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Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
As a result of a continued decline in financial performance and prolonged deterioration of industry conditions, we determined it was more-likely-than-not that the fair value of the On Road reporting unit was less than its carrying value. As a result, the Company performed a quantitative goodwill impairment test of the On Road reporting unit in the second quarter of 2025.
Under the quantitative goodwill impairment test, the fair value of the reporting unit was determined using a discounted cash flow analysis and a market approach. Determining the fair value of the reporting unit required the use of significant judgment, including judgment surrounding discount rates, assumptions in the Company’s long-term business plan about future revenues and expenses, capital expenditures, and changes in working capital, which are dependent on internal forecasts, estimation of long-term growth for the reporting unit, and determination of the weighted average cost of capital. These plans take into consideration numerous factors including historical experience, anticipated future economic conditions, changes in raw material prices and growth expectations for the industries and end markets in which the Company participates. Inputs used to estimate fair value included significant unobservable inputs that reflect the Company’s assumptions about the inputs that market participants would use and, therefore, the fair value assessments are classified within Level 3 of the fair value hierarchy.
If the carrying value of a reporting unit that includes goodwill exceeds its fair value, the goodwill is considered impaired and an impairment loss is recognized at the amount by which the carrying value exceeds fair value, not to exceed the carrying amount of goodwill allocated to that reporting unit.
As a result of this analysis, during the three months ended June 30, 2025, the Company recorded an impairment charge of $52.6 million related to goodwill of the On Road reporting unit. Subsequent to the impairment charge, there is no remaining goodwill balance for the On Road reporting unit. The charge is included in goodwill impairment in the consolidated statements of (loss) income.
There were no goodwill impairment charges recorded related to the Off Road or Marine reporting units during the quarter. As of June 30, 2025, accumulated impairment losses totaled $52.6 million under the Company’s current reportable segment structure.
Goodwill and other intangible assets, net of accumulated amortization, as of June 30, 2025 and December 31, 2024 were as follows (in millions):
June 30, 2025December 31, 2024
Goodwill$348.6 $393.5 
Other intangible assets, net532.2 542.7 
Total goodwill and other intangible assets, net$880.8 $936.2 
The changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2025 and 2024 were as follows (in millions):
Off RoadOn RoadMarineTotal
Balance as of December 31, 2024$116.2 $46.7 $230.6 $393.5 
Goodwill impairment— (52.6)— (52.6)
Currency translation effect on foreign goodwill balances1.8 5.9 — 7.7 
Balance as of June 30, 2025$118.0 $— $230.6 $348.6 

Off RoadOn RoadMarineTotal
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(0.5)(2.1)— (2.6)
Balance as of June 30, 2024$116.5 $48.6 $230.6 $395.7 
The components of other intangible assets were as follows ($ in millions):
June 30, 2025December 31, 2024
Weighted-average useful life (years)CostAccumulated amortizationNetCostAccumulated amortizationNet
Amortizable - dealer/customer related19$341.2 $(123.6)$217.6 $341.2 $(114.8)$226.4 
Amortizable - developed technology1062.7 (7.3)55.4 62.7 (4.2)58.5 
Non-amortizable - brand/trade names259.2 — 259.2 257.8 — 257.8 
Total other intangible assets, net18$663.1 $(130.9)$532.2 $661.7 $(119.0)$542.7 
Amortization expense for other intangible assets was $6.0 million and $5.4 million for the three months ended June 30, 2025 and 2024, respectively, and $12.0 million and $9.9 million for the six months ended June 30, 2025 and 2024, respectively. Estimated future amortization expense for identifiable other intangible assets during the next five years is as follows (in millions):
Remainder 202520262027202820292030
Estimated amortization expense$12.0 $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.