Annual report pursuant to Section 13 and 15(d)

INTANGIBLES

v3.24.0.1
INTANGIBLES
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLES INTANGIBLES
The Company’s intangible assets are reflected on the consolidated balance sheet in other long-term assets and are primarily related to search and rescue (“SAR”) customer contracts under UK operations (including both intangible assets for UKSAR and the Falkland Islands customer contracts) and Power-by-the-hour (“PBH”) maintenance agreements. Amortization expense of SAR customer contracts is included in depreciation and amortization expense on the consolidated statements of operations. Amortization expense of PBH intangible assets is included in operating expense on the consolidated statement of operations.
Intangible assets by type for the periods reflected below were as follows (in thousands):
SAR customer
 contracts		 PBH Total
Gross Carrying Amount
March 31, 2022 $ 59,240  $ 92,081  $ 151,321 
Additions 7,037  —  7,037 
Write-offs —  (5,187) (5,187)
Translation (3,406) (2,614) (6,020)
December 31, 2022 $ 62,871  $ 84,280  $ 147,151 
Translation 1,974  1,710  3,684 
December 31, 2023 $ 64,845  $ 85,990  $ 150,835 
  Accumulated Amortization
March 31, 2022 $ (19,455) $ (47,945) $ (67,400)
Amortization expense (6,480) (7,456) (13,936)
December 31, 2022 $ (25,935) $ (55,401) $ (81,336)
Amortization expense (11,036) (10,020) (21,056)
December 31, 2023 $ (36,971) $ (65,421) $ (102,392)
Weighted average remaining contractual life, in years
 3.2 12.4 7.1

Future amortization expense of intangible assets for periods ended December 31, is as follows (in thousands): 
SAR customer
 contracts		 PBH Total
2024 $ 9,156  $ 9,882  $ 19,038 
2025 8,883  8,734  17,617 
2026 8,766  259  9,025 
2027 793  259  1,052 
2028 276  259  535 
Thereafter —  1,176  1,176 
$ 27,874  $ 20,569  $ 48,443