Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets, net of accumulated amortization, at March 31, 2021 and December 31, 2020 are as follows (in millions):


	March 31, 2021		December 31, 2020
Goodwill	$	393.7	$	397.3
Other intangible assets, net	677.1		686.4
Total goodwill and other intangible assets, net	$	1,070.8	$	1,083.7

The changes in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2021 and 2020 are as follows (in millions):


	ORV/Snowmobiles		Motorcycles		Global Adjacent Markets		Aftermarket		Boats		Total Polaris
Goodwill	72.9		5.2		92.1		270.3		227.1		$	667.6
Accumulated goodwill impairment losses	—		—		—		(270.3)		—		(270.3)
Balance as of December 31, 2020	$	72.9	$	5.2	$	92.1	$	—	$	227.1	$	397.3


Currency translation effect on foreign goodwill balances	(0.1)		—		(3.5)		—		—		(3.6)

Goodwill	72.8		5.2		88.6		270.3		227.1		664.0
Accumulated goodwill impairment losses	—		—		—		(270.3)		—		(270.3)
Balance as of March 31, 2021	$	72.8	$	5.2	$	88.6	$	—	$	227.1	$	393.7


	ORV/Snowmobiles		Motorcycles		Global Adjacent Markets		Aftermarket		Boats		Total Polaris
Goodwill	72.0		5.2		85.2		270.4		227.1		$	659.9
Accumulated goodwill impairment losses	—		—		—		—		—		—
Balance as of December 31, 2019	$	72.0	$	5.2	$	85.2	$	270.4	$	227.1	$	659.9


Currency translation effect on foreign goodwill balances	(0.5)		—		(0.9)		(0.1)		—		(1.5)

Goodwill	71.5		5.2		84.3		270.3		227.1		658.4
Accumulated goodwill impairment losses	—		—		—		—		—		—
Balance as of March 31, 2020	$	71.5	$	5.2	$	84.3	$	270.3	$	227.1	$	658.4

The components of other intangible assets were as follows ($ in millions):


	Weighted-average useful life (years)	March 31, 2021		December 31, 2020
Non-amortizable—indefinite lived:
Brand/trade names		$	333.7	$	334.3
Amortizable:
Non-compete agreements	4	2.6		2.6
Dealer/customer related	17	460.3		460.3
Developed technology	5	9.8		9.9
Total amortizable	16	472.7		472.8
Less: Accumulated amortization		(129.3)		(120.7)
Net amortized other intangible assets		343.4		352.1
Total other intangible assets, net		$	677.1	$	686.4

Amortization expense for intangible assets was $8.7 million and $10.0 million for the three months ended March 31, 2021 and 2020, respectively. Estimated amortization expense for the remainder of 2021 through 2026 is as follows: 2021 (remainder), $24.6 million; 2022, $28.3 million; 2023, $25.7 million; 2024, $25.0 million; 2025, $25.0 million; 2026, $23.8 million; and after 2026, $191.0 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.