World Fuel Services 2013 Annual Report Download - page 68

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Goodwill
The following table provides information regarding changes in goodwill (in thousands):
Aviation Marine Land
Segment Segment Segment Total
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
2013 acquisitions — — 16,077 16,077
Adjustment of purchase price allocations – 2012 acquisitions 6,500 — (8,506) (2,006)
Foreign currency translation of non-USD functional currency subsidiary
goodwill (325) (843) 182 (986)
As of December 31, 2013 $115,507 $69,088 $298,996 $483,591
Identifiable Intangible Assets
The following table provides information about our identifiable intangible assets (in thousands):
As of December 31, 2013 As of December 31, 2012
Gross Gross
Carrying Accumulated Carrying Accumulated
Amount Amortization Net Amount Amortization Net
Intangible assets subject to amortization:
Customer relationships $188,276 $79,688 $108,588 $173,376 $61,562 $111,814
Supplier agreements 33,648 7,310 26,338 33,248 5,531 27,717
Others 19,738 8,634 11,104 19,878 6,143 13,735
241,662 95,632 146,030 226,502 73,236 153,266
Intangible assets not subject to amortization:
Trademark/trade name rights 21,172 — 21,172 19,007 — 19,007
$262,834 $95,632 $167,202 $245,509 $73,236 $172,273
Intangible amortization expense for 2013, 2012 and 2011 was $22.4 million, $18.1 million and $25.0 million, respectively.
The adjustment of purchase price allocations for 2012 acquisitions made in 2013 resulted in a $2.0 million reduction in goodwill within
our land segment principally due to a $3.3 million increase in identifiable intangible assets, primarily customer relationships and
trademark/trade name rights, partially offset by a $0.9 million decrease in other acquired assets and a $0.4 million increase in assumed
liabilities. Additionally, we reclassified $6.5 million in goodwill from our land segment to our aviation segment.
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 future estimated amortization of our identifiable intangible assets is as follows (in thousands):
Year Ended December 31,
2014 $ 21,426
2015 18,823
2016 16,512
2017 14,443
2018 13,041
Thereafter 61,785
$146,030
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