Polaris 2014 Annual Report Download - page 88

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For other intangible assets, the changes in the net carrying amount for the years ended December 31, 2014
and 2013 are as follows (in thousands):
2014 2013
Gross Accumulated Gross Accumulated
Amount Amortization Amount Amortization
Other intangible assets, beginning .............. $116,279 $(13,268) $ 54,907 $ (4,015)
Intangible assets acquired during the period ...... 16,050 — 57,388 —
Amortization expense ....................... — (11,599) — (9,178)
Currency translation effect on foreign balances .... (8,236) 1,709 3,984 (75)
Other intangible assets, ending ................ $124,093 $(23,158) $116,279 $(13,268)
The components of other intangible assets were as follows (in thousands):
Estimated Life Gross Carrying Accumulated
December 31, 2014 (Years) Amount Amortization Net
Non-compete agreements ................ 5 $ 540 $ (293) $ 247
Dealer/customer related ................. 7 62,758 (16,361) 46,397
Developed technology ................... 5–7 14,571 (6,504) 8,067
Total amortizable ...................... 77,869 (23,158) 54,711
Non-amortizable—brand/trade names ....... 46,224 — 46,224
Total other intangible assets, net ........... $124,093 $(23,158) $100,935
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
Amortization expense for intangible assets for the year ended December 31, 2014 and 2013 was $11,599,000
and $9,178,000. Estimated amortization expense for 2015 through 2019 is as follows: 2015, $11,300,000; 2016,
$11,300,000; 2017, $11,000,000; 2018, $9,500,000; 2019, $8,200,000; and after 2019, $3,400,000. 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,
2014 2013 2012
United States ................................. $666,323 $535,265 $458,635
Foreign ..................................... 32,994 39,164 21,208
Income from continuing operations before income taxes . . $699,317 $574,429 $479,843
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