Polaris 2013 Annual Report Download - page 86

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The components of other intangible assets were as follows (in thousands):
Estimated Life Gross Carrying Accumulated
December 31, 2013 (Years) Amount Amortization Net
Non-compete agreements ................ 5 $ 540 $ (185) $ 355
Dealer/customer related ................. 7 59,244 (8,608) 50,636
Developed technology ................... 5–7 15,307 (4,475) 10,832
Total amortizable ...................... 75,091 (13,268) 61,823
Non-amortizable—brand/trade names ....... 41,188 — 41,188
Total other intangible assets, net ........... $116,279 $(13,268) $103,011
Estimated Life Gross Carrying Accumulated
December 31, 2012 (Years) Amount Amortization Net
Non-compete agreements ................. 5 $ 540 $ (77) $ 463
Dealer/customer related .................. 7 14,702 (1,650) 13,052
Developed technology ................... 5–7 12,974 (2,288) 10,686
Total amortizable ....................... 28,216 (4,015) 24,201
Non-amortizable—brand/trade names ........ 26,691 — 26,691
Total other intangible assets, net ............ $54,907 $(4,015) $50,892
Amortization expense for intangible assets for the year ended December 31, 2013 and 2012 was $9,178,000
and $2,787,000. Estimated amortization expense for 2014 through 2018 is as follows: 2014, $10,918,000; 2015,
$10,918,000; 2016, $10,894,000; 2017, $10,575,000; 2018, $9,068,000; and after 2018, $9,450,000. The preceding
expected amortization expense is an estimate and actual amounts could differ due to additional intangible
asset acquisitions, changes in foreign currency rates or impairment of intangible assets.
Note 6. Income Taxes
Polaris’ income from continuing operations before income taxes was generated from its United States and
foreign operations as follows (in thousands):
For the Years Ended December 31,
2013 2012 2011
United States ................................. $535,265 $458,635 $329,060
Foreign ..................................... 39,164 21,208 17,566
Income from continuing operations before income taxes . . $574,429 $479,843 $346,626
Components of Polaris’ provision for income taxes for continuing operations are as follows (in thousands):
For the Years Ended December 31,
2013 2012 2011
Current:
Federal .................................. $167,690 $169,833 $113,406
State .................................... 12,942 15,366 10,629
Foreign .................................. 15,457 8,593 6,374
Deferred .................................... (2,729) (26,259) (11,358)
Total provision for income taxes for continuing operations $193,360 $167,533 $119,051
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