World Fuel Services 2015 Annual Report Download - page 70

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65
Goodwill
The following table provides information regarding changes in goodwill (in millions):
Aviation
Marine
Land
Segment Segment Segment Total
As of December 31, 2013 $ 115.5 $ 69.1 $ 299.0 $ 483.6
2014 acquisitions 58.9 4.7 114.3 177.9
Adjustment of purchase price allocations – 2013 acquisitions — — 0.4 0.4
Foreign currency translation of non-USD functional currency
subsidiary goodwill (0.1) (0.7) (7.8) (8.6)
As of December 31, 2014 174.3 73.1 405.9 653.3
2015 acquisitions 1.7 — 37.7 39.4
Goodwill classified as held for sale — — (5.9) (5.9)
Foreign currency translation of non-USD functional currency
subsidiary goodwill (2.3) (1.7) (7.0) (11.0)
As of December 31, 2015 $ 173.7 $ 71.4 $ 430.7 $ 675.8
Identifiable Intangible Assets
The following table provides information about our identifiable intangible assets (in millions):
As of December 31, 2015 As of December 31, 2014
Gross Gross
Carrying Accumulated Carrying Accumulated
Amount Amortization Net Amount Amortization Net
Intangible assets subject to
amortization:
Customer relationships $ 255.5 $ 125.4 $ 130.1 $ 243.1 $ 104.4 $
138.7
Supplier agreements 38.5 10.7 27.8 33.7 9.1
24.6
Others 37.2 16.1 21.1 33.7 11.3 22.4
331.2 152.2 179.0 310.5 124.8 185.7
Intangible assets not subject to
amortization:
Trademark/trade name rights 31.9 — 31.9 31.9 — 31.9
$ 363.1 $ 152.2 $ 210.9 $ 342.4 $ 124.8 $ 217.6
Intangible amortization expense for 2015, 2014 and 2013 was $28.3 million, $29.1 million and $22.4 million, respectively.
The future estimated amortization of our identifiable intangible assets is as follows (in millions):
Year Ended December 31,
2016 $ 32.3
2017 27.5
2018 23.8
2019 19.6
2020 16.8
Thereafter 59.0
$ 179.0
6. Debt
We have a Credit facility which permits borrowing up to $1.26 billion with a sublimit of $400.0 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 $150.0 million, subject to the satisfaction of certain conditions. The Credit Facility matures in October
2018. We had outstanding borrowings under our Credit Facility totaling $416.0 million and $420.0 million as of
December 31, 2015 and 2014, respectively.