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Goodwill
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill
4. Goodwill
The following table provides information regarding changes in goodwill during the six months ended June 30, 2025 (in millions):
Aviation
Segment		Land
Segment		Total
As of December 31, 2024$354.4 $827.3 $1,181.7 
Goodwill impairment
— (359.0)(359.0)
Adjustment for sale of business (1)
— (18.2)(18.2)
Other
— 15.0 15.0 
Foreign currency translation of non-USD functional currency subsidiary goodwill— 6.2 6.3 
As of June 30, 2025$354.5 $471.3 $825.8 
(1)See Note 3. Acquisitions and Divestitures for additional information.
Goodwill Impairment
We evaluate goodwill for impairment at the reporting unit level annually as of December 31, or more frequently if events or circumstances indicate that the carrying value may be impaired. During the second quarter of 2025, following our exit from the U.K. land fuels business, as part of the evolution of our strategy we completed our reassessment of the remaining business lines within the land reporting unit. Through this process, we updated key assumptions regarding certain lines of business and made related downward revisions to our long-term forecasts versus prior projections, reflecting both our efforts to optimize the land portfolio to focus on core activities with the highest return potential and the unanticipated persistence of macroeconomic pressures and underperformance against financial expectations. We determined that these circumstances indicated that it was more likely than not that the fair value of goodwill may be less than its carrying value, which required us to perform a quantitative impairment test as of June 30, 2025.
We calculated the fair value of the land reporting unit using a combination of both an income and market approach. Under the market approach, we use a selection of global companies that correspond to the reporting unit to derive a market-based multiple. Under the income approach, we calculate the fair value of the reporting unit based on the present value of estimated future cash flows. The estimated future cash flows are based on the best information
available as of the testing date, including our annual operating plan and current forecasts, terminal growth rates, working capital requirements and capital expenditures. The estimated cash flows are discounted using rates that correspond to a weighted-average cost of capital consistent with those used internally for investment decisions.
As a result of the quantitative impairment test performed, we concluded that the carrying value of the land reporting unit exceeded its estimated fair value. Accordingly, we recognized a goodwill impairment charge of $359.0 million during the three months ended June 30, 2025, which is presented in the Goodwill and other asset impairments line in the Condensed Consolidated Statements of Income and Comprehensive Income, and represents a partial impairment of goodwill in our land reporting unit. The determination of fair value requires us to make significant estimates and assumptions related to the business and financial performance of the reporting unit. If our actual results differ significantly from the assumptions used to determine the fair value of the reporting unit, including our continued efforts to optimize the land portfolio, such impact could potentially result in additional goodwill impairment charges in future periods.