Ingram Micro 2011 Annual Report Download - page 67

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INGRAM MICRO INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(In 000s, except per share data)
our distribution capabilities in the auto identification and data capture/point of sale (“AIDC/POS”) markets in
Asia-Pacific. These businesses were acquired for an aggregate cash price of $32,681 plus an earn-out amount of
$935, which was allocated to the assets acquired and liabilities assumed based on their estimated fair values on
the transaction dates. The allocation resulted in goodwill of $2,490 in Asia-Pacific and total identifiable
intangible assets of $12,133 in EMEA and Asia-Pacific, primarily related to vendor and customer relationships,
and trade names with estimated useful lives of up to 10 years. We recorded a charge for the full impairment of
the $2,490 of goodwill from the two Asia-Pacific acquisitions in the second quarter of 2009. In 2009, we also
paid the sellers of AVAD $2,500 to settle the final earn-out and the balance to acquire certain trademark rights in
North America, which have been included in our identifiable intangible assets with estimated useful lives of 10
years.
In 2009, we sold our broadline operations in Denmark. The sales proceeds and the related gain on sale were
not material to our EMEA and consolidated financial position, results of operations or cash flows.
All acquisitions for the periods presented above were not material, individually or in aggregate, to us as a
whole and therefore, pro forma financial information has not been presented.
Note 5 — Property and Equipment
Property and equipment consist of the following:
Fiscal Year End
2011 2010
Land ........................................................ $ 5,061 $ 5,321
Buildings and leasehold improvements ............................. 125,466 126,832
Distribution equipment .......................................... 250,792 240,028
Computer equipment and software ................................. 530,271 449,738
911,590 821,919
Accumulated depreciation ....................................... (588,329) (574,524)
$ 323,261 $ 247,395
Note 6 — Debt
The carrying value of our outstanding debt consists of the following:
Fiscal Year End
2011 2010
Senior unsecured notes, 5.25% due 2017 ............................ $300,000 $ 300,000
Senior unsecured term loan ....................................... — 243,627
Lines of credit and other debt ..................................... 92,428 92,774
392,428 636,401
Short-term debt and current maturities of long-term debt ................ (92,428) (105,274)
$300,000 $ 531,127
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