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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2024 and 2023 were as follows (in thousands):

			Fleet						Aviation						Total
Balance as of December 31, 2022			$	63,190					$	154,072					$	217,262
Goodwill acquired			—						134,519						134,519
Balance as of December 31, 2023			$	63,190					$	288,591					$	351,781
Goodwill acquired			—						140,804						140,804
Measurement period adjustments			—						(1,132)						(1,132)
Balance as of December 31, 2024			$	63,190					$	428,263					$	491,453

Goodwill increased during the year ended December 31, 2024 in connection with acquisitions completed during the period as discussed in Note (2) "Acquisitions." There were no impairments of goodwill during the years ended December 31, 2024, 2023 and 2022.

Other Intangible Assets

Intangible assets consisted of the following (in thousands):

			Cost						Accumulated Amortization						Net Intangible Assets
December 31, 2024
Contract and customer-related			$	272,590					$	(75,309)					$	197,281
Trade names			8,670						(8,670)						—
Total			$	281,260					$	(83,979)					$	197,281
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 increased during the year ended December 31, 2024 in connection with acquisitions completed during the year as discussed in Note (2) "Acquisitions." This increase was partially offset by intangible assets with a cost of $69.4 million being fully amortized and no longer reflected in the intangible asset values as of December 31, 2024. There were no impairment losses during the years ended December 31, 2024, 2023 and 2022. The weighted-average useful life for all intangible assets as of December 31, 2024 is 12.2 years.

The estimated future annual amortization expense related to intangible assets are as follows (in thousands):

Year Ending December 31,
2025			$	24,520
2026			24,349
2027			22,602
2028			21,768
2029			21,706
Thereafter			82,336
Total			$	197,281

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- References

No definition available.

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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

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