Pitney Bowes 2014 Annual Report Download - page 67

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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share amounts)
57
8. Intangible Assets and Goodwill
Intangible assets
Intangible assets at December 31, 2014 and 2013 consisted of the following:
December 31, 2014 December 31, 2013
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Customer relationships $ 337,438 $ (263,121) $ 74,317 $ 354,373 $ (251,388) $ 102,985
Supplier relationships 29,000 (27,913) 1,087 29,000 (25,013) 3,987
Software & technology 160,825 (154,610) 6,215 167,009 (155,009) 12,000
Trademarks & other 33,079 (32,525) 554 42,773 (41,358) 1,415
Total intangible assets, net $ 560,342 $ (478,169) $ 82,173 $ 593,155 $ (472,768) $ 120,387
Amortization expense for intangible assets was $34 million, $37 million and $41 million for the years ended December 31, 2014, 2013
and 2012, respectively. The future amortization expense for intangible assets at December 31, 2014 was as follows:
Year ended December 31,
2015 $ 28,827
2016 22,061
2017 10,949
2018 8,321
2019 5,257
Thereafter 6,758
Total $ 82,173
Actual amortization expense may differ from the amounts above due to, among other things, fluctuations in foreign currency exchange
rates, acquisitions, divestitures and impairment charges.