GOODWILL AND INTANGIBLES

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill represents the excess of cost over the fair value of identifiable net assets of acquired businesses. Goodwill has an indefinite useful life and is not amortized, but instead is tested for impairment annually in the fourth quarter of each fiscal year, or more frequently if events or circumstances indicate that impairment may have occurred. As of December 31, 2019, the Company determined there was no goodwill impairment. The carrying value of goodwill was $18.4 million as of December 31, 2019 and $69.3 million as of 2018.

As a result of the Restructuring, goodwill and intangible assets of $50.9 million and $301.7 million, respectively, were transferred as part of the deconsolidation of entities effective October 1, 2019.

The following table summarizes the carrying value of intangible assets:



	As of December 31,
	2019		2018

Contractual rights	$	—	$	347,452
Accumulated amortization	—		(33,173		)
Intangible assets, net	$	—	$	314,279

Amortization expense associated with the Company’s intangible assets was $12.6 million, $16.9 million and $6.6 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Goodwill and intangible assets are included in other assets in the consolidated statements of financial position.