Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets, net of accumulated amortization, as of March 31, 2022 and December 31, 2021 are as follows (in millions):


	March 31, 2022		December 31, 2021
Goodwill	$	390.3	$	391.3
Other intangible assets, net	639.1		646.2
Total goodwill and other intangible assets, net	$	1,029.4	$	1,037.5

The changes in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2022 and 2021 are as follows (in millions):


	Off-Road		On-Road		Marine		Aftermarket		Total
Goodwill	111.7		52.5		227.1		270.3		$	661.6
Accumulated goodwill impairment losses	—		—		—		(270.3)		(270.3)
Balance as of December 31, 2021	$	111.7	$	52.5	$	227.1	$	—	$	391.3

Currency translation effect on foreign goodwill balances	0.2		(1.2)		—		—		(1.0)

Goodwill	111.9		51.3		227.1		270.3		660.6
Accumulated goodwill impairment losses	—		—		—		(270.3)		(270.3)
Balance as of March 31, 2022	$	111.9	$	51.3	$	227.1	$	—	$	390.3


	Off-Road		On-Road		Marine		Aftermarket		Total
Goodwill	111.6		58.6		227.1		270.3		$	667.6
Accumulated goodwill impairment losses	—		—		—		(270.3)		(270.3)
Balance as of December 31, 2020	$	111.6	$	58.6	$	227.1	$	—	$	397.3

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

Goodwill	111.5		55.1		227.1		270.3		664.0
Accumulated goodwill impairment losses	—		—		—		(270.3)		(270.3)
Balance as of March 31, 2021	$	111.5	$	55.1	$	227.1	$	—	$	393.7

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


	Weighted-average useful life (years)	March 31, 2022		December 31, 2021
Non-amortizable—indefinite lived:
Brand/trade names		$	329.8	$	330.1
Amortizable:
Non-compete agreements	4	2.6		2.6
Dealer/customer related	18	424.1		437.6
Developed technology	7	2.9		9.9
Total amortizable	17	429.6		450.1
Less: Accumulated amortization		(120.3)		(134.0)
Net amortized other intangible assets		309.3		316.1
Total other intangible assets, net		$	639.1	$	646.2

Amortization expense for intangible assets was $6.9 million and $8.7 million for the three months ended March 31, 2022 and 2021, respectively. Estimated amortization expense for the remainder of 2022 through 2027 is as follows: 2022 (remainder), $19.4 million; 2023, $25.1 million; 2024, $25.0 million; 2025, $25.0 million; 2026, $23.8 million; 2027, $17.7 million; and after 2027, $173.3 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.