Goodwill and Identifiable Intangible Assets

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

Goodwill arises because the purchase price paid for our acquisitions reflects numerous factors, including the strategic fit and expected synergies these acquisitions bring to our existing operations. Goodwill is recorded at fair value and is reviewed at least annually for impairment.

Goodwill evaluations are performed at the reporting unit level and are based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of any individual reporting unit is less than its carrying amount. Factors that could affect fair value include material adverse changes in the markets in which a unit operates, such as the prolonged weakness within the global shipping and offshore oil exploration markets, and extended periods of oversupplied global fuel markets combined with limited market volatility, which can adversely impact the demand for our products and services, among others.

The following table provides the components of and changes in the carrying amount of goodwill (in millions):



	Aviation		Land		Marine		Total
Balance as of December 31, 2016	$	266.8	$	496.7	$	72.3	$	835.8
Additions	46.4		—		—		46.4
Foreign exchange and other adjustments	8.9		9.9		0.1		19.0
Balance as of September 30, 2017	$	322.2	$	506.6	$	72.4	$	901.1

In connection with our acquisitions, we record identifiable intangible assets at fair value. The determination of the fair values of our identifiable intangible assets involves a significant amount of forecasting and other assumptions associated with recently acquired businesses for which we may not have as much historical information or trend data as we would for our existing businesses. Identifiable intangible assets are reviewed for impairment at least annually during the fourth quarter, or more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

The following table provides information about our identifiable intangible assets (in millions):



	As of September 30, 2017						As of December 31, 2016
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Intangible assets subject to amortization:
Customer relationships	$	391.7	$	181.9	$	209.8	$	353.8	$	155.5	$	198.3
Supplier agreements	38.7		14.8		23.9		38.7		13.3		25.4
Others	40.9		25.1		15.8		37.2		20.2		17.0
	471.4		221.9		249.5		429.8		189.1		240.7
Intangible assets not subject to amortization:
Trademark/trade name rights	40.2				40.2		41.7				41.7
	$	511.6	$	221.9	$	289.6	$	471.4	$	189.1	$	282.3