6.	Goodwill, Intangible Assets and In-Process Revenue Contracts

Goodwill

The carrying amount of goodwill for the years ended December 31, 2014 and 2013, for the Company’s reportable segments are as follows:


	Shuttle Tanker, FSO and Offshore Support Segment		Liquefied Gas Segment		Total
	$		$		$
Balance as of December 31, 2012 and 2013		130,908		35,631		166,539
Goodwill acquired		2,032		—		2,032

Balance as of December 31, 2014		132,940		35,631		168,571

In March 2014, Teekay Offshore acquired 100% of the shares of ALP, a Netherlands-based provider of long-distance ocean towage and offshore installation services to the global offshore oil and gas industry. The goodwill recognized in connection with the ALP acquisition is attributable primarily to the assembled workforce of ALP, including their experience, skills and abilities (see Note 3d).

Intangible Assets

As at December 31, 2014, the Company’s intangible assets consisted of:


	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	$		$			$
Customer contracts		316,684		(223,018	)		93,666
Other intangible assets		1,000		—			1,000

		317,684		(223,018	)		94,666

As at December 31, 2013 the Company’s intangible assets consisted of:


	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	$		$			$
Customer contracts		316,684		(209,786	)		106,898
Other intangible assets		1,280		(280	)		1,000

		317,964		(210,066	)		107,898

Aggregate amortization expense of intangible assets for the year ended December 31, 2014, was $13.2 million (2013—$18.2 million, 2012 - $17.2 million), which is included in depreciation and amortization. Amortization of intangible assets following 2014 is expected to be $11.9 million (2015), $10.9 million (2016), $9.8 million (2017), $8.9 million (2018), $8.9 million (2019) and $44.3 million (thereafter).

In-Process Revenue Contracts

As part of the Company’s acquisition of FPSO units from Sevan and its previous acquisition of Petrojarl ASA (subsequently renamed Teekay Petrojarl AS, or Teekay Petrojarl), and Teekay LNG’s acquisition of BG’s ownership interests in four LNG carrier newbuildings, the Company assumed certain FPSO contracts, time charter-out contracts with terms that were less favorable than the then prevailing market terms, and a service obligation for shipbuilding supervision and crew training services for the four LNG carrier newbuildings. At the time of the acquisitions, the Company recognized liabilities based on the estimated fair value of these contracts and service obligations. The Company is amortizing these liabilities over the estimated remaining terms of their associated contracts on a weighted basis, based on the projected revenue to be earned under the contracts.

Amortization of in-process revenue contracts for the year ended December 31, 2014 was $40.9 million (2013—$61.7 million, 2012 - $72.9 million), which is included in revenues on the consolidated statements of income (loss). Amortization following 2014 is expected to be $22.8 million (2015), $29.6 million (2016), $32.7 million (2017), $22.2 million (2018), $14.9 million (2019) and $51.2 million (thereafter).