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Investment in Other Affiliates
12 Months Ended
Dec. 31, 2020
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Investment in Other Affiliates Investment in Other Affiliates
The Company has certain investments in nonmarketable securities of strategic companies. The Company had $7.5 million of investments as of December 31, 2020 and no such investments as of December 31, 2019. These investments are recorded as a component of other long-term assets in the accompanying consolidated balance sheets. The Company impairs an investment and recognize a loss if and when events or circumstances indicate there is impairment in the investment that is other-than-temporary. When necessary, the Company evaluates investments in nonmarketable securities for impairment, utilizing level 3 fair value inputs.
During 2018, the Company had an investment in Eicher-Polaris Private Limited (“EPPL”) a joint venture established in 2012 with Eicher Motors Limited (“Eicher”) intended to design, develop and manufacture a full range of new vehicles for India and other emerging markets. However, during the first quarter of 2018, the Board of Directors of EPPL approved a shut down of the operations of the EPPL joint venture. As a result of the closure, the Company recognized $27.0 million of costs, including impairment, associated with the wind-down of EPPL for the year ended December 31, 2018. The investment was fully impaired as of December 31, 2018.
As a result of the Victory® Motorcycles wind down, the Company recognized an impairment of substantially all of its cost-method investment in Brammo, Inc. in the first quarter of 2017. In October 2017, an agreement was signed to sell the assets of Brammo, Inc. to a third party. The sale was completed in the fourth quarter of 2017, extinguishing the Company’s investment. During the first quarter of 2018, the Company received additional distributions from Brammo and recognized a gain of $13.5 million, which is included in Other (income) expense on the consolidated statements of income.