Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

On March 4, 2019, the Company purchased certain assets and liabilities of StaCyc, Inc. for total consideration of $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 was 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): 

	2020		2019		2018
Balance, beginning of period	$	64,160	$	55,048	$	55,947
Acquisitions	—		9,520		—
Currency translation	1,816		(408)		(899)
Balance, end of period	$	65,976	$	64,160	$	55,048

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, 2020 and 2019 differ from the acquisition date amounts due to changes in foreign currency exchange rates. Intangible assets at December 31, were as follows (in thousands):

	2020		2019		2018
Gross carrying amount	$	12,979	$	12,837	$	7,234
Accumulated amortization	(3,350)		(2,240)		(1,236)
	$	9,629	$	10,597	$	5,998

Amortization of intangible assets, excluding goodwill, recorded in Selling, administrative and engineering expense on the Consolidated statements of operations was $1.1 million, $0.9 million and $0.4 million for 2020, 2019 and 2018, respectively. Future amortization of the Company's intangible assets as of December 31, 2020 is as follows (in thousands):

2021	$	1,072
2022	1,072
2023	1,072
2024	830
2025	750
Thereafter	4,833
	$	9,629

The Financial Services segment had no goodwill or intangible assets at December 31, 2020 and 2019.