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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Identifiable Intangible Assets
The following table provides information about our identifiable intangible assets for each of the following
years (in thousands):
As of December 31, 2008 As of December 31, 2007
Gross
Carrying
Amount
Accumulated
Amortization Net
Gross
Carrying
Amount
Accumulated
Amortization Net
Intangible assets subject
to amortization:
Customer
relationships . . . . $44,240 $(10,157) $34,083 $21,600 $(5,966) $15,634
Supplier
agreements . . . . . 16,800 (649) 16,151 6,100 (33) 6,067
Non-compete
agreements . . . . . 3,300 (1,063) 2,237 1,100 (323) 777
Others . . . . . . . . . . . 787 (69) 718 — — —
65,127 (11,938) 53,189 28,800 (6,322) 22,478
Intangible assets not
subject to
amortization:
Trademark/trade
name rights . . . . . 6,000 — 6,000 4,000 — 4,000
$71,127 $(11,938) $59,189 $32,800 $(6,322) $26,478
Intangible amortization expense for 2008, 2007 and 2006 was $5.6 million, $1.4 million and $1.4 million,
respectively.
The future estimated amortization of our identifiable intangible assets is as follows (in thousands):
Year Ended December 31,
2009 ............................................................. $ 6,864
2010 ............................................................. 5,936
2011 ............................................................. 4,494
2012 ............................................................. 3,782
2013 ............................................................. 3,226
Thereafter ......................................................... 28,887
$53,189
7. Debt
We have an unsecured senior revolving credit facility (the “Credit Facility”) which permits borrowings of
up to $475.0 million with a sublimit of $125.0 million for the issuance of letters of credit and bankers’
acceptances. Under the Credit Facility we have the right to request increases in available borrowings up to an
additional $75.0 million, subject to the satisfaction of certain conditions. We had no outstanding borrowings
under our Credit Facility at December 31, 2008. Our issued letters of credit under the Credit Facility totaled
$50.2 million at December 31, 2008. No bankers’ acceptances had been issued under our Credit Facility at
December 31, 2008 and 2007. We had $424.8 million of availability under our Credit Facility at December 31,
2008. The Credit Facility expires on December 21, 2012.
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