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GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill
The following table presents Goodwill carrying values and the change in balance, by reporting unit, during the six months ended June 30, 2024 (in thousands):
WUP Legacy(1)
Air PartnerTotal
Balance as of December 31, 2023(2)
$136,098 $82,110 $218,208 
Foreign currency translation adjustment— (552)(552)
Balance as of June 30, 2024
$136,098 $81,558 $217,656 
(1)    As of June 30, 2024, the legacy Wheels Up reporting unit (“WUP Legacy”) had negative net assets (stockholders’ equity).
(2)     Net of accumulated impairment losses of $306.2 million, all of which was recognized on the goodwill attributable to WUP Legacy.


Intangible Assets
The gross carrying value, accumulated amortization and net carrying value of Intangible assets consisted of the following (in thousands):
June 30, 2024
Gross Carrying
Value		Accumulated AmortizationNet Carrying
Value
Status$80,000 $34,367 $45,633 
Customer relationships89,121 40,310 48,811 
Trade name11,939 5,951 5,988 
Developed technology20,556 13,819 6,737 
Leasehold interest - favorable 600 113 487 
Foreign currency translation adjustment(677)(290)(387)
Total $201,539 $94,270 $107,269 
December 31, 2023
Gross Carrying
Value		Accumulated AmortizationNet Carrying
Value
Status$80,000 $31,325 $48,675 
Customer relationships89,121 34,920 54,201 
Trade name11,939 5,402 6,537 
Developed technology20,556 12,329 8,227 
Leasehold interest - favorable 600 102 498 
Foreign currency translation adjustment(589)(217)(372)
Total $201,627 $83,861 $117,766 
Amortization expense of intangible assets was $5.2 million and $10.4 million for the three and six months ended June 30, 2024, respectively, and $5.9 million and $11.8 million for the three and six months ended June 30, 2023, respectively.
Intangible Liabilities
Associated with our acquisition of Delta Private Jets on January 17, 2020, we recognized intangible liabilities for the fair value of complimentary Wheels Up Connect Memberships provided to existing Delta SkyMiles 360® customers as of the acquisition date, as required under the Commercial Cooperation Agreement, dated as of January 17, 2020, by and among WUP, WUP LLC and Delta (as amended, the “Original CCA”). The gross carrying value, accumulated amortization and net carrying value of Intangible liabilities consisted of the following (in thousands):
June 30, 2024
Gross Carrying
Value		Accumulated AmortizationNet Carrying
Value
Intangible liabilities$20,000 $8,561 $11,439 
December 31, 2023
Gross Carrying
Value		Accumulated AmortizationNet Carrying
Value
Intangible liabilities$20,000 $7,798 $12,202 
Amortization of Intangible liabilities, which reduces amortization expense, was $0.4 million and $0.8 million for the three and six months ended June 30, 2024, respectively, and $0.5 million and $1.0 million for the three and six months ended June 30, 2023, respectively.
The current portion of Intangible liabilities is presented within Other current liabilities on the condensed consolidated balance sheets. Future amortization expense of Intangible assets and Intangible liabilities held as of June 30, 2024, were as follows (in thousands):
Intangible AssetsIntangible Liabilities
Remainder of 2024
$10,302 $763 
202520,307 1,525 
202619,441 1,525 
202714,885 1,525 
202814,235 1,525 
2029 and Thereafter
28,099 4,576 
Total$107,269 $11,439