Deferred Sales Commissions, Net

12 Months Ended

Dec. 31, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Sales Commissions, Net

Deferred Sales Commissions, Net

The components of deferred sales commissions, net for the years ended December 31, 2016 and 2015 were as follows (excluding amounts related to fully amortized deferred sales commissions):

	December 31,
	2016			2015
	(in thousands)
Carrying amount of deferred sales commissions	$	903,252		$	970,671
Less: Accumulated amortization	(565,681		)	(606,963		)
Cumulative CDSC received	(273,681		)	(264,638		)
Deferred sales commissions, net	$	63,890		$	99,070

Amortization expense was $41.1 million, $49.1 million and $41.5 million for the years ended December 31, 2016, 2015 and 2014, respectively. Estimated future amortization expense related to the December 31, 2016 net asset balance, assuming no additional CDSC is received in future periods, is as follows (in thousands):

2017	$	32,206
2018	21,092
2019	7,688
2020	2,864
2021	36
2022	4
	$	63,890