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Table of Contents
CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Other Intangible Assets
A summary of intangible assets at December 31, 2015 and 2014 is as follows:
(in millions)
December 31, 2015
Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying Amount
Customer relationships and contracts
$ 2,128.3
$ 1,162.0
$ 966.3
Trade name
422.3
173.9
248.4
Internally developed software
136.5
77.7
58.8
Other
5.8
2.9
2.9
Total
$ 2,692.9
$ 1,416.5
$ 1,276.4
December 31, 2014
Customer relationships
$ 1,859.7
$ 1,012.1
$ 847.6
Trade name
421.0
152.0
269.0
Internally developed software
110.1
58.9
51.2
Other
3.2
2.2
1.0
Total
$ 2,394.0
$ 1,225.2
$ 1,168.8
During the years ended December 31, 2015 and 2014 , the Company recorded disposals of $6.1 million and $41.7 million , respectively, to remove fully amortized
internally developed software assets that were no longer in use.
Amortization expense related to intangible assets for the years ended December 31, 2015, 2014 and 2013 is $198.8 million , $182.1 million and $181.0 million ,
respectively.
Estimated future amortization expense related to intangible assets for the next five years is as follows:
(in millions)
Years ending December 31,
Estimated Future Amortization
Expense
2016
$ 213.7
2017
207.1
2018
191.3
2019
178.0
2020
157.3
6. Inventory Financing Agreements
The Company has entered into agreements with certain financial intermediaries to facilitate the purchase of inventory from various suppliers under certain terms
and conditions, as described below. These amounts are classified separately as Accounts payable-inventory financing on the accompanying Consolidated Balance
Sheets. The Company does not incur any interest expense associated with these agreements as balances are paid when they are due.
Amounts included in accounts payable-inventory financing are as follows:
December 31,
(in millions)
2015
2014
Revolving Loan inventory financing agreement
$ 427.0
$ 330.1
Other inventory financing agreements
12.6
2.0
Accounts payable-inventory financing
$ 439.6
$ 332.1
As described in Note 8 (Long-Term Debt) , in June 2014, the Company entered into a new senior secured asset-based revolving credit facility, which incorporates
the previous inventory floorplan sub-facility and, among other changes,
72