Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

On March 4, 2019, the Company purchased certain assets and liabilities of StaCyc, Inc. StaCyc produces electric-powered two-wheelers specifically designed for children and supports the Company’s plans to expand its portfolio of electric two-wheeled vehicles. Total consideration of the transaction was $14.9 million including cash paid at acquisition of $7.0 million. The primary assets acquired and included in the Motorcycles segment were goodwill of $9.5 million, which is tax deductible, and intangible assets of $5.3 million.

Changes in the carrying amount of goodwill in the Motorcycles segment for the years ended December 31, was as follows (in thousands):



	2019			2018			2017
Balance, beginning of period	$	55,048		$	55,947		$	53,391
Acquisitions	9,520			—			—
Currency translation	(408		)	(899		)	2,556
Balance, end of period	$	64,160		$	55,048		$	55,947

Intangible assets, excluding goodwill, included in the Motorcycles segment consist primarily of customer relationships and trademarks with useful lives ranging from 5 to 20 years. Intangible assets are amortized on a straight-line basis over their estimated useful lives. Intangible assets are recorded in Other long-term assets on the Consolidated balance sheets. The gross carrying amounts at December 31, 2019 and 2018 differ from the acquisition date amounts due to changes in foreign currency exchange rates. Intangible assets at December 31, were as follows (in thousands):



	2019			2018			2017
Gross carrying amount	$	12,837		$	7,234		$	7,860
Accumulated amortization	(2,240		)	(1,236		)	(950		)
	$	10,597		$	5,998		$	6,910

Amortization of intangible assets, excluding goodwill, is recorded in Selling, administrative and engineering expense on the Consolidated statements of income and was $0.9 million, $0.4 million and $4.2 million for 2019, 2018 and 2017, respectively. Future amortization of the Company's intangible assets as of December 31, 2019 is as follows (in thousands):



2020	$	1,061
2021	1,061
2022	1,061
2023	1,061
2024	820
Thereafter	5,533
	$	10,597

The Financial Services segment had no goodwill or intangible assets at December 31, 2019 and 2018.