Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of the Company’s goodwill by reportable segment for the years ended December 31, 2020, 2019 and 2018 are as follows:


	Warehouse		Third-party managed		Transportation		Unallocated Acquisitions		Total
	(In thousands)
December 31, 2017	$	172,554	$	3,064	$	12,551	—		$	188,169
Impact of foreign currency translation	(1,658)		(174)		(242)		—		(2,074)
December 31, 2018	170,896		2,890		12,309		—		186,095
Goodwill acquired	130,919		—		1,452		—		132,371
Impact of foreign currency translation	9		(8)		16		—		17
December 31, 2019	301,824		2,882		13,777		—		318,483
Goodwill acquired	116,275		—		8,546		346,673		471,494
Purchase price allocation adjustments	1,115		—		—		—		1,115
Impact of foreign currency translation	2,513		379		351		—		3,243
December 31, 2020	$	421,727	$	3,261	$	22,674	$	346,673	$	794,335

The goodwill acquired in 2019 primarily related to the Cloverleaf and Lanier acquisitions in the Warehouse segment. The goodwill acquired in 2020 related to the AM-C, Newport and Nova Cold acquisitions and was allocated to the Warehouse segment. The goodwill resulting from the Hall’s acquisition in 2020 was allocated between the Warehouse and Transportation segments. The goodwill acquired in 2020 related to the Agro acquisition is reflected in the table above within the column titled ‘Unallocated Acquisitions’ and has not yet been assigned to reporting units as of December 31, 2020 given the short period of time between the acquisition date, December 30, 2020 and year-end. We expect that the goodwill will be assigned to the Warehouse and Transportation segments during the measurement period. The 2020 acquisitions did not include any operations categorized as Third-party managed or Other. Refer to Note 3 for additional information.

Intangible assets subject to amortization as of December 31, 2020 and 2019 are as follows:


	Customer relationships		Above-market leases		In-place lease		Below-market leases		Assembled Workforce		Trade names and trademarks		Total
	(In thousands, except years)
Gross	$	300,421	$	143	$	3,778	$	9,126	$	908	$	1,623	$	315,999
Additions	528,518		—		—		—		139		—		528,657
Foreign currency translation	1,260		—		—		—		—		—		1,260
Accumulated amortization	(53,321)		(81)		(2,152)		(5,945)		(447)		(1,623)		(63,569)
Net definite lived intangible assets	$	776,878	$	62	$	1,626	$	3,181	$	600	$	—	782,347
Indefinite lived intangible asset (Trade name)													15,076
Identifiable intangible assets – net, December 31, 2020													$	797,423
Weighted-average remaining useful life at December 31, 2020	24.3		2.8		2.8		32.2		1.9		N/A		24.3

Gross	$	33,788	$	143	$	3,778	$	9,126	$	—	$	—	$	46,835
Additions	266,633		—		—		—		908		1,623		269,164
Accumulated amortization	(38,036)		(60)		(1,578)		(5,794)		(128)		(721)		(46,317)
Net definite lived intangible assets	$	262,385	$	83	$	2,200	$	3,332	$	780	$	902	269,682
Indefinite lived intangible asset (Trade name)													15,076
Identifiable intangible assets – net, December 31, 2019													$	284,758
Weighted-average remaining useful life at December 31, 2019	24.2		3.8		3.8		32.6		2.7		0.8		23.9

Additions in 2019 relate to the Cloverleaf, Lanier, MHW and PortFresh acquisitions. Additions in 2020 relate to the Agro, AM-C, Caspers, Hall’s, Newport and Nova Cold acquisitions. Refer to Notes 2 and 3 for further details of each acquisition.

The following table describes the estimated amortization of intangible assets for the next five years and thereafter. In addition, the table describes the net impact on rent expense due to the amortization of below-market leases for the next five years and thereafter:


	Estimated Amortization of Customer Relationships and In-Place Lease Intangible Assets		Estimated Net Decrease to Lease Revenue Related to Amortization of Above-Market Leases		Estimated Net Increase to Lease Expense Related to Amortization of Below-Market Leases		Estimated Amortization of Assembled Workforce Assets
	(In thousands)
Years Ending December 31:
2021	$	32,999	$	22	$	151	$	349
2022	32,910		22		151		221
2023	32,726		18		106		30
2024	32,159		—		102		—
2025	32,070		—		102		—
Thereafter	615,640		—		2,569		—
Total	$	778,504	$	62	$	3,181	$	600