Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Goodwill and Other Intangibles

Effective January 1, 2020, the Company changed its management reporting and updated its reportable segments to Propulsion, Parts and Accessories (P&A) and Boat (inclusive of Business Acceleration) to align with its strategy. Refer to Note 6 –Segment Information for further information on the Company's reportable segments. As a result, the Company reallocated goodwill to its reporting units within the Propulsion and P&A segments based on each reporting unit's relative fair value.

Changes in the Company's goodwill during the period ended December 31, 2020, by segment, are summarized below:

(in millions)	2019		Acquisitions		Adjustments		2020
Propulsion	$	14.5	$	—	$	0.8	$	15.3
Parts & Accessories	371.9		—		0.6		372.5
Boat	28.6		—		1.3		29.9
Total	$	415.0	$	—	$	2.7	$	417.7

Changes in the Company's goodwill during the period ended December 31, 2019, by segment, are summarized below:

(in millions)	2018		Acquisitions		Adjustments		2019
Propulsion	$	14.6	$	—	$	(0.1)	$	14.5
Parts & Accessories	360.5		—		11.4		371.9
Boat	2.2		26.0		0.4		28.6
Total	$	377.3	$	26.0	$	11.7	$	415.0

Adjustments in the Boat segment for 2020 relate to finalizing purchase accounting related to the Freedom Boat Club acquisition, primarily related to deferred taxes. Adjustments in the Parts and Accessories segment for 2019 mainly relate to finalizing purchase accounting related to the Power Products acquisition. See Note 5 – Acquisitions for further details on the

Company's acquisitions. Adjustments in both periods include the effect of foreign currency translation on goodwill denominated in currencies other than the U.S. dollar.

As of December 31, 2020 and 2019, the Company had no accumulated impairment loss on Goodwill.

The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2020 and 2019, are summarized by intangible asset type below:

	2020				2019
(in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Intangible assets:
Customer relationships (A)	$	687.7	$	(306.4)	$	687.0	$	(274.6)
Trade names	166.2		—		165.8		—
Other (A)	18.5		(13.7)		18.4		(13.1)
Total	$	872.4	$	(320.1)	$	871.2	$	(287.7)

(A) The weighted average remaining amortization period for Customer relationships and Other intangibles assets were 12.1 years and 11.2 years, respectively, as of December 31, 2020.

The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2020 and 2019, are summarized by segment below:

	2020				2019
(in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Propulsion	$	1.0	$	(0.5)	$	1.0	$	(0.5)
Parts & Accessories	618.8		(112.4)		617.6		(81.9)
Boat	252.6		(207.2)		252.6		(205.3)
Total	$	872.4	$	(320.1)	$	871.2	$	(287.7)

See Note 5 – Acquisitions for further details on intangibles acquired during 2019.

Aggregate amortization expense for intangibles was $31.9 million, $31.6 million and $14.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. Estimated amortization expense for intangible assets is $31.9 million for the year ending December 31, 2021, $31.6 million in 2022, $31.1 million in 2023, $31.1 million in 2024, and $31.1 million in 2025.