Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

16. Goodwill and Intangible Assets

Goodwill

During the fourth quarter of 2016, the Company reorganized its reporting structure which resulted in a change in the composition of its reporting units (See Note 17). Previously, the Company had a single reporting unit. This change resulted in the reassignment of the Company’s goodwill to the reorganized reporting units as follows:


	Reporting Unit
	U.S. Business		European Business⁽¹⁾			Total
Balance at January 1, 2016	$	—	$	1,676		$	1,676
Increases/(decreases)
GreenHaven acquisition		1,799		—			1,799
Goodwill impairment – Boost		—		(1,676	)		(1,676	)

Balance at December 31, 2016	$	1,799	$	—		$	1,799

⁽¹⁾	Europe is included within the Company’s International Business reportable segment.

The Company has designated April 30^th as its annual goodwill impairment testing date. However, the reorganization of the reporting structure required the Company to perform interim goodwill impairment tests on its goodwill allocated to both the U.S. Business and European Business reporting units. In connection with these interim impairment tests, the Company determined that all of the goodwill allocated to the European Business reporting unit ($1,676) was impaired based on the income approach and taking into consideration the reporting unit’s historical operating losses. The goodwill allocated to the U.S. Business reporting unit was not impaired based on a qualitative assessment.

Intangible Asset (Indefinite-Lived)

As part of the GreenHaven acquisition, the Company identified an intangible asset related to its customary advisory agreement with the GreenHaven Commodities ETF for $9,953. This intangible asset (which is deductible for tax purposes) was determined to have an indefinite useful life. The Company has designated November 30^thas its annual impairment testing date for this indefinite-lived intangible asset.


	Total
Balance at January 1, 2016	$	—
Increases – Advisory agreement (Commodities)		9,953

Balance at December 31, 2016	$	9,953

During the fourth quarter of 2016, the Company performed its indefinite-lived intangible asset impairment test. The results of this analysis identified no impairment.

- 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.

+ References + Details