Annual report [Section 13 and 15(d), not S-K Item 405]

INTANGIBLES

v3.25.4
INTANGIBLES
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLES INTANGIBLES
The Company’s intangible assets are reflected on the consolidated balance sheets in other long-term assets and are primarily related to SAR customer contracts under UK operations (including intangible assets for both UKSAR and the Falkland Islands) and PBH maintenance agreements. Amortization expense of SAR customer contracts is included in depreciation and amortization expense on the consolidated statements of operations. Amortization expenses on PBH intangible assets is included in repairs and maintenance expense under operating expenses 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
December 31, 2023 $ 64,845  $ 85,990  $ 150,835 
Translation (303) (57) (360)
December 31, 2024 $ 64,542  $ 85,933  $ 150,475 
Write-offs (2,724) (82,557) (85,281)
Translation 1,179  436  1,615 
December 31, 2025 $ 62,997  $ 3,812  $ 66,809 
  Accumulated Amortization
December 31, 2023 $ (36,971) $ (65,421) $ (102,392)
Amortization expense (9,259) (9,882) (19,141)
December 31, 2024 $ (46,230) $ (75,303) $ (121,533)
Amortization expense (9,199) (8,734) (17,933)
Write offs 2,724  82,557  85,281 
December 31, 2025 $ (52,705) $ (1,480) $ (54,185)
Net intangible assets as of December 31, 2025
 $ 10,292  $ 2,332  $ 12,624 
Weighted average remaining contractual life, in years 1.2 10.8 3.0
Future amortization expense of intangible assets for periods ended December 31, is as follows (in thousands): 
SAR customer
 contracts		 PBH Total
2026 $ 9,248  $ 259  $ 9,507 
2027 836  259  1,095 
2028 208  259  467 
2029 —  238  238 
2030 —  231  231 
Thereafter —  1,086  1,086 
$ 10,292  $ 2,332  $ 12,624