v3.26.1
Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill

Changes in the carrying amount of goodwill for the six months ended June 30, 2026 were as follows (in thousands):
Carrying Amount
Balance as of December 31, 2025$641,242 
Acquisitions1,171,626 
Measurement period adjustments(2,444)
Balance as of June 30, 2026$1,810,424 

Goodwill increased during the six months ended June 30, 2026 in connection with the acquisitions completed during the period, partially offset by measurement period adjustments related to the Aero 3 acquisition. See Note (2) "Acquisitions" for further information.

Intangible Assets

Intangible assets consisted of the following (in thousands):
Weighted-average Useful Life
(in years)
Gross Carrying Value
Accumulated Amortization
Net Carrying Value
June 30, 2026:
Customer-related
12.1$1,057,373 $(126,926)$930,447 
Distribution rights15.124,932 (3,289)21,643 
Total12.1$1,082,305 $(130,215)$952,090 
December 31, 2025:
Customer-related
12.2$396,150 $(100,188)$295,962 

The gross carrying amount of customer-related intangibles increased during the six months ended June 30, 2026 in connection with the acquisitions completed during the period as discussed in Note (2) "Acquisitions." Additionally, on March 28, 2026, the Company entered into an amendment (the "Amendment") to its Asset Purchase and License Agreement with Honeywell International Inc. ("Honeywell"), originally executed in September 2023, for total consideration of $7.8 million, of which $5.3 million is payable in cash. The Amendment expands the scope of rights and extends the expected useful lives of certain underlying assets acquired under the original agreement. The Company accounted for the Amendment as an asset acquisition, with the consideration allocated to customer-related intangible assets, which is being amortized over a period of 12 years. During the six months ended June 30, 2026, the Company paid $4.4 million of the cash consideration, which is reflected within purchases of intangible assets in the consolidated statements of cash flows. The remaining $0.9 million of cash consideration payable is included in accrued expenses and other current liabilities on the consolidated balance sheets as of June 30, 2026.
During the six months ended June 30, 2026, the Company reclassified distribution rights with a gross carrying value of $14.6 million and net carrying value of $12.1 million from other assets and prepaid expenses and other current assets to intangible assets. Additionally, during the six months ended June 30, 2026, the Company acquired distribution rights for net cash consideration of $10.3 million, which are being amortized over a period of 15 years.

As of June 30, 2026, the estimated future annual amortization expense related to intangible assets is as follows (in thousands):
Year ending
Amount
Remainder of 2026$45,890 
202790,007 
202889,120 
202989,057 
203088,618 
203186,095 
Thereafter463,303 
Total$952,090