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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
5. Property and Equipment
The amount of property and equipment and their respective estimated useful lives are as follows (in
thousands, except estimated useful lives):
As of December 31, Estimated
Useful Lives2008 2007
Leasehold improvements . . . . . . . . . . . . . . . . . . . . . . $ 7,594 $ 5,254 5 - 10 years
Office equipment, furniture and fixture . . . . . . . . . . . 4,524 4,203 3 - 7 years
Computer equipment and software costs . . . . . . . . . . 47,352 50,025 3 - 9 years
59,470 59,482
Accumulated depreciation and amortization . . . . . . . (24,142) (22,612)
$ 35,328 $ 36,870
As of December 31, 2008 and 2007, computer software costs, including internally developed software costs,
amounted to $23.8 million and $27.1 million net of accumulated amortization of $8.3 million and $8.6 million,
respectively. For 2008 and 2007, we recorded amortization expense related to computer software costs of $4.0
million and $2.0 million, respectively.
6. Goodwill and Identifiable Intangible Assets
Goodwill
As of December 31, 2008 and 2007, goodwill was $122.9 million and $52.1 million, respectively. Based on
the results of comparing the estimated fair value of our reporting units, which is the same as our reporting
segments, with its carrying amount performed in accordance with the initial step of the goodwill impairment test,
goodwill in each of our reporting segments was not considered impaired as of December 31, 2008 and 2007. The
following table provides changes in goodwill for each of the following years (in thousands):
AsofDecember31,2005............................................ $ 42,123
2006Acquisition* ............................................... 2,198
AsofDecember31,2006............................................ 44,321
2007Acquisition* ............................................... 7,783
AsofDecember31,2007............................................ 52,104
2008Acquisition* ............................................... 66,032
2007Acquisition* ............................................... 300
2006Acquisition* ............................................... 4,480
Foreign currency translation of Brazil goodwill . . . . . . . . . . . . . . . . . . . . . . . . (906)
AsofDecember31,2008............................................ $122,010
* See Note 1 for additional information.
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