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Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2012
Significant Accounting Policies  
Accounts Receivable Purchase Agreement

Accounts Receivable Purchase Agreement

 

We have a Receivables Purchase Agreement (“RPA”) to sell up to $125.0 million of certain of our accounts receivable. On our sold receivables, we are charged a discount margin equivalent to a floating market rate plus 2% and certain other fees, as applicable and we retain a beneficial interest in certain of the sold accounts receivable which is included in accounts receivable, net in the accompanying consolidated balance sheets.

 

As of June 30, 2012, we had sold accounts receivable of $96.1 million and retained a beneficial interest of $14.3 million.  During the three and six months ended June 30, 2012, the fees and interest paid under the receivables purchase agreement were not significant.
Goodwill

Goodwill

 

During the first six months of 2012, we recorded goodwill of $6.1 million in our aviation segment in connection with two acquisitions completed during the period, which were not material individually or in the aggregate.  In addition, based on our ongoing fair value assessment of certain of our 2011 acquisitions since December 31, 2011, we reclassified $2.9 million in goodwill from our aviation segment to our land segment and increased aviation segment goodwill by $1.8 million as a result of the reclassification of $1.1 million from identifiable intangible assets and a $0.7 million purchase price adjustment.  We had a reduction in goodwill of $0.5 million as a result of foreign currency translation adjustments of our Brazilian subsidiary in our marine segment.