Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Identifiable Intangible Assets

Goodwill and Identifiable Intangible Assets

5. Goodwill and Identifiable Intangible Assets

In 2014, we performed the first step of quantitative testing for goodwill impairment for all of our reporting units and we assessed qualitative factors to review our identifiable intangible assets not subject to amortization to determine whether it was more likely than not that an asset has been impaired. As a result of performing the aforementioned assessments, we determined that no impairment existed as of December 31, 2014 and, therefore, there were no write‑downs to any of our goodwill or identifiable intangible assets not subject to amortization.

Goodwill

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


	Aviation		Marine		Land
	Segment		Segment		Segment		Total
As of December 31, 2012	$	109,332	$	69,931	$	291,243		470,506
2013 acquisitions		—		—		16,077		16,077
Adjustment of purchase price allocations – 2012 acquisitions		6,500		—		(8,506)		(2,006)
Foreign currency translation of non-USD functional currency subsidiary goodwill		(325)		(843)		182		(986)
As of December 31, 2013	$	115,507	$	69,088	$	298,996	$	483,591
2014 acquisitions		62,770		4,660		113,253		180,683
Adjustment of purchase price allocations – 2013 acquisitions		—		—		411		411
Foreign currency translation of non-USD functional currency subsidiary goodwill		(134)		(680)		(7,793)		(8,607)
As of December 31, 2014	$	178,143	$	73,068	$	404,867	$	656,078

Identifiable Intangible Assets

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


	As of December 31, 2014						As of December 31, 2013
	Gross						Gross
	Carrying		Accumulated				Carrying		Accumulated
	Amount		Amortization		Net		Amount		Amortization		Net
Intangible assets subject to amortization:
Customer relationships	$	238,959	$	104,367	$	134,592	$	188,276	$	79,688	$	108,588
Supplier agreements		33,648		9,052		24,596		33,648		7,310		26,338
Others		33,750		11,308		22,442		19,738		8,634		11,104
		306,357		124,727		181,630		241,662		95,632		146,030
Intangible assets not subject to amortization:
Trademark/trade name rights		31,961		—		31,961		21,172		—		21,172
	$	338,318	$	124,727	$	213,591	$	262,834	$	95,632	$	167,202

Intangible amortization expense for 2014, 2013 and 2012 was $29.1 million, $22.4 million and $18.1 million, respectively.

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


Year Ended December 31,
2015	$	28,770
2016		26,109
2017		22,456
2018		19,643
2019		16,271
Thereafter		68,381
	$	181,630

- 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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