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Intangible Assets and Goodwill
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
Intangible assets at March 31, 2020 and December 31, 2019 consisted of the following ($ in millions):
 
March 31, 2020
 
December 31, 2019
Contractual arrangements
$
923

 
$
921

Non-compete agreements
14

 
14

Customer relationships
352

 
352

Trade names
16

 
16

Technology
9

 
9

 
1,314

 
1,312

Less: accumulated amortization
(597
)
 
(583
)
Intangible assets, net
$
717

 
$
729


The goodwill balance by reportable segments as of March 31, 2020 is comprised of the following ($ in millions):
 
IMTT
 
Atlantic Aviation
 
MIC Hawaii
 
Total
Goodwill acquired in business combinations, net of disposals, at
   December 31, 2019
$
1,430

 
$
619

 
$
123

 
$
2,172

Accumulated impairment charges
—

 
(123
)
 
(3
)
 
(126
)
Other
(2
)
 
(1
)
 
—

 
(3
)
Balance at December 31, 2019
1,428

 
495

 
120

 
2,043

Goodwill related to 2020 acquisition
—

 
1

 
—

 
1

Balance at March 31, 2020
$
1,428

 
$
496

 
$
120

 
$
2,044


The Company tests for goodwill impairment at the reporting unit level on an annual basis on October 1st of each year and between annual tests if a triggering event indicates impairment. The Company monitors changing business conditions as well as industry and economic factors, among others, for events which could trigger the need for an interim impairment analysis.
During the quarter ended March 31, 2020, the Company performed a goodwill triggering event analysis of its reportable segments and the Company as a whole due to the decline in its market capitalization and the impact and uncertainty around COVID-19. At September 30, 2019, the Company performed an impairment analysis resulting in the fair value of its reporting units exceeding its aggregate book value by $2.2 billion, or 33%. Approximately $1.9 billion of the excess was attributed to Atlantic Aviation, approximately $280 million to Hawaii Gas and approximately $20 million to IMTT.
At IMTT, the Company looked at the impact of the supply and demand imbalance in the petroleum market and the significant decline in pricing on crude oil. In addition, COVID-19 and the resulting slowdown in economic activity, led to an oversupply of petroleum and other liquid products stored and handled by IMTT. These factors have increased the utilization levels at IMTT to the low to mid 90s percent and accelerated renewal on some customer contracts. Given the positive impacts to IMTT, the Company concluded there were no triggering events at IMTT.
At Atlantic Aviation and Hawaii Gas, using the market approach performed in the September 2019 impairment analysis, the Company performed sensitivities to EBITDA and concluded that it was not more likely than not that the book value of the businesses was greater than the fair value. The Company currently expects these businesses will begin to show business recovery starting within six months and therefore the decrease in business activity is not permanent. The Company concluded that at March 31, 2020, there were no triggering events at Atlantic Aviation and Hawaii Gas.