Invacare 2015 Annual Report Download - page 88

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INVACARE CORPORATION AND SUBSIDIAIRIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
FS-16
Other Current Assets
Other current assets as of December 31, 2015 and 2014 consist of the following (in thousands):
2015 2014
Value added tax receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,031 $ 21,273
Recoverable income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367 261
Derivatives (foreign currency forward contracts). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,143 520
Prepaid insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,538 2,713
Prepaid and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,380 12,031
$ 34,459 $ 36,798
Other Long-Term Assets
Other long-term assets as of December 31, 2015 and 2014 consist of the following (in thousands):
2015 2014
Cash surrender value of life insurance policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,674 $ 15,765
Deferred financing fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,088 408
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 249
Long-term installment receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 648 857
Long-term deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 908 613
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 1,161
$ 4,659 $ 19,053
The company sold life insurance policies of $11,902,000 and $21,338,000 in 2015 and 2014, respectively, to fund payments
as the result of the retirement of certain executive officers of the company.
Property and Equipment
Property and equipment as of December 31, 2015 and 2014 consist of the following (in thousands):
2015 2014
Machinery and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 299,721 $ 318,286
Land, buildings and improvements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,830 81,219
Furniture and fixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,031 11,738
Leasehold improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,966 14,517
395,548 425,760
Less allowance for depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (316,865)(346,101)
$ 78,683 $ 79,659
In the fourth quarter of 2015, the company wrote off $4,031,000 of costs previously capitalized associated with a canceled
legacy software program based on a change in the North America/HME IT strategy.