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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 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 six months ended June 30, 2025 were as follows (in thousands):
|  |  | Carrying Amount
Balance as of December 31, 2024 |  |  | $ | 428,263 |
Acquisitions |  |  | 13,342 |
Measurement period adjustments |  |  | (12,940) |
Balance as of June 30, 2025 |  |  | $ | 428,665 |
Goodwill increased during the six months ended June 30, 2025 in connection with the acquisition of Turbine Weld during the three months ended June 30, 2025, offset by measurement period adjustments for the Kellstrom Aerospace acquisition. See Note (2) "Acquisitions" for further information. Intangible Assets Intangible assets consisted of the following (in thousands):
|  | Cost |  | Accumulated Amortization |  | Net Intangible Assets
June 30, 2025 |  |  |  |  |  |
Customer-related |  | $ | 295,350 |  |  | $ | (86,814) |  |  | $ | 208,536 |
December 31, 2024 |  |  |  |  |  |
Customer-related |  | $ | 271,350 |  |  | $ | (74,193) |  |  | $ | 197,157 |
Trade names |  | 8,500 |  |  | (8,500) |  |  | — |
Total |  | $ | 279,850 |  |  | $ | (82,693) |  |  | $ | 197,157 |
The gross carrying amount of customer-related intangibles increased during the six months ended June 30, 2025, in connection with the acquisition of Turbine Weld during the period as discussed in Note (2) "Acquisitions." The increase was offset by intangible assets with a cost of $8.5 million which were fully amortized as of December 31, 2024, and are no longer being reflected in the intangible asset values as of June 30, 2025. The weighted-average useful life for all intangible assets as of June 30, 2025 is 12.2 years. As of June 30, 2025, the estimated future annual amortization expense related to intangible assets is as follows (in thousands):
Year ending |  | Amount
Remainder of 2025 |  | $ | 13,374 |
2026 |  | 26,749 |
2027 |  | 25,002 |
2028 |  | 24,169 |
2029 |  | 24,106 |
2030 |  | 23,666 |
Thereafter |  | 71,470 |
Total |  | $ | 208,536 |

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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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