INTANGIBLE ASSETS AND GOODWILL

6 Months Ended

Jun. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

The Company’s intangible assets consist of the following (in thousands):



	June 30, 2012							December 31, 2011
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Amortization Period	Weighted Average Useful Life
Supply and distribution agreements	$	259,384	$	(107,425	)	$	151,959	$	260,288	$	(97,114	)	$	163,174	10 - 13 years	12 years

Technology	22,598		(22,422		)	176		22,982		(22,708		)	274		3 years	3 years

Patents	1,638		(1,423		)	215		1,638		(1,399		)	239		15 years	15 years

Customer lists	19,742		(19,742		)	—		19,923		(19,150		)	773		2 years	2 years

Internet domain names	17,856		(1,909		)	15,947		5,215		(625		)	4,590		2 - 20 years	7 years

Trade names	52,096		(24,361		)	27,735		52,272		(21,192		)	31,080		5 - 20 years	11 years

Other	326		(321		)	5		345		(324		)	21		3 - 10 years	4 years
Total intangible assets	$	373,640	$	(177,603	)	$	196,037	$	362,663	$	(162,512	)	$	200,151

Intangible assets with determinable lives are primarily amortized on a straight-line basis. Intangible asset amortization expense was approximately $8.2 million and $8.6 million for the three months ended June 30, 2012 and 2011, respectively, and $16.4 million and $16.9 million for the six months ended June 30, 2012 and 2011, respectively.

The estimated amortization expense for intangible assets for the remainder of 2012, the annual expense for the next five years, and the expense thereafter is expected to be as follows (in thousands):



2012	$	15,642
2013	30,854
2014	30,777
2015	28,048
2016	25,447
2017	21,764
Thereafter	43,505
	$	196,037

The change in goodwill for the six months ended June 30, 2012 consists of the following (in thousands):



Balance at December 31, 2011	$	504,784
Acquisition	4,462
Currency translation adjustments	(915		)
Balance at June 30, 2012	$	508,331

A substantial majority of the Company’s goodwill relates to the acquisition of Booking.com.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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