Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

In 2017, we used a combination of qualitative and quantitative factors to review goodwill and identifiable intangible assets for impairment for all of our reporting units. As a result of performing these assessments, we recorded an impairment charge of $80.2 million, of which $72.3 million was attributable to the write-off of goodwill in our marine segment, and $7.9 million associated with intangible assets, primarily customer relationships in both the marine and land segments. The impairment within our marine segment was driven principally by growing competitive pressures in maritime markets, including the decline of maritime shipping volumes along with lower demand for price risk management products and our ultimate decision in the fourth quarter to exit our marine business in certain international markets.

Goodwill

The following table provides information regarding changes in goodwill (in millions):



	Aviation Segment			Land Segment			Marine Segment			Total
As of December 31, 2015	$	173.7		$	430.7		$	71.4		$	675.8
2016 acquisitions	95.6			77.7			—			173.3
Adjustment of purchase price allocations	1.3			5.5			0.1			6.9
Foreign currency translation of non-USD functional currency subsidiary goodwill	(3.7		)	(17.3		)	0.7			(20.3		)
As of December 31, 2016	266.8			496.7			72.3			835.8
2017 acquisitions	51.2			12.2			—			63.5
Adjustment of purchase price allocations	6.2			(0.1		)	—			6.0
Impairment charge	—			—			(72.3		)	(72.3		)
Foreign currency translation of non-USD functional currency subsidiary goodwill	2.7			9.8			—			12.5
As of December 31, 2017	$	326.9		$	518.5		$	—		$	845.5

Identifiable Intangible Assets

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



	As of December 31, 2017						As of December 31, 2016
	Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net		Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net
Intangible assets subject to amortization:
Customer relationships ⁽²⁾	$	373.8	$	171.4	$	202.4	$	353.8	$	155.5	$	198.3
Supplier agreements	38.7		15.4		23.4		38.7		13.3		25.4
Others	40.0		26.3		13.7		37.2		20.2		17.0
	452.5		213.1		239.4		429.7		189.1		240.7
Intangible assets not subject to amortization:
Trademark/trade name rights	40.3				40.3		41.7				41.7
	$	492.9	$	213.1	$	279.7	$	471.4	$	189.1	$	282.3

⁽¹⁾ Includes the impact of foreign exchange

⁽²⁾ Reflects recorded impairment charges for 2017 of $4.1 million and $3.0 million in our Marine and Land segments, respectively, which is presented in "Goodwill and other impairments" on our Consolidated Statement of Income.

Intangible amortization expense for 2017, 2016 and 2015 was $41.9 million, $39.7 million and $30.4 million, respectively.

The future estimated amortization of our identifiable intangible assets is as follows (in millions):



Year Ended December 31,
2018	$	41.0
2019	34.5
2020	29.9
2021	26.6
2022	23.6
Thereafter	83.7
	$	239.4

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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