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Significant Accounting Policies | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Changes in the Company's goodwill by segment during the periods ended December 31, 2024 and 2023 are summarized below:
(in millions) | Propulsion |  |  |  |  |  | Engine P&A |  | Navico Group |  | Boat |  | Total
December 31, 2022 | $ | 14.0 |  |  |  |  |  |  | $ | 232.8 |  |  | $ | 595.8 |  |  | $ | 125.0 |  |  | $ | 967.6 |
Acquisitions | 38.5 |  |  |  |  |  |  | — |  |  | — |  |  | 14.0 |  |  | 52.5 |
Adjustments | 1.6 |  |  |  |  |  |  | 0.2 |  |  | 3.9 |  |  | 4.9 |  |  | 10.6 |
December 31, 2023 | $ | 54.1 |  |  |  |  |  |  | $ | 233.0 |  |  | $ | 599.7 |  |  | $ | 143.9 |  |  | $ | 1,030.7 |
Acquisitions | — |  |  |  |  |  |  | — |  |  | — |  |  | 26.7 |  |  | 26.7 |
Impairments | — |  |  |  |  |  |  | — |  |  | (80.0) |  |  | — |  |  | (80.0) |
Adjustments | (3.3) |  |  |  |  |  |  | (0.4) |  |  | (6.3) |  |  | (1.3) |  |  | (11.3) |
December 31, 2024 | $ | 50.8 |  |  |  |  |  |  | $ | 232.6 |  |  | $ | 513.4 |  |  | $ | 169.3 |  |  | $ | 966.1 |
See Note 4 – Acquisitions for further details on the Company's acquisitions. Adjustments in both periods include the effect of foreign currency translation on goodwill denominated in currencies other than the U.S. dollar. In addition, adjustments during the year ended December 31, 2024 also include $1.6 million of purchase accounting adjustments from the 2023 Fliteboard and Freedom Boat Club acquisitions, primarily related to income taxes. Adjustments during the year ended December 31, 2023 also include $4.8 million of purchase accounting adjustments from 2022 Freedom Boat Club acquisitions, a majority of which related to boat fleet fair market value adjustments. As discussed in Note 1 – Significant Accounting Policies, effective January 1, 2023, we changed our reportable segments. Concurrent with the change in reportable segments, the Navico Group operating segment is now also the reporting unit at which we evaluate goodwill for impairment. As a result of this change, we evaluated impairment indicators at the previous reporting units immediately prior to the change and at the Navico Group reporting unit immediately following the change and concluded there were no indicators of impairment. The Company performed its fourth quarter goodwill impairment assessment and determined the fair value of its reporting units exceeded the carrying value, with the exception of the Navico Group reporting unit. As a result of unfavorable movements in the underlying inputs impacting the discount rate, the Company recorded an $80.0 million impairment of the Navico Group reporting unit's goodwill during the year ended December 31, 2024. Following the impairment charge, the Navico Group reporting unit has goodwill assigned to it of $513.4 million as of December 31, 2024 and its fair value approximates its carrying value. The accumulated impairment loss on Goodwill as of December 31, 2024 was $80.0 million. There was no accumulated impairment loss on Goodwill as of December 31, 2023. The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2024 and 2023, are summarized by intangible asset type below:
| 2024 |  | 2023
(in millions) | Gross Amount |  | Accumulated Amortization |  | Gross Amount |  | Accumulated Amortization
Intangible assets: |  |  |  |  |  |  |
Customer relationships (A) | $ | 909.4 |  |  | $ | (473.5) |  |  | $ | 907.3 |  |  | $ | (428.6) |
Trade names | 304.2 |  |  | — |  |  | 311.5 |  |  | — |
Developed technology (A) | 166.8 |  |  | (35.6) |  |  | 167.5 |  |  | (24.3) |
Other (A) | 113.7 |  |  | (66.7) |  |  | 91.2 |  |  | (46.6) |
Total | $ | 1,494.1 |  |  | $ | (575.8) |  |  | $ | 1,477.5 |  |  | $ | (499.5) |
(A) The weighted average remaining amortization period for Customer relationships, Developed technology and Other intangibles assets was 9.6, 11.6, and 2.9, respectively, as of December 31, 2024. Other intangible assets primarily consist of software, patents and franchise agreements. Gross and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. See Note 4 – Acquisitions for further details on intangibles acquired during 2024 and 2023. Aggregate amortization expense for intangibles was $74.8 million, $68.6 million and $63.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. The following table is the estimated future amortization expense for intangible assets:
(in millions) |
2025 | $ | 75.1 |
2026 | 75.1 |
2027 | 75.1 |
2028 | 74.9 |
2029 | 74.1 |
The Company tests its intangible assets for impairment during the fourth quarter of each year, or whenever a change in events and circumstances (triggering event) occurs that indicates the fair value of intangible assets may be below their carrying values. The Company recorded impairment charges of $5.0 million during the year ended December 31, 2024 related to the Navico trade name as a result of unfavorable movements in the underlying inputs impacting the discount rate. The Company recorded $16.6 million of impairment charges during the year ended December 31, 2023, including a $13.0 million impairment of its Navico trade name as a result of declines in forecasted revenues primarily driven by macroeconomic factors and a decline in market conditions and a $3.0 million impairment associated with the decision to no longer go to market under the Garelick trade name. The Company recorded $17.4 million of impairment charges during the year ended December 31, 2022 related to the Company's decision not to place certain capitalized software intangible assets into service.

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