World Fuel Services 2012 Annual Report Download - page 86

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The assets and accumulated amortization recorded under capital leases are as follows (in thousands):
As of December 31,
2011
Capital leases $4,489 $4,236
Accumulated amortization 816 713
Capital leases, net $3,673 $3,523
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, 2012 or 2011,
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, 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 non-USD functional currency subsidiary
goodwill — (906) — (906)
As of December 31, 2011 102,509 70,522 173,215 346,246
2012 acquisitions 8,028 — 115,165 123,193
Adjustment of purchase price allocations – 2011 acquisitions (1,106) — 2,863 1,757
Foreign currency translation of non-USD functional currency subsidiary
goodwill (99) (591) — (690)
As of December 31, 2012 $109,332 $69,931 $291,243 $470,506
Identifiable Intangible Assets
The following table provides information about our identifiable intangible assets (in thousands):
As of December 31, 2012 As of December 31, 2011
Gross Gross
Carrying Accumulated Carrying Accumulated
Amount Amortization Net Amount Amortization Net
Intangible assets subject to amortization:
Customer relationships $173,376 $61,562 $111,814 $121,102 $47,009 $ 74,093
Supplier agreements 33,248 5,531 27,717 24,788 3,562 21,226
Others 19,878 6,143 13,735 9,252 4,538 4,714
226,502 73,236 153,266 155,142 55,109 100,033
Intangible assets not subject to amortization:
Trademark/trade name rights 19,007 — 19,007 7,587 — 7,587
$245,509 $73,236 $172,273 $162,729 $55,109 $107,620
Intangible amortization expense for 2012, 2011 and 2010 was $18.1 million, $25.0 million and
$9.8 million, respectively.
The adjustment of purchase price allocations for 2011 acquisitions made in 2012 resulted in a
reclassification of $2.9 million in goodwill from our aviation segment to our land segment, an increase in
aviation segment goodwill of $1.8 million and a decrease in identifiable intangible assets of $1.1 million,
primarily customer relationships and developed technology.
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.
67
2012