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STAMPS.COM INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
We have amortizable and non-amortizable intangible assets consisting of patents, trademarks, lease-in-place intangible assets, developed
technology, non-compete agreements and customer relationships.
The following table summarizes our amortizable and non-amortizable intangible assets as of December 31, 2014 (in thousands):
We recorded amortization of intangible assets totaling approximately $1.6 million, $215,000 and $269,000 for the years ended December 31,
2014, 2013 and 2012, respectively, which is included in general and administrative expense in our accompanying consolidated statements of
income.
As of December 31, 2014, the remaining weighted average amortization period for our amortizable intangible assets is approximately 6.7 years.
Our estimated amortization expense for the next five years and thereafter is as follows (in thousands):
Our cash equivalents and investments consist of money market, U.S. government obligations, asset-backed securities and public corporate debt
securities at December 31, 2014 and 2013. We consider all highly liquid investments with an original or remaining maturity of three months or
less at the date of purchase to be cash equivalents. All of our investments are classified as available for sale and are recorded at market value
using the specific identification method. Realized gains and losses are reflected in other income, net using the specific identification method.
There was no material realized gain or loss with respect to our investments during 2014, 2013 and 2012. Unrealized gains and losses are
included as a separate component of stockholders' equity. We do not intend to sell investments with an amortized cost basis exceeding fair value,
and it is not likely that we will be required to sell the investments before recovery of their amortized cost bases. We have six securities with a
total fair value of $2.7 million that have unrealized losses of approximately $10,000 as of December 31, 2014.
F-20
Table of Contents
Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Patents and others
$
9,378
$
8,514
$
864
Customer Relationship
11,300
751
10,549
Technology
7,000
449
6,551
Non
-
Compete
1,100
114
986
Trademark
700
80
620
Total Intangible assets at December 31, 2014
$
29,478
$
9,908
$
19,570
Twelve Month Period Ending December 31,
Estimated
Amortization
Expense
2015
$
2,982
2016
2,949
2017
2,923
2018
2,705
2019
2,472
Thereafter
4,992
5. Cash, Cash Equivalents and Investments