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Goodwill and Other Intangible Assets
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill and other intangible assets, net of accumulated amortization, as of December 31, 2022 and 2021 are as follows (in millions):
20222021
Goodwill$386.2 $391.3 
Other intangible assets, net524.4 543.9 
Total goodwill and other intangible assets, net$910.6 $935.2 
There were no material additions to goodwill and other intangible assets in 2022 and 2021. The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2022 and 2021 were as follows (in
millions):
Off RoadOn RoadMarineTotal
Balance as of December 31, 2020$111.6 $58.6 $227.1 $397.3 
Currency translation effect on foreign goodwill balances0.1 (6.1)— (6.0)
Balance as of December 31, 2021$111.7 $52.5 $227.1 $391.3 
Currency translation effect on foreign goodwill balances(1.0)(4.1)— (5.1)
Balance as of December 31, 2022$110.7 $48.4 $227.1 $386.2 
During 2020, the Company recorded impairment charges of $270.3 million related to goodwill of the Company’s Aftermarket reporting segment. As part of the Company’s segment reorganization in the second quarter of 2022, the Aftermarket segment was eliminated and historical goodwill impairments of $60.8 million and $20.3 million were allocated to the Off Road and On Road segments, respectively, on a relative fair value basis. The goodwill amounts above are shown net of these impairment charges.
For other intangible assets, the changes in the net carrying amount for the years ended December 31, 2022 and 2021 are as follows (in millions):
20222021
Gross
Amount
Accumulated
Amortization
Gross
Amount
Accumulated
Amortization
Other intangible assets, beginning $618.7 $(74.8)$645.7 $(72.6)
Intangible assets disposed of during the period(13.4)13.4 (25.8)20.7 
Amortization expense — (18.8)— (22.9)
Currency translation effect on foreign balances(0.9)0.2 (1.2)— 
Other intangible assets, ending $604.4 $(80.0)$618.7 $(74.8)
The components of other intangible assets were as follows (in millions):
December 31, 2022Weighted-average useful life (years)Gross Carrying
Amount
Accumulated
Amortization
Net
Dealer/customer related
19341.7 (80.0)261.7 
Total amortizable
19341.7 (80.0)261.7 
Non-amortizable—brand/trade names
262.7 — 262.7 
Total other intangible assets, net
$604.4 $(80.0)$524.4 
December 31, 2021Weighted-average useful life (years)Gross Carrying
Amount
Accumulated
Amortization
Net
Non-compete agreements4$2.6 $(2.3)$0.3 
Dealer/customer related
19349.7 (69.7)280.0 
Developed technology
72.9 (2.8)0.1 
Total amortizable
19355.2 (74.8)280.4 
Non-amortizable—brand/trade names
263.5 — 263.5 
Total other intangible assets, net
$618.7 $(74.8)$543.9 
Amortization expense for intangible assets for the year ended December 31, 2022, 2021, and 2020 was $18.8 million, $22.9 million, and $24.4 million, respectively. Estimated future amortization expense for identifiable intangible assets during the next five years is as follows (in millions):
20232024202520262027
Estimated amortization expense$17.7 $17.7 $17.7 $17.7 $17.7 
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.