Under Armour 2015 Annual Report Download - page 74

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The following table summarizes the Company’s intangible assets as of the periods indicated:
December 31, 2015 December 31, 2014
(In thousands)
Useful Lives
from Date of
Acquisitions
(in years)
Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Intangible assets subject to
amortization:
User base 10 $47,922 $ (3,965) $43,957 $ — $ — $ —
Technology 5-7 19,739 (5,041) 14,698 12,000 (1,907) 10,093
Customer relationships 2-3 10,738 (8,354) 2,384 11,927 (4,692) 7,235
Trade name 4-5 7,663 (3,036) 4,627 5,000 (1,353) 3,647
Nutrition database 10 4,500 (356) 4,144 — — —
Lease-related intangible assets 1-15 3,896 (2,919) 977 3,896 (2,762) 1,134
Other 5-10 1,385 (444) 941 2,196 (893) 1,303
Total $95,843 $(24,115) $71,728 $35,019 $(11,607) $23,412
Indefinite-lived intangible assets 3,958 2,818
Intangible assets, net $75,686 $26,230
Amortization expense, which is included in selling, general and administrative expenses, was $13.9 million,
$8.5 million and $2.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. The
following is the estimated amortization expense for the Company’s intangible assets as of December 31, 2015:
(In thousands)
2016 $13,023
2017 10,530
2018 9,367
2019 9,260
2020 7,256
2021 and thereafter 22,292
Amortization expense of intangible assets $71,728
At December 31, 2015, 2014 and 2013, the Company determined that its goodwill and indefinite-lived
intangible assets were not impaired.
6. Credit Facility and Other Long Term Debt
Credit Facility
In May 2014, the Company entered into a new unsecured $650.0 million credit agreement that provided for
both revolving credit facility borrowings and term loan borrowings and had a term of five years through May
2019, with permitted extensions under certain circumstances. In March 2015, the Company amended the credit
agreement to add an additional $150.0 million of term loan borrowings, resulting in aggregate term loan
borrowings of $350.0 million, and increase revolving credit facility commitments to $800.0 million. As of
December 31, 2015, the Company had $275.0 million of revolving borrowings outstanding under the revolving
credit facility, and $525.0 million of remaining availability.
In January 2016, the Company further amended the credit agreement to increase revolving credit facility
commitments from $800.0 million to $1.25 billion. This amendment also extended the term of the revolving
credit facility and the remaining outstanding term loans under the credit agreement from May 2019 to January
66