World Fuel Services 2011 Annual Report Download - page 90

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5. Goodwill and Identifiable Intangible Assets
As a result of performing the review for impairment of goodwill and identifiable intangible assets not
subject to amortization, we determined that no impairment existed as of December 31, 2011 or 2010,
and, therefore, there were no write-downs to any of our goodwill or identifiable intangible assets not
subject to amortization.
Goodwill
The following table provides information regarding changes in goodwill (in thousands):
Aviation Marine Land
Segment Segment Segment Total
As of December 31, 2009 $ 16,137 $55,714 $ 81,990 $153,841
2010 Acquisitions 45,471 15,157 72,616 133,244
Foreign currency translation of Brazil subsidiary goodwill — 349 — 349
As of December 31, 2010 61,608 71,220 154,606 287,434
2011 Acquisitions 38,506 1,963 4,057 44,526
Adjustment of purchase price allocations – 2010 Acquisitions 2,395 (1,755) 14,552 15,192
Foreign currency translation of Brazil subsidiary goodwill — (906) — (906)
As of December 31, 2011 $102,509 $70,522 $173,215 $346,246
Identifiable Intangible Assets
The following table provides information about our identifiable intangible assets (in thousands):
As of December 31, 2011 As of December 31, 2010
Gross Gross
Carrying Accumulated Carrying Accumulated
Amount Amortization Net Amount Amortization Net
Intangible assets subject to amortization:
Customer relationships $121,102 $47,009 $ 74,093 $106,600 $24,679 $ 81,921
Supplier agreements 24,788 3,562 21,226 26,659 2,461 24,198
Others 9,252 4,538 4,714 6,974 2,954 4,020
155,142 55,109 100,033 140,233 30,094 110,139
Intangible assets not subject to amortization:
Trademark/trade name rights 7,587 — 7,587 7,587 — 7,587
$162,729 $55,109 $107,620 $147,820 $30,094 $117,726
Intangible amortization expense for 2011, 2010 and 2009 was $25.0 million, $9.8 million and $8.3 million,
respectively.
The adjustment of purchase price allocations for 2010 Acquisitions made in 2011 resulted in an increase
in goodwill of $15.2 million and a decrease in identifiable intangible assets of $9.6 million, primarily
customer relationships.
The future estimated amortization of our identifiable intangible assets is as follows (in thousands):
Year Ended December 31,
2012 $ 17,736
2013 13,514
2014 10,770
2015 9,327
2016 7,836
Thereafter 40,850
$100,033
66