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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023 were as follows (in millions):
20242023
Goodwill$393.5 $394.4 
Other intangible assets, net542.7 512.0 
Total goodwill and other intangible assets, net$936.2 $906.4 
The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2024 and 2023 were as follows (in millions):
Off RoadOn RoadMarineTotal
Balance as of December 31, 2022$110.7 $48.4 $227.1 $386.2 
Goodwill acquired5.8 — — 5.8 
Currency translation effect on foreign goodwill balances0.1 2.3 — 2.4 
Balance as of December 31, 2023$116.6 $50.7 $227.1 $394.4 
Goodwill acquired and related adjustments0.4 — 3.5 3.9 
Currency translation effect on foreign goodwill balances(0.8)(4.0)— (4.8)
Balance as of December 31, 2024$116.2 $46.7 $230.6 $393.5 
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.
The changes in the net carrying amount of other intangible assets for the years ended December 31, 2024 and 2023 were as follows (in millions):
20242023
Gross AmountAccumulated AmortizationGross AmountAccumulated Amortization
Other intangible assets, beginning $609.2 $(97.2)$604.4 $(80.0)
Other intangible assets acquired62.7 — 4.9 — 
Other intangible assets disposed of(0.1)0.1 (0.5)0.5 
Other intangible assets impaired(9.5)— — — 
Amortization expense — (21.9)— (17.7)
Currency translation effect on foreign balances(0.6)— 0.4 — 
Other intangible assets, ending $661.7 $(119.0)$609.2 $(97.2)
The components of other intangible assets were as follows (in millions):
December 31, 2024Weighted-average useful life (years)Gross Carrying AmountAccumulated AmortizationNet
Amortizable - dealer/customer related
19341.2 (114.8)226.4 
Amortizable - developed technology1062.7 (4.2)58.5 
Non-amortizable - brand/trade names
257.8 — 257.8 
Total other intangible assets, net
18$661.7 $(119.0)$542.7 
December 31, 2023Weighted-average useful life (years)Gross Carrying AmountAccumulated AmortizationNet
Amortizable - dealer/customer related
19341.2 (97.2)244.0 
Non-amortizable - brand/trade names
268.0 — 268.0 
Total other intangible assets, net
$609.2 $(97.2)$512.0 
In the fourth quarter of 2024, as a result of financial performance for certain brand/trade names, the Company recorded impairment charges of $9.5 million related to non-amortizable brand/trade name other intangible assets within the Company’s Off Road segment. These impairment charges were recorded within general and administrative expenses in the consolidated statements of income.
Amortization expense for other intangible assets for the years ended December 31, 2024, 2023 and 2022 was $21.9 million, $17.7 million and $18.8 million, respectively. Estimated future amortization expense for identifiable other intangible assets during the next five years is as follows (in millions):
20252026202720282029
Estimated amortization expense$23.9 $23.9 $23.9 $23.9 $23.9 
The preceding expected amortization expense is an estimate and actual amounts could differ due to additional other intangible asset acquisitions, changes in foreign currency rates, or impairments of other intangible assets.