Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangibles

Goodwill and Other Intangibles
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles Goodwill and Other Intangibles
Changes in the Company's goodwill by segment during the periods ended December 31, 2022 and 2021 are summarized below:
(in millions) Propulsion Parts & Accessories Boat Total
December 31, 2020 $ 15.3  $ 372.5  $ 29.9  $ 417.7 
Acquisitions —  442.9  29.0  471.9 
Adjustments (0.6) (0.5) (0.1) (1.2)
December 31, 2021 $ 14.7  $ 814.9  $ 58.8  $ 888.4 
Acquisitions —  —  66.6  66.6 
Adjustments (0.7) 13.7  (0.4) 12.6 
December 31, 2022 $ 14.0  $ 828.6  $ 125.0  $ 967.6 

See Note 4 – 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. In addition, adjustments during the year ended December 31, 2022 also include $24.1 million of purchase accounting adjustments from 2021 acquisitions, primarily related to taxes and contingency reserves.
The Company performed its required annual goodwill impairment assessment on the first day of the fourth quarter and determined the fair value of its reporting units exceeded the carrying value, and therefore, no goodwill impairment was recorded. As part of the impairment assessment, we determined that our Navico reporting unit had an estimated fair value that was not significantly in excess of its carrying value due to the short period of time since the acquisition. The Navico reporting unit has goodwill assigned to it of $382.4 million as of December 31, 2022 and its fair value exceeded its carrying value by 16% in the current year impairment assessment. As the fair value is not significantly in excess of the carrying value, we performed sensitivity analyses on certain assumptions. Holding other assumptions constant, a 100 basis point increase in the discount rate would not result in an impairment. Holding other assumptions constant, a 100 basis point decrease in the long-term growth rate would not result in an impairment. A 10% decrease in the fair value of the reporting unit would also not result in an impairment. There was no accumulated impairment loss on Goodwill as of December 31, 2022 or 2021.

The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2022 and 2021, are summarized by intangible asset type below:
2022 2021
(in millions) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization
Intangible assets:
  Customer relationships (A)
$ 897.4  $ (386.1) $ 889.4  $ (340.9)
  Trade names 305.4    306.1  — 
  Developed technology (A)
160.0  (13.3) 160.0  (2.7)
  Other (A)
67.6  (33.6) 62.0  (21.8)
     Total $ 1,430.4  $ (433.0) $ 1,417.5  $ (365.4)

(A) The weighted average remaining amortization period for Customer relationships, Developed technology and Other intangibles assets was 11.1 years, 13.8 years, and 4.9 years, respectively, as of December 31, 2022.

Other intangible assets primarily consist of software, patents and franchise agreements. Gross and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. See Note 4 – Acquisitions for further details on intangibles acquired during 2022 and 2021. Aggregate amortization expense for intangibles was $63.3 million, $36.0 million and $31.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Estimated amortization expense for intangible assets is $63.3 million for each of the years ending December 31, 2023, 2024, 2025, and 2026, and $60.7 million for the year ending December 31, 2027.
The Company tests its intangible assets for impairment during the fourth quarter of each year, or whenever a change in events and circumstances (triggering event) occurs that indicates the fair value of intangible assets may be below their carrying values. The Company recorded impairment charges of $17.4 million during the year ended December 31, 2022 related to capitalized software intangible assets that will not be placed into service. As part of our annual impairment assessment for the Navico trade name, we determined the fair value approximated the carrying value due to the short period of time since acquisition. The Company did not record any other impairment charges during the years ended December 31, 2022 and 2021, respectively.