Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

In 2016, we used quantitative factors to review goodwill for impairment for all of our reporting units and performed a qualitative analysis to review our identifiable intangible assets not subject to amortization for impairment. As a result of performing the aforementioned assessments, we determined that no impairment existed as of December 31, 2016 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 millions):



	Aviation Segment			Marine Segment			Land Segment			Total
As of December 31, 2014	$	174.3		$	73.1		$	405.9		$	653.3
2015 acquisitions	$	1.7		$	—		$	37.7		$	39.4
Goodwill classified as held for sale	—			—			(5.9		)	(5.9		)
Foreign currency translation of non-USD functional currency subsidiary goodwill	(2.3		)	(1.7		)	(7.0		)	(11.0		)
As of December 31, 2015	173.7			71.4			430.7			675.8
2016 acquisitions^(a)	95.6			—			77.7			173.3
Adjustment of purchase price allocations^(b)	1.3			0.1			5.5			6.9
Foreign currency translation of non-USD functional currency subsidiary goodwill	(3.7		)	0.7			(17.3		)	(20.3		)
As of December 31, 2016	$	266.8		$	72.3		$	496.7		$	835.8

^(a) Primarily reflects our acquisitions of certain ExxonMobil affiliates, PAPCO and APP, and are subject to change until we complete the valuation of assets acquired and liabilities assumed. For additional information, see Note 3.

^(b) Reflects the purchase price allocation adjustments of 2015 acquisitions, including goodwill classified as held for sale.

Identifiable Intangible Assets

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



	As of December 31, 2016						As of December 31, 2015
	Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net		Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net
Intangible assets subject to amortization:
Customer relationships	$	353.8	$	155.5	$	198.3	$	255.5	$	125.4	$	130.1
Supplier agreements	38.7		13.3		25.4		38.5		10.7		27.8
Others	37.2		20.2		17.0		37.2		16.1		21.1
	429.7		189.1		240.7		331.2		152.2		179.0
Intangible assets not subject to amortization:
Trademark/trade name rights	41.7		—		41.7		31.9		—		31.9
	$	471.4	$	189.1	$	282.3	$	363.1	$	152.2	$	210.9

⁽¹⁾ Includes the impact of foreign exchange

Intangible amortization expense for 2016, 2015 and 2014 was $39.7 million, $30.4 million and $27.0 million, respectively.

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



Year Ended December 31,
2017	$	41.1
2018	38.1
2019	32.5
2020	27.8
2021	24.4
Thereafter	76.7
	$	240.7

- 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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