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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Changes in the carrying amount of goodwill for the three months ended March 31, 2025 were as follows (in thousands):
|  | Carrying Amount
Balance as of December 31, 2024 |  | $ | 428,263 |
Measurement period adjustments |  | (4,687) |
Balance as of March 31, 2025 |  | $ | 423,576 |
Goodwill decreased during the three months ended March 31, 2025 in connection with measurement period adjustments for the Kellstrom Aerospace acquisition discussed in Note (2) "Acquisitions." Intangible Assets Intangible assets consisted of the following (in thousands):
|  | Cost |  | Accumulated Amortization |  | Net Intangible Assets
March 31, 2025 |  |  |  |  |  |
Contract and customer-related |  | $ | 271,350 |  |  | $ | (80,327) |  |  | $ | 191,023 |
December 31, 2024 |  |  |  |  |  |
Contract and customer-related |  | $ | 271,350 |  |  | $ | (74,193) |  |  | $ | 197,157 |
Trade names |  | 8,500 |  |  | (8,500) |  |  | — |
Total |  | $ | 279,850 |  |  | $ | (82,693) |  |  | $ | 197,157 |
Intangible assets with a cost of $8.5 million were fully amortized as of December 31, 2024 and are no longer reflected in the intangible asset values as of March 31, 2025. As of March 31, 2025, the estimated future annual amortization expense related to intangible assets is as follows (in thousands):
Year ending |  | Amount
Remainder of 2025 |  | $ | 18,262 |
2026 |  | 24,349 |
2027 |  | 22,602 |
2028 |  | 21,769 |
2029 |  | 21,706 |
2030 |  | 21,266 |
Thereafter |  | 61,069 |
Total |  | $ | 191,023 |

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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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