GOODWILL, ACQUIRED INTANGIBLES AND EQUITY INVESTMENTS

As of December 31, 2014, 2013 and 2012, the goodwill amounts were retested for impairment. The goodwill included in the CAM segment was not impaired. The ATI goodwill, included in ACMI Services segment, was found to be impaired as of December 31, 2013. The Company recorded an impairment charge of $52.6 million in 2013 to write-off the ATI goodwill. As a result of past events and market changes, the Company did not expect ATI to generate the forecasted net cash flows from ATI's Boeing 767 operations as previously expected. In December 2013 and in January 2014, the Company received notification from DHL that it would cease using ATI's Boeing 767 services in the Middle East by the end of February 2014. Further, as a result of persistent stagnant growth conditions at the end of 2013 and excess airlift capacity, including the projections published by the U.S. Military that reflected continued reductions in their demand for cargo (non combi) airlift, the Company allocated fewer Boeing 767 aircraft to ATI than previously expected. The Company instead deployed more Boeing 767 aircraft with other airlines during 2014.

The Company determined the fair values of ATI and CAM separately using industry market multiples and discounted cash flows utilizing a market-derived rate of return (level 3 fair value inputs).

The carrying amounts of goodwill by reportable segment, are as follows (in thousands):



	ACMI Services			CAM		Total
Carrying value as of December 31, 2012	$	52,585		$	34,395	$	86,980
Impairment	(52,585		)	—		(52,585		)
Carrying value as of December 31, 2013	$	—		$	34,395	$	34,395
Impairment	$	—		$	—	$	—
Carrying value as of December 31, 2014	$	—		$	34,395	$	34,395

The Company's intangible assets relate to the ACMI Services segment and are as follows (in thousands):



	Customer			Airline
	Relationships			Certificates		Total
Carrying value as of December 31, 2012	$	2,146		$	3,000	$	5,146
Amortization	(250		)	—		(250		)
Carrying value as of December 31, 2013	$	1,896		$	3,000	$	4,896
Amortization	(281		)	—		(281		)
Carrying value as of December 31, 2014	$	1,615		$	3,000	$	4,615

The customer relationship intangible amortizes through 2020. The Company recorded amortization expense for the customer relationship intangible asset of $0.3 million, $0.3 million and $0.3 million for the years ending December 31, 2014, 2013 and 2012, respectively. The airline certificates have an indefinite life and therefore are not amortized.

In January 2014, the Company acquired a 25 percent equity interest in West Atlantic AB of Gothenburg, Sweden ("West"). West, through its two airlines, Atlantic Airlines Ltd. and West Air Sweden AB, operates a fleet of approximately 40 aircraft and is Europe’s largest regional cargo aircraft operator. West operates its aircraft on behalf of European regional mail carriers and express logistics providers. The airlines operate a combined fleet of British Aerospace ATPs, Bombardier CRJ-200-PFs, and Boeing 737 aircraft. In addition, West Air Sweden AB is adding the Boeing 767 aircraft to its operating capability.

The Company has significant influence, but does not exercise control, over West. Accordingly, the investment in West is accounted for using the equity method of accounting and was initially recognized at cost. At December 31, 2014, the Company’s carrying value of West was $13.8 million, including $5.5 million of excess purchase price over the Company's proportional fair value of West's net assets in January of 2014, is reflected in “Other Assets” in the Company’s consolidated balance sheets.