Goodwill and Other Intangible Assets
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Dec. 31, 2014
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets ASC Topic 350 prohibits the amortization of goodwill and intangible assets with indefinite useful lives. Topic 350 requires that these assets be reviewed for impairment at least annually. An impairment charge for goodwill is recognized only when the estimated fair value of a reporting unit, including goodwill, is less than its carrying amount. The Company performed the annual impairment test as of December 31, 2014 and 2013. The results of the impairment test indicated that no goodwill or intangible impairment existed as of the test date. The Company has had no historical impairments of goodwill. In accordance with Topic 350, the Company will continue to complete an impairment analysis on an annual basis or more frequently if an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount occurs. Goodwill and other intangible assets, net, consist of $123,031,000 and $126,697,000 of goodwill and $100,935,000 and $103,011,000 of intangible assets, net of accumulated amortization, for the periods ended December 31, 2014 and 2013, respectively. Additions to goodwill and other intangible assets in 2014 relate primarily to the acquisition of Kolpin Outdoors, Inc. ("Kolpin") in April 2014, and the acquisition of certain assets of LSI Products Inc. and Armor Holdings, LLC. (collectively, "Pro Armor") in November 2014. Kolpin is a leading aftermarket brand delivering purpose-built and universal-fit ORV accessories and lifestyle products. Pro Armor is an industry-leading brand in performance side-by-side accessories. For both acquisitions, the respective aggregate purchase price was allocated on a preliminary basis to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Kolpin and Pro Armor's financial results are included in the Company’s consolidated results from the respective dates of acquisition. Pro forma financial results are not presented as the acquisitions are not material to the consolidated financial statements. As of December 31, 2014, the purchase price allocation for Pro Armor remains preliminary. The changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013 are as follows (in thousands):
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):
The components of other intangible assets were as follows (in thousands):
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. |