Nautilus 2015 Annual Report Download - page 51
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Please find page 51 of the 2015 Nautilus annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Amortization expense was as follows (in thousands):
Year Ended December 31,
2015
2014
2013
Amortization expense $ 854
$ 2,040 $ 2,050
Future amortization of definite-lived intangible assets is as follows (in thousands):
2016 $ 3,553
2017 3,255
2018 3,162
2019 3,132
2020 3,106
Thereafter 25,094
$ 41,302
(10) ACCRUED LIABILITIES
Accrued liabilities consisted of the following (in thousands):
December 31,
2015
2014
Payroll and related liabilities $ 6,556
$ 5,058
Other 6,471
4,793
$ 13,027
$ 9,851
(11) PRODUCT WARRANTIES
Changes in our product warranty obligations were as follows (in thousands):
2015
2014
2013
Balance, January 1 $ 2,246
$ 1,638 $ 2,492
Accruals 2,302
2,264 1,097
Adjustments —
— (186)
Payments (1,553)
(1,656) (1,765)
Business acquisition (Note 2) 5,550
—
—
Balance, December 31 $ 8,545
$ 2,246 $ 1,638
(12) BORROWINGS
Term Loan and Line of Credit
On December 31, 2015 we entered into an amendment (the “Amendment”) to our existing Credit Agreement, dated December 5, 2014, with JPMorgan Chase
Bank, N.A. (“Chase Bank”) that provided for an $80 million term loan to finance the acquisition described in Note 2, Business Acquisition , above (the “Term
Loan”). The Term Loan and our existing $20 million revolving line of credit with Chase Bank are secured by substantially all of the assets of Nautilus. The Term
Loan matures on December 31, 2020. The Amendment also extended the maturity date of our existing revolving line of credit to December 31, 2020.
The Credit Agreement, as amended, contains customary covenants, including minimum fixed charge coverage ratio and funded debt to EBITDA ratio, and
limitations on capital expenditures, mergers and acquisitions, indebtedness, liens, dispositions, dividends and investments. The Credit Agreement also contains
customary events of default. Upon an event of default, the lender may terminate its credit line commitment, accelerate all outstanding obligations and exercise its
remedies under the continuing security agreement.
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