ASSET IMPAIRMENT

The below table summarizes the combined fair value of the assets that incurred impairments during the years ended December 31, 2018, 2017 and 2016, along with the amount of the impairment. The impairment charges were recorded in Impairment of assets in the consolidated statement of operations. See Note 1 for additional information.



	Year Ended December 31,
	2018		2017		2016
Goodwill	$	61,643	$	—	$	—
Intangible assets	15,557		—		—
Aircraft and related inventory	31,824		368		407
Total	$	109,024	$	368	$	407

Goodwill impairment

During the fourth quarter of 2018, the Company performed the impairment test of goodwill and recorded $61.6 million goodwill impairment relating to its Oil and Gas Segment. The Company determined that the fair value of its goodwill for the Oil and Gas segment was less than its carrying value and recorded a $61.6 million impairment charge. The reduction in value of goodwill in the Oil and Gas segment was primarily driven by further deterioration of market conditions and the Company’s forecast did not indicate a timely recovery sufficient to support the carrying values of the goodwill.

Intangible asset impairment

The impairment of assets during the fourth quarter of 2018 was comprised of $15.5 million related to customer relationship, Non-compete agreements and Tradenames from the HNZ offshore acquisition completed in December 2017.

Aircraft and related inventory impairment

During the fourth quarter of 2018, we recognized an impairment of $23.2 million related to a value of aircraft impairment primarily driven by the decline in demand for a specific medium model. The demand for this model continued to decline and the Company’s forecast did not indicate a timely recovery sufficient to support the carrying values of these assets. In connection with the evaluation of our current inventory levels and result of changes in expected future utilization for certain Medium aircraft. We also recorded charges of approximately $8.6 million to write-down of certain spare parts within inventories to its net realizable value. These charges were recorded as a direct reduction in the value of spare parts inventories to record them at net realizable value. This charge was recorded in Direct expenses on the Consolidated Statement of Operations.