XML 32 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2023
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 December 31, 2023 and 2022 were as follows (in millions):
| 2023 |  | 2022
Goodwill | $ | 394.4 |  |  | $ | 386.2 |
Other intangible assets, net | 512.0 |  |  | 524.4 |
Total goodwill and other intangible assets, net | $ | 906.4 |  |  | $ | 910.6 |
The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2023 and 2022 were as follows (in millions):
| Off Road |  | On Road |  | Marine |  | Total
Balance as of December 31, 2021 | $ | 111.7 |  |  | $ | 52.5 |  |  | $ | 227.1 |  |  | $ | 391.3 |
Currency translation effect on foreign goodwill balances | (1.0) |  |  | (4.1) |  |  | — |  |  | (5.1) |
Balance as of December 31, 2022 | $ | 110.7 |  |  | $ | 48.4 |  |  | $ | 227.1 |  |  | $ | 386.2 |
Goodwill acquired | 5.8 |  |  | — |  |  | — |  |  | 5.8 |
Currency translation effect on foreign goodwill balances | 0.1 |  |  | 2.3 |  |  | — |  |  | 2.4 |
Balance as of December 31, 2023 | $ | 116.6 |  |  | $ | 50.7 |  |  | $ | 227.1 |  |  | $ | 394.4 |
During 2020, the Company recorded impairment charges of $270.3 million related to goodwill of the Company’s Aftermarket reporting segment. As part of the Company’s segment reorganization in the second quarter of 2022, the Aftermarket segment was eliminated and historical goodwill impairments of $60.8 million and $20.3 million were allocated to the Off Road and On Road segments, respectively, on a relative fair value basis. The goodwill amounts above are shown net of these impairment charges. The changes in the net carrying amount of other intangible assets for the years ended December 31, 2023 and 2022 were as follows (in millions):
| 2023 |  | 2022
| Gross Amount |  | Accumulated Amortization |  | Gross Amount |  | Accumulated Amortization
Other intangible assets, beginning | $ | 604.4 |  |  | $ | (80.0) |  |  | $ | 618.7 |  |  | $ | (74.8) |
Other intangible assets acquired | 4.9 |  |  | — |  |  | — |  |  | — |
Other intangible assets disposed of | (0.5) |  |  | 0.5 |  |  | (13.4) |  |  | 13.4 |
Amortization expense | — |  |  | (17.7) |  |  | — |  |  | (18.8) |
Currency translation effect on foreign balances | 0.4 |  |  | — |  |  | (0.9) |  |  | 0.2 |
Other intangible assets, ending | $ | 609.2 |  |  | $ | (97.2) |  |  | $ | 604.4 |  |  | $ | (80.0) |
The components of other intangible assets were as follows (in millions):
December 31, 2023 | Weighted-average useful life (years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable - dealer/customer related | 19 |  | 341.2 |  |  | (97.2) |  |  | 244.0 |
Non-amortizable - brand/trade names |  |  | 268.0 |  |  | — |  |  | 268.0 |
Total other intangible assets, net |  |  | $ | 609.2 |  |  | $ | (97.2) |  |  | $ | 512.0 |
December 31, 2022 | Weighted-average useful life (years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable - dealer/customer related | 19 |  | 341.7 |  |  | (80.0) |  |  | 261.7 |
Non-amortizable - brand/trade names |  |  | 262.7 |  |  | — |  |  | 262.7 |
Total other intangible assets, net |  |  | $ | 604.4 |  |  | $ | (80.0) |  |  | $ | 524.4 |
Amortization expense for other intangible assets for the years ended December 31, 2023, 2022 and 2021 was $17.7 million, $18.8 million, and $22.9 million, respectively. Estimated future amortization expense for identifiable other intangible assets during the next five years is as follows (in millions):
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028
Estimated amortization expense | $ | 17.7 |  |  | $ | 17.7 |  |  | $ | 17.7 |  |  | $ | 17.7 |  |  | $ | 17.7 |
The preceding expected amortization expense is an estimate and actual amounts could differ due to additional other intangible asset acquisitions, changes in foreign currency rates, or impairments of other 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 -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration