XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.22.2

Goodwill and Other Intangible Assets | 6 Months Ended
--- | ---
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets, net of accumulated amortization, as of June 30, 2022 and December 31, 2021 are as follows (in millions):
| June 30, 2022 |  | December 31, 2021
Goodwill | $ | 385.5 |  |  | $ | 391.3 |
Other intangible assets, net | 533.2 |  |  | 543.9 |
Total goodwill and other intangible assets, net | $ | 918.7 |  |  | $ | 935.2 |
The changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2022 and 2021 are as follows (in millions):
| Off-Road |  | On-Road |  | Marine |  | Total
Goodwill | 172.5 |  |  | 72.8 |  |  | 227.1 |  |  | $ | 472.4 |
Accumulated goodwill impairment losses | (60.8) |  |  | (20.3) |  |  | — |  |  | (81.1) |
Balance as of December 31, 2021 | $ | 111.7 |  |  | $ | 52.5 |  |  | $ | 227.1 |  |  | $ | 391.3 |
Currency translation effect on foreign goodwill balances | (0.5) |  |  | (5.3) |  |  | — |  |  | (5.8) |
Goodwill | 172.0 |  |  | 67.5 |  |  | 227.1 |  |  | 466.6 |
Accumulated goodwill impairment losses | (60.8) |  |  | (20.3) |  |  | — |  |  | (81.1) |
Balance as of June 30, 2022 | $ | 111.2 |  |  | $ | 47.2 |  |  | $ | 227.1 |  |  | $ | 385.5 |
| Off-Road |  | On-Road |  | Marine |  | Total
Goodwill | 172.4 |  |  | 78.9 |  |  | 227.1 |  |  | $ | 478.4 |
Accumulated goodwill impairment losses | (60.8) |  |  | (20.3) |  |  | — |  |  | (81.1) |
Balance as of December 31, 2020 | $ | 111.6 |  |  | $ | 58.6 |  |  | $ | 227.1 |  |  | $ | 397.3 |
Currency translation effect on foreign goodwill balances | 0.2 |  |  | (2.4) |  |  | — |  |  | (2.2) |
Goodwill | 172.6 |  |  | 76.5 |  |  | 227.1 |  |  | 476.2 |
Accumulated goodwill impairment losses | (60.8) |  |  | (20.3) |  |  | — |  |  | (81.1) |
Balance as of June 30, 2021 | $ | 111.8 |  |  | $ | 56.2 |  |  | $ | 227.1 |  |  | $ | 395.1 |
The accumulated goodwill impairment losses recorded relate to the Company’s $270.3 million goodwill impairment of its Aftermarket segment in 2020. As part of the Company’s segment reorganization in the second quarter of 2022, the Aftermarket segment was eliminated and historical goodwill impairments were allocated to existing segments on a relative fair value basis. The components of other intangible assets were as follows ($ in millions):
| Weighted-average useful life (years) |  | June 30, 2022 |  | December 31, 2021
Non-amortizable—indefinite lived: |  |  |  |  |
Brand/trade names |  |  | $ | 262.5 |  |  | $ | 263.5 |
Amortizable: |  |  |  |  |
Non-compete agreements | 4 |  | 2.6 |  |  | 2.6 |
Dealer/customer related | 19 |  | 344.3 |  |  | 349.7 |
Developed technology | 7 |  | 0.7 |  |  | 2.9 |
Total amortizable | 19 |  | 347.6 |  |  | 355.2 |
Less: Accumulated amortization |  |  | (76.9) |  |  | (74.8) |
Net amortized other intangible assets |  |  | 270.7 |  |  | 280.4 |
Total other intangible assets, net |  |  | $ | 533.2 |  |  | $ | 543.9 |
Amortization expense for intangible assets was $4.8 million and $5.5 million for the three months ended June 30, 2022 and 2021, respectively, and $9.8 million and $11.4 million for the six months ended June 30, 2022 and 2021, respectively. Estimated amortization expense for the remainder of 2022 through 2027 is as follows: 2022 (remainder), $9.0 million; 2023, $17.7 million; 2024, $17.7 million; 2025, $17.7 million; 2026, $17.7 million; 2027, $17.7 million; and after 2027, $173.2 million. 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 impairments of intangible assets.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration