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64435 TX 63WORLD FUEL SERVICES
ANNUAL REPORT
28-Feb-2008 00:13 EST
CLN PSTAM
RR Donnelley ProFile SER kirkw0cm 6*
PMT 2C
CHMFBUAC350855
9.9.26
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Identifiable Intangible Assets
The following table provides changes in the gross carrying amounts of our identifiable intangible assets for
each of the following years (in thousands):
Gross Carrying Amount
Customer
Relationships
Charge Card
Holder
Relationships
Charge Card
Merchant
Relationships
Non-compete
Agreements
Trademark/
Tradename Total
At December 31, 2004 . . $ 9,400 $ — $ — $ — $ — $ 9,400
Acquisition ........... — — — — — —
At December 31, 2005 . . 9,400 — — — — 9,400
Tramp Oil Brazil
acquisition ......... — — — 500 — 500
At December 31, 2006 . . 9,400 — — 500 — 9,900
AVCARD acquisition . . . 700 11,500 6,100 600 4,000 22,900
At December 31, 2007 . . $10,100 $11,500 $6,100 $1,100 $4,000 $32,800
The following table provides changes in the accumulated amortization of our identifiable intangible assets
for each of the following years (in thousands):
Accumulated Amortization
Customer
Relationships
Charge Card
Holder
Relationships
Charge Card
Merchant
Relationships
Non-compete
Agreements Total
At December 31, 2004 ...... $1,914 $— $— $— $1,914
Amortization .............. 1,448 — — — 1,448
At December 31, 2005 ...... 3,362 — — — 3,362
Amortization .............. 1,448 — — 129 1,577
At December 31, 2006 ...... 4,810 — — 129 4,939
Amortization .............. 1,109 47 33 194 1,383
At December 31, 2007 ...... $5,919 $ 47 $ 33 $323 $6,322
The future estimated amortization of our identifiable intangible assets is as follows (in thousands):
Year Ended December 31,
2008 ............................................................. $ 2,895
2009 ............................................................. 2,554
2010 ............................................................. 2,184
2011 ............................................................. 1,252
2012 ............................................................. 982
Thereafter ......................................................... 12,611
$22,478
63