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GOODWILL AND INTANGIBLES | 6 Months Ended
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Jun. 30, 2023
GOODWILL AND INTANGIBLES |
GOODWILL AND INTANGIBLES | 5. GOODWILL AND INTANGIBLES ​ Goodwill by segment as of June 30, 2023 and December 31, 2022 consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Ocean | ​ | ​ | ​ | ​ | ​ | ​ |
(In millions) |  | Transportation |  | Logistics |  | Total |
Goodwill | ​ | $ | 222.6 | ​ | $ | 105.2 | ​ | $ | 327.8 | ​
​ ​ Intangible assets as of June 30, 2023 and December 31, 2022 consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31, | ​
(In millions) |  | 2023 |  | 2022 | ​
Customer Relationships: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation | ​ | $ | 140.6 | ​ | $ | 140.6 | ​
Logistics | ​ | ​ | 111.8 | ​ | ​ | 95.3 | ​
Total | ​ | ​ | 252.4 | ​ | ​ | 235.9 | ​
Less: Accumulated Amortization | ​ | ​ | (95.3) | ​ | ​ | (88.3) | ​
Total Customer Relationships, net | ​ | ​ | 157.1 | ​ | ​ | 147.6 | ​
Trade name – Logistics | ​ | ​ | 27.3 | ​ | ​ | 27.3 | ​
Total Intangible Assets, net | ​ | $ | 184.4 | ​ | $ | 174.9 | ​
​ On February 27, 2023, the Company completed an asset acquisition consisting of customer relationship intangible assets for $16.5 million, which are being amortized over seven years. ​ The Company evaluates its goodwill and intangible assets for possible impairment in the fourth quarter, or whenever events or changes in circumstances indicate that it is more likely than not that the fair value is less than its carrying amount. The Company has reporting units within the Ocean Transportation and Logistics reportable segments. The Company considered the general economic and market conditions and its impact on the performance of each of the Company’s reporting units. Based on the Company’s assessment of its market capitalization, future forecasts and the amount of excess of fair value over the carrying value of the reporting units in the 2022 annual impairment tests, the Company concluded that an impairment triggering event did not occur during the three months ended June 30, 2023. ​ The Company will monitor events and changes in circumstances that could negatively impact the key assumptions used in determining the fair value, including the amount and timing of estimated future cash flows generated by the reporting units, long-term growth and discount rates, comparable company market valuations, and industry and economic trends. It is possible that future changes in such circumstances, including future changes in the assumptions and estimates used in assessing the fair value of the reporting unit, could require the Company to record a non-cash impairment charge.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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