Harley Davidson 2015 Annual Report Download - page 66

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66
Total amortization expense of other intangible assets for 2015 was $2.8 million. There was no amortization expense of
other intangible assets for 2014. The Company estimates future amortization to be as follows (in thousands):
Estimated Amortization
2016 6,756
2017 4,091
2018 360
2019 360
2020 360
Thereafter 5,027
Total $ 16,954
The Financial Services segment had no goodwill or intangible assets at December 31, 2015 and December 31, 2014.
5. Finance Receivables
Finance receivables, net at December 31 for the past five years were as follows (in thousands):
2015 2014 2013 2012 2011
Wholesale
United States $ 965,379 $ 903,380 $ 800,491 $ 776,633 $ 778,320
Canada 58,481 48,941 44,721 39,771 46,320
Total wholesale 1,023,860 952,321 845,212 816,404 824,640
Retail
United States 5,803,071 5,398,006 5,051,245 4,850,450 4,858,781
Canada 188,400 209,918 213,799 222,665 228,709
Total retail 5,991,471 5,607,924 5,265,044 5,073,115 5,087,490
7,015,331 6,560,245 6,110,256 5,889,519 5,912,130
Allowance for credit losses (147,178) (127,364)(110,693)(107,667)(125,449)
Total finance receivables, net $ 6,868,153 $ 6,432,881 $ 5,999,563 $ 5,781,852 $ 5,786,681
HDFS offers wholesale financing to the Company’s independent dealers. Wholesale loans to dealers are generally
secured by financed inventory or property and are originated in the U.S. and Canada. Wholesale finance receivables are related
primarily to motorcycles and related parts and accessories sales.
HDFS provides retail financial services to customers of the Company’s independent dealers in the U.S. and Canada. The
origination of retail loans is a separate and distinct transaction between HDFS and the retail customer, unrelated to the
Company’s sale of product to its dealers. Retail finance receivables consist of secured promissory notes and secured installment
contracts and are primarily related to sales of motorcycles to the dealers’ customers. HDFS holds either titles or liens on titles to
vehicles financed by promissory notes and installment sales contracts. As of December 31, 2015 and 2014, approximately 12%
of gross outstanding finance receivables were originated in Texas; there were no other states that accounted for more than 10%.
Unused lines of credit extended to the Company's wholesale finance customers totaled $1.27 billion and $1.01 billion at
December 31, 2015 and 2014, respectively. Approved but unfunded retail finance loans totaled $169.6 million and $168.7
million at December 31, 2015 and 2014, respectively.