World Fuel Services 2014 Annual Report Download - page 68

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63
The assets and accumulated amortization recorded under capital leases are as follows (in thousands):
As of December 31,
2014 2013
Capital leases $ 17,658 $ 5,268
Accumulated amortization 5,484 1,869
Capital leases, net $ 12,174 $ 3,399
5. Goodwill and Identifiable Intangible Assets
In 2014, we performed the first step of quantitative testing for goodwill impairment for all of our reporting units and we
assessed qualitative factors to review our identifiable intangible assets not subject to amortization to determine whether it
was more likely than not that an asset has been impaired. As a result of performing the aforementioned assessments, we
determined that no impairment existed as of December 31, 2014 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, 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
2014 acquisitions 62,770 4,660 113,253 180,683
Adjustment of purchase price allocations – 2013 acquisitions — — 411 411
Foreign currency translation of non-USD functional currency
subsidiary goodwill (134) (680) (7,793) (8,607)
As of December 31, 2014 $ 178,143 $ 73,068 $ 404,867 $ 656,078
Identifiable Intangible Assets
The following table provides information about our identifiable intangible assets (in thousands):
As of December 31, 2014 As of December 31, 2013
Gross Gross
Carrying Accumulated Carrying Accumulated
Amount Amortization Net Amount Amortization Net
Intangible assets subject to
amortization:
Customer relationships $ 238,959 $ 104,367 $ 134,592 $ 188,276 $ 79,688 $ 108,588
Supplier agreements 33,648 9,052 24,596 33,648 7,310 26,338
Others 33,750 11,308 22,442 19,738 8,634 11,104
306,357 124,727 181,630 241,662 95,632 146,030
Intangible assets not subject to
amortization:
Trademark/trade name rights 31,961 — 31,961 21,172 — 21,172
$ 338,318 $ 124,727 $ 213,591 $ 262,834 $ 95,632 $ 167,202
Intangible amortization expense for 2014, 2013 and 2012 was $29.1 million, $22.4 million and $18.1 million, respectively.