2024 were as follows (in thousands):
|  | Aviation |  | Fleet |  | Total
Balance as of December 31, 2023 |  | $ | 288,591 |  |  | $ | 63,190 |  |  | $ | 351,781 |
Acquisitions |  | 40,093 |  |  | — |  |  | 40,093 |
Measurement period adjustment |  | (1,238) |  |  | — |  |  | (1,238) |
Balance as of September 30, 2024 |  | $ | 327,446 |  |  | $ | 63,190 |  |  | $ | 390,636 |
Goodwill increased during the nine months ended September 30, 2024 in connection with the acquisition of TCI during the period, offset by a net decrease in connection with measurement period adjustments for the Desser Aerospace, Honeywell FCS and TCI acquisitions. See Note (2) "Acquisitions" for further information on these acquisitions. Intangible Assets Intangible assets consisted of the following (in thousands):
|  | Cost |  | Accumulated Amortization |  | Net Intangible Assets
September 30, 2024 |  |  |  |  |  |
Contract and customer-related |  | $ | 230,690 |  |  | $ | (70,110) |  |  | $ | 160,580 |
Trade names |  | 8,670 |  |  | (8,670) |  |  | — |
Total |  | $ | 239,360 |  |  | $ | (78,780) |  |  | $ | 160,580 |
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 |
The gross carrying amount of contract and customer-related intangibles decreased during the nine months ended September 30, 2024 due to intangible assets with a cost of $69.4 million being fully amortized and no longer reflected in the intangible asset values as of September 30, 2024, partially offset by an increase in connection with the acquisition during the period as discussed in Note (2) "Acquisitions." As of September 30, 2024, the estimated future annual amortization expense related to intangible assets is as follows (in thousands):
Year Ending |  | Amount
Remainder of 2024 |  | $ | 4,809 |
2025 |  | 19,235 |
2026 |  | 19,111 |
2027 |  | 17,365 |
2028 |  | 16,531 |
Thereafter |  | 83,529 |
Total |  | $ | 160,580 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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