Goodwill and Intangibles

3 Months Ended

Apr. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles [Text Block]

Goodwill and Other Intangibles

Changes in the Company's goodwill during the three months ended April 2, 2022 and April 3, 2021, by segment, are summarized below:

(in millions)	Propulsion		Parts & Accessories		Boat		Total
December 31, 2021	$	14.7	$	814.9	$	58.8	$	888.4
Adjustments	—		0.7		0.3		1.0
April 2, 2022	$	14.7	$	815.6	$	59.1	$	889.4
December 31, 2020	$	15.3	$	372.5	$	29.9	$	417.7
Acquisitions	—		—		5.3		5.3
Adjustments	(0.3)		—		—		(0.3)
April 3, 2021	$	15.0	$	372.5	$	35.2	$	422.7

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 three months ended April 2, 2022 also include $1.9 million purchase accounting adjustments from 2021 acquisitions. There was no accumulated impairment loss on Goodwill as of April 2, 2022, December 31, 2021 or April 3, 2021.

The Company's intangible assets, included within Other intangibles, net on the Condensed Consolidated Balance Sheets as of April 2, 2022, December 31, 2021 and April 3, 2021, are summarized by intangible asset type below:

	April 2, 2022				December 31, 2021				April 3, 2021
(in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Intangible assets:
Customer relationships	$	889.1	$	(351.9)	$	889.4	$	(340.9)	$	687.7	$	(314.3)
Trade names	305.9		—		306.1		—		166.2		—
Developed technology	160.0		(5.3)		160.0		(2.7)		—		—
Other	64.1		(23.5)		62.0		(21.8)		18.5		(13.8)
Total	$	1,419.1	$	(380.7)	$	1,417.5	$	(365.4)	$	872.4	$	(328.1)

Other intangible assets primarily consist of software, patents and franchise agreements. Gross amounts and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. Aggregate amortization expense for intangibles was $15.9 million and $8.0 million for the three months ended April 2, 2022 and April 3, 2021, respectively.

The Company's intangible assets, included within Other intangibles, net on the Condensed Consolidated Balance Sheets as of April 2, 2022, December 31, 2021 and April 3, 2021, are summarized by segment below:

	April 2, 2022				December 31, 2021				April 3, 2021
(in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Propulsion	$	1.0	$	(0.5)	$	1.0	$	(0.5)	$	1.0	$	(0.5)
Parts & Accessories	1,135.3		(167.8)		1,134.8		(153.4)		618.7		(119.9)
Boat	260.3		(211.2)		260.1		(210.5)		252.7		(207.7)
Corporate	22.5		(1.2)		21.6		(1.0)		—		—
Total	$	1,419.1	$	(380.7)	$	1,417.5	$	(365.4)	$	872.4	$	(328.1)

The Company tests its intangible assets for impairment during the fourth quarter of each year, or whenever a significant change in events and circumstances (triggering event) occurs that indicates the fair value of intangible assets may be below their carrying values. The Company did not record an impairment charge during the three months ended April 2, 2022 or April 3, 2021.